<SEC-DOCUMENT>0001104659-23-008273.txt : 20230131
<SEC-HEADER>0001104659-23-008273.hdr.sgml : 20230131
<ACCEPTANCE-DATETIME>20230131081937
ACCESSION NUMBER:		0001104659-23-008273
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20230131
FILED AS OF DATE:		20230131
DATE AS OF CHANGE:		20230131

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDS Holdings Ltd
		CENTRAL INDEX KEY:			0001526125
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37925
		FILM NUMBER:		23570299

	BUSINESS ADDRESS:	
		STREET 1:		F4/F5, BUILDING C, SUNLAND INTERNATIONAL
		STREET 2:		NO. 999 ZHOUHAI ROAD, PUDONG,
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200137
		BUSINESS PHONE:		86-21-2029-2200

	MAIL ADDRESS:	
		STREET 1:		F4/F5, BUILDING C, SUNLAND INTERNATIONAL
		STREET 2:		NO. 999 ZHOUHAI ROAD, PUDONG,
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200137

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GDS Services Ltd
		DATE OF NAME CHANGE:	20110719
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm233259d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</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-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<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"><B>January 2023</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-align: center"><B>Commission File Number: 001-37925</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GDS Holdings Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s name)</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"><B>F4/F5, Building C, Sunland International</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No.&nbsp;999 Zhouhai Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pudong, Shanghai 200137</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</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: 0.25in">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</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">Form&nbsp;20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT>
Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings; color: #0070C0"></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; text-indent: 0.25in">Indicate by check mark if the registrant is submitting
the Form&nbsp;6-K on paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings; color: #0070C0"></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; text-indent: 0.25in">Indicate by check mark if the registrant is submitting
the Form&nbsp;6-K on paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): <FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Wingdings; color: #0070C0"></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"></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"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</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; text-align: center"><B>EXHIBITS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 7%"><A HREF="tm233259d1_ex4-1.htm" STYLE="-sec-extract: exhibit">4.1 </A></TD>
  <TD STYLE="text-align: justify; width: 93%"><A HREF="tm233259d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Note Purchase Agreement, dated January 11, 2023, among the Registrant and the Persons Listed in Schedule I, relating to the issuance
of the Registrant&rsquo;s 4.50% Convertible Senior Notes due 2030 in the aggregate principal amount of US$580 million</A></TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 7%"><A HREF="tm233259d1_ex4-2.htm" STYLE="-sec-extract: exhibit">4.2 </A></TD>
  <TD STYLE="text-align: justify; width: 93%"><A HREF="tm233259d1_ex4-2.htm" STYLE="-sec-extract: exhibit">Indenture, dated January 20, 2023, between the Registrant and The Bank of New York Mellon, London Branch as Trustee, relating to the issuance of Registrant&rsquo;s
4.50% Convertible Senior Notes due 2030 in the aggregate principal amount of US$580 million</A></TD></TR>
</TABLE>


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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>GDS Holdings 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 STYLE="font-size: 10pt">Date: January 31, 2023</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt">/s/ William Wei Huang</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:</TD>
    <TD STYLE="font-size: 10pt">William Wei Huang</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:</TD>
    <TD STYLE="font-size: 10pt">Chief Executive Officer</TD></TR>
  </TABLE>


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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm233259d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<html>
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     <title></title>
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<p style="margin: 0">&#8239;</p>

<p style="text-align: right; margin: 0"><b>Exhibit 4.1</b></p>

<p style="margin: 0">&#8239;</p>

<p style="text-align: right; margin: 0"><b>EXECUTION VERSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 100%; border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 0.5pt; padding-left: 0.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTE PURCHASE AGREEMENT</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#8239;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">dated as of January&#8239;11, 2023</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-variant: small-caps"><b>GDS
    Holdings Limited</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-variant: small-caps"><b>&#8239;</b></font></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"><b>&#8239;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-variant: small-caps"><b>The
    Persons Listed in Schedule 1</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-variant: small-caps"><b>4.50%
    Convertible Senior Notes due 2030</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#8239;</b></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#8239;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&#8239;I Purchase
    and Sale; Consideration; and Closings</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1</font></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 90%">&#8239;</td>
    <td style="text-align: right; width: 10%">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;1.1. </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    and Sale</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;1</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;1.2.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Closings</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;1</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;1.3.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Closing Conditions</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;2</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&#8239;II Representations
    and Warranties</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">5</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;2.1. </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations
    and Warranties of the Company</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;5</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;2.2.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Representations and Warranties of each Investor</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;15</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&#8239;III Covenants</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;19</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;3.1. </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filings;
    Other Actions</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;19</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;3.2.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Expenses</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;20</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;3.3.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Confidentiality</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;21</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;3.4.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Conduct of the Business</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;21</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;3.5.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Commercially Reasonable Efforts</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;22</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;3.6.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Use of Proceeds</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;22</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&#8239;IV Additional
    Agreements</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;22</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;4.1.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Compliance with Laws</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;22</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;4.2.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Legend</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;23</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;4.3.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Indemnity</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;23</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&#8239;V Termination</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">25</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;5.1.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Termination</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;25</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;5.2. </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effects
    of Termination</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;26</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&#8239;VI [INTENTIONALLY
    OMITTED]</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;26</font></td></tr>
</table>

<p style="margin: 0">&#8239;</p>

<p style="margin: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
    <!-- Field: /Page -->

<p style="margin: 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 90%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Article&#8239;VII
    Miscellaneous</font></td>
    <td style="text-align: right; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;26</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.1. </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;26</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.2.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Amendment</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;26</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.3. </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waivers</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;26</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.4.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Counterparts</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;27</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.5.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Governing Law</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;27</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.6.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Dispute Resolution</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;27</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.7. </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;28</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.8.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Entire Agreement.</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;28</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.9.</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    Definitions</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;28</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.10.</font>
    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Captions</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.11.</font>
    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.12.</font>
    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Third-Party Beneficiaries</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.13.</font>
    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public Announcements</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&#8239;7.14.</font>
    <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specific Performance</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>LIST OF SCHEDULES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-align: justify">
<td style="width: 15%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 1:</font></td><td style="text-align: justify; width: 85%">Investors and Investor Notes</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><font style="font-size: 10pt">Schedule 2:</font></td><td style="text-align: justify">Company Disclosure Schedule</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><font style="font-size: 10pt">Schedule 3:</font></td><td style="text-align: justify">Notices</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><font style="font-size: 10pt">Schedule 4:</font></td><td style="text-align: justify">Company&rsquo;s Bank Account
                                            Details</td></tr>
</table>

<p style="margin: 0">&#8239;</p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><b>LIST OF EXHIBITS</b></p>

<p style="margin: 0">&#8239;</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; text-align: justify">
<td style="text-align: left; width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&#8239;A:</font></td><td style="text-align: justify; width: 85%">Form&#8239;of
                                            Officer&rsquo;s Certificate from the Company</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><font style="font-size: 10pt">Exhibit&#8239;B:</font></td><td style="text-align: justify">Form&#8239;of Opinion of
                                            Cayman Islands Counsel</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><font style="font-size: 10pt">Exhibit&#8239;C:</font></td><td style="text-align: justify">Form&#8239;of Indenture</td></tr>
     </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 12pt"><p style="margin: 0pt">&#8239;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="text-transform: uppercase"><b>INDEX
OF DEFINED TERMS</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: left; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term </b></font></td>
    <td style="padding-right: 6pt; text-align: right; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Location</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left">&#8239;</td>
    <td style="text-align: right">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025 Convertible Notes</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(1)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2029 Convertible Notes</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(2)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADS </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(1)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliate </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(4)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Affiliated </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(4)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-Bribery Laws</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(s)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbitration </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.6</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Association</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(5)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bankruptcy and Equity Exception</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(c)(1)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basket </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;4.3(a)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial Ownership</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(6)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficially Own</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(6)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefit Plan</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(7)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.3(a)(v)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Day</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(8)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&#8239;A Ordinary Shares</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(b)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&#8239;B Ordinary Shares</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(b)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.2(a)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing Date</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.2</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Disclosure Documents</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Disclosure Schedule</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Indemnified Parties</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;4.3(b)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Reports</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(e)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Share Option Plans</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(9)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company Systems</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(9)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&rsquo;s knowledge</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(17)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compelled Disclosure</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;3.3</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">control </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(4)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">De Minimis Claim</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;4.3(a)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt Agreement</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(11)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;3.1(e)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DigitalLand </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.2(e)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dispute </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.6</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.4</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental Law</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(t)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EPP </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.2(e)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EPP Information</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.2(e)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange Act</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(e)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(d)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(12)</font></td></tr>
</table>

<p style="margin: 0">&#8239;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: left; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fundamental Representations</font></td>
    <td style="text-align: right; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(12)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GAAP </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(d)(3)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Note</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.2(b)(i)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governmental Entity</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.3(a)(i)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governmental Order</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.3(a)(i)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Group Companies</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(13)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hazardous Materials</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(14)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HKIAC </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.6(a)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HKIAC Rules</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.6(b)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HKSE Approval</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.3(viii)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(15)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong Stock Exchange</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(c)(3)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnified Party</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;4.3(c)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnifying Party</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;4.3(c)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recitals</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;3.3</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual Property</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(u)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Indemnified Party</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;4.3(a)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Notes</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.1</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Purchase Price</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;1.1</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preamble</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P. Morgan</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(v)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">knowledge of the Company</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(16)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lien </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(17)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long Stop Date</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(19)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Losses </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;4.3(a)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Adverse Effect</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(20)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Customer Contract</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(21)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(c)(3)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NDRC </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(c)(1)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NDRC Certificate</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(c)(1)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NDRC Circular</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(c)(1)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New ADS</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(o)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Shares</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(o)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recitals</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Arbitration</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.6(b)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Shares</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(b)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permits </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(m)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted Liens</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(g)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">person </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(22)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-Issuance Reporting to
    the NDRC</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(c)(2)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(23)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Required Disclosing Party</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;3.3</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctions </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(s)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(24)</font></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: left; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Act</font></td>
    <td style="text-align: right; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;2.1(e)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject Securities</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(25)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary </font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(26)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Representations</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(27)</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction Documents</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recitals</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIE Agreements</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&#8239;7.9(28)</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>THIS
NOTE PURCHASE AGREEMENT</b></font>, dated as of January&#8239;11, 2023 (this &ldquo;<i>Agreement</i>&rdquo;), is made among GDS Holdings
Limited, an exempted company incorporated under the laws of the Cayman Islands (the &ldquo;<i>Company</i>&rdquo;), and the persons listed
on <u>Schedule 1</u> hereto under the heading &ldquo;Investor Name&rdquo; (collectively referred to as the &ldquo;<i>Investors</i>&rdquo;,
and individually, an &ldquo;<i>Investor</i>&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>RECITALS:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</font>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<font style="font-size: 10pt"><u>The
Investment</u>. The Investors intend to purchase from the Company, and the Company intends to issue and sell to the Investors, the securities
as described herein. The securities to be purchased by the Investors at the Closing are unsecured 4.50% convertible senior notes, convertible
into fully paid Class&#8239;A Ordinary Shares (or such Class&#8239;A Ordinary Shares in the form of ADSs) of the Company (the &ldquo;<i>Notes</i>&rdquo;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</font>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<font style="font-size: 10pt"><u>Indenture</u>.
At the Closing, the Notes will be issued pursuant to an indenture (the &ldquo;<i>Indenture</i>&rdquo;), between the Company and The Bank
of New York Mellon, London Branch, as trustee, substantially in the form attached as <u>Exhibit&#8239;C</u> hereto, to be dated as of
the Closing Date.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</font>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<font style="font-size: 10pt"><u>Transaction
Documents</u>. The term &ldquo;<i>Transaction Documents,</i>&rdquo; with respect to the Company and an Investor, refers to this Agreement,
the Indenture, the Global Note (as defined below) and all other documents or written agreements entered into or delivered by the Company
and such Investor in connection with the transactions contemplated hereby or thereby.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</font>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<font style="font-size: 10pt"><u>Single
Series&#8239;of Notes</u>. Any Investor Notes (as defined below) issued to an Investor shall be fungible with the Investor Notes issued
to any other Investor and the Notes, in each case on or around the Closing, in an aggregate principal amount of US$580,000,000.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>NOW,
THEREFORE</b></font>, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein,
the parties hereto agree as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Article&#8239;I</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b></b></font><b><font style="text-transform: uppercase">Purchase
and Sale; Consideration; and Closings</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;1.1.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Purchase
and Sale</u>. On the terms and subject to the conditions set forth herein, at the Closing, the Company shall issue and sell to each Investor,
and each Investor shall purchase from the Company, Notes with a principal amount equal to the principal amount set forth opposite such
Investor&rsquo;s name under the column titled &ldquo;Principal Amount of Notes&rdquo; under <u>Schedule 1</u> (such Notes to be purchased
by such Investor, its &ldquo;<i>Investor Note</i>s&rdquo;) for an aggregate purchase price as set forth opposite such Investor&rsquo;s
name under the column titled &ldquo;Purchase Price&rdquo; under <u>Schedule 1</u> (with respect to such Investor, its &ldquo;<i>Investor
Purchase Price</i>&rdquo;). The obligations of the Investors to purchase the Notes are several and not joint.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;1.2.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Closings</u>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Subject
to the satisfaction (or, where permissible, waiver) of the conditions to the closing set forth in SECTION&#8239;1.3, the closing of the
purchase by the Investors of their</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">respective Investor Notes shall take place electronically,
through the exchange of documents via electronic mail (the &ldquo;<i>Closing</i>&rdquo; with respect to such Investor), on January&#8239;20,
2023, subject to all of the conditions set forth in SECTION&#8239;1.3 having been satisfied or waived on or prior to such date (other
than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions)
or such other date as agreed by the parties hereto in writing (the date on which the Closing actually occurs with respect to an Investor,
the &ldquo;<i>Closing Date</i>&rdquo;), but in any event prior to the Long Stop Date. For the avoidance of doubt, (i)&#8239;the Company&rsquo;s
agreement with each Investor hereunder is a separate agreement and the sale and issuance of Investor Notes to each Investor hereunder
is a separate sale and issuance, and (ii)&#8239;no Investor shall have any rights pursuant to the Articles of Association in respect of
the Investor Notes that such Investor has agreed to purchase pursuant to this Agreement until Closing has occurred in respect of such
Investor.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">At
the Closing with respect to an Investor,</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
Company shall (A)&#8239;deliver the Investor Notes that such Investor agreed to purchase under SECTION&#8239;1.1 to such Investor through
Euroclear Bank SA/NV as operator of the Euroclear System and Clearstream Banking S.A. by issuing a global note in definitive form representing
the aggregate principal amount of the Notes (the &ldquo;<i>Global Note</i>&rdquo;), and (B)&#8239;deliver to such Investor such other
documents and deliveries as set forth in SECTION&#8239;1.3(a);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
Closing of the issue of the Investor Notes to such Investor shall be effected on a free of payment (FoP) basis and such Investor shall,
severally and not jointly, (A)&#8239;purchase from, and pay or cause to be paid to, the Company the Investor Purchase Price for its Investor
Notes purchased under SECTION&#8239;1.1 by wire transfer of immediately available funds in United States dollars to the account designated
by the Company in <u>Schedule 4</u> hereto (it being understood that such payment shall be made at the Closing subject to the Investor
Notes having been delivered to the custodian account of such Investor through Euroclear Bank SA/NV as operator of the Euroclear System
and Clearstream Banking S.A., provided that such Investor shall provide the Company with a confirmation in writing on the same Business
Day of receipt of the Investor Note followed by a copy of the wire transfer receipt within two (2)&#8239;Business Days), and (B)&#8239;deliver
all other items required to be delivered pursuant to SECTION&#8239;1.3(b).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;1.3.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Closing
Conditions</u>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">With
respect to an Investor, the several and not joint obligations of such Investor to consummate its Closing is subject to the fulfillment
prior to or contemporaneously with the Closing, or the waiver by such Investor (if permissible under applicable laws), of each of the
following conditions:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">no
judgment, injunction, order, ruling, verdict, decree or other similar determinations or finding (a &ldquo;<i>Governmental Order</i>&rdquo;)
by, before or under the supervision of any court, administrative agency or commission or other governmental authority or instrumentality,
whether federal, state, local or foreign,</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">or any applicable industry self-regulatory
organization (each, a &ldquo;<i>Governmental Entity</i>&rdquo;), and no law or regulation, that would have the effect of prohibiting
the Closing shall be in effect and no lawsuit commenced by any Governmental Entity seeking to prohibit the Closing shall be pending;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">(A)&#8239;each
of the Fundamental Representations shall be true and accurate in all respects, (B)&#8239;each of the representations and warranties of
the Company set forth in SECTION&#8239;2.1 (other than the Fundamental Representations) that contain any &ldquo;materiality&rdquo;, &ldquo;material
adverse effect&rdquo;, &ldquo;Material Adverse Effect&rdquo; or similar qualifiers therein shall be true and accurate in all respects,
and (C)&#8239;any other representations and warranties of the Company set forth in SECTION&#8239;2.1 shall be true and accurate in all
material respects, in each case of (A), (B)&#8239;and (C), as of the date hereof and the Closing Date as if made on such Closing Date
with reference to facts and circumstances existing on the Closing Date (except for such representations and warranties that speak as
of a specified date, which representations and warranties shall be true and accurate in such respects as described above, in each case
as of such specified date);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
Company shall have performed in all material respects all obligations required to be performed by it at or prior to or contemporaneously
with the Closing under this Agreement;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
Company shall have delivered to such Investor a duly executed Officer&rsquo;s Certificate in the form set forth in <u>Exhibit&#8239;A
</u>hereto;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
Company shall have delivered to such Investor a copy of NDRC Certificate (as defined below);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">all
corporate and other actions required to be taken by the Company in connection with the execution, delivery and performance by the Company
of this Agreement and the other Transaction Documents to which it is a named party and the consummation of the transactions contemplated
hereunder and thereunder, including the issuance of the Notes, shall have been completed and the Company shall have delivered to such
Investor a true and complete copy of the duly passed resolutions of the Board of Directors of the Company (the &ldquo;<i>Board</i>&rdquo;)
(in the form of minutes or otherwise), or the relevant extracts thereof, evidencing the foregoing;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">from
the date of this Agreement, no Material Adverse Effect shall have occurred;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
Listing Committee of the Hong Kong Stock Exchange shall have granted the approval for the listing of and the permission to deal in all
the New Shares upon conversion of the Investor Notes, and such approval remains valid and effective (collectively, the &ldquo;<i>HKSE
Approval</i>&rdquo;);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ix)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Conyers
Dill&#8239;&amp; Pearman, Cayman Islands counsel for the Company, shall have delivered to such Investor their written opinion, dated as
of the Closing Date, in the form set forth in <u>Exhibit&#8239;B</u> hereto; and</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
Company shall have delivered to such Investor a copy of each Transaction Document to which it is a named party and the Indenture, duly
executed by the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
obligation of the Company to consummate the Closing with respect to an Investor is subject to the fulfillment prior to such Closing,
or the waiver by the Company (if permissible under applicable laws), of each of the following conditions:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">no
Governmental Order by, before or under a Governmental Entity, and no law or regulation, that would have the effect of prohibiting such
Closing shall be in effect, and no lawsuit commenced by any Governmental Entity seeking to prohibit such Closing shall be pending;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
representations and warranties of such Investor set forth in SECTION&#8239;2.2 of this Agreement shall be true and correct in all material
respects as of the date hereof and as of such Closing Date (except to the extent such representations and warranties are made as of a
specified date, in which case such representations and warranties shall be true and correct in all material respects as of such date);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">such
Investor shall have performed in all material respects all obligations required to be performed by it at or prior to or contemporaneously
with such Closing under this Agreement;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
Listing Committee of the Hong Kong Stock Exchange shall have granted the approval for the listing of and the permission to deal in all
the New Shares upon conversion of the Investor Notes, and such approval remains valid and effective;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">such
Investor shall have delivered to the Company a copy of each Transaction Document to which it is a named party, duly executed by such
Investor; and</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">all
corporate and other actions required to be taken by such Investor in connection with the execution, delivery and performance by such
Investor of this Agreement and the other Transaction Documents to which it is a named party and the consummation of the transactions
contemplated hereunder and thereunder, shall have been completed and such Investor shall have delivered to the Company (x)&#8239;a true
and complete copy of the duly passed resolutions of the Board of Directors or similar corporate governance body of such Investor (in
the form of minutes or otherwise), or the relevant extracts thereof, evidencing the foregoing, or (y)&#8239;a true and complete copy of
any such other evidence, or the relevant extracts thereof, reasonably satisfactory to the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Article&#8239;II</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b></b></font><b><font style="text-transform: uppercase">Representations
and Warranties</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;2.1.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Representations
and Warranties of the Company</u>. The Company represents and warrants to each Investor as of the date hereof and as of the Closing Date
with respect to such Investor (except to the extent made only as of a specified date, in which case as of such date) that, except as
set forth (i)&#8239;in the reports, registrations, documents, filings, statements, schedules and submissions together with any required
amendments thereto filed or furnished with the U.S. Securities and Exchange Commission (the &ldquo;<i>SEC</i>&rdquo;) and/or the Stock
Exchange of Hong Kong prior to the date hereof (the &ldquo;<i>Company Disclosure Documents</i>&rdquo;), in each case which are publicly
available or (ii)&#8239;in the Company Disclosure Schedule attached hereto as <u>Schedule 2</u> (the &ldquo;<i>Company Disclosure Schedule</i>&rdquo;):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Incorporation,
Organization and Good Standing</u>. The Company and each other Group Company have been duly incorporated or organized, as the case may
be, and are validly existing and in good standing (or the jurisdictional equivalent) under the laws of their respective jurisdictions
of incorporation or organization, are duly licensed or qualified to do business and are in good standing (or the jurisdictional equivalent)
in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires
such license or qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the
businesses in which they are engaged, except, only with respect to all of the Group Companies other than the Company, where the failure
to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Capitalization</u>.
The authorized share capital of the Company is US$100,100.00 and consists of (x)&#8239;1,800,000,000 Class&#8239;A ordinary shares, par
value US$0.00005 per share (the &ldquo;<i>Class&#8239;A Ordinary Shares</i>&rdquo;), and (y)&#8239;200,000,000 Class&#8239;B ordinary shares,
par value US$0.00005 per share (the &ldquo;<i>Class&#8239;B Ordinary Shares</i>&rdquo;, together with the Class&#8239;A Ordinary Shares,
the &ldquo;<i>Ordinary Shares</i>&rdquo;), and (z)&#8239;2,000,000 preferred shares, par value US$0.00005 per share and other than (1)&#8239;33,707,864
Class&#8239;A Ordinary Shares reserved for issuance upon the conversion of the Series&#8239;A convertible preferred shares as described
in clause (z)&#8239;below, (2)&#8239;46,526,048 Class&#8239;A Ordinary Shares reserved for issuance upon the conversion of the 2025 Convertible
Notes and (3)&#8239;99,200,000 Class&#8239;A Ordinary Shares reserved for issuance upon the conversion of the 2029 Convertible Notes, in
each case which reserved Class&#8239;A Ordinary Shares may be issued between the date hereof and the Closing Date of an Investor under
the terms of such Series&#8239;A convertible preferred shares, the terms of the 2025 Convertible Notes and the terms of the 2029 Convertible
Notes, there are (x)&#8239;1,456,842,655 Class&#8239;A Ordinary Shares issued and outstanding (of which 57,232,624 Class&#8239;A Ordinary
Shares have been reserved for future delivery upon exercise or vesting of share awards granted under the Company Share Option Plans as
of the date hereof), (y)&#8239;67,590,336 Class&#8239;B Ordinary Shares issued and outstanding and (z)&#8239;150,000 Series&#8239;A convertible
preferred shares issued and outstanding, which may be converted into Class&#8239;A Ordinary Shares between the date hereof and the Closing
Date of an Investor.&#8239; All the outstanding shares of the Company have been duly and validly authorized and issued and are fully paid
and non-assessable (which term when used herein means that no further sums are required to be paid by the holders</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">thereof
in connection with the issue thereof) and are not subject to any pre-emptive, subscription rights, anti-dilutive rights, rights of first
refusal or similar rights other than as set out in the Articles of Association, the articles of association or equivalent charter documents
of any of the other Group Companies, the shareholder agreements </font>or joint venture agreements of the Group Companies that are joint
ventures, the Company Disclosure Documents and the Company Disclosure Schedule. Except for the rights of the Investors to purchase their
respective Investor Notes pursuant to this Agreement (and the conversion right in connection therewith), and rights set forth in the
other Transaction Documents, the Articles of Association, the Company Disclosure Documents and the Company Disclosure Schedule, there
are no outstanding rights (including pre-emptive rights), warrants, or instruments convertible into or exchangeable for, any shares or
other equity interests in the Company or any of the other Group Companies, or any contract, commitment, agreement, understanding or arrangement
of any kind relating to the issuance of any shares of the Company or any of the other Group Companies, any such convertible or exchangeable
securities or any such rights, warrants or options. All of the outstanding shares or other equity interests of each Group Company owned
or controlled, directly or indirectly, by the Company have been duly and validly authorized and issued, are fully paid in accordance
with their respective articles of associations and non-assessable (which term when used herein means that no further sums are required
to be paid by the holders thereof in connection with the issue thereof) and are owned or controlled directly or indirectly by the Company,
free and clear of any Liens (other than Liens under the existing loan facilities of the Group Companies and transfer restrictions imposed
by applicable securities or other laws). Other than (i)&#8239;as set out in the Company Disclosure Documents and the Company Disclosure
Schedule, (ii)&#8239;the VIE Agreements and (iii)&#8239;the Transaction Documents, no Group Company is a party to any stockholders&rsquo;
agreement, voting trust agreement, registration rights agreement or other similar agreement or understanding relating to the disposition,
voting or dividends with respect to any equity interests in the Company. From the date hereof through the Closing Date, except pursuant
to the Transaction Documents, the transactions contemplated hereby and thereby and as contemplated in the first sentence of this SECTION&#8239;2.1(b),
the Company shall not have (i)&#8239;issued, approved or agreed to the issuance of any Ordinary Shares, or any securities convertible
into or exchangeable or exercisable for Ordinary Shares, (ii)&#8239;reserved for issuance any Ordinary Shares, (iii)&#8239;repurchased
or redeemed, or approved or agreed to the repurchase or redemption of, any Ordinary Shares or any securities convertible into or exchangeable
or exercisable for Ordinary Shares or (iv)&#8239;declared or paid any dividends or other distributions on the Ordinary Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Authorization</u>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(1)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Company has the corporate power and authority to enter into, execute and deliver the Transaction Documents and to carry out and perform
its obligations thereunder. The execution, delivery and performance of the Transaction Documents by the Company and the consummation
of the transactions contemplated thereby, have been duly authorized by all requisite actions on the part of the Company. The Transaction
Documents constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective
terms, subject to applicable bankruptcy, insolvency, moratorium, reorganization, fraudulent transfer and similar laws of general applicability
relating to or affecting creditors&rsquo; rights generally and general equitable principles (the &ldquo;<i>Bankruptcy and Equity Exception</i>&rdquo;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(2)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Subject
to the Company&rsquo;s receipt of the HKSE Approval as described in SECTION&#8239;1.3(a)(viii), neither the execution, delivery and performance
by the Company of any of the Transaction Documents, nor the consummation of the transactions contemplated thereby (i)&#8239;violate, conflict
with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under, or result in the termination, modification or acceleration of, or result in the creation or imposition of,
any Lien upon any property, right or asset of the Company or any other Group Company pursuant to any agreement, contract or instrument
to which the Company or any other Group Company is a party or by which any such property, right or asset is bound, (ii)&#8239;violate
any law, statute, rule&#8239;or regulation or any judgment, ruling, order, writ, injunction or decree applicable to the Company or any
other Group Company or any of their respective properties, licenses or assets, or (iii)&#8239;violate, conflict with or result in the
breach of any provision of the Articles of Association or similar organizational documents of the Group Companies, except, in the case
of each of clauses (i)&#8239;and (ii)&#8239;above, for any such conflict, breach, violation or default that would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company (through a PRC Subsidiary) has obtained an enterprise
foreign debt filing certificate dated January&#8239;25, 2022 from the National Development and Reform Commission (the &ldquo;<i>NDRC</i>&rdquo;,
and such certificate, the &ldquo;<i>NDRC Certificate</i>&rdquo;) in connection with the Notes and such certificate has not been withdrawn
or subject to any condition which has not been fulfilled or performed as of the Closing, except for the reports by such PRC Subsidiary
to NDRC on the requisite information and documents within ten (10)&#8239;Business Days in the PRC after the date of each issuance of the
Investor Notes hereunder in accordance with the Circular on Promoting the Reform of the Administrative System on the Issuance by Enterprises
of Foreign Debt Filings and Registrations (<font style="font-family: Times New Roman, Times, Serif">&#22269;&#23478;&#21457;&#23637;&#25913;&#38761;&#22996;&#20851;&#20110;&#25512;&#36827;&#20225;&#19994;&#21457;&#34892;&#22806;&#20538;&#22791;&#26696;&#30331;&#35760;&#21046;&#31649;&#29702;&#25913;&#38761;&#30340;&#36890;&#30693;</font>(<font style="font-family: Times New Roman, Times, Serif">&#21457;&#25913;&#22806;&#36164;
</font>[2015] 2044 <font style="font-family: Times New Roman, Times, Serif">&#21495;</font>)) (the &ldquo;<i>NDRC Circular</i>&rdquo;
and such post-issuance reporting, the &ldquo;<i>Post-Issuance Reporting to the NDRC</i>&rdquo;). Save for the Post-Issuance Reporting
to the NDRC, the Company and its PRC counsel are not aware of any additional consent or approval required from any PRC Governmental Entity
for the Company to enter into, execute and deliver the Transaction Documents and for the parties to consummate the transactions contemplated
thereunder.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(3)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Assuming
the accuracy of the representations and warranties of the applicable Investor set forth in SECTION&#8239;2.2, no consent, approval, authorization,
order, registration or qualification of or with any Governmental Entity is required to be made or obtained by the Company for the execution,
delivery and performance by the Company of the Transaction Documents and the consummation of the transactions contemplated thereby, except
for (i)&#8239;those that have been made or obtained prior to the date hereof, (ii)&#8239;the Post-Issuance Reporting to the NDRC under
SECTION&#8239;3.1(c), (iii)&#8239;filings to be made following the date of this Agreement pursuant to securities laws and the rules&#8239;and
regulation of The NASDAQ Stock Market LLC (the &ldquo;<i>NASDAQ</i>&rdquo;) and the Main Board of the Stock Exchange of Hong Kong (the
 &ldquo;<i>Hong Kong Stock Exchang</i>e&rdquo;), and (iv)&#8239;the HKSE Approval described in SECTION&#8239;1.3(a)(viii).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Financial
Statements</u>. The financial statements of the Company included in the Company Disclosure Documents (the &ldquo;<i>Financial Statements</i>&rdquo;):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(1)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">have
been prepared from, and are in accordance with, the books and records of the Company and the Group Companies;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(2)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">complied
in all material respects, as of each of their dates of filing with the SEC, with applicable accounting requirements and with the published
rules&#8239;and regulations of the SEC with respect thereto;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(3)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">have
been prepared in all material respects in accordance with U.S. generally accepted accounting principles (&ldquo;<i>GAAP</i>&rdquo;) applied
on a consistent basis except as disclosed in such Financial Statements or the notes thereto; and</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(4)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">present
fairly in all material respects the consolidated financial position of the Company and the Group Companies at the dates set forth therein
and the consolidated results of operations and cash flows of the Company and the Group Companies for the periods stated therein,</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(5)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">subject
to, in the case of the unaudited interim financial statements included in an exhibit to Form&#8239;6-K, (i)&#8239;the absence of notes
and year-end audit and closing adjustments, and (ii)&#8239;the omission of consolidated statements of cash flows and footnote disclosures.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Reports</u>.
Since December&#8239;31, 2018, the Company has filed or furnished all reports, registrations, documents, filings, statements, schedules
and submissions together with any required amendments thereto, that it was required to file with or furnish to the SEC (the foregoing,
collectively, the &ldquo;<i>Company Reports</i>&rdquo;) and have paid all fees and assessments due and payable in connection therewith.
As of their respective filing or furnishing dates, the Company Reports complied in all material respects with all statutes and applicable
rules&#8239;and regulations of the applicable Governmental Entities, as the case may be. As of the date of this Agreement, there are no
outstanding comments from the SEC or any other Governmental Entity with respect to any Company Report. Each Company Report, including
the documents incorporated therein by reference, when it was filed with or furnished to the SEC, did not, as of its date or if amended
prior to the date of this Agreement, as of the date of such amendment, contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements made in it, in the light of the circumstances
under which they were made, not misleading and complied in all material respects as to form with the applicable requirements of the Securities
Act of 1933, as amended (the &ldquo;<i>Securities Act</i>&rdquo;), and the Securities Exchange Act of 1934, as amended (the &ldquo;<i>Exchange
Act</i>&rdquo;). The Company&rsquo;s financial condition is, in all material respects, as described in the Company Reports, except for
changes in the ordinary course of business.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Internal
Controls and Procedures</u>. The Company maintains a system of internal controls over financial reporting sufficient to provide reasonable
assurance that (a)&#8239;transactions are executed in accordance with management&rsquo;s general or specific authorizations, (b)&#8239;transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and that receipts and expenditures of
the Company are being made only in accordance with appropriate authorizations of management, and (c)&#8239;unauthorized acquisition, use
or disposition of the Company&rsquo;s assets that could have an adverse effect in any material respect on</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Company&rsquo;s financial statements are
prevented or timely detected. Since December&#8239;31, 2021, neither the Company nor, to the Company&rsquo;s knowledge, the Company&rsquo;s
independent registered public accounting firm, has identified or been made aware of any &ldquo;significant deficiency&rdquo; or &ldquo;material
weakness&rdquo; (each as defined by the Public Company Accounting Oversight Board) in the design or operation of the Company&rsquo;s
internal controls over financial reporting would reasonably be expected to adversely affect in any material respect the Company&rsquo;s
ability to record, process, summarize and report financial data, in each case which has not been subsequently remediated. The Company
has no knowledge of any reason that its chief executive officer and chief financial officer will not be able to give the certifications
and attestations required pursuant to the rules&#8239;and regulations adopted pursuant to Section&#8239;404 of the Sarbanes Oxley Act of
2002, without qualification, if and when next due. The Company has maintained &ldquo;disclosure controls and procedures&rdquo; as required
by Rule&#8239;13a-15 under the Exchange Act in all material respects.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Title
to Real and Personal Property</u>. Except for any Permitted Liens, the Company and each other Group Company have good title or usage
rights free and clear of any Liens to all the real and personal property that are material to their respective businesses, except as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, which are reflected in the Company&rsquo;s
consolidated balance sheet as of December&#8239;31, 2021 included in the Company&rsquo;s Annual Report on Form&#8239;20-F for the period
then ended, and all real and personal property that are material to their respective businesses acquired since such date, except such
real and personal property as has been disposed of in the ordinary course of business and except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. For purposes of this Agreement, &ldquo;<i>Permitted Liens</i>&rdquo;
means (i)&#8239;Liens for taxes and other governmental charges and assessments arising in the ordinary course which are not yet due and
payable, (ii)&#8239;Liens of landlords and Liens of carriers, warehouse-men, mechanics and materialmen and other like Liens arising in
the ordinary course of business for sums not yet due and payable, (iii)&#8239;Liens under the Company&rsquo;s existing loan facilities,
(iv)&#8239;non-exclusive licenses to Intellectual Property granted to third parties in the ordinary course of business and (v)&#8239;other
Liens or imperfections on property which are not material in amount or do not materially detract from the value of or materially impair
the existing use of the property affected by such Lien or imperfection and except as would not individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. All leases of real property and all other leases pursuant to which the Company or such
Group Company, as lessee, leases real or personal property, which are material to their respective businesses, are valid and effective
in all material respects, in accordance with their respective terms and there is not, under any such lease, any existing material default
by the Company or such Group Company, in each case except as would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Tax</u>.
The Company and each Group Company have timely prepared and filed all tax returns required to have been filed by the Company with the
appropriate Governmental Entities and timely paid all taxes shown thereon or otherwise owed by it (other than such taxes as are not yet
due or are currently being contested in good faith and for which reserves have been provided in accordance with GAAP), except as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on
the books of the Company and each Group Company in respect of taxes for all fiscal periods are adequate in all material respects, and
there are no material unpaid assessments against the Company or any other Group Company. All taxes and other assessments and levies that
the</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company or any other Group Company is required
to withhold or to collect for payment have been duly withheld and collected and paid to the proper Governmental Entity or third party
when due, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There are
no tax Liens or claims pending against the Company, any other Group Company or any of their assets or property, other than Permitted
Liens. There are no tax audits or investigations pending, which if adversely determined would result in a Material Adverse Effect. The
Company does not expect to be classified as a passive foreign investment company, as defined in Section&#8239;1297 of United States Internal
Revenue Code of 1986, as amended, for the current taxable year or in future taxable years. The Company is, and has been since its inception,
treated as a corporation for U.S. federal income tax purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Absence
of Certain Changes</u>. Since December&#8239;31, 2021, the business and operations of the Company and the Group Companies have been conducted
in the ordinary course of business consistent with past practice, there has not been any Material Adverse Effect and the Group Companies
have not made any material change in any of their method of accounting or accounting policies.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Related
Party Transaction</u>. Other than the transactions disclosed in the Company Disclosure Schedule or in the Company Disclosure Documents,
there are no material transactions or series of related transactions, agreements, arrangements or understandings, nor are there any currently
proposed material transactions, or series of related transactions between the Company or any other Group Companies, on the one hand,
and the Company, any current or former director or executive officer of the Company or any other Group Companies or any person who Beneficially
Owns 5% or more of the Ordinary Shares (or any of such person&rsquo;s immediate family members or Affiliates) (other than Group Companies),
on the other hand.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Offering
of Securities</u>. Neither the Company nor any of its Affiliates nor any person acting on behalf of it or any of its Affiliates has taken
or will take any action which would subject the offering, issuance, or sale of any of the Investor Notes to the registration requirements
of the Securities Act.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Litigation
and Other Proceedings</u>. There is no pending or, to the knowledge of the Company, threatened, claim, action, suit, arbitration, mediation,
demand, hearing, investigation or proceeding against the Company or any other Group Company or any director or officer thereof (in their
capacity as such) that involves a claim that is or that, individually or in the aggregate, if adversely determined, would result in a
Material Adverse Effect or that would reasonably be expected to have the effect of making illegal, enjoining or otherwise prohibiting
or preventing the transactions contemplated by this Agreement. Neither the Company nor any other Group Company is subject to any material
Governmental Order, nor are there any proceedings with respect to the foregoing pending, or to the knowledge of the Company, threatened.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Compliance
with Laws and Other Matters; Permits</u>. The Company and each Group Company have conducted their business in compliance in all material
respects with all applicable laws and requirements of the NASDAQ and the Hong Kong Stock Exchange. The Company is not in material violation
of any listing requirements of the NASDAQ and the Hong Kong Stock Exchange applicable to it and has no knowledge of any facts that would
reasonably be expected to lead to delisting or suspension of its ADS from the NASDAQ or its Class&#8239;A</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary Shares from the Hong Kong Stock Exchange,
in the foreseeable future. The Company and each Group Company have all material permits, licenses, authorizations, consents, orders and
approvals (collectively, &ldquo;<i>Permits</i>&rdquo;), and have made all material filings, applications and registrations with, any
Governmental Entity that are required in order to carry on their business as presently conducted, except where the failure to possess
or make the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. All such Permits
are in full force and effect and all such filings, applications and registrations are current, in each case, in all material respects.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>No
Delisting or Suspension of Trading</u>. The Company has not received any notifications from any of the SEC, the NASDAQ, the Hong Kong
Stock Exchange or any other Governmental Entity, nor does it have any knowledge of any facts, that would reasonably be expected to lead
to delisting or suspension of its ADSs from the NASDAQ or its Class&#8239;A Ordinary Shares from the Hong Kong Stock Exchange, in the
foreseeable future.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Labor</u>.
Except as set out in the Company Disclosure Documents or the Company Disclosure Schedule: (i)&#8239;there is no strike or material labor
dispute pending or, to the knowledge of the Company, threatened against or affecting any of the Group Companies, (ii)&#8239;each Group
Company has been in compliance in all material respects with all applicable laws relating to labor, employment, and employment practices,
(iii)&#8239;each Benefit Plan has been established, maintained, administered, funded and operated in all material respects in compliance
with its terms and applicable law. None of the Group Companies has any employee located in the United States, and none of the Group Companies
has any current or contingent liability with respect to any Benefit Plan subject to the laws of the United States or on account of at
any time being considered a single employer under Section&#8239;414 of the Code, with any other person.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Status
of Securities</u>. Upon issuance and delivery of the Investor Notes to the Investors in accordance with this Agreement, the Investor
Notes (which, for the avoidance of doubt, will not carry any voting rights and will not be entitled to any pre-emptive rights) will rank
<i>pari passu </i>in right of payment with all other present and future senior unsecured indebtedness (including, for the avoidance of
doubt, the 2025 Convertible Notes and the 2029 Convertible Notes) of the Company and amongst themselves and will be convertible at the
option of the holder thereof into Class&#8239;A Ordinary Shares (or such Class&#8239;A Ordinary Shares in the form of ADS (such ADS, the
 &ldquo;<i>New ADS</i>&rdquo;)) in accordance with the Indenture (the &ldquo;<i>New Shares</i>&rdquo;). The New Shares, when issued and
delivered upon conversion of the Investor Notes in accordance with the Indenture, will be validly issued, fully paid and non-assessable
(which term when used herein means that no further sums are required to be paid by the holders thereof in connection with the issue thereof),
and shall be free and clear of Liens (other than those created by such Investor), except for restrictions on transfer imposed by applicable
securities laws and the Articles of Associations. The Company has, or will have as of the Closing Date, sufficient authorized share capital
to satisfy the issue of such number of Class&#8239;A Ordinary Shares or new ADS as would be required to be issued upon conversion of all
of the Notes at the initial conversion price in accordance with the terms of the Indenture.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Investment
Company</u>. Neither the Company nor any of the Group Companies is an &ldquo;investment company&rdquo; as defined under the Investment
Company Act of 1940,</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as amended, and neither the Company nor any of
the Group Companies sponsors any person that is such an investment company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Directed
Selling Efforts</u>. Neither the Company nor its affiliates (as defined in Rule&#8239;405 under the Securities Act) nor any persons acting
on behalf of any of them has engaged in any &ldquo;directed selling efforts&rdquo; (as defined in Regulation S) with respect to the Notes,
the New ADS or the New Shares.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Foreign
Issuer</u>. The Company is a &ldquo;foreign issuer&rdquo; as defined in Regulation S.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Compliance
with Anti-Bribery, Anti-Money Laundering and Sanctions Laws</u>. Neither the Company nor any other Group Company, nor any of their respective
directors, officers, managers, and employees (in their respective capacity as such), or to the knowledge of the Company, any agent, independent
contractors, representatives, or other person acting for or on behalf of the Company or any other Group Company (including their respective
directors, officers, managers, and employees, in their respective capacity as such) (i)&#8239;is aware of or has taken any action in connection
with any Group Company, directly or indirectly, that would result in a violation of the Foreign Corrupt Practices Act, 15 U.S.C. &sect;
78dd-1 et seq., as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public
Officials in International Business Transactions, or committed a violation of the Bribery Act 2010 of the United Kingdom, PRC Criminal
Law, the PRC Anti-Unfair Competition Law, the Provisional Regulations regarding Prohibition of Commercial Bribery and all other applicable
laws, regulations and judicial interpretations in respect of anti-corruption in the PRC, in each case to the extent applicable, or any
other applicable anti-bribery or anti-corruption laws (&ldquo;<i>Anti-Bribery Laws</i>&rdquo;), (ii)&#8239;is aware of, or has, in violation
of any applicable Anti-Bribery Laws, made or taken an intentional act in connection with any Group Company in furtherance of an offer,
promise or authorization of any direct or indirect unlawful payment or benefit to any government or regulatory official or employee,
including any directors, officers and employees of any wholly government-owned or controlled entity or of a public international organization,
or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate
for political office, (iii)&#8239;has made, offered, promised, agreed, requested or taken an act in furtherance of any unlawful bribe
or other unlawful benefit, including any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit,
(iv)&#8239;has violated or operated in material noncompliance with any applicable anti-money laundering law or anti-terrorism law, or
(v)&#8239;is currently subject to any United States sanctions administered by the Office of Foreign Assets Control of the United States
Department of the Treasury, the U.S. Department of Commerce, or the U.S. Department of State, or any sanctions imposed by the United
Nations Security Council, the European Union, His Majesty&rsquo;s Treasury, the Hong Kong Monetary Authority, PRC, or any other relevant
sanctions authorities (&ldquo;<i>Sanctions</i>&rdquo;), (vi)&#8239;is transacting business, located or residing in, incorporated under
the laws of, or owned 50% or more or controlled by, or acting on behalf of, a person located or residing in or organized under the laws
of a country or territory that is, or whose government is, the target of comprehensive Sanctions (currently, the Crimea, Donetsk, Kherson,
Luhansk, and Zaporizhzhia regions of Ukraine, Cuba,&#8239;Iran, North Korea, and Syria), or (vii)&#8239;is in violation of Sanctions. The
Company and each Group Company have, to the extent required by applicable law and regulation, instituted and maintain policies and procedures
designed to promote and reasonably ensure, and which are reasonably</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">expected to continue to reasonably ensure, continued
compliance with applicable Anti-Bribery Laws and laws and regulations relating to anti-money laundering, terrorist financing, and to
the fullest extent permitted by applicable law, Sanctions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Environmental
Liability</u>. Except as has not had and would not be reasonably expected to have a Material Adverse Effect, the Company and each Group
Company are in compliance with all, and have no material liability (contingent or otherwise) with respect to any manufacture, distribution,
disposal or release of, contamination by, or exposure of any person to, any Hazardous Materials under, applicable Environmental Laws.
For purposes of this Agreement, &ldquo;<i>Environmental Law</i>&rdquo; means any law, regulation, order, decree, common law or agency
requirement relating to the protection of the environment or human health and safety.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Intellectual
Property</u>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(1)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Company and the Group Companies own all right, title, and interest in and to, free and clear of all Liens, except for Permitted Liens,
or have a valid and enforceable license to use all material Intellectual Property used in or necessary to carry on their business as
currently conducted, and such Intellectual Property is valid, subsisting and enforceable except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, and is not subject to any material outstanding order, judgment,
decree or agreement adversely affecting the Company&rsquo;s or the Group Companies&rsquo; use of, or rights to, such Intellectual Property.
The Company and the Group Companies have sufficient rights to use all Intellectual Property used in or necessary for their business as
presently conducted, all of which rights shall survive unchanged following the consummation of the transactions contemplated by this
Agreement except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(2)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">There
have been no claims made and, to the knowledge of the Company, no pending claims made asserting the invalidity, misuse or unenforceability
of any Intellectual Property owned or used by the Company or any other Group Company, except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Neither the Company nor any other Group Company has received any notice of
infringement or misappropriation of, or any conflict with, the rights of others with respect to any Intellectual Property except as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The conduct of the business of the Company
and any other Group Company has not infringed, misappropriated or conflict with any intellectual property rights of any third party except
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company&rsquo;s knowledge,
no third party has materially infringed, misappropriated or otherwise violated the Intellectual Property rights of the Company or the
Group Companies. The Company and the Group Companies have taken reasonable measures to protect the material Intellectual Property owned
by or licensed to the Company or any of the Group Companies.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(3)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Group Companies have used commercially reasonable efforts to protect the confidentiality, integrity, security, and continuity of the
Company Systems in all</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">material respects. The Company Systems
are, in all material respects, sufficient for the immediate and currently anticipated future needs of the businesses of the Group Companies.
There have been no unauthorized intrusions, failures, breakdowns or substandard performance of any Company Systems, except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<i>Intellectual Property</i>&rdquo;
shall mean (A)&#8239;all trademarks, service marks, brand names, trade names, logos, designs, slogans, taglines, domain names, rights
to social media accounts, the registrations in any jurisdiction of, and applications in any jurisdiction to register, the foregoing together
with all good-will associated therewith; (B)&#8239;patents, applications for patents, and any renewals, extensions or reissues thereof,
in any jurisdiction; (C)&#8239;nonpublic information, know-how, trade secrets, technology and inventions (whether patentable or not) and
confidential information; (D)&#8239;copyrights, works of authorship, registrations or applications for registration of copyrights in any
jurisdiction, and any renewals or extensions thereof, mask works and copyrightable works; (E)&#8239;software (including source code and
object code), data, databases, and documentation thereof; and (F)&#8239;other intellectual property, industrial property and proprietary
rights.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(w)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Brokers
and Finders</u>. Other than the Company&rsquo;s engagement of J.P. Morgan Securities (Asia Pacific) Limited (&ldquo;<i>J.P. Morgan</i>&rdquo;)
as financial advisor to the Company in connection with the sale of the Notes, neither the Company nor any other Group Company nor any
of their respective officers, directors or employees (acting in their respective capacity as such) has employed any broker or finder
or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder&rsquo;s fees, and no broker or finder
has acted directly or indirectly for the Company or any Group Company in connection with the Transaction Documents or the transactions
contemplated hereby and thereby.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>VIE
Agreements</u>. Each of the VIE Agreements has been duly authorized, executed and delivered by the parties thereto, and constitutes valid
and binding obligations of the parties thereto, enforceable against such parties in accordance with its terms, subject to the Bankruptcy
and Equity Exception, and there is no enforceable agreement or undertaking to rescind, amend or change the nature of such captive structure
or material terms of the VIE Agreements. The VIE Agreements do not violate the laws and regulations of PRC which are effective as of
the date of this Agreement, or the articles of association of the parties of such VIE Agreements. The VIE Agreements are adequate to
enable the financial statements of each Group Company that is a party to a VIE Agreement to be consolidated with those of the Company
in accordance with GAAP.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(y)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Indebtedness</u>.
Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, none of the Group Companies
is in breach of, default, event of default or violation under any Debt Agreement or has requested or been granted a waiver for any such
breach, default or violation under such Debt Agreement. None of the parties to any Debt Agreement is entitled to declare any indebtedness
under any Debt Agreement due and payable prior to its specified maturity as a result of an event of default (however described) under
such Debt Agreement, which declaration would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
No event (which could not be cured under the terms of the relevant Debt Agreement) has occurred that with notice or lapse</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">of time, or both, would constitute an event of
default (however described) under any Debt Agreement which would, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(z)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>No
Undisclosed Liabilities</u>. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, neither the Company nor any of the Group Companies has any liabilities or obligations of a type required to
be reflected on a balance sheet in accordance with GAAP, other than (i)&#8239;liabilities or obligations disclosed and provided for in
the Financial Statements or in the notes thereto, (ii)&#8239;liabilities or obligations that have been incurred by the Company or the
Group Companies since December&#8239;31, 2021 in the ordinary course of business or (iii)&#8239;liabilities or obligations arising under
or in connection with the transactions contemplated by the Transaction Documents.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(aa)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Material
Contracts</u>. The Material Customer Contracts are in full force and effect and represent the legal, valid and binding obligations of
the applicable Group Company party thereto and to the knowledge of the Company, represent the legal, valid and binding obligations of
the other parties thereto. Neither the Group Company party thereto, nor, to the knowledge of the Company, any of the other parties thereto,
is in material breach of, material default or material violation under any Material Customer Contract. To the knowledge of the Company,
no event has occurred that with notice or lapse of time, or both, would constitute a material breach, material default or material violation
under any Material Customer Contract. None of the Group Companies has received any written claim or notice of any material breach, material
default or material violation under any Material Customer Contract. Other than as set out in the Company Disclosure Schedule, to the
Company&rsquo;s knowledge, none of the other parties to any of the Material Customer Contracts or the customer to whom any Group Company
provides services under such Material Customer Contract, has notified the Company or any other Group Company in writing that it has the
intention to terminate, suspend or not renew or discontinue, or materially change the existing terms with respect to, its business relationship
with the Group Companies in manner which, based on the reasonable determination of the Company, would materially and adversely impact
the financial condition and results of operations of the Group Companies, taken as a whole.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(bb)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>No
Other Agreements</u>. No Group Company has entered into any side letter or similar agreement with any Investor in connection with such
Investor&rsquo;s purchase of its Investor Notes other than this Agreement, the Indenture, the Global Note and all other documents or
written agreements entered into or delivered by all the parties hereto (if any) in connection with the transactions contemplated hereby
or thereby. The commercial terms of all the Investor Notes to be issued hereunder to the Investors will be substantially the same.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;2.2.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Representations
and Warranties of each Investor</u>. Each Investor, severally and not jointly, hereby represents and warrants with respect to itself,
as of the date hereof and as of the Closing Date with respect to such Investor (except to the extent made only as of a specified date,
in which case as of such date), to the Company that:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Incorporation,
Organization and Authority</u>. Such Investor has been duly incorporate or organized, as the case may be, and is validly existing and
in good standing (or the jurisdictional equivalent) under the laws of its jurisdiction of incorporation or organization, is duly</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">licensed or qualified to do business and is in
good standing (or the jurisdictional equivalent) in each jurisdiction in which its ownership or lease of property or the conduct of its
businesses requires such license or qualification, and has all power and authority necessary to own or hold its properties and to conduct
the businesses in which it is engaged.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Authorization</u>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(1)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Such
Investor has the corporate power and authority to enter into, execute and deliver each of the Transaction Documents to which it is a
named party and to carry out and perform its obligations thereunder. The execution, delivery and performance of the Transaction Documents
to which it is a named party by such Investor and the consummation of the transactions contemplated thereby have been duly authorized
by all requisite actions on the part of such Investor. The Transaction Documents to which it is a named party constitute valid and legally
binding obligations of such Investor, enforceable against such Investor in accordance with their respective terms, subject to the Bankruptcy
and Equity Exception.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(2)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Neither
the execution, delivery and performance by such Investor of any of the Transaction Documents to which it is a named party, nor the consummation
of the transactions contemplated thereby will (i)&#8239;violate, conflict with, or result in a breach of any provision of, or constitute
a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in the termination,
modification or acceleration of, or result in the creation or imposition of, any Lien upon any property, right or asset of such Investor
pursuant to any agreement, contract or instrument to which such Investor is a named party or by which any such property, right, or asset
is bound, (ii)&#8239;violate any law, statute, rule&#8239;or regulation or any judgment, ruling, order, writ, injunction or decree applicable
to such Investor or any of its properties, licenses or assets, or (iii)&#8239;violate, conflict with or result in the breach of any provision
of the organizational documents of such Investor, except, in the case of clause (i)&#8239;above, for any such conflict, breach, violation
or default that would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on such Investor&rsquo;s
capability to consummate the transactions and to perform its obligations contemplated under the Transaction Documents.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(3)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>No
Consents Required</u>. No consent, approval, authorization, order, registration or qualification of or with any Governmental Entity is
required by such Investor for the execution, delivery and performance by such Investor of the Transaction Documents to which it is a
named party and the consummation of the transactions contemplated thereby.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(4)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Purchase
for Investment</u>. Such Investor (A)&#8239;is acquiring the Investor Notes and the underlying New Shares for its own account solely for
investment with no present intention or plan to distribute any of the Investor Notes or New Shares to any person nor with a view to or
for sale in connection with any distribution thereof, in each case in violation of the Securities Act, and (B)&#8239;will not sell or
otherwise dispose of any of the Investor Notes or New Shares, except in compliance with the registration requirements or exemption provisions
of the Securities Act and any other applicable securities laws. Without limiting any of the foregoing, neither such Investor nor any
of its Affiliates has</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">taken,
and such Investor will not, and will cause its Affiliates not to, take any action that would cause the securities to be purchased hereunder
to be subject to the registration requirements of the Securities Act. Such Investor is not purchasing the Investor Notes and the underlying
New Shares </font>with a view to distribution, or proposing to offer or sell any of such Investor Notes or underlying New Shares in connection
with their distribution, or is participating, or has a direct or indirect participation, in any such undertaking or in the direct or
indirect underwriting of any such undertaking, and the Investor Notes and underlying New Shares do not constitute the whole or a part
of an unsold allotment to or subscription by a dealer, as a participant in the distribution of such Investor Notes or the underlying
New Shares by the Company or by or through an underwriter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Exemption
from Registration; Restricted Securities</u>. Such Investor acknowledges that the Investor Notes and the New Shares have not been registered
under the Securities Act or the securities law of any state of the United States or other jurisdiction and may not be offered, resold,
pledged or otherwise transferred directly or indirectly in the United States or to or for the account or benefit of any &ldquo;U.S. person&rdquo;
as that term is defined under Regulation S under the Securities Act except pursuant to an effective registration statement or an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act, or in any other jurisdiction or for the
account or benefit of any persons in any other jurisdiction except pursuant to an exemption from, or in a transaction not subject to,
any applicable laws of such other jurisdiction, and any certificate(s)&#8239;representing the Investor Notes or the New Shares shall bear
a legend substantially to such effect.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Financial
Capability</u>. Such Investor will have immediately available funds necessary to consummate the Closing with respect to such Investor,
as of the Closing Date with respect to such Investor, on the terms and conditions contemplated by this Agreement.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Sophisticated
Investor</u>. Such Investor is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect
to investments in shares representing an investment decision like that involved in the purchase of its Investor Notes, including investments
in securities issued by the Company, and has requested, received, reviewed and considered all information it deems relevant in making
an informed decision to evaluate the merits and risks of a purchase of its Investor Notes, and can bear the economic risk and complete
loss of its investment in its Investor Notes. Such Investor has independently made its own analysis and decision to enter into the transactions
contemplated hereby. Such Investor hereby acknowledges and agrees that (i)&#8239;J.P. Morgan is acting solely as the Company&rsquo;s placement
agent in connection with the transactions contemplated hereby and is not acting as an underwriter or in any other capacity and is not
and shall not be construed as a fiduciary for such Investor, the Company or any other person or entity in connection with the transactions
contemplated hereby, (ii)&#8239;J.P. Morgan has not made, nor will it make, any representation or warranty, whether express or implied,
of any kind or character and has not provided any advice or recommendation in connection with the transactions contemplated hereby, (iii)&#8239;J.P.
Morgan will not have any responsibility with respect to (A)&#8239;any representations, warranties or agreements made by any person or
entity under or in connection with the transactions contemplated hereby or any of the documents furnished pursuant thereto or in connection
therewith, or the execution, legality, validity or enforceability (with respect to any person) or any thereof, or (B)&#8239;the business,
affairs, financial condition, operations, properties or prospects of, or any other matter concerning the</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company or transactions contemplated hereby,
and (iv)&#8239;J.P. Morgan shall not have any liability or obligation (including without limitation, for or with respect to any losses,
claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by such Investor,
the Company or any other person or entity), whether in contract, tort or otherwise, to such Investor, or to any person claiming through
such Investor, in respect of the transactions contemplated hereby. Such Investor understands and agrees that it has elected not to be
provided with information with respect to an equity private placement (&ldquo;<i>EPP</i>&rdquo;) transaction involving the Company&rsquo;s
Subsidiary, DigitalLand Holdings Limited (&ldquo;<i>DigitalLand</i>&rdquo;), which information includes the fact that an EPP transaction
is being evaluated and other information concerning DigitalLand, and may include forward-looking information (the &ldquo;<i>EPP Information</i>&rdquo;),
and that its evaluation of the transactions contemplated hereby has been limited to information provided concerning the Company only,
and that other investors participating in the purchase may receive such EPP Information, and that such Investor consents to this restriction
on information and such Investor waives its right to receive any such EPP Information from the Company or J.P. Morgan, and agrees that
it has moved forward with its evaluation of the transactions contemplated hereby without such EPP Information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Existing
Ownership</u>. Except as disclosed in writing to the Company prior to the date of this Agreement, such Investor does not legally or Beneficially
Own or control, directly or indirectly, any shares, convertible debt or any securities convertible into or exercisable or exchangeable
for, or any rights, warrants or options to acquire, any shares or convertible debt in the Company, or have any agreement, understanding
or arrangement to acquire any of the foregoing, except with respect to (i)&#8239;such Investor Notes as to be purchased by such Investor
pursuant to the transactions contemplated herein, (ii)&#8239;any other agreement such Investor or any of its Affiliate entered into with
the Company on or prior to the date hereof, or (iii)&#8239;any such interest disclosed to the Company in writing on or prior to the date
hereof.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Reliance
on Exemptions</u>. &#8239;Such Investor understands that its Investor Notes are being offered and sold to it in reliance on specific exemptions
from the registration requirements of U.S. federal and state securities laws and that the Company is relying in part upon the truth and
accuracy of, and such Investor&rsquo;s compliance with, the representations, warranties, agreements, acknowledgements and understandings
of such Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire
its Investor Notes. Such Investor is not a &ldquo;U.S. person&rdquo; as defined in Rule&#8239;902 of Regulation S of the Securities Act.
Such Investor has been advised and acknowledges that in issuing its Investor Notes to it pursuant the terms hereto, the Company is relying
upon the exemption from registration provided by Regulation S under the Securities Act. Such Investor further acknowledges and agrees
that, absent an effective registration under the Securities Act, its Investor Notes may only be offered, sold or otherwise transferred
(x)&#8239;to the Company, (y)&#8239;outside the United States in accordance with Rule&#8239;904 of Regulation S under the Securities Act
or (z)&#8239;pursuant to an exemption from registration under the Securities Act.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Brokers
and Finders</u>. Neither such Investor nor any of its respective officers, directors or employees (acting in their respective capacity
as such) has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or
finder&rsquo;s fees in connection with the transactions contemplated hereby.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Compliance
with Anti-Bribery, Anti-Money Laundering and Sanctions Laws</u>. Such Investor, including its directors, officers, managers and employees
(in their respective capacity as such), and to the knowledge of such Investor, any agent, independent contractors, representatives, or
other person acting on behalf of such Investor, (i)&#8239;has not violated or operated in material noncompliance with any applicable anti-money
laundering law or anti-terrorism law, and (ii)&#8239;is not currently subject to or the target of any Sanctions. Such Investor has, to
the extent required by applicable law and regulation, instituted and maintains policies and procedures designed to promote and reasonably
ensure, and which are reasonably expected to continue to reasonably ensure, continued compliance with applicable Anti-Bribery Laws and
laws and regulations relating to anti-money laundering and terrorist financing, and to the extent permitted by applicable law, Sanctions,
and no funds given to the Company or any Group Company pursuant to the transactions anticipated by this Agreement shall be derived from
violations, or provided in violation, of any applicable Anti-Bribery Laws or laws and regulations relating to anti-money laundering,
terrorist financing, or applicable Sanctions.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Article&#8239;III</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b></b></font><b><font style="text-transform: uppercase">Covenants</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;3.1.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Filings;
Other Actions</u>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Each
party hereto will cooperate and consult with each other and use commercially reasonable efforts to prepare and file all necessary documentation,
to effect all necessary applications, notices, petitions, filings, and other documents, and to obtain all necessary permits, consents,
orders, approvals, and authorizations of, or any exemption by, all third parties and Governmental Entities, and expiration or termination
of any applicable waiting periods, necessary or advisable to consummate the transactions contemplated by the Transaction Documents and
to perform its covenants contemplated by the Transaction Documents. Each party hereto shall execute and deliver both before and after
the Closing such further certificates, agreements, and other documents and take such other actions as any other party may reasonably
request to consummate or implement such transactions or to evidence such events or matters. Each party hereto will have the right to
review in advance, and to the extent practicable, each will consult with the other, in each case subject to applicable laws relating
to the exchange of information and confidential information related to such party, all the information (other than personal or sensitive
information) relating to such other party, and any of their respective Affiliates, which appears in any filing made with, or written
materials submitted to, any third party or any Governmental Entity in connection with the transactions contemplated by the Transaction
Documents; provided that, notwithstanding anything in this Agreement to the contrary, each party hereto acknowledges that a copy of the
form of this Agreement and the other Transaction Documents to which it is a party may be filed with the SEC and this Agreement and the
other Transaction Documents to which it is a party may be described in a filing made with the SEC, in each case pursuant to applicable
requirements of law, without any prior notice to or consultation with any other party hereto. In exercising the foregoing right, each
of the parties hereto agrees to act reasonably and as promptly as practicable. Each party hereto agrees to keep the other party apprised
of the status of matters relating to completion of the transactions contemplated hereby. Each party shall promptly furnish</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">each other to the extent permitted by applicable
laws with copies of written communications received by them or their Affiliates from, or delivered by any of the foregoing to, any Governmental
Entity in respect of the transactions contemplated by this Agreement or any other Transaction Document. Notwithstanding anything in this
Agreement to the contrary, no party shall be required to provide any materials to any other party that it deems proprietary, privileged
or confidential nor shall either be required to make any commitments to any Governmental Entity in connection therewith.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Each
Investor, with respect to itself only, and the Company agree that upon reasonable request, such Investor and the Company shall furnish
each other with all information concerning itself, its subsidiaries (or Group Companies, in the case of the Company), Affiliates, directors,
officers, partners, and shareholders and such other matters as may be reasonably necessary or advisable in connection with any statement,
filing, notice, or application made by or on behalf of such other party or any of its subsidiaries (or Group Companies, in the case of
the Company) to any Governmental Entity in connection with this Agreement. Notwithstanding anything herein to the contrary, no party
shall be required to furnish any other party with any (1)&#8239;sensitive personal biographical or personal financial information of any
of the directors, officers, employees, managers or partners of such party or any of its Affiliates, (2)&#8239;proprietary, privileged
and non-public information related to the organizational terms of, or investors in, it or its Affiliates, or (3)&#8239;any information
that it deems proprietary, privileged or confidential.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Company shall (through a PRC Subsidiary) report to the NDRC on the requisite information and documents within ten (10)&#8239;Business
Days in the PRC after the date of each issuance of the Investor Notes hereunder in accordance with the NDRC Circular.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Company will comply with all requirements of NASDAQ and the Hong Kong Stock Exchange with respect to the issuance of the Notes (including
the issuance of Class&#8239;A Ordinary Shares or ADSs upon conversion thereof), including the filing or making of any additional listing
notice or requirements with respect to the issuance of Class&#8239;A Ordinary Shares or ADSs upon conversion of the Notes.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Such
Investor agrees that it, upon the conversion of any Investor Notes, it shall comply with the provisions of the Deposit Agreement, dated
as of November&#8239;1, 2016, among the Company, JPMorgan Chase Bank, N.A., as depositary (the &ldquo;<i>Depositary</i>&rdquo;), and holders
of the ADSs, and the provisions of the First Supplemental and Restated Letter Agreement, dated as of March&#8239;21, 2021, between the
Company and the Depositary. Such Investor agrees that it shall not deposit any underlying New Shares for the receipt of American depositary
receipts until and unless such Investor is able to sell all of the ADSs issuable on the deposit of such New Shares in a single transaction
pursuant to (i)&#8239;an effective registration statement under the Securities Act or (ii)&#8239;Rule&#8239;144 promulgated under the Securities
Act, and any purchaser of such ADSs and any underlying New Shares represented thereby will not receive &ldquo;restricted securities&rdquo;.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;3.2.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Expenses</u>.
Each of the parties hereto will bear and pay all costs and expenses incurred by it or on its behalf in connection with this Agreement
and the transactions contemplated under this Agreement. For the avoidance of doubt, the Investors will pay all of their own costs and
expenses, including the fees and expenses of their counsels (legal or otherwise) and</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">securities transfer taxes on the resale of any
of the Notes, Class&#8239;A Ordinary Shares (or Class&#8239;A Ordinary Shares in the form of ADSs) by them.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;3.3.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Confidentiality</u>.
Each party to this Agreement will hold, and will cause its respective subsidiaries (or Group Companies, in the case of the Company) and
their directors, officers, employees, agents, consultants, and advisors to hold, in strict confidence, unless disclosure to a Governmental
Entity is necessary in connection with any necessary regulatory approval or unless compelled to disclose by judicial or administrative
process or, in the written opinion of its counsel, by other requirement of law or the applicable requirements of any Governmental Entity,
all nonpublic records, books, contracts, instruments, computer data and other data and information (collectively, &ldquo;<i>Information</i>&rdquo;)
concerning the other parties hereto furnished to it by such other parties or their respective representatives pursuant to this Agreement
(except to the extent that such information can be shown to have been (1)&#8239;previously known by such party on a non-confidential basis,
(2)&#8239;in the public domain through no fault of such party, or (3)&#8239;later lawfully acquired from other sources by the party to
which it was furnished), and none of the parties hereto shall release or disclose such Information to any other person, except its and
its Affiliates&rsquo; respective directors, officers, employees, partners, shareholders, auditors, attorneys, financial advisors, other
consultants, and advisors and, in the case of the Investors, any potential or actual financing sources or transferee of the Subject Securities
held by them in a transfer permitted under the terms of this Agreement, in each case provided that each such recipient shall either be
subject to professional obligations to keep such information confidential or confidentiality obligations that are as restrictive as this
SECTION&#8239;3.3 and the relevant disclosing party shall be liable for any breach of confidentiality obligations by any of such recipient.
If a party is required to disclose any Information to a Governmental Entity in accordance with this SECTION&#8239;3.3 (each, a &ldquo;<i>Compelled
Disclosure</i>&rdquo;), subject to SECTION&#8239;3.1, the disclosing party shall, to the extent practical and legally permissible, notify
the other parties prior to making any such disclosure by providing the other parties with the text of the disclosure requirement and
draft disclosure at least 48 hours prior to making any such disclosure, and will narrow the draft disclosure to the extent the other
parties reasonably requests. Notwithstanding any other provision herein to the contrary, no party hereto (the &ldquo;<i>Required Disclosing
Party</i>&rdquo;) shall be required to give notice to any other party hereto, and shall not be prohibited from disclosing Information,
to the extent such disclosure requirements (x)&#8239;is a Compelled Disclosure, (y)&#8239;do not specifically reference any other party
hereto, any Transaction Document, or any of the transactions contemplated under the Transaction Documents, and (z)&#8239;occur in the
course of an ordinary course audit, examination or inspection of the business or operations of the Required Disclosing Party.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;3.4.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Conduct
of the Business</u>. Prior to the earlier of the Closing Date with respect to the relevant Investor and the termination of this Agreement
pursuant to SECTION&#8239;5.1, the Company shall, and shall cause each Group Company to, (i)&#8239;conduct its business in the ordinary
course consistent with past practice, including customary financing arrangements and facilities, (ii)&#8239;use commercially reasonable
efforts to preserve intact its current business organizations and its rights and permits issued by Governmental Entities, keep available
the services of its current officers and key employees and preserve its relationships with customers, suppliers, Governmental Entities
and others having business dealings with it to the end that its goodwill and ongoing businesses shall be unimpaired, and (iii)&#8239;not
take any action that would reasonably be expected to materially adversely affect or materially delay the consummation of the transactions
contemplated by the Transaction Documents.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;3.5.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Commercially
Reasonable Efforts</u>. Each Investor and the Company will use their respective commercially reasonable efforts to take, or cause to
be taken, all actions, and to do, or cause to be done all things necessary, proper or advisable to consummate and make effective, in
the most expeditious manner practicable, the transactions contemplated by this Agreement with respect to such Investor, including using
commercially reasonable efforts to accomplish the following: (a)&#8239; all acts reasonably necessary to cause the conditions to Closing
with respect to such Investor to be satisfied; (b)&#8239;the obtaining of all necessary actions or no actions, waivers, consents and approvals
from Governmental Entities and the making of all necessary registrations, filings, reports and the taking of all reasonable steps necessary
to obtain an approval or waiver from, or to avoid an action or proceeding by any Governmental Entity; (c)&#8239;the obtaining of all necessary
consents, approvals or waivers from third parties; and (d)&#8239;executing and delivering any additional instruments necessary to consummate
the transactions contemplated by, and to fully carry out the purposes of, this Agreement.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;3.6.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Use
of Proceeds</u>. The Company shall use the proceeds from the issuance and sale of the Notes for (a)&#8239;the development and acquisition
of new data centers, and (b)&#8239;general corporate purposes and working capital needs.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Article&#8239;IV</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b></b></font><b><font style="text-transform: uppercase">Additional
Agreements</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;4.1.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Compliance
with Laws</u>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Each
Investor acknowledges that it is aware of, and that will advise its representatives of, the restrictions imposed by applicable United
States and other applicable jurisdictions&rsquo; securities laws with respect to trading in securities while in possession of material
non-public information relating to the issuer of such securities and on communication of such information when it is reasonably foreseeable
that the recipient of such information is likely to trade such securities in reliance on such information.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Company shall not, and shall not permit any Group Company or any of their respective directors, officers, managers, employees, agents,
independent contractors, representatives, or other person acting for or on behalf of the foregoing persons to offer, pay, promise to
pay, or authorize the payment of any money or the giving of anything of value, directly or indirectly, to any person in violation of
all applicable Anti-Bribery Laws. The Company further represents that it shall and shall cause all Group Companies and their respective
directors, officers, managers, employees, agents, independent contractors, representatives, or other person acting for or on behalf of
the foregoing persons to, (i)&#8239;cease all of its or their respective activities, as well as remediate any actions taken by them in
violation of any applicable Anti-Bribery Laws and (ii)&#8239;maintain systems of internal controls (including, but not limited to, accounting
systems, purchasing systems and billing systems) to ensure compliance with all applicable Anti-Bribery Laws.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&#8239;4.2.<font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><u>Legend</u>.</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: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Each
Investor agrees that all certificates or other instruments representing the securities subject to this Agreement (if any such certificates
are issued) will bear a legend in the applicable form set forth in the Indenture.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Upon
request of such Investor, upon receipt by the Company of an opinion of counsel and other customary representations and other documentation
from such Investor, in each case, reasonably satisfactory to the Company to the effect that such legend is no longer required under the
Securities Act or applicable state laws, as the case may be, the Company shall promptly cause the legend to be removed from any certificate
or any other instrument for any securities.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;4.3.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Indemnity</u>.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Company agrees to, from and after the Closing Date with respect to an Investor and subject to the limitations set forth in this SECTION&#8239;4.3,
indemnify such Investor and its Affiliates, and its and their respective directors and officers (in such capacity, an &ldquo;<i>Investor
Indemnified Party</i>&rdquo;) and hold each Investor Indemnified Party harmless to the fullest extent permitted by applicable law against
any actions, causes of action, suits, claims, losses, taxes, costs, penalties, fees, liabilities and damages, and expenses in connection
therewith, and including reasonable attorneys&rsquo; fees and disbursements (the &ldquo;<i>Losses</i>&rdquo;) actually suffered, incurred
or paid by such Investor Indemnified Party, directly or indirectly, arising from: (i)&#8239;any breach of any representation or warranty
made by the Company in SECTION&#8239;2.1 (it being agreed that, solely for the purpose of determining the amount of Losses of an Investor
Indemnified Party (but not for purposes of determining whether any such breach has actually occurred), the representations and warranties
made by the Company in SECTION&#8239;2.1 that are qualified by &ldquo;materiality&rdquo; or &ldquo;Material Adverse Effect&rdquo; qualifications
or other terms of similar import or effect shall be deemed to be made without such qualifications); or (ii)&#8239;any breach of any covenant
or agreement by the Company contained in this Agreement. Other than with respect to fraud, in no event shall the Company be liable for
or have an obligation to indemnify or hold harmless any Investor Indemnified Party for Losses in connection with the representations
and warranties made by the Company in SECTION&#8239;2.1 in excess of 100% of the Investor Purchase Price paid to the Company by such Investor
pursuant to this Agreement, and the Company shall not be liable to any Investor Indemnified Party for any Losses unless the aggregate
amount of all Losses incurred by such Investor Indemnified Party exceeds US$1,000,000 paid to the Company by such Investor pursuant to
this Agreement (the &ldquo;<i>Basket</i>&rdquo;), in which case the Company shall be liable for all such Losses in excess of the Basket.
The Company shall not be liable to any Investor Indemnified Party for any Losses arising under this SECTION&#8239;4.3 relating to an individual
claim resulting in Losses in the amount of US$200,000 or less (a &ldquo;<i>De Minimis Claim</i>&rdquo;), regardless of whether or not
aggregate Losses have exceeded the Basket; nor shall the amount of any such De Minimis Claims be taken into account in determining whether
the Basket has been reached. Notwithstanding anything to the contrary, other than with respect to fraud, in no event shall the aggregate
liability of the Company to the Investor Indemnified Parties of an Investor for any and all Losses in connection with this Agreement
exceed the Investor Purchase Price paid to the Company by such Investor pursuant to this Agreement.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Each
Investor, severally and not jointly, agrees to indemnify each of the Company and its Affiliates and each of their respective directors,
officers, employees and</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">shareholders, owners (collectively, the &ldquo;<i>Company
Indemnified Parties</i>&rdquo;) and hold each of Company Indemnified Parties harmless against any and all Losses suffered, incurred or
paid by the Company Indemnified Parties, arising from, as a result of or in connection with: (i)&#8239;any breach of any representation
or warranty made by such Investor in SECTION&#8239;2.2 or (ii)&#8239;any breach of any covenant or agreement by such Investor contained
in this Agreement. Other than with respect to fraud, in no event shall such Investor be liable for or have an obligation to indemnify
or hold harmless any Company Indemnified Party for Losses in excess of the Investor Purchase Price paid to the Company by such Investor
pursuant to this Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">A
party entitled to indemnification hereunder (an &ldquo;<i>Indemnified Party</i>&rdquo;) shall give written notice to the party indemnifying
it (the &ldquo;<i>Indemnifying Party</i>&rdquo;) of any claim with respect to which it seeks indemnification promptly after the discovery
by such Indemnified Party of any matters giving rise to a claim for indemnification; <i>provided</i> that the failure of any Indemnified
Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this SECTION&#8239;4.3 unless
and to the extent that the Indemnifying Party shall have been actually prejudiced by the failure of such Indemnified Party to so notify
such party. No claim for indemnification may be asserted against any Indemnifying Party for breach of any representation, warranty, covenant
or agreement contained herein unless written notice of such claim is received by such Indemnifying Party on or prior to the date on which
the representation, warranty, covenant or agreement on which such claim or proceeding is based ceases to survive as set forth in SECTION&#8239;7.1.
Such notice shall describe in reasonable detail such claim. In case any such action, suit, claim or proceeding is brought against an
Indemnified Party, the Indemnified Party shall be entitled to hire, at the cost and expense of the Indemnifying Party, counsel and conduct
the defense thereof; <i>provided</i>, <i>however</i>, that the Indemnifying Party shall only be liable for the legal fees and expenses
of one law firm for the Indemnified Parties, taken together with regard to any single action or group of related actions, upon agreement
by the Indemnified Parties and the Indemnifying Party. If the Indemnifying Party assumes the defense of any claim, the Indemnified Parties
shall thereafter deliver to the Indemnifying Party copies of all notices and documents (including court papers) received by the Indemnified
Parties relating to the claim (provided that the Indemnified Parties may redact any sensitive information if necessary to the extent
such redaction would not prejudice the Indemnifying Party&rsquo;s assumption and defense of such claim and so long as SECTION&#8239;3.3
is complied with, other than in the case of a Compelled Disclosure where such redaction is not permissible by applicable law) and the
Indemnified Parties shall cooperate in the defense or prosecution of such claim. Such cooperation shall include the retention and (upon
the Indemnifying Party&rsquo;s request) the provision to the Indemnifying Party of records and information that are reasonably relevant
to such claim, and making employees available on a mutually convenient basis to provide additional information and explanation of any
material provided hereunder. The Indemnifying Party shall not be liable for any settlement of any action, suit, claim or proceeding effected
without its written consent; <i>provided</i>, <i>however</i>, that the Indemnifying Party shall not unreasonably withhold, delay or condition
its consent. The Indemnifying Party further agrees that it will not, without any Indemnified Party&rsquo;s prior written consent (which
shall not be unreasonably withheld or delayed), settle or compromise any claim or consent to entry of any judgment in respect thereof
in any pending or threatened action, suit, claim or proceeding in respect of which indemnification has been sought hereunder unless such
settlement or compromise includes an unconditional release of such Indemnified Party from all liability arising out of such action, suit,
claim or proceeding.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">In
calculating the amount of any Losses hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments
received by the Indemnified Parties with respect to such Losses, if any, net of any actual costs or expenses incurred in connection with
securing or obtaining such proceeds or payments. In no event shall any Indemnified Party be entitled to recover or make a claim for any
amounts in respect of, and in no event shall &ldquo;Losses&rdquo; be deemed to include (i)&#8239;any diminution in value of the securities
of the Company or (ii)&#8239;any indirect, punitive or consequential damages (including lost profits), which in each case of the foregoing
clauses (i)&#8239;and (ii), are not the reasonably foreseeable result or consequence of the underlying breach by the relevant breaching
party hereto.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Except
in the case of fraud, the indemnification obligations of the parties hereto provided in this SECTION&#8239;4.3 shall be the sole and exclusive
post-Closing remedy available for any Losses under this Agreement, provided that the foregoing shall not affect the right of any party
hereto to seek specific performance in accordance with SECTION&#8239;7.14.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">Any
indemnification payments pursuant to this SECTION&#8239;4.3 shall be treated as an adjustment to the investment amount for the relevant
Investor Notes for U.S. federal income and applicable state and local tax purposes, unless a different treatment is required by applicable
law.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Article&#8239;V</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b></b></font><b><font style="text-transform: uppercase">Termination</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;5.1.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Termination</u>.
As between the Company on the one hand and any Investor on the other hand, this Agreement may be terminated prior to the Closing of such
Investor:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">by
mutual written consent of the Company and such Investor;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">by
the Company, upon written notice to such Investor, in the event that any of the conditions of Closing set forth in SECTION&#8239;1.3(b)&#8239;are
not satisfied, or waived by the Company, as of 11:59 p.m.&#8239;Hong Kong time on the Long Stop Date; <i>provided, however,</i> that the
right to terminate this Agreement pursuant to this SECTION&#8239;5.1(b)&#8239;shall not be available to the Company if its failure to fulfill
any obligation under this Agreement shall have been the primary cause of, or shall have resulted in, the failure of the Closing with
respect to such Investor to occur on or prior to such date;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">by
such Investor, with respect to its own rights and obligations, upon written notice to the Company, in the event that the conditions of
Closing set forth in SECTION&#8239;1.3(a)&#8239;are not satisfied, or waived by such Investor, as of 11:59 p.m.&#8239;Hong Kong time on
the Long Stop Date; <i>provided</i>, <i>however</i>, that the right to terminate this Agreement pursuant to this SECTION&#8239;5.1(c)&#8239;shall
not be available to such Investor if its failure to fulfill any obligation under this Agreement shall have been the primary cause of,
or shall have resulted in, the failure of the Closing with respect to such Investor to occur on or prior to such date (it being understood
that each of the remaining Investors may, at their election, waive any such condition, deem it satisfied, or otherwise proceed to consummate
the Closing); or</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">by
the Company, upon written notice to such Investor, or by such Investor, upon written notice to the Company, in the event that any Governmental
Entity shall have issued any order, decree or injunction or taken any other action restraining, enjoining or prohibiting any of the transactions
contemplated by this Agreement, and such order, decree, injunction or other action shall have become final and non-appealable prior to
the Closing Date; <i>provided</i>, <i>however</i>, that the right to terminate this Agreement pursuant to this SECTION&#8239;5.1(d)&#8239;shall
not be available to any party hereto that has breached in any material respect any provision of this Agreement in any manner that was
the primary cause of the issuance by such Governmental Entity of any such order, decree or injunction or other action.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;5.2.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Effects
of Termination</u>. In the event of any termination of this Agreement as provided in SECTION&#8239;5.1, this Agreement (other than SECTION&#8239;3.2,
SECTION&#8239;3.3, SECTION&#8239;4.3, this SECTION&#8239;5.2, ARTICLE&#8239;VII and all applicable defined terms, which shall remain in full
force and effect) shall forthwith become wholly void and of no further force and effect with respect to the applicable parties and the
applicable parties shall be released from all future obligations hereunder; <i>provided</i> that nothing herein shall relieve any such
party from liability for willful breach of this Agreement or liability for any breach of this Agreement occurring prior to such termination.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Article&#8239;VI</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b></b></font><b><font style="text-transform: uppercase">[INTENTIONALLY
OMITTED]</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Article&#8239;VII</b></font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b></b></font><b><font style="text-transform: uppercase">Miscellaneous</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.1.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Survival</u>.
Each of the representations and warranties set forth in this Agreement shall survive the Closing under this Agreement but only for a
period of twelve (12) months following the Closing Date (or until final resolution of any claim or action arising from the breach of
any such representation and warranty, if notice of such breach was provided prior to the end of such period) and thereafter shall expire
and have no further force and effect, provided that the Fundamental Representations shall survive indefinitely and the Tax Representations
shall survive until the expiry of the applicable statute of limitations. Except as otherwise provided herein, all covenants and agreements
contained herein shall survive for the duration of any statutes of limitations applicable thereto or until, by their respective terms,
they are no longer operative.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.2.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Amendment</u>.
Any term of this Agreement may be amended only with the prior written consent of all parties hereto, and any amendment so made shall
be effective and binding on all parties hereto. Any term of this Agreement may be waived only with the prior written consent of the party
against whom such waiver is effective.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.3.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Waivers</u>.
No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">power or privilege. The conditions to each party&rsquo;s
obligation to consummate the Closing are for the sole benefit of such party and may be waived by such party in whole or in part to the
extent permitted by applicable law. No waiver of any party to this Agreement will be effective unless it is in a writing signed by a
duly authorized officer of the waiving party that makes express reference to the provision or provisions subject to such waiver.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.4.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Counterparts</u>.
For the convenience of the parties hereto, this Agreement may be executed in any number of separate counterparts, each such counterpart
being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Copies of executed
signature pages&#8239;to this Agreement may be delivered by electronic mail (&ldquo;<i>e-mail</i>&rdquo;) and such copies will be deemed
as sufficient as if actual signature pages&#8239;had been delivered.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.5.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Governing
Law</u>. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York, without regard to conflict
of law principles.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.6.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Dispute
Resolution</u>. Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity
or termination and the parties&rsquo; rights and obligations hereunder (each, a &ldquo;<i>Dispute</i>&rdquo;) shall be referred to and
finally resolved by arbitration (the &ldquo;<i>Arbitration</i>&rdquo;) in the following manner:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Arbitration shall be administered by the Hong Kong International Arbitration Centre (&ldquo;<i>HKIAC</i>&rdquo;);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
Arbitration shall be procedurally governed by the HKIAC Administered Arbitration Rules&#8239;(the &ldquo;<i>HKIAC Rules</i>&rdquo;) as
in force at the date on which the claimant party notifies the respondent party in writing (such notice, a &ldquo;<i>Notice of Arbitration</i>&rdquo;)
of its intent to pursue Arbitration, which are deemed to be incorporated by reference and may be amended by this SECTION&#8239;7.6;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
seat and venue of the Arbitration shall be Hong Kong and the language of the Arbitration shall be English;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">A
Dispute subject to Arbitration shall be determined by a panel of three (3)&#8239;arbitrators. One (1)&#8239;arbitrator shall be nominated
by the claimant party (and to the extent that there is more than one (1)&#8239;claimant party, by mutual agreement among the claimant
parties) and one (1)&#8239;arbitrator shall be nominated by the respondent party (and to the extent that there is more than one (1)&#8239;respondent
party, by mutual agreement among the respondent parties). The third arbitrator shall be jointly nominated by the claimant party&rsquo;s
and respondent party&rsquo;s respectively nominated arbitrators and shall act as the presiding arbitrator. If the claimant party or the
respondent party fails to nominate its arbitrator within thirty (30) days from the date of receipt of the Notice of Arbitration by the
respondent party or the claimant and respondent parties&rsquo; nominated arbitrators fail to jointly nominate the presiding arbitrator
within thirty (30) days of the nomination of the respondent-nominated arbitrator, either party to the Dispute may request the Chairperson
of the HKIAC to appoint such arbitrator; and</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">The
parties hereto agree that all documents and evidence submitted in the Arbitration (including any statements of case and any interim or
final award, as well as the fact that an arbitral award has been made) shall remain confidential both during and after any final award
that is rendered save to the extent use or disclosure is permitted under the HKIAC Rules&#8239;or unless the parties hereto otherwise
agree in writing. The arbitral award is final and binding upon the parties to the Arbitration.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.7.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Notices</u>.
Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing and will be deemed
to have been duly given (a)&#8239;on the date of delivery if delivered personally, or upon confirmation of receipt if delivered by facsimile
(if applicable) or e-mail, (b)&#8239;on the first Business Day following the date of dispatch if delivered by a recognized next-day courier
service, or (c)&#8239;on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt
requested, postage prepaid. All notices hereunder shall be delivered following the notice details set forth in <u>Schedule&#8239;3</u>
attached hereto.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.8.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Entire
Agreement.</u> This Agreement (together with all the Exhibits and Schedules hereto and certificates and other written instruments delivered
in connection from time to time on and following the date hereof) constitute and contain the entire agreement and understanding of and
among the parties hereto with respect to the subject matter hereof and thereof, and supersedes any and all prior negotiations, correspondence,
agreements, understandings, duties and obligations among the parties hereto with respect to the subject matter hereof and thereof. Except
as expressly set forth in this Agreement, no party hereto makes any representation, warranty, covenant or agreement to any other party
of any nature, express or implied. Each party hereto expressly represents that it is not relying on any oral or written representation,
warranties, covenants or agreements other than those expressly contained in this Agreement (which includes all Exhibits and Schedules
hereto). The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and their permitted assigns. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned
by any party hereto without the prior express written consent of the other parties hereto; provided that each Investor may assign its
rights hereunder to a transferee of the Subject Securities that is an Affiliate of such Investor, provided further that no such assignment
shall relieve any Investor of its obligations hereunder prior to Closing. Any purported assignment in violation of this SECTION&#8239;7.8
shall be null and void.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.9.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Definitions
and Interpretation</u>. For purposes hereof, terms, when used herein with initial capital letters, shall have the respective meanings
given to them in the respective Sections set forth in the index of defined terms at the beginning of this Agreement. Wherever required
by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine
and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement,
document or instrument as amended, supplemented or modified from time to time. A reference to any applicable laws or to any legislation,
or to any provision of applicable laws or of any legislation includes a reference to such applicable laws or legislation as amended or
modified from time to time. All article, section, paragraph or clause references not attributed to a particular document shall be references
to such parts of this Agreement, and all exhibit, annex and schedule references</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">not attributed to a particular document shall
be references to such exhibits, annexes and schedules to this Agreement. When used herein:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(1)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>2025 Convertible Notes</i>&rdquo; means the 2% convertible senior notes due June&#8239;1, 2025 in the aggregate principal
amount of US$300 million, as disclosed in the Company&rsquo;s Annual Report on Form&#8239;20-F for the year ended December&#8239;31, 2020;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(2)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>2029 Convertible Notes</i>&rdquo; means the 0.25% convertible senior notes due March&#8239;8, 2029 in the aggregate principal
amount of US$620 million, as disclosed in the Company&rsquo;s Annual Report on Form&#8239;20-F for the year ended December&#8239;31, 2021;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(3)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>ADS</i>&rdquo; means American Depositary Shares, each of which represents eight (8)&#8239;Class&#8239;A Ordinary Shares
of the Company;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(4)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Affiliate</i>&rdquo; or &ldquo;<i>Affiliated&rdquo; </i>means, with respect to any person, any person directly or indirectly
controlling, controlled by or under common control with, such other person. For purposes of this definition, &ldquo;<i>control</i>&rdquo;
(including, with correlative meanings, the terms &ldquo;<i>controlled by</i>&rdquo; and &ldquo;<i>under common control with</i>&rdquo;)
when used with respect to any person, means the possession, directly or indirectly, of the power to cause the direction of management
and/or policies of such person, whether through the ownership of voting securities by contract or otherwise, provided that no portfolio
company (as such term is commonly known or understood in the private equity industry) of any Fund or of any other investment vehicle
managed and/or advised by the same or Affiliated investment manager or investment advisor shall be deemed to be an Affiliate of such
person;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(5)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Articles of Association</i>&rdquo; means, collectively, the Amended and Restated Memorandum of Association of the Company
and the Amended and Restated Articles of Association of the Company, as each may be amended and/or restated from time to time;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(6)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Beneficially Own</i>&rdquo; and &ldquo;<i>Beneficial Ownership</i>&rdquo; are defined in Rules&#8239;13d-3 and 13d-5 of
the Exchange Act;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(7)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Benefit Plan</i>&rdquo; means any retirement, pension, savings, health, welfare, employment, individual consulting, equity
or equity-based, nonqualified deferred compensation, incentive, bonus, change in control, retention, severance, paid time off, vacation,
post-termination or retiree health or welfare, fringe benefit or any other benefit or compensation plan, policy, program, con-tract,
agreement or arrangement, in each case, that is sponsored, maintained, contributed to (or required to be contributed to) by any Group
Company;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(8)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Business Day</i>&rdquo; means a day (other than a Saturday or Sunday or days on which a tropical cyclone warning Number
8 or above or a &ldquo;black&rdquo; rain warning signal is hoisted in Hong Kong at any time between 9am and 5pm) on which banks in Hong
Kong, Singapore, New York and the PRC are open for the transaction of normal banking business;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(9)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Company Share Option Plans</i>&rdquo; means share options, share appreciation rights, restricted share units, restricted
shares or other share-based awards issued pursuant either to the 2014 Equity Incentive Plan as referred in, or to the 2016 Equity Incentive
Plan (as amended on August&#8239;6, 2020) as filed as exhibit 4.30 to the Company&rsquo;s Annual Report on Form&#8239;20-F for the year
ended December&#8239;31, 2020;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(10)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Company Systems</i>&rdquo; means all computer and information technology systems, platforms and networks owned or used
by any Group Company (whether outsourced or not);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(11)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Debt Agreement</i>&rdquo; means each note, debenture, other evidence of indebtedness, guarantee, loan, credit or financing
agreement or instrument (including any notes indentures), finance leases, receivables purchase program or other contract or agreement
for money borrowed or any amount raised under any other transaction having the commercial effect of borrowing, in each case, to which
a Group Company is party, including any agreement or commitment for future loans, credit or financing, and all security, pledge, amendment
documents, utilization requests, fee letters, guarantee, other finance documents and similar agreements relating to the foregoing;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(12)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Fund</i>&rdquo; means any unit trust, investment trust, investment company, limited partnership, general partnership,
collective investment scheme, pension fund, insurance company or other investment entity, in each, the assets of which are managed professionally
for investment purposes;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(13)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Fundamental Representations</i>&rdquo; means the representations and warranties in SECTION&#8239;2.1(a)&#8239;(<i>Incorporation,
Organization and Good Standing</i>), SECTION&#8239;2.1(b)&#8239;(<i>Capitalization</i>), SECTION&#8239;2.1(c)&#8239;(<i>Authorization</i>),
SECTION&#8239;2.1(o)&#8239;(<i>No Delisting or Suspension of Trading</i>), SECTION&#8239;2.1(q)&#8239;(<i>Status of Securities</i>), SECTION&#8239;2.1(w)&#8239;(<i>Brokers
and Finders</i>) and SECTION&#8239;2.1 (x)&#8239;(<i>VIE Agreements</i>).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(14)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Group Companies</i>&rdquo; means the Company and all of its subsidiaries, consolidated Affiliated entities and their subsidiaries
(individually, a &ldquo;<i>Group Company</i>&rdquo; collectively, the &ldquo;<i>Group Companies</i>&rdquo;);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(15)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Hazardous Materials</i>&rdquo; means any material, substance, or waste as to which liability or standards of conduct may
be imposed under Environmental Law.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(16)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Hong Kong</i>&rdquo; means the Hong Kong Special Administrative Region of the People&rsquo;s Republic of China.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(17)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>knowledge of the Company</i>&rdquo; or &ldquo;<i>Company&rsquo;s knowledge</i>&rdquo; means the actual knowledge, after
due inquiry, of the executive officers of the Company;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(18)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Lien</i>&rdquo; means any liens, adverse rights or claims, charges, options, pledges, covenants, title defects, licenses,
security interests or other encumbrances of any kind;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(19)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Long Stop Date</i>&rdquo; means January&#8239;24, 2023 (inclusive);</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(20)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Material Adverse Effect</i>&rdquo; means any development, fact, circumstance, condition, event change, occurrence or effect
that individually or in the aggregate (i)&#8239;would or would reasonably be expected to have a material adverse effect on the ability
of the Company to perform its material obligations under the Transaction Documents or consummate the transactions contemplated by the
Transaction Documents or (ii)&#8239;would have or would reasonably be expected to have a material adverse effect on the assets, business,
financial condition or results of operations of the Group Companies, taken as a whole, other than any development, fact, circumstance,
condition, event, change, occurrence or effect resulting from (A)&#8239;changes in general economic, financial market, business, social
or geopolitical conditions; (B)&#8239;changes or developments in any of the industries in which the Company or any other Group Company
operates; (C)&#8239;changes in any applicable laws or applicable accounting regulations or principles, or the interpretation or enforcement
thereof; (D)&#8239;any change in the price or trading volume of the Company&rsquo;s ADS representing Class&#8239;A Ordinary Shares or any
failure to meet any financial projections, forecasts or forward-looking statements (it being understood that this clause (D)&#8239;shall
not prevent or otherwise affect a determination that the underlying cause of any such change or failure referred to therein (to the extent
not otherwise falling within any of the exceptions provided for under clauses (A)&#8239;through (H)&#8239;hereof) is a Material Adverse
Effect); (E)&#8239;any pandemic, epidemic, disease outbreak or other public health emergency (including the Coronavirus Disease 2019 (COVID-19))
or any lockdowns imposed pursuant thereto, natural disaster, or any outbreak or escalation of hostilities or war or any act of terrorism;
(F)&#8239;any suit, action or proceeding in respect of this Agreement or the transactions contemplated hereunder brought or commenced
by any current or former shareholder of the Company (on their own behalf or on behalf of the Company); (G)&#8239;the announcement of and
performance of this Agreement by the Company, the pendency or consummation of the transactions contemplated hereunder, or the identity
of the Investor or any of its Affiliates; or (H)&#8239;any action taken, or failure to take action, by the Company or another Group Company
that the Investor has consented to or requested in writing; provided, however, that any development, fact, circumstance, condition, event
change, occurrence or effect in clauses (A), (B), (C)&#8239;and (E)&#8239;may be taken into account in determining whether there has been,
or would reasonably be expected to be, individually or in the aggregate, a Material Adverse Effect to the extent such development, fact,
circumstance, condition, event change, occurrence or effect has a disproportionate adverse effect on the assets, business, financial
condition or results of operations of the Group Companies, taken as a whole, as compared to other participants in the industry or the
market in which the Group Companies operate;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(21)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">&ldquo;<i>Material
Customer Contract</i>&rdquo; means any contract, agreement or arrangement entered into by any Group Company, which is in force and effect
as of the date hereof, with, or for providing services for the benefit of, any of the top three customers of the Group Companies ranked
based on the aggregate revenue contribution associated with such customer as disclosed in the Company&rsquo;s annual reports on Form&#8239;20-F
for the fiscal year ended December&#8239;31, 2021 or as contemplated as of the date hereof to be disclosed in such annual report for the
fiscal year ended December&#8239;31, 2022.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(22)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">&ldquo;<i>person</i>&rdquo;
has the meaning given to it in Section<i>&#8239;</i>3(a)(9)&#8239;of the Exchange Act and as used in Sections&#8239;13(d)(3)&#8239;and 14(d)(2)&#8239;of
the Exchange Act;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(23)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">&ldquo;<i>PRC</i>&rdquo;
means the People&rsquo;s Republic of China (for the purpose of this Agreement only, excluding Hong Kong, the Macao Special Administrative
Region and Taiwan).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(24)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">&ldquo;<i>Securities</i>&rdquo;
means any Ordinary Share or any equity interest of, or shares of any class in the share capital (ordinary, preferred or otherwise) of,
the Company and any convertible securities, options, warrants and any other type of equity or equity-linked securities convertible, exercisable
or exchangeable for any such equity interest or shares of any class in the share capital of the Company;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(25)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">&ldquo;<i>Subject
Securities</i>&rdquo; means the applicable Investor Notes issued to each Investor at the Closing and any Class&#8239;A Ordinary Shares
or ADSs into which the Investor Notes are converted;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(26)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
term &ldquo;<i>Subsidiary</i>&rdquo; means any person that is controlled directly or indirectly by the Company, including the Company&rsquo;s
direct or indirect subsidiaries and consolidated Affiliated entities;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(27)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">&ldquo;<i>Tax
Representations</i>&rdquo; means, with respect to the Company, the representations and warranties in SECTION&#8239;2.1(h)&#8239;(<i>Tax</i>).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(28)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">&ldquo;<i>VIE
Agreements</i>&rdquo; means, collectively, the contracts and instruments, including equity interest pledge agreements, shareholder voting
rights proxy agreements, exclusive technology license and service agreements, exclusive call option agreements, intellectual property
rights license agreements and loan agreements entered into among Beijing Wanguo Chang&rsquo;an Science and Technology Co., Ltd, Shanghai
Shu&rsquo;an Data Services Co., Ltd, Shanghai Xinwan Enterprise Management Co., Ltd, its shareholders and GDS (Shanghai) Investment Co.,&#8239;Ltd.,
which enable the Company to control and consolidate with its financial statements each Group Company and its Affiliates in respect of
which a majority of the equity is not directly held but is controlled by the Company;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(29)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
word &ldquo;<i>or</i>&rdquo; is not exclusive;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(30)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
words &ldquo;<i>including,</i>&rdquo; &ldquo;<i>includes,</i>&rdquo; &ldquo;<i>included</i>&rdquo; and &ldquo;<i>include</i>&rdquo; are
deemed to be followed by the words &ldquo;<i>without limitation</i>&rdquo;;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(31)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
terms &ldquo;<i>herein,</i>&rdquo; &ldquo;<i>hereof</i>&rdquo; and &ldquo;<i>hereunder</i>&rdquo; and other words of similar import refer
to this Agreement as a whole and not to any particular section, paragraph or subdivision; and</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(32)</font><font style="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt">the
words &ldquo;<i>it</i>&rdquo; or &ldquo;<i>its</i>&rdquo; are deemed to mean &ldquo;<i>him</i>&rdquo; or &ldquo;<i>her</i>&rdquo; and
 &ldquo;<i>his</i>&rdquo; or &ldquo;<i>her,</i>&rdquo; as applicable, when referring to an individual.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.10.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Captions</u>.
The article, section, paragraph and clause captions herein are for convenience of reference only, do not constitute part of this Agreement
and will not be deemed to limit or otherwise affect any of the provisions hereof.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&nbsp;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.11.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Severability</u>.
If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible,
so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially
the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from
the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights
or benefits intended by the parties. In such event, the parties shall use commercially reasonable efforts to negotiate, in good faith,
a substitute, valid and enforceable provision.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.12.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>No
Third-Party Beneficiaries</u>. Nothing contained in this Agreement, expressed or implied, is intended to confer or shall confer upon
any person other than the express parties hereto, any benefit, right or remedies; provided that (i)&#8239;the Investor Indemnified Parties
(other than the Investors) and the Company Indemnified Parties (other than the Company) are express third party beneficiaries to the
applicable provisions of SECTION&#8239;4.3 and (ii)&#8239;J.P. Morgan and its affiliates are express third party beneficiaries to the representations
and warranties set forth in SECTION&#8239;2.2(e). Subject to the immediately preceding sentence, the representations and warranties set
forth in ARTICLE&#8239;II and the covenants set forth in ARTICLES III and IV have been made solely for the benefit of the parties to this
Agreement and (a)&#8239;may be intended not as statements of fact, but rather as a way of allocating the risk to one of the parties if
those statements prove to be inaccurate; and (b)&#8239;may apply standards of materiality in a way that is different from what may be
viewed as material by shareholders of, or other investors in, the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.13.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Public
Announcements</u>. Without limiting any other provision of this Agreement, the parties hereto, to the extent permitted by applicable
law, will consult with each other before issuance, and provide each other the opportunity to review, comment upon and agree on any press
release or public statement with respect to this Agreement (which includes the Exhibits and Schedules hereto) and the transactions contemplated
hereby and the ongoing business relationship among the parties hereto and thereto. The parties hereto (other than the Company) will not,
and will cause its Affiliates not to, and the Company will not and will cause the other Group Companies not to, issue any such press
release or make any such public statement without the prior written consent of the other parties, except as may be required by law or
any listing agreement with or requirement of the NASDAQ or any other applicable securities exchange, provided that the disclosing party
shall, to the extent permitted by applicable law or any listing agreement with or requirement of the NASDAQ or any other applicable securities
exchange, inform the other party about the disclosure to be made pursuant to such requirements prior to the disclosure. With respect
to each of Aspex Master Fund, Aspex Opportunity Master Fund, Ceningan Investment Pte Ltd and CPE Data Investment Limited, without the
prior written consent of such Investor, the Company shall not, and shall cause the other Group Companies not to, use the name, logo or
brand of such Investor or any of its Affiliates, claim itself as a partner of such Investor or any of its Affiliates or make any similar
representations other than in connection with any Compelled Disclosure, subject to compliance with the provisions of SECTION&#8239;3.3.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000">Section&#8239;7.14.</font><font style="text-transform: uppercase; color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="font-size: 10pt"><u>Specific
Performance</u>. The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms. Accordingly, each party hereto agrees that, in addition
to any other available remedies a party hereto may have in equity or at law (but otherwise subject to any applicable limitation on remedies
provided in this Agreement), each party</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&nbsp;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">shall be entitled to enforce specifically the
terms and provisions of this Agreement and to obtain an injunction restraining any breach or violation or threatened breach or violation
of the provisions of this Agreement without necessity of posting a bond or other form of security. In the event that any proceeding should
be brought in equity to enforce the provisions of this Agreement, no party hereto shall allege, and each party hereto hereby waives the
defense, that there is an adequate remedy at law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>IN
WITNESS WHEREOF</b></font>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#8239;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</p></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%; font-size: 10pt">&#8239;</td>
    <td style="width: 3%; font-size: 10pt">&#8239;</td>
    <td style="width: 5%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="width: 42%; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#8239;</td>
    <td style="font-size: 10pt">&#8239;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<i>Project Jedi &ndash; Note Purchase Agreement</i>]</p>

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


<!-- Field: Page; Sequence: 41 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#8239;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>IN
WITNESS WHEREOF</b></font>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#8239;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</p></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%; font-size: 10pt">&#8239;</td>
    <td style="width: 3%; font-size: 10pt">&#8239;</td>
    <td style="width: 5%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="width: 42%; font-size: 10pt">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#8239;</td>
    <td style="font-size: 10pt">&#8239;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<i>Project Jedi &ndash; Note Purchase Agreement</i>]</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>

<!-- Field: Page; Sequence: 42 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&nbsp;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>IN
WITNESS WHEREOF</b></font>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="3"><b>Ceningan Investment Pte Ltd.</b>&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ </font></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#8239;</td>
    <td style="width: 3%">&#8239;</td>
    <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="width: 42%">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td>&#8239;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#8239;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<i>Project Jedi &ndash; Note Purchase Agreement</i>]</p>

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


<!-- Field: Page; Sequence: 46 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#8239;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>IN
WITNESS WHEREOF</b></font>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="3"><font style="text-transform: uppercase"><b>CPE
Data Investment Limited</b></font>&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</p></td>
    <td colspan="2" style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/</font></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#8239;</td>
    <td style="width: 3%">&#8239;</td>
    <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="width: 42%">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td>&#8239;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <td>Director</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<i>Project Jedi &ndash; Note Purchase Agreement</i>]</p>

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


<!-- Field: Page; Sequence: 47 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#8239;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
    <!-- Field: /Page -->

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B></FONT>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&#8239;</TD>
    <TD STYLE="width: 3%; font-size: 10pt">&#8239;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Project Jedi &ndash; Note Purchase Agreement</I>]</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>

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B></FONT>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&#8239;</TD>
    <TD STYLE="width: 3%; font-size: 10pt">&#8239;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Project Jedi &ndash; Note Purchase Agreement</I>]</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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<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: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B></FONT>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD>&#8239;</TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#8239;</TD>
    <TD STYLE="width: 3%">&#8239;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Project Jedi &ndash; Note Purchase Agreement</I>]</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>IN
WITNESS WHEREOF</b></font>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#8239;</td>
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  <tr style="vertical-align: top">
    <td style="width: 50%">&#8239;</td>
    <td style="width: 3%">&#8239;</td>
    <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
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    <td>&#8239;</td>
    <td>&#8239;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<i>Project Jedi &ndash; Note Purchase Agreement</i>]</p>

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


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>IN
WITNESS WHEREOF</b></font>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</p></td>
    <td colspan="2" style="border-bottom: Black 1pt solid">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#8239;</td>
    <td style="width: 3%">&#8239;</td>
    <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="width: 42%">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td>&#8239;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<i>Project Jedi &ndash; Note Purchase Agreement</i>]</p>

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


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><font style="font-family: Times New Roman, Times, Serif"><b>IN
WITNESS WHEREOF</b></font>, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td colspan="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GDS HOLDINGS LIMITED</b></font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td>&#8239;</td>
    <td colspan="2">&#8239;</td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</p></td>
    <td colspan="2" style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    William Wei Huang</font></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#8239;</td>
    <td style="width: 3%">&#8239;</td>
    <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="width: 42%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">William Wei Huang</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#8239;</td>
    <td>&#8239;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<i>Project Jedi &ndash; Note Purchase Agreement</i>]</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#8239;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Schedule
1</b></font><b>: Investors and Investor Notes</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; font-size: 10pt; font-weight: bold">Investor Name</td><td style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Principal Amount of Notes<br>
 (in USD)</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Purchase Price <br> (in USD)</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Ceningan Investment Pte Ltd</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">300,000,000</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 10%; font-size: 10pt; text-align: right">300,000,000</td><td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">CPE Data Investment Limited</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">90,000,000</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">90,000,000</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Total:</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">580,000,000</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">580,000,000</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
  </table>


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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>[<i>NOTE: The remaining Notes were purchased by a total of seven
institutional investors. Each such institutional investor received an allocation of no more than 10% of the total principal amount of
the Notes.</i>]</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #1F497D">&nbsp;</p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Schedule
2</b></font><b>: Company Disclosure Schedule</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#8239;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Schedule
3</b></font><b>: Notices</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#8239;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#8239;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Schedule
4</b></font><b>: Company&rsquo;s Bank Account Details</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Exhibit&#8239;A</b></font><b>:
Form&#8239;of Officer&rsquo;s Certificate from the Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Exhibit&#8239;B</b></font><b>:
Form&#8239;of Legal Opinion of Cayman Islands Counsel</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>Exhibit&#8239;C</b></font><b>:
Form&#8239;of Indenture</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>tm233259d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 4.2</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"> EXECUTION VERSION</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">GDS HOLDINGS LIMITED</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">and</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">The Bank of New York Mellon, London Branch</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">as Trustee</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">INDENTURE</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">Dated as of January 20, 2023</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"><FONT STYLE="font-variant: small-caps"><B>4.50</B></FONT><B><FONT STYLE="text-transform: uppercase">%
Convertible Senior Notes due 2030</FONT></B></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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>TABLE
OF CONTENTS</B></FONT></P>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;1 Definitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.01</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;2 Issue, Description, Execution, Registration and Exchange of Notes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designation, Amount and Ranking</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Notes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date and Denomination of Notes; Payments of Interest and Defaulted Amounts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution, Authentication and Delivery of Notes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary</FONT></TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutilated, Destroyed, Lost or Stolen Notes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary Notes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation of Notes Paid, Converted, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN and Common Code Numbers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repurchases</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;3 SATISFACTION AND DISCHARGE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satisfaction and Discharge</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;4 PARTICULAR COVENANTS OF THE COMPANY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Principal and Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Office or Agency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointments to Fill Vacancies in Trustee&rsquo;s Office</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions as to Paying Agent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Amounts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stay, Extension and Usury Laws</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance Certificate; Statements as to Defaults</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Instruments and Acts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;5 LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lists of Holders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preservation and Disclosure of Lists</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;6 DEFAULTS AND REMEDIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.02</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration; Rescission and Annulment</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments of Notes on Default; Suit Therefor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Monies or Property Collected by Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceedings by Holders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceedings by Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies Cumulative and Continuing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direction of Proceedings and Waiver of Defaults by Majority of Holders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Defaults and Events of Default</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking to Pay Costs</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;7 CONCERNING THE TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties and Responsibilities of Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reliance on Documents, Opinions, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Responsibility for Recitals, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee, Paying Agents, Conversion Agents or Note Registrar May&nbsp;Own Notes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monies to Be Held in Trust</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Expenses of Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers&rsquo; Certificate as Evidence</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility of Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation or Removal of Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceptance by Successor Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Succession by Merger, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s Application for Instructions from the Company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;8 CONCERNING THE HOLDERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Action by Holders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proof of Execution by Holders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Who Are Deemed Absolute Owners</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company-Owned Notes Disregarded</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revocation of Consents; Future Holders Bound</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;9 HOLDERS&rsquo; MEETINGS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT>5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purpose of Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call of Meetings by Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Call of Meetings by Company or Holders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualifications for Voting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Delay of Rights by Meeting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;10 SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.01</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures Without Consent of Holders</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Indentures with Consent of Holders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Supplemental Indentures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notation on Notes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;11 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company May&nbsp;Consolidate, Etc. on Certain Terms</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor Corporation to Be Substituted</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;11.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Counsel to Be Given to Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;12 IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture and Notes Solely Corporate Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;13 CONVERSION OF NOTES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion Privilege</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion Procedure; Settlement Upon Conversion</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forced Conversion.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Forced Conversion, Make-Whole Fundamental Change and Tax Redemption</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">68</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment of Conversion Rate</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments of Prices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Shares to Be Fully Paid</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Covenants</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsibility of Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice to Holders Prior to Certain Actions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder Rights Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment Upon Unavailability of ADS Facility</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;14 PRINCIPAL; REDEMPTION AT MATURITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;14.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption at Maturity</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;15 REPURCHASE OF NOTES AT OPTION OF HOLDERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;15.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repurchase at Option of Holders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;15.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repurchase at Option of Holders Upon a Fundamental Change</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;15.03</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withdrawal of Repurchase Notice or Fundamental Change Repurchase Notice</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;15.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit of Repurchase Price or Fundamental Change Repurchase Price</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;15.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant to Comply with Applicable Laws Upon Repurchase of Notes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;16 REDEMPTION ONLY FOR TAXATION REASONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Redemption Except for Taxation Reasons</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Tax Redemption</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Notes Called for Tax Redemption for Taxation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders&rsquo; Right to Avoid Redemption</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictions on Tax Redemption</FONT></TD>
    <TD STYLE="text-align: right">97</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withdrawal of Notice of Election to Avoid a Tax Redemption</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;17 MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Binding on Company&rsquo;s Successors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Official Acts by Successor Corporation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addresses for Notices, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law; Jurisdiction</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Submission to Jurisdiction; Service of Process</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Holidays</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Security Interest Created</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits of Indenture</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table of Contents, Headings, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution in Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment Currency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Jury Trial</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force Majeure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USA PATRIOT Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remedies, Characterizations, other Obligations, Breaches and Injunctive Relief</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;17.19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
  </TABLE>
<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: center"><FONT STYLE="font-variant: small-caps"><B>EXHIBITS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left">Exhibit&nbsp;A</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">Form&nbsp;of Note</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right">A-1</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;B</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Authorization Certificate</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">B-1</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Exhibit&nbsp;C</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Form&nbsp;of Paying and Conversion Agent, Registrar and Transfer Agent Appointment Letter</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">C-1</TD></TR>
  </TABLE>




<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-indent: 0.5in">INDENTURE dated as of January 20, 2023, between
GDS Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands, as issuer (the
 &ldquo;<B>Company</B>&rdquo;, as more fully set forth in Section&nbsp;1.01 (<I>Definitions</I>)) and The Bank of New York Mellon,
London Branch, a banking corporation organized under the laws of the State of New York with limited liability and operating through
its branch in London at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, as trustee (the &ldquo;<B>Trustee</B>&rdquo;,
as more fully set forth in Section&nbsp;1.01 (<I>Definitions</I>)).</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"><FONT STYLE="font-variant: small-caps">WITNESSETH:</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; text-indent: 0.5in">WHEREAS, for its lawful corporate purposes, the
Company has duly authorized the issuance of its 4.50% Convertible Senior Notes due 2030 (the &ldquo;<B>Notes</B>&rdquo;), in the aggregate
principal amount of up to US$580,000,000 pursuant to the Purchase Agreement, and in order to provide the terms and conditions upon which
the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture;
and</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: 0.5in">WHEREAS, the Form&nbsp;of Note, the certificate
of authentication to be borne by each Note, the Form&nbsp;of Conversion Notice, the Form&nbsp;of Repurchase Notice, the Form&nbsp;of Fundamental
Change Repurchase Notice, the Form&nbsp;of Assignment and Transfer, and the Form&nbsp;of Election Notice, as the case may be, to be borne
by the Notes are to be substantially in the forms hereinafter provided; and</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: 0.5in">WHEREAS, all acts and things necessary to make
the Notes, when executed by the Company and authenticated and delivered by the Note Registrar, as in this Indenture provided, the valid,
binding and legal obligations of the Company, and this Indenture a valid agreement according to its terms, have been done and performed,
and the execution of this Indenture and the issuance hereunder of the Notes have in all respects been duly authorized.</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: 0.5in">NOW, THEREFORE, THIS INDENTURE</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: 0.5in">That in order to declare the terms and conditions
upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase
and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate
benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;1<BR>
Definitions</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;1.01</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Definitions.</I>
The terms defined in this Section&nbsp;1.01 (<I>Definitions</I>) (except as herein otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified
in this Section&nbsp;1.01.</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; text-indent: 0.5in">&ldquo;<B>Additional ADSs</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.04 (<I>Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Forced
Conversion, Make-Whole Fundamental Change and Tax Redemption</I>).</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-indent: 0.5in">&ldquo;<B>Additional Amounts</B>&rdquo; shall have
the meaning specified in Section&nbsp;4.07(a)&nbsp;(<I>Additional Amounts</I>).</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: 0.5in">&ldquo;<B>ADS</B>&rdquo; means an American Depositary
Share of the Company, issued pursuant to the Deposit Agreement, representing eight (8)&nbsp;Ordinary Shares as of the date of this Indenture,
and deposited with the ADS Custodian.</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: 0.5in">&ldquo;<B>ADS Cessation Date</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.13 (<I>Amendment Upon Unavailability of ADS Facility</I>).</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: 0.5in">&ldquo;<B>ADS Custodian</B>&rdquo; means JPMorgan
Chase Bank, N.A., with respect to the ADSs delivered pursuant to the Deposit Agreement, or any successor entity thereto.</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: 0.5in">&ldquo;<B>ADS Depositary</B>&rdquo; means JPMorgan
Chase Bank, N.A., as depositary for the ADSs, or any successor entity thereto.</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: 0.5in">&ldquo;<B>ADS Price</B>&rdquo; shall have the meaning
specified in Section&nbsp;13.04(c)&nbsp;(<I>Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Forced
Conversion, Make-Whole Fundamental Change and Tax Redemption</I>).</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: 0.5in">&ldquo;<B>Affiliate</B>&rdquo; of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition, &ldquo;control,&rdquo; when used with respect to any specified Person means the
power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have meanings correlative
to the foregoing.</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: 0.5in">&ldquo;<B>Agents</B>&rdquo; means the Paying Agent,
the Note Registrar and the Conversion Agent <FONT STYLE="color: #231F20">appointed pursuant to Section&nbsp;4.02 or a Paying and Conversion
Agent, Registrar and Transfer Appointment Letter in the form of Exhibit&nbsp;C</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; text-indent: 0.5in">&ldquo;<B>Agreed Threshold</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.03 (<I>Forced Conversion</I>).</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: 0.5in">&ldquo;<B>Amendment Event</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.13 (<I>Amendment Upon Unavailability of ADS Facility</I>).</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: 0.5in">&ldquo;<B>Applicable Tax Law</B>&rdquo; shall have
the meaning specified in Section&nbsp;4.07 (<I>Additional Amounts</I>).</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: 0.5in">&ldquo;<B>Applicable Taxes</B>&rdquo; shall have
the meaning specified in Section&nbsp;4.07 (Additional Amounts).</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: 0.5in">&ldquo;<B>Board of Directors</B>&rdquo; means the
board of directors of the Company or a committee of such board duly authorized to act for it hereunder.</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-indent: 0.5in">&ldquo;<B>Board Resolution</B>&rdquo; means a copy
of a resolution certified by the Secretary of the Company to have been duly adopted by the Board of Directors, and to be in full force
and effect on the date of such certification, and delivered to the Trustee.</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: 0.5in">&ldquo;<B>Business Day</B>&rdquo; means, with respect
to any Note, any day other than a Saturday, Sunday or day on which banking institutions or trust companies in the Cayman Islands, Hong
Kong, London or Beijing are, or the Federal Reserve Bank of New York is, authorized or required by law or executive order to close or
to be closed.</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: 0.5in">&ldquo;<B>Capital Stock</B>&rdquo; means, for any
entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however
designated) stock issued by that entity.</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: 0.5in">&ldquo;<B>CCASS</B>&rdquo; means the Central Clearing
and Settlement System established and operated by Hong Kong Securities Clearing Company Limited, a wholly-owned Subsidiary of Hong Kong
Exchanges and Clearing Limited.</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: 0.5in">&ldquo;<B>Change in Law</B>&rdquo; shall have the
meaning set forth in the definition of &ldquo;Fundamental Change&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; text-indent: 0.5in">&ldquo;<B>Change in Tax Law</B>&rdquo; shall have
the meaning specified in Section&nbsp;16.01(a)&nbsp;(<I>No Redemption Except for Taxation Reasons</I>).</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: 0.5in">&ldquo;<B>Class&nbsp;A Ordinary Shares</B>&rdquo;
means the Class&nbsp;A ordinary shares of the Company, par value US$0.00005 per share, at the date of this Indenture, subject to Section&nbsp;13.08
(<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares</I>).</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: 0.5in">&ldquo;<B>Class&nbsp;B Ordinary Shares</B>&rdquo;
means the Class&nbsp;B ordinary shares of the Company, par value US$0.00005 per share, at the date of this Indenture, subject to Section&nbsp;13.08
(<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares</I>).</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: 0.5in">&ldquo;<B>Clause A Distribution</B>&rdquo; shall
have the meaning specified in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in">&ldquo;<B>Clause B Distribution</B>&rdquo; shall
have the meaning specified in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in">&ldquo;<B>Clause C Distribution</B>&rdquo; shall
have the meaning specified in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in">&ldquo;<B>Clearstream</B>&rdquo; means Clearstream
Banking S.A.</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: 0.5in">&ldquo;<B>close of business</B>&rdquo; means 5:00
p.m.&nbsp;(New York City time).</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: 0.5in">&ldquo;<B>Code</B>&rdquo; means the U.S. Internal
Revenue Code of 1986, as amended.</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: 0.5in">&ldquo;<B>Commission</B>&rdquo; means the U.S.
Securities and Exchange Commission.</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-indent: 0.5in">&ldquo;<B>Common Depositary</B>&rdquo; means, with
respect to each Global Note, the Person specified in Section&nbsp;2.05(c)&nbsp;(<I>Exchange and Registration of Transfer of Notes; Restrictions
on Transfer; Depositary</I>) as the Common Depositary with respect to such Notes, until a successor shall have been appointed and become
such pursuant to the applicable provisions of this Indenture, and thereafter, &ldquo;<B>Common Depositary</B>&rdquo; shall mean or include
such successor.</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: 0.5in">&ldquo;<B>Common Equity</B>&rdquo; of any Person
means ordinary share capital or Capital Stock of such Person that is generally entitled (a)&nbsp;to vote in the election of directors
of such Person or (b)&nbsp;if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body,
partners, managers or others that will control the management or policies of such Person.</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: 0.5in">&ldquo;<B>Company</B>&rdquo; shall have the meaning
specified in the first paragraph of this Indenture, and subject to the provisions of Article&nbsp;11 (<I>Consolidation, Merger, Sale,
Conveyance and Lease</I>), shall include its successors and assigns.</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: 0.5in">&ldquo;<B>Company Group</B>&rdquo; shall have the
meaning set forth in the definition of &ldquo;Fundamental Change&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; text-indent: 0.5in">&ldquo;<B>Company Notice</B>&rdquo; shall have
the meaning specified in Section&nbsp;15.01(a)&nbsp;(<I>Repurchase at Option of Holders</I>).</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: 0.5in">&ldquo;<B>Company Order</B>&rdquo; means a written
order of the Company, signed by an Officer of the Company and delivered to the Trustee.</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: 0.5in">&ldquo;<B>Conversion Agent</B>&rdquo; shall have
the meaning specified in Section&nbsp;4.02 (<I>Maintenance of Office or Agency</I>).</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: 0.5in">&ldquo;<B>Conversion Date</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.02(c)&nbsp;(<I>Conversion Procedure; Settlement Upon Conversion</I>).</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: 0.5in">&ldquo;<B>Conversion Notice</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.02(b)&nbsp;(<I>Conversion Procedure; Settlement Upon Conversion</I>).</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: 0.5in">&ldquo;<B>Conversion Obligation</B>&rdquo; shall
have the meaning specified in Section&nbsp;13.01 (<I>Conversion Privilege</I>).</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: 0.5in">&ldquo;<B>Conversion Rate</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.01 (<I>Conversion Privilege</I>).</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: 0.5in">&ldquo;<B>Conversion Right</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.01 (<I>Conversion Privilege</I>).</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: 0.5in">&ldquo;<B>Conversion Securities</B>&rdquo; means
(i)&nbsp;if the Conversion Date occurs prior to the Resale Restriction Termination Date, (x)&nbsp;Ordinary Shares in the form of restricted
ADS or (y)&nbsp;Ordinary Shares registered in the Cayman Islands, which in each case bears the legend set forth in Section&nbsp;2.05(d),
as may be elected by the relevant Holder in writing in the Conversion Notice; and (ii)&nbsp;if the Conversion Date occurs after the Resale
Restriction Termination Date, (x)&nbsp;Ordinary Shares in the form of ADS, (y)&nbsp;Ordinary Shares registered in the Company&rsquo;s
Hong Kong share registry in</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">CCASS or (z)&nbsp;Ordinary Shares registered in the Cayman Islands,
as may be elected by the relevant Holder in writing in the Conversion Notice.</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: 0.5in">&ldquo;<B>Corporate Trust Office</B>&rdquo; means
an office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located
at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom and shall include a reference to the Hong Kong Branch located at Level
26, Three Pacific Place, 1 Queen's Road East, Hong Kong, Attention: Global Corporate Trust, Fax: +852 2295 3283, or such other address
as the Trustee may designate from time to time by notice to the Holders and the Company, or the corporate trust office of any successor
trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and 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; text-indent: 0.5in">&ldquo;<B>Daily VWAP</B>&rdquo; means, for any
Trading Day, the per share volume-weighted average price of the ADS on The NASDAQ Global Market as displayed under the heading &ldquo;Bloomberg
VWAP&rdquo; on Bloomberg page&nbsp;&ldquo;GDS US &lt;EQUITY&gt; VWAP&rdquo; (or, if such page&nbsp;is not available, its equivalent successor
page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session
on such Trading Day (or, if such volume-weighted average price is unavailable, the market value of one ADS on such Trading Day, determined,
using a volume-weighted average price method, by a nationally recognized independent investment banking firm selected by the Company).
The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session.</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: 0.5in">&ldquo;<B>Default</B>&rdquo; means any event that
is, or after notice or passage of time, or both, would be, an Event of Default.</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: 0.5in">&ldquo;<B>Defaulted Amounts</B>&rdquo; means any
amounts on any Note (including, without limitation, the Tax Redemption Price, the Repurchase Price, the Fundamental Change Repurchase
Price, principal and interest) that are payable but are not punctually paid or duly provided for (without taking into account any applicable
grace period).</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: 0.5in">&ldquo;<B>Deposit Agreement</B>&rdquo; means the
deposit agreement dated as of November&nbsp;1, 2016, by and among the Company, the ADS Depositary and all holders from time to time of
ADSs issued thereunder or, if amended or supplemented as provided therein, as so amended or supplemented (including, without limitation,
by the certain Restricted Issuance Agreement among GDS Holdings Limited, JP Morgan Chase Bank, N.A., as Depositary, and Holders of Restricted
ADRs).</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: 0.5in">&ldquo;<B>Distributed Property</B>&rdquo; shall
have the meaning specified in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in">&ldquo;<B>Effective Date</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in">&ldquo;<B>Electronic Means</B>&rdquo; shall mean
the following communications methods: (i)&nbsp;non-secure methods of transmission or communication such as e-mail and facsimile transmission
and (ii)&nbsp;secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by
the Trustee and/or the Agents, or another method or system</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">specified by the Trustee and/or the Agents as available for use in
connection with its services hereunder.</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: 0.5in">&ldquo;<B>Euroclear</B>&rdquo; means Euroclear
Bank SA/NV.</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: 0.5in">&ldquo;<B>Events of Default</B>&rdquo; shall have
the meaning specified in Section&nbsp;6.01 (<I>Event of Default</I>).</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: 0.5in">&ldquo;<B>Ex-Dividend Date</B>&rdquo; means the
first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive the
issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the ADSs on such exchange or market
(in the form of due bills or otherwise) as determined by such exchange or market.</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: 0.5in">&ldquo;<B>Exchange Act</B>&rdquo; means the Securities
Exchange Act of 1934, as amended, and the rules&nbsp;and regulations promulgated thereunder.</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: 0.5in">&ldquo;<B>Expiration Date</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.05(e)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in">&ldquo;<B>Expiring Rights</B>&rdquo; means any
rights, options or warrants to purchase Conversion Securities that expire on or prior to the Maturity Date.</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: 0.5in">&ldquo;<B>FATCA</B>&rdquo; shall have the meaning
specified in Section&nbsp;4.07 (<I>Additional Amounts</I>).</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: 0.5in">&ldquo;Forced Conversion&rdquo; shall have the
meaning specified in Section&nbsp;13.03(a)&nbsp;(<I>Forced Conversion</I>).</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: 0.5in">&ldquo;Forced Conversion Date&rdquo; shall have
the meaning specified in Section&nbsp;13.03(a)&nbsp;(<I>Forced Conversion</I>).</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: 0.5in">&ldquo;Forced Conversion Notice&rdquo; shall have
the meaning specified in Section&nbsp;13.03(a)&nbsp;(<I>Forced Conversion</I>).</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: 0.5in">&ldquo;Forced Conversion Qualification Period&rdquo;
shall have the meaning specified in Section&nbsp;13.03(a)&nbsp;(<I>Forced Conversion</I>).</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: 0.5in">&ldquo;<B>Form&nbsp;of Assignment and Transfer</B>&rdquo;
shall mean the &ldquo;Form&nbsp;of Assignment and Transfer&rdquo; attached as Attachment 4 to the Form&nbsp;of Note attached hereto as
Exhibit&nbsp;A.</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: 0.5in">&ldquo;<B>Form&nbsp;of Conversion Notice</B>&rdquo;
shall mean the &ldquo;Form&nbsp;of Conversion Notice&rdquo; attached as Attachment 1 to the Form&nbsp;of Note attached hereto as Exhibit&nbsp;A.</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: 0.5in">&ldquo;<B>Form&nbsp;of Election Notice</B>&rdquo;
shall mean the &ldquo;Form&nbsp;of Election Notice&rdquo; attached as Attachment 5 to the Form&nbsp;of Note attached hereto as Exhibit&nbsp;A.</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: 0.5in">&ldquo;<B>Form&nbsp;of Fundamental Change Repurchase
Notice</B>&rdquo; shall mean the &ldquo;Form&nbsp;of Fundamental Change Repurchase Notice&rdquo; attached as Attachment 2 to the Form&nbsp;of
Note attached hereto as Exhibit&nbsp;A.</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-indent: 0.5in">&ldquo;<B>Form&nbsp;of Repurchase Notice</B>&rdquo;
shall mean the &ldquo;Form&nbsp;of Repurchase Notice&rdquo; attached as Attachment 3 to the Form&nbsp;of Note attached hereto as Exhibit&nbsp;A.</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: 0.5in">&ldquo;<B>Fundamental Change</B>&rdquo; shall be
deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:</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 0pt 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(1)&nbsp;a
 &ldquo;person&rdquo; or &ldquo;group&rdquo; within the meaning of Section&nbsp;13(d)&nbsp;of the Exchange Act, other than:</FONT></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: 1.25in"></TD><TD STYLE="width: 0.25in">(x)</TD><TD>the Company and its Subsidiaries, and</TD></TR></TABLE>

<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: 1.25in"></TD><TD STYLE="width: 0.25in">(y)</TD><TD>any party (together with any other &ldquo;person&rdquo; or &ldquo;group&rdquo; subject to aggregation of the Class&nbsp;A ordinary
share capital of the Company (including Class&nbsp;A ordinary share capital held in the form of ADSs) with such party under Section&nbsp;13(d)&nbsp;of
the Exchange Act) that has filed a Schedule 13D with the Securities and Exchange Commission pursuant to the Exchange Act indicating that,
as of the date of the Purchase Agreement such party is the &ldquo;beneficial owner&rdquo; of at least 20.0% of the voting power of the
Company&rsquo;s Class&nbsp;A ordinary share capital (including Class&nbsp;A ordinary share capital held in the form of ADSs) (such party
a &ldquo;<B>Major Shareholder</B>&rdquo;),</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 0pt 1in">files&nbsp;a Schedule&nbsp;TO or any schedule, form or report
under the Exchange Act disclosing that such person or group has become the direct or indirect &ldquo;beneficial owner&rdquo; of the Class&nbsp;A
ordinary share capital (including Class&nbsp;A ordinary share capital held in the form of ADSs) of the Company representing more than
50.0% of the number of the Class&nbsp;A Ordinary Shares outstanding (including Class&nbsp;A Ordinary Shares held in the form of ADSs)
of the Company; or</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 0pt 1in">(2)&nbsp;any Major Shareholder (together with any other &ldquo;person&rdquo;
or &ldquo;group&rdquo; subject to aggregation of the Class&nbsp;A ordinary share capital (including ordinary share capital held in the
form of ADSs) of the Company with such Major Shareholder under Section&nbsp;13(d)&nbsp;of the Exchange Act) has become the direct or indirect
 &ldquo;beneficial owners&rdquo; of the ordinary share capital (including ordinary share capital held in the form of ADSs) of the Company
representing, in the aggregate, more than 66.67% of the voting power of the Class&nbsp;A ordinary share capital (including Class&nbsp;A
ordinary share capital held in the form of ADSs) 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 0pt 1in"><I>provided </I>that, as used in this clause (a)(1), the term
 &ldquo;beneficial owner&rdquo; shall have the meaning defined in Rule&nbsp;13d-3 under the Exchange Act;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the consummation of (1)&nbsp;any recapitalization, reclassification or change of the Ordinary Shares or the ADSs (other than changes
resulting from a subdivision or combination) as a result of which the Ordinary Shares or the ADSs would be converted into, or exchanged
for, stock, other securities, other property or assets; (2)&nbsp;any share exchange, consolidation or merger of the Company, or any similar
transaction, pursuant to which the Ordinary Shares or the ADSs will be converted into cash, securities or other property; or (3)&nbsp;any
conveyance, sale, lease or other</TD></TR></TABLE>

<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 0pt 1in; text-indent: 0">transfer in one transaction or a series
of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person
other than one of the Company&rsquo;s wholly-owned Subsidiaries; <I>provided</I>, however, that a transaction described in clause&nbsp;(2)&nbsp;in
which the holders of all classes of the ordinary share capital of the Company immediately prior to such transaction own, directly or indirectly,
more than 50% of all classes of common equity of the continuing or surviving corporation or transferee or the parent thereof immediately
after such transaction in substantially the same proportions vis-&agrave;-vis each other as their ownership immediately prior to such
transaction shall not be a Fundamental Change pursuant to this clause&nbsp;(b);</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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>the shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company (other than in a transaction
described in clause&nbsp;(b)&nbsp;above);</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>the ADSs or the Ordinary Shares (or other Common Equity into which the Notes are then convertible, as applicable) cease to be listed
on both (i)&nbsp;The NASDAQ Global Market (or its successor) and (ii)&nbsp;the Hong Kong Stock Exchange (or its successor), unless the
ADSs or Ordinary Shares (or other Common Equity into which the Notes are then convertible) are listed for trading on any other U.S. Exchange
or Permitted Exchange, or the ADSs are suspended from trading in The NASDAQ Global Market (or its successor) for ten (10)&nbsp;consecutive
Trading Days; or</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>(i)&nbsp;there is any change in or amendment to the laws, regulations and rules&nbsp;of the PRC (including any political subdivision
or regulatory authority thereof or therein) or the official interpretation or official application thereof (any such event, a &ldquo;<B>Change
in Law</B>&rdquo;) that results in (x)&nbsp;the Company, the Company&rsquo;s Subsidiaries and its consolidated affiliated entities (collectively,
the &ldquo;Company Group&rdquo;) (as in existence immediately subsequent to such Change in Law), as a whole, being legally prohibited
from operating substantially all of the business operations conducted by the Company Group (as in existence immediately prior to such
Change in Law) as of the last date of the period described in the Company&rsquo;s consolidated financial statements for the most recent
fiscal quarter and (y)&nbsp;the Company being unable to continue to derive substantially all of the economic benefits from the business
operations conducted by the Company Group (as in existence immediately prior to such Change in Law) in the same manner as reflected in
the Company&rsquo;s consolidated financial statements for the most recent fiscal quarter and (ii)&nbsp;the Company has not furnished to
the Trustee, prior to the date that is six months after the date of the Change in Law, an opinion from an independent financial advisor
or an independent legal counsel stating either (x)&nbsp;that the Company is able to continue to derive substantially all of the economic
benefits from the business operations conducted by the Company Group (as in existence immediately prior to such Change in Law), taken
as a whole, as reflected in the Company&rsquo;s consolidated financial statements for the most recent fiscal quarter (including after
giving effect to any corporate restructuring or reorganization plan of the Company Group) or (y)&nbsp;that such</TD></TR></TABLE>

<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 0pt 1in; text-indent: 0">Change in Law would not materially adversely
affect the Company&rsquo;s ability to make principal and interest payments on the Notes when due or to convert the Notes in accordance
herewith;</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 0pt 0.5in"><I>provided</I>, however, that a transaction or event described
in clause&nbsp;(b)&nbsp;above shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be received
by holders of the Ordinary Shares or ADSs (excluding cash payments for fractional Ordinary Shares or ADSs) in the transaction or event
that would otherwise constitute a Fundamental Change consists of shares of Common Equity or ADSs in respect of Common Equity that are
listed on a U.S. Exchange or that will be so listed when issued or exchanged in connection with such transaction or event that would otherwise
constitute a Fundamental Change under clause&nbsp;(b)&nbsp;of the definition thereof, and as a result of such transaction or event, the
Notes become convertible into such consideration, excluding cash payments for any fractional Ordinary Shares or ADSs (subject to settlement
in accordance with the provisions of Article&nbsp;13 (<I>Conversion of Notes</I>)); for the avoidance of doubt, an event that is not considered
a Fundamental Change pursuant to this <I>proviso</I> shall not be a Fundamental Change solely because such event could also be subject
to clause&nbsp;(a)&nbsp;above.</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: 0.5in">&ldquo;<B>Fundamental Change Company Notice</B>&rdquo;
shall have the meaning specified in Section&nbsp;15.02(b)&nbsp;(<I>Repurchase at Option of Holders Upon a Fundamental Change</I>).</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: 0.5in">&ldquo;<B>Fundamental Change Repurchase Date</B>&rdquo;
shall have the meaning specified in Section&nbsp;15.02 (<I>Repurchase at Option of Holders Upon a Fundamental Change</I>).</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: 0.5in">&ldquo;<B>Fundamental Change Repurchase Notice</B>&rdquo;
shall have the meaning specified in Section&nbsp;15.02(a)(i)&nbsp;(<I>Repurchase at Option of Holders Upon a Fundamental Change</I>).</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: 0.5in">&ldquo;<B>Fundamental Change Repurchase Price</B>&rdquo;
shall have the meaning specified in Section&nbsp;15.02 (<I>Repurchase at Option of Holders Upon a Fundamental Change</I>).</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: 0.5in">&ldquo;<B>Global Note</B>&rdquo; shall have the
meaning specified in Section&nbsp;2.05(b)&nbsp;(<I>Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary</I>).</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: 0.5in">&ldquo;<B>Holder,</B>&rdquo; as applied to any
Note, or other similar terms (but excluding the term &ldquo;beneficial holder&rdquo;), shall mean any Person in whose name at the time
a particular Note is registered on the Note Register.</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: 0.5in">&ldquo;<B>Hong Kong</B>&rdquo; means Hong Kong
Special Administrative Region of the PRC.</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: 0.5in">&ldquo;<B>Hong Kong Stock Exchange</B>&rdquo; means
The Stock Exchange of Hong Kong Limited.</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: 0.5in">&ldquo;<B>Indenture</B>&rdquo; means this indenture
as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.</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: 0.5in">&ldquo;<B>Interest Payment Date</B>&rdquo; means
each July&nbsp;31 and January&nbsp;31 of each year or, if the relevant date is not a Business Day, the immediately following Business
Day, beginning on July&nbsp;31, 2023.</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-indent: 0.5in">&ldquo;<B>Judgment Currency</B>&rdquo; shall have
the meaning specified in Section&nbsp;17.12 (<I>Judgment Currency</I>).</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: 0.5in">&ldquo;<B>Last Reported Sale Price</B>&rdquo; of
the ADSs on any Trading Day means the closing sale price per ADS (or if no closing sale price is reported, the average of the bid and
ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in
composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are listed. If the ADSs are not
listed for trading on a U.S. national or regional securities exchange on the relevant date, the &ldquo;<B>Last Reported Sale Price</B>&rdquo;
shall be the last quoted bid price for the ADSs in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc.
or a similar organization. If the ADSs are not so quoted, the &ldquo;<B>Last Reported Sale Price</B>&rdquo; shall be the average of the
mid-point of the last bid and ask prices for the ADSs on the relevant date from each of at least three nationally recognized independent
investment banking firms selected by the Company for this purpose.</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: 0.5in">&ldquo;<B>Major Shareholder</B>&rdquo; has the
meaning set forth in the definition of &ldquo;Fundamental Change&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; text-indent: 0.5in">&ldquo;<B>Make-Whole Fundamental Change</B>&rdquo;
means any transaction or event described in clause (a), (b), (d)&nbsp;or (e)&nbsp;of the definition of Fundamental Change (determined
after giving effect to any exceptions to or exclusions from such definition, including in the proviso immediately succeeding clause (e)&nbsp;of
the definition thereof, but without regard to the proviso in clause (b)&nbsp;of the definition thereof).</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: 0.5in">&ldquo;<B>Market Disruption Event</B>&rdquo; means,
if the ADSs are listed for trading on The NASDAQ Global Market or another United States national or regional securities exchange or if
the ADSs or Ordinary Shares are listed for trading on another market, the occurrence or existence during the one-half hour period ending
on the scheduled close of trading on any scheduled Trading Day of any material suspension or limitation imposed on trading (by reason
of movements in price exceeding limits permitted by the relevant securities exchange or otherwise) in the ADSs or Ordinary Shares or in
any options, contracts or futures contracts relating to the ADSs or Ordinary Shares.</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: 0.5in">&ldquo;<B>Maturity Date</B>&rdquo; means January&nbsp;31,
2030.</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: 0.5in">&ldquo;<B>Maturity Redemption Price</B>&rdquo;
shall have the meaning specified in Section&nbsp;14.02 (<I>Redemption at Maturity</I>).</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: 0.5in">&ldquo;<B>Merger Event</B>&rdquo; shall have the
meaning specified in Section&nbsp;13.08(a)&nbsp;(<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares</I>).</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: 0.5in">&ldquo;<B>Note</B>&rdquo; or &ldquo;<B>Notes</B>&rdquo;
shall have the meaning specified in the first paragraph of the recitals of this Indenture.</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: 0.5in">&ldquo;<B>Note Register</B>&rdquo; shall have the
meaning specified in Section&nbsp;2.05(a)&nbsp;(<I>Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary</I>).</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-indent: 0.5in">&ldquo;<B>Note Registrar</B>&rdquo; shall have
the meaning specified in Section&nbsp;2.05(a)&nbsp;(<I>Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary</I>).</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: 0.5in">&ldquo;<B>Officer</B>&rdquo; means, with respect
to the Company, the Executive Chairman, the Directors, the Chief Executive Officer, the Chief Financial Officer or the Secretary (whether
or not designated by a number or numbers or word or words added before or after the title &ldquo;Vice President&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; text-indent: 0.5in">&ldquo;<B>Officers&rsquo; Certificate,</B>&rdquo;
when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by any two Officers of
the Company. Each such certificate shall include the statements provided for in Section&nbsp;17.06 (<I>Evidence of Compliance with Conditions
Precedent; Certificates and Opinions of Counsel to Trustee</I>) if and to the extent required by the provisions of such Section. One of
the Officers giving an Officers&rsquo; Certificate pursuant to Section&nbsp;4.09 (<I>Compliance Certificate; Statements as to Defaults</I>)
shall be the principal executive, financial or accounting officer 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; text-indent: 0.5in">&ldquo;<B>open of business</B>&rdquo; means 9:00
a.m.&nbsp;(New York City time).</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: 0.5in">&ldquo;<B>Opinion of Counsel</B>&rdquo; means an
opinion in writing signed by legal counsel and in a form reasonably acceptable to the Trustee, who may be an employee of or counsel to
the Company, or other counsel acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements
provided for in Section&nbsp;17.06 (<I>Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee</I>)
if and to the extent required by the provisions of such Section&nbsp;17.06 (<I>Evidence of Compliance with Conditions Precedent; Certificates
and Opinions of Counsel to Trustee</I>).</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: 0.5in">&ldquo;<B>Ordinary Shares</B>&rdquo; means the
Class&nbsp;A Ordinary Shares.</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: 0.5in">&ldquo;<B>outstanding,</B>&rdquo; when used with
reference to Notes, shall, subject to the provisions of Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>), mean, as of any particular
time, all Notes authenticated and delivered by the Note Registrar under this Indenture, except:</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: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation;</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Notes, or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been
deposited with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent);</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Notes that have been paid pursuant to Section&nbsp;2.06 (<I>Mutilated, Destroyed, Lost or Stolen Notes</I>) or Notes in lieu of which,
or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section&nbsp;2.06 (<I>Mutilated,
Destroyed, Lost or Stolen Notes</I>) unless proof satisfactory to the Note Registrar is presented that any such Notes are held by protected
purchasers in due course;</TD></TR></TABLE>

<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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Notes converted pursuant to Article&nbsp;13 (<I>Conversion of Notes</I>) and required to be cancelled pursuant to Section&nbsp;2.08
(<I>Cancellation of Notes Paid, Converted, Etc.</I>);</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Notes repurchased by the Company pursuant to Section&nbsp;2.10 (<I>Repurchases</I>);</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>Notes repurchased by the Company pursuant to Section&nbsp;15.01 (<I>Repurchase at Option of Holders</I>) and Section&nbsp;15.02 (<I>Repurchase
at Option of Holders Upon a Fundamental Change</I>); and</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>Notes repurchased by the Company pursuant to Article&nbsp;16 (<I>Redemption Only for Taxation Reasons</I>).</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; text-indent: 0.5in">&ldquo;<B>Paying Agent</B>&rdquo; shall have the
meaning specified in Section&nbsp;4.02 (<I>Maintenance of Office or Agency</I>).</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: 0.5in">&ldquo;<B>Permitted Exchange</B>&rdquo; means the
Hong Kong Stock Exchange or any other reputable international stock exchange (or any of their respective successors).</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: 0.5in">&ldquo;<B>Person</B>&rdquo; means an individual,
a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated
organization or a government or an agency or a political subdivision thereof.</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: 0.5in">&ldquo;<B>Physical Notes</B>&rdquo; means permanent
certificated Notes in registered form issued in minimum denominations of US$200,000 principal amount and integral multiples of US$1,000
in excess thereof.</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: 0.5in">&ldquo;<B>PRC</B>&rdquo; means the People&rsquo;s
Republic of China (for the purpose of this Indenture only, excluding Hong Kong, the Macao Special Administrative Region and Taiwan).</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: 0.5in">&ldquo;<B>Predecessor Note</B>&rdquo; of any particular
Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes
of this definition, any Note authenticated and delivered under Section&nbsp;2.06 (<I>Mutilated, Destroyed, Lost or Stolen Notes</I>) in
lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost,
destroyed or stolen Note that it replaces.</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: 0.5in">&ldquo;<B>Principal Office</B>&rdquo; means the
office of the Paying and Conversion Agent at which the business of the Paying and Conversion Agent is principally administered, which
at the date of this Indenture is located at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, Attn: Corporate Trust Administration
 &ndash; GDS Holdings Limited, facsimile number: +44 1202 689660, and shall also include a reference to The Bank of New York Mellon, Hong
Kong Branch, located at Level 26, Three Pacific Place, 1 Queen&rsquo;s Road East, Hong Kong, Attn: Global Corporate Trust, facsimile number:
+852 2295 3283.</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: 0.5in">&ldquo;<B>Purchase Agreement</B>&rdquo; means that
certain Note Purchase Agreement, dated as of January&nbsp;11, 2023 among the Company and the Investors listed in Schedule I thereto, relating
to the issuance and sale of the Notes.</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-indent: 0.5in">&ldquo;<B>Record Date</B>&rdquo; means, with respect
to any dividend, distribution or other transaction or event in which the holders of Conversion Securities (or other applicable security)
have the right to receive any cash, securities or other property or in which the Conversion Securities (or such other security) are exchanged
for or converted into any combination of cash, securities or other property, the date fixed for determination of security holders entitled
to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).</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: 0.5in">&ldquo;<B>Reference Property</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.08(a)&nbsp;(<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares</I>).</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: 0.5in">&ldquo;<B>Regular Record Date,</B>&rdquo; with
respect to any Interest Payment Date, shall mean the January&nbsp;15 or July&nbsp;15 (whether or not such day is a Business Day) immediately
preceding the applicable January&nbsp;31 or July&nbsp;31 Interest Payment Date, respectively.</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: 0.5in">&ldquo;<B>Regulation S</B>&rdquo; means Regulation
S under the Securities Act or any successor to such regulation.</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: 0.5in">&ldquo;<B>Relevant Taxing Jurisdiction</B>&rdquo;
shall have the meaning specified in Section&nbsp;4.07(a)&nbsp;(<I>Additional Amounts</I>).</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: 0.5in">&ldquo;<B>Repurchase Date</B>&rdquo; shall have
the meaning specified in Section&nbsp;15.01(a).</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: 0.5in">&ldquo;<B>Repurchase Expiration Time</B>&rdquo;
shall have the meaning specified in Section&nbsp;15.01(a).</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: 0.5in">&ldquo;<B>Repurchase Notice</B>&rdquo; shall have
the meaning specified in Section&nbsp;15.01(a).</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: 0.5in">&ldquo;<B>Repurchase Price</B>&rdquo; shall have
the meaning specified in Section&nbsp;15.01(a).</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: 0.5in">&ldquo;<B>Resale Restriction Termination Date</B>&rdquo;
shall have the meaning specified in Section&nbsp;2.05(c)&nbsp;(<I>Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary</I>).</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: 0.5in">&ldquo;<B>Responsible Officer</B>&rdquo; means
any managing director, vice president, trust associate, relationship manager, transaction manager, client service manager, any trust officer
or any other officer located at the Corporate Trust Office who customarily performs functions similar to those performed by any persons
who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person&rsquo;s
knowledge of and familiarity with the particular subject and in each such case, who shall have direct responsibility for the administration
of this Indenture.</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: 0.5in">&ldquo;<B>Restricted Securities</B>&rdquo; shall
have the meaning specified in Section&nbsp;2.05(c)&nbsp;(<I>Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary</I>).</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: 0.5in">&ldquo;<B>Scheduled Trading Day</B>&rdquo; means
a day that is scheduled to be a trading day on the primary United States national or regional securities exchange or market on which the
ADSs are listed or admitted for trading. If the ADSs are not so listed or admitted for trading, &ldquo;Scheduled Trading Day&rdquo; means
a &ldquo;Business Day.&rdquo;</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-indent: 0.5in">&ldquo;<B>Securities Act</B>&rdquo; means the Securities
Act of 1933, as amended, and the rules&nbsp;and regulations promulgated thereunder.</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: 0.5in">&ldquo;<B>Significant Subsidiary</B>&rdquo; means
a Subsidiary of the Company that meets the definition of &ldquo;significant subsidiary&rdquo; in Article&nbsp;1, Rule&nbsp;1-02 of Regulation
S-X under the Exchange Act.</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: 0.5in">&ldquo;<B>Spin-Off</B>&rdquo; shall have the meaning
specified in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo; means, with respect
to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of
shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly,
by (i)&nbsp;such Person; (ii)&nbsp;such Person and one or more Subsidiaries of such Person; or (iii)&nbsp;one or more Subsidiaries of
such Person, which shall, for the avoidance of doubt, include any variable interest entity whose assets and financial results are consolidated
with the assets and financial results of such Person and are recorded on the financial statements of such Person for financial reporting
purposes in accordance with applicable accounting standards (each a &ldquo;<B>VIE</B>&rdquo;) and any Subsidiary of such VIEs.</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: 0.5in">&ldquo;<B>Successor Company</B>&rdquo; shall have
the meaning specified in Section&nbsp;11.01(a)&nbsp;(<I>Company May&nbsp;Consolidate, Etc. on Certain Terms</I>).</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: 0.5in">&ldquo;<B>Tax Redemption</B>&rdquo; shall have
the meaning specified in Section&nbsp;16.01 (<I>No Redemption Except for Taxation Reasons</I>).</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: 0.5in">&ldquo;<B>Tax Redemption Date</B>&rdquo; shall
have the meaning specified in Section&nbsp;16.02(a)&nbsp;(<I>Notice of Tax Redemption</I>).</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: 0.5in">&ldquo;<B>Tax Redemption Notice</B>&rdquo; shall
have the meaning specified in Section&nbsp;16.02(a)&nbsp;(<I>Notice of Tax Redemption</I>).</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: 0.5in">&ldquo;<B>Tax Redemption Price</B>&rdquo; means,
for any Notes to be redeemed pursuant to Section&nbsp;16.01 (<I>No Redemption Except for Taxation Reasons</I>), 100% of the principal
amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the Tax Redemption Date (unless the Tax Redemption
Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case the Tax Redemption
Price will be equal to 100% of the principal amount of such Notes) including, for the avoidance of doubt, any Additional Amounts with
respect to such amount.</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: 0.5in">&ldquo;<B>Trading Day</B>&rdquo; means a scheduled
trading day on which (i)&nbsp;trading in the ADSs generally occurs on The NASDAQ Global Market or, if the ADSs are not then listed on
The NASDAQ Global Market, on the principal other United States national or regional securities exchange on which the ADSs are then listed
or, if the ADSs or Ordinary Shares are not then listed on a United States national or regional securities exchange, on the principal other
market on which the ADSs or Ordinary Shares are then traded, and (ii)&nbsp;there is no Market Disruption Event; if the ADSs are not so
listed or traded, &ldquo;Trading Day&rdquo; means a &ldquo;Business Day.&rdquo;</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-indent: 0.5in">&ldquo;<B>transfer</B>&rdquo; shall have the meaning
specified in Section&nbsp;2.05(c)&nbsp;(<I>Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary</I>).</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: 0.5in">&ldquo;<B>Trigger Event</B>&rdquo; shall have the
meaning specified in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in">&ldquo;<B>Trust Indenture Act</B>&rdquo; means
the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; <I>provided</I>, <I>however</I>,
that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term &ldquo;Trust Indenture Act&rdquo; shall mean,
to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.</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: 0.5in">&ldquo;<B>Trustee</B>&rdquo; means the Person named
as the &ldquo;<B>Trustee</B>&rdquo; in the first paragraph of this Indenture until a successor trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter &ldquo;<B>Trustee</B>&rdquo; shall mean or include each Person who is then
a Trustee hereunder.</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: 0.5in">&ldquo;<B>unit of Reference Property</B>&rdquo;
shall have the meaning specified in Section&nbsp;13.08(a)&nbsp;(<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary
Shares</I>).</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: 0.5in">&ldquo;<B>U.S. Dollar</B>&rdquo;, &ldquo;<B>US$</B>&rdquo;
or &ldquo;<B>$</B>&rdquo; means the legal currency of the United States of America.</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: 0.5in">&ldquo;<B>U.S. Exchange</B>&rdquo; means any of
The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors).</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: 0.5in">&ldquo;<B>U.S. Person</B>&rdquo; shall have the
meaning as such term is defined under Regulation S.</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: 0.5in">&ldquo;<B>Valuation Period</B>&rdquo; shall have
the meaning specified in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion Rate</I>).</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;1.02</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Interpretation.</I></FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Headings used in this Indenture are for ease of reference only and shall be ignored in interpreting this Indenture.</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereunder,&rdquo; and words of similar import refer to this Indenture
as a whole and not to any particular Article, Section&nbsp;or other subdivision. The terms defined in this Article&nbsp;include the plural
as well as the singular.</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>References to Sections and Exhibits are references to Sections and Exhibits of or to this Indenture.</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Words and expressions in the singular include the plural and vice versa and words and expressions importing one gender include every
gender.</TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Whenever the words &ldquo;include,&rdquo; &ldquo;includes&rdquo; or &ldquo;including&rdquo; are used in this Indenture, they are deemed
to be followed by the words &ldquo;without limitation.&rdquo;</TD></TR></TABLE>

<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: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;2<BR>
Issue, Description, Execution, Registration and Exchange of Notes</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.01</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Designation,
Amount and Ranking.</I> (a)&nbsp;The Notes shall be designated as the &ldquo;4.50% Convertible Senior Notes due 2030&rdquo; and shall
bear interest at the rate of 4.50% per annum. The aggregate principal amount of Notes that may be authenticated and delivered under this
Indenture is limited to US$580,000,000 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange
for, or in lieu of other Notes pursuant to Section&nbsp;2.05 (<I>Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary</I>), Section&nbsp;2.06 (<I>Mutilated, Destroyed, Lost or Stolen Notes</I>), Section&nbsp;2.07 (<I>Temporary Notes</I>), Section&nbsp;10.04
(<I>Notation on Notes</I>), Section&nbsp;13.02 (<I>Conversion Procedure; Settlement Upon Conversion</I>) and Section&nbsp;15.04 (<I>Deposit
of Repurchase Price or Fundamental Change Repurchase Price</I>).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Unless
previously converted pursuant to this Indenture, the Notes shall constitute unsecured, senior obligations of the Company and shall rank
pari passu in right of payment with all other present and future senior unsecured indebtedness of the Company and shall rank senior in
right of payment to all present and future indebtedness of the Company that is contractually subordinated to the Notes; will be effectively
subordinated to all of the present and future secured indebtedness of the Company to the extent of the value of collateral securing such
indebtedness; and will be structurally subordinated to the claims of creditors of the Company&rsquo;s Subsidiaries and its consolidated
affiliated entities.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.02</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Form&nbsp;of
Notes.</I> The Notes and the certificate of authentication to be borne by such Notes shall be substantially in the respective forms set
forth in Exhibit&nbsp;A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part
of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly
agree to such terms and provisions and to be bound thereby. To the extent any provision of any Note conflicts with the express provisions
of this Indenture, the provisions of this Indenture shall govern and be controlling.</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; text-indent: 0.5in">Any Global Note may be endorsed with or have incorporated
in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the
Common Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules&nbsp;and regulations
of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to
conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are
subject.</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: 0.5in">Any of the Notes may have such letters, numbers
or other marks of identification and such notations, legends or endorsements as the Officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required
to comply with any law or with any rule&nbsp;or regulation made pursuant thereto or with any rule&nbsp;or regulation of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to</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">conform to usage or to indicate any special limitations or restrictions
to which any particular Notes are subject.</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: 0.5in">Each Global Note shall represent such principal
amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby
may from time to time be increased or reduced to reflect repurchases, redemptions, cancellations, conversions, transfers or exchanges
permitted hereby. Any endorsement of the Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee or the Note Registrar in such manner and upon instructions given by the Holder of such
Notes in accordance with this Indenture. Payment of principal (including the Tax Redemption Price, the Repurchase Price and the Fundamental
Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Global Note shall be made to the Holder of such Note
on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for herein.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.03</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Date
and Denomination of Notes; Payments of Interest and Defaulted Amounts.</I> (a)&nbsp;The Notes shall be issuable in registered form without
coupons in minimum denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof. Each Note shall
be dated the date of its authentication and shall bear interest at a fixed rate equal to 4.50% per annum, on the outstanding principal
amount of the Notes from the date specified on the face of such Note until all the outstanding principal amounts are fully repaid; <I>provided
that</I> if any portion of the principal amount is duly converted, exchanged, redeemed, repurchased or otherwise cancelled in accordance
with the terms of this Indenture, interest shall cease to accrue on the portion of the principal amount so converted, exchanged, redeemed,
repurchased or otherwise cancelled. Accrued interest on the Notes shall be payable on each Interest Payment Date and be computed on the
basis of a 360-day year composed of twelve 30-day months and, for any partial month, on a pro rata basis based on the number of days actually
elapsed over a 30-day month. The principal amount of the Notes may not be prepaid, in whole or in part, prior to the Maturity Date without
the written consent of the Holder, except as provided in Article&nbsp;15 (<I>Repurchase of Notes at Option of Holders</I>) or Article&nbsp;16
(<I>Redemption only for Taxation Reasons</I>).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular Record
Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. Interest
shall be payable at the office or agency of the Company maintained by the Company for such purposes, which shall initially be the Principal
Office. The Company shall pay, or cause the Paying Agent to pay, interest (i)&nbsp;on Physical Notes, if any, (A)&nbsp;to Holders holding
Physical Notes, if any, having an aggregate principal amount of US$1,000,000 or less, by check mailed (at the Company&rsquo;s expense)
to the Holders of these Notes at their address as it appears in the Note Register and (B)&nbsp;to Holders holding Physical Notes having
an aggregate principal amount of more than US$1,000,000, either by check mailed (at the Company&rsquo;s expense) to such Holders or, upon
application by such Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available
funds to that Holder&rsquo;s account</FONT></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 0pt 0.5in">within the United States, which application shall remain
in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii)&nbsp;on any Global Note by wire transfer of
immediately available funds to the account of the Common Depositary or its nominee. So long as the Notes are held in global form, all
payments in respect of the Global Note will be made to the Holder thereof as of the close of business (of the relevant clearing system)
on the Clearing System Business Day before the due date for such payments, where &ldquo;<B>Clearing System Business Day</B>&rdquo; means
a weekday (Monday to Friday, inclusive) except December&nbsp;25 and January&nbsp;1.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Without
prejudice to any Default or Event of Default that may arise as a result of non-payment of any Defaulted Amount on its scheduled payment
date, any Defaulted Amounts shall accrue interest per annum at the rate per annum borne by the Notes plus 1.00%, subject to the enforceability
thereof under applicable law, from, and including, such relevant payment date, and such Defaulted Amounts together with such interest
thereon shall be paid by the Company as provided in Section&nbsp;2.03(d)&nbsp;(<I>Date and Denomination of Notes; Payments of Interest
and Defaulted Amounts</I>) below.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor Notes)
are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note
and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice), and at the
same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted
Amounts or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided.
Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment. The Company shall promptly notify the Trustee in writing of such special record date and the Trustee, in the
name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record date
therefor to be mailed, first-class postage prepaid (at the Company&rsquo;s expense), to each Holder at its address as it appears in the
Note Register or, in the case of Global Notes, sent electronically in accordance with the applicable rules&nbsp;and procedures of Euroclear
and/or Clearstream, not less than 10 days prior to such special record date, in the form of notice prepared by the Company. Notice of
the proposed payment of such Defaulted Amounts and the special record date therefor having been so sent, such Defaulted Amounts shall
be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such
special record date.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.04</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Execution,
Authentication and Delivery of Notes.</I> The Notes shall be signed in the name and on behalf of the Company by the manual or facsimile
signature of its Chief Executive Officer or Chief Financial Officer. With the delivery of this Indenture, the</FONT></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">Company is furnishing, and from time to time thereafter may furnish,
a certificate substantially in the form of Exhibit&nbsp;B (an &ldquo;<B>Authorization Certificate</B>&rdquo;) identifying and certifying
the incumbency and specimen (and/or facsimile) signatures of its active authorized Officers. Until the Trustee receives a subsequent Authorization
Certificate, the Trustee shall be entitled to conclusively rely on the last Authorization Certificate delivered to it for purposes of
determining the relevant authorized Officers. Typographical and other minor errors or defects in any signature shall not affect the validity
or enforceability of any Note which has been duly authenticated and delivered by the Note Registrar.</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: 0.5in">At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Note Registrar for authentication, together
with a Company Order for the authentication and delivery of such Notes, and the Note Registrar in accordance with such Company Order shall
authenticate and deliver such Notes, without any further action by the Company hereunder.</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: 0.5in">The Company Order shall specify the amount of Notes
to be authenticated (including the initial amount of the Notes), the applicable rate at which interest will accrue on such Notes, the
date on which the original issuance of such Notes is to be authenticated, the date from which interest will begin to accrue, the date
or dates on which interest on such Notes will be payable and the date on which the principal of such Notes will be payable and other terms
relating to such Notes. The Note Registrar shall thereupon authenticate and deliver said Notes to or upon the written order of the Company
(as set forth in such Company Order).</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: 0.5in">The Note Registrar shall have the right to decline
to authenticate and deliver any Notes under this Indenture (a)&nbsp;unless and until it receives from the Company a Company Order instructing
it to so authenticate and deliver such Notes and an Officers&rsquo; Certificate and Opinion of Counsel in accordance with Section&nbsp;17.06
(<I>Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee</I>) hereof ; (b)&nbsp;if the Trustee
determines that such action may not lawfully be taken; or (c)&nbsp;if the Trustee determines that such action would expose to Trustee
to personal liability, unless indemnity and/or security and/or pre-funding satisfactory to the Trustee against such liability is provided
to the Trustee and Note Registrar.</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: 0.5in">Only such Notes as shall bear thereon a certificate
of authentication substantially in the form set forth on the form of Note attached as Exhibit&nbsp;A hereto, executed manually by an authorized
officer of the Note Registrar, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate
by the Note Registrar upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly
authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.</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: 0.5in">In case any Officer of the Company who shall have
signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Note
Registrar, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the Person
who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such Persons
as, at the actual date of the execution of such Note, shall be the Officers of the</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">Company, although at the date of the execution of this Indenture any
such Person was not such an Officer.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.05</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Exchange
and Registration of Transfer of Notes; Restrictions on Transfer; Depositary.</I> (a)&nbsp;The Company shall cause to be kept a register
(the register maintained in such office or in any other office or agency of the Company designated pursuant to Section&nbsp;4.02 (<I>Maintenance
of Office or Agency</I>), the &ldquo;<B>Note Register</B>&rdquo;) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form
capable of being converted into written form within a reasonable period of time. The Bank of New York Mellon SA/NV, Dublin Branch is hereby
initially appointed the &ldquo;<B>Note Registrar</B>&rdquo; for the purpose of registering Notes and transfers of Notes as herein provided.
The Company may appoint one or more co-Note Registrars in accordance with Section&nbsp;4.02 (<I>Maintenance of Office or Agency</I>).</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; text-indent: 0.5in">Prior to the Resale Restriction Termination Date,
upon surrender for registration of transfer of any Physical Notes to the Note Registrar or any co-Note Registrar, and satisfaction of
the requirements for such transfer set forth in this Section&nbsp;2.05, the Company shall execute, and the Note Registrar shall authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Physical Notes, of any authorized denominations
and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. Following the Resale
Restriction Termination Date, upon surrender for registration of transfer of any Physical Note to the Note Registrar or any co-Note Registrar,
and satisfaction of the requirements for such transfer set forth in this Section&nbsp;2.05, the Company shall execute, and the Note Registrar
shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Physical Notes of any authorized
denominations and of a like aggregate principal amount and not bearing the restrictive legends required by Section&nbsp;2.05(c).</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: 0.5in">All Notes presented or surrendered for registration
of transfer or for exchange, redemption, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar
or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Note Registrar and Trustee and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.</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: 0.5in">No service charge shall be imposed by the Company,
the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may
require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith
as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name
of the Holder of the old Notes surrendered for exchange or registration of transfer.</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: 0.5in">None of the Company, the Trustee, the Note Registrar
or any co-Note Registrar shall be required to exchange or register a transfer of (i)&nbsp;any Notes surrendered for conversion or, if
a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii)&nbsp;any Notes, or a portion
of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article&nbsp;15 (<I>Repurchase of Notes at Option of Holders</I>).</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-indent: 0.5in">All Notes issued upon any registration of transfer
or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.</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: 0.5in">The Trustee shall have no responsibility or obligation
to any direct or indirect participant or any other Person with respect to the accuracy of the books or records, or the acts or omissions,
of Euroclear and/or Clearstream or any participant or member thereof, with respect to any ownership interest in the Notes or with respect
to the delivery to any direct or indirect participant or other Person (other than the Common Depositary) of any notice (including any
notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to
the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered
Holders (which shall be the Common Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global
Note shall be exercised only through the Common Depositary subject to the customary rules&nbsp;and procedures of Euroclear and/or Clearstream.
The Trustee may rely and shall be fully protected in relying upon information furnished by Euroclear and/or Clearstream with respect to
their direct or indirect participants.</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: 0.5in">The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Note (including any transfers between or among direct or indirect participants in
any Global Note) other than to require delivery of such certificates as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">So
long as the Notes are eligible for book-entry settlement with Euroclear and/or Clearstream, unless otherwise required by law, subject
to the fourth paragraph from the end of Section&nbsp;2.05(c)&nbsp;all Notes shall be represented by one or more Notes in global form (each,
a &ldquo;<B>Global Note</B>&rdquo;) registered in the name of the Common Depositary or the nominee of the Common Depositary for the accounts
of Euroclear and Clearstream. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of
a Physical Note shall be effected through the Common Depositary in accordance with this Indenture (including the restrictions on transfer
set forth herein), and the rules&nbsp;and procedures of Euroclear and/or Clearstream.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Every
Note that bears or is required under this Section&nbsp;2.05(c)&nbsp;to bear the legend set forth in this Section&nbsp;2.05(c)&nbsp;(together
with any ADSs (including the Ordinary Shares represented thereby) delivered upon conversion of the Notes that is required to bear the
legend set forth in Section&nbsp;2.05(d), collectively, the &ldquo;<B>Restricted Securities</B>&rdquo;) shall be subject to the restrictions
on transfer set forth in this Section&nbsp;2.05(c)&nbsp;(including the legend set forth below), unless such restrictions on transfer shall
be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder&rsquo;s
acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section&nbsp;2.05(c)&nbsp;and Section&nbsp;2.05(d),
the term</FONT></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 0pt 0.5in">&ldquo;<B>transfer</B>&rdquo; encompasses any sale, pledge,
transfer or other disposition whatsoever of any Restricted Security.</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: 0.5in">Until the date (the &ldquo;<B>Resale Restriction
Termination Date</B>&rdquo;) that is (a)&nbsp;the earlier of (1)&nbsp;the date that is one year after the date of original issuance of
the Notes, or (2)&nbsp;such shorter period of time as permitted by Rule&nbsp;144 under the Securities Act or any successor provision thereto,
or (b)&nbsp;such later date, if any, as may be required by applicable law, any certificate evidencing a Note (and all securities issued
in exchange therefor or substitution thereof, other than ADSs (including the Ordinary Shares represented thereby) issued upon conversion
thereof, which shall bear the legend set forth in Section&nbsp;2.05(d), if applicable) shall bear a legend in substantially the following
form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the
Securities Act and that continues to be effective at the time of such transfer, sold pursuant to the exemption from registration provided
by Rule&nbsp;144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing,
with notice thereof to the Trustee):</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"><B>THIS SECURITY, THE AMERICAN DEPOSITARY SHARES DELIVERABLE UPON CONVERSION
OF THIS SECURITY AND THE CLASS&nbsp;A ORDINARY SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE &ldquo;SECURITIES ACT&rdquo;) AND ARE &ldquo;RESTRICTED SECURITIES&rdquo; WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES
ACT OR CONTRACTUALLY RESTRICTED SECURITIES, AND MAY&nbsp;NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH
THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:</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"><FONT STYLE="font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS NOT A U.S. PERSON AND 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 IT AND ANY SUCH
ACCOUNT IS NOT, AND HAS NOT BEEN FOR THE IMMEDIATELY PRECEDING THREE MONTHS, AN AFFILIATE OF GDS HOLDINGS LIMITED (THE &ldquo;COMPANY&rdquo;),
AND</FONT></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"><FONT STYLE="font-size: 10pt"><B>(2)</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">AGREES
FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN
PRIOR TO THE DATE THAT IS (X)&nbsp;THE EARLIER OF (I)&nbsp;ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF, OR (II)&nbsp;SUCH SHORTER
PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, OR (Y)&nbsp;SUCH LATER DATE,&nbsp;IF
ANY, AS MAY&nbsp;BE REQUIRED BY APPLICABLE LAW, EXCEPT:</FONT></B></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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>(A)</B></TD><TD><B>TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR</B></TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><B>(B)</B></TD><TD><B>PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR</B></TD></TR></TABLE>

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 0.25in"><B>(C)</B></TD><TD><B>TO A PERSON OUTSIDE THE UNITED STATES AND THEREAFTER OUTSIDE THE UNITED STATES,&nbsp;IN EACH CASE IN ACCORDANCE WITH REGULATION
S UNDER THE SECURITIES ACT, OR</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 0.25in"><B>(D)</B></TD><TD><B>PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR ANOTHER EXEMPTION FROM REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (IF AVAILABLE).</B></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"><B>PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D)&nbsp;ABOVE,
THE COMPANY, THE COMMON DEPOSITARY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR
OTHER EVIDENCE AS MAY&nbsp;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.</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"><B>NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.</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"><B>NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT (&ldquo;RULE
144&rdquo;)) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY DURING
THE THREE IMMEDIATELY PRECEDING MONTHS MAY&nbsp;PURCHASE, OTHERWISE ACQUIRE OR OWN THIS NOTE OR A BENEFICIAL INTEREST HEREIN.</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: 0.5in">No transfer of any Note prior to the Resale Restriction
Termination Date will be registered by the Note Registrar unless the applicable box on the Form&nbsp;of Assignment and Transfer has been
checked.</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: 0.5in">The Company shall promptly notify the Trustee upon
the occurrence of the Resale Restriction Termination Date and after a registration statement, if any, with respect to the Notes or the
ADSs (including the Ordinary Shares represented thereby) issued upon conversion of the Notes has been declared effective under the Securities
Act.</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: 0.5in">Ownership of beneficial interests in the Global
Notes (the &ldquo;book-entry interests&rdquo;) will be limited to persons that have accounts with Euroclear and/or Clearstream or persons
that may hold interests through such participants. Book-entry interests will be shown on, and transfers thereof will be effected only
through, records maintained in book-entry form by Euroclear and Clearstream and their participants. Except as set forth in this Section&nbsp;2.05(c),
the book-entry interests will not be held in definitive form. Instead, Euroclear and/or Clearstream will credit on their respective book-entry
registration and transfer systems a participant&rsquo;s account with the interest beneficially owned by such participant. The laws of
some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form. The
foregoing limitations may impair the ability to own, transfer or pledge book-entry interests. So</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">long as the Notes are held in global form, the common depositary for
Euroclear and/or Clearstream (or its nominee) will be considered the sole holder of the Global Notes. As such, participants must rely
on the rules&nbsp;and procedures of Euroclear and Clearstream and indirect participants must rely on the procedures of the participants
through which they own book-entry interests in order to transfer their interests in the Notes or to exercise any rights of Holders under
this Indenture.</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: 0.5in">Each Global Note shall be deposited with and registered
in name of the nominee of the common depositary for Euroclear and Clearstream (the &ldquo;<B>Common Depositary</B>&rdquo;), which shall
initially be The Bank of New York Mellon, London Branch.</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: 0.5in">If (i)&nbsp;the Common Depositary notifies the
Company at any time that the Common Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary
is not appointed within 90 days, (ii)&nbsp;either Euroclear or Clearstream, or a successor clearing system is closed for business for
a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention to permanently cease
business or does in fact do so or (iii)&nbsp;an Event of Default with respect to the Notes has occurred and is continuing and a beneficial
owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company shall execute, and the Note
Registrar, upon receipt of an Officers&rsquo; Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate
and deliver (x)&nbsp;in the case of clause (iii), a Physical Note to such beneficial owner in a principal amount equal to the principal
amount of such Note corresponding to such beneficial owner&rsquo;s beneficial interest and (y)&nbsp;in the case of clause (i)&nbsp;or
(ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an aggregate principal amount equal
to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the
Trustee such Global Notes shall be canceled.</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: 0.5in">Persons exchanging interests in the Global Notes
for Physical Notes pursuant to this Section&nbsp;2.05(c)&nbsp;shall be required to provide to the Note Registrar, through the relevant
clearing system, written instructions and other information required by the Company and the Note Registrar to complete, execute and deliver
such Physical Notes. Physical Notes delivered in exchange for the Global Notes or beneficial interests therein will be registered in the
names, and issued in any approved denominations, requested by the relevant clearing system.</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: 0.5in">At such time as all interests in a Global Note
have been converted, canceled, redeemed, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the
Trustee in accordance with standing procedures and existing instructions of the Common Depositary. At any time prior to such cancellation,
if any interest in a Global Note is exchanged for Physical Notes, converted, canceled, repurchased or transferred to a transferee who
receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of
such Global Note shall, in accordance with the standing procedures and existing instructions of the Common Depositary, be appropriately
reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee, to reflect such reduction
or increase.</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: 0.5in">None of the Company, the Trustee, the Paying Agent,
any agent of the Company or any agent of the Trustee shall have any responsibility or liability for any aspect of the records relating</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">to or payments made on account of beneficial ownership interests of
a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Until
the Resale Restriction Termination Date, any stock certificate representing ADSs (including the Ordinary Shares represented thereby) issued
upon conversion of a Note shall bear a legend in substantially the following form (unless the Note or such ADSs (including the Ordinary
Shares represented thereby) have been transferred pursuant to a registration statement that has become or been declared effective under
the Securities Act and that continues to be effective at the time of such transfer, or such ADSs (including the Ordinary Shares represented
thereby) have been issued upon conversion the Notes that have been transferred pursuant to a registration statement that has become or
been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or unless otherwise
agreed by the Company with written notice thereof to the Trustee and any transfer agent for the ADSs):</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"><B>THIS SECURITY, THE AMERICAN DEPOSITARY SHARES DELIVERABLE UPON CONVERSION
OF THIS SECURITY AND THE CLASS&nbsp;A ORDINARY SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE &ldquo;SECURITIES ACT&rdquo;) AND ARE &ldquo;RESTRICTED SECURITIES&rdquo; WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES
ACT OR CONTRACTUALLY RESTRICTED SECURITIES, AND MAY&nbsp;NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH
THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:</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: 0.5in"><FONT STYLE="font-size: 10pt"><B>(1)</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS NOT A U.S. PERSON AND 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 IT AND ANY SUCH
ACCOUNT IS NOT, AND HAS NOT BEEN FOR THE IMMEDIATELY PRECEDING THREE MONTHS, AN AFFILIATE OF GDS HOLDINGS LIMITED (THE &ldquo;COMPANY&rdquo;),
AND</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt"><B>(2)</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">AGREES
FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN
PRIOR TO THE DATE THAT IS (X)&nbsp;THE EARLIER OF (I)&nbsp;ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF, OR (II)&nbsp;SUCH SHORTER
PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, OR (Y)&nbsp;SUCH LATER DATE,&nbsp;IF
ANY, AS MAY&nbsp;BE REQUIRED BY APPLICABLE LAW, EXCEPT:</FONT></B></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: 0.25in"></TD><TD STYLE="width: 0.5in"><B>(A)</B></TD><TD><B>TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR</B></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.5in"><B>(B)</B></TD><TD><B>PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR</B></TD></TR></TABLE>

<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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(C)</B></TD><TD><B>TO A PERSON OUTSIDE THE UNITED STATES AND THEREAFTER OUTSIDE THE UNITED STATES,&nbsp;IN EACH CASE IN ACCORDANCE WITH REGULATION
S UNDER THE SECURITIES ACT, OR</B></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(D)</B></TD><TD><B>PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR ANOTHER EXEMPTION FROM REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (IF AVAILABLE).</B></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"><B>PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D)&nbsp;ABOVE,
THE COMPANY, THE COMMON DEPOSITARY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR
OTHER EVIDENCE AS MAY&nbsp;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.</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"><B>NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.</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"><B>NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT (&ldquo;RULE
144&rdquo;)) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY DURING
THE THREE IMMEDIATELY PRECEDING MONTHS MAY&nbsp;PURCHASE, OTHERWISE ACQUIRE OR OWN THIS NOTE OR A BENEFICIAL INTEREST HEREIN.</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: 0.5in">Any such ADSs as to which such restrictions on
transfer shall have expired in accordance with their terms may, upon surrender of the certificates representing such ADSs for exchange
in accordance with the procedures of the transfer agent for the ADSs, be exchanged for a new certificate or certificates for a like aggregate
number of ADSs, which shall not bear the restrictive legend required by this Section&nbsp;2.05(d).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
Note or ADS delivered upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company may not be
resold by such Affiliate unless registered under the Securities Act or resold pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act in a transaction that results in such Note or ADS, as the case may be, no longer
being a &ldquo;<B>restricted security</B>&rdquo; (as defined under Rule&nbsp;144 under the Securities Act). The Company shall cause any
Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section&nbsp;2.08 (<I>Cancellation
of Notes Paid, Converted, Etc</I>).</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.06</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Mutilated,
Destroyed, Lost or Stolen Notes.</I> In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion
may execute, and upon the receipt of a Company Order, the Note Registrar shall authenticate and deliver, a new Note,</FONT></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">bearing a registration number not contemporaneously outstanding, in
exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every
case the applicant for a substituted Note shall furnish to the Company and to the Trustee such security and/or indemnity as may be required
by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in
every case of destruction, loss or theft, the applicant shall also furnish to the Company and to the Trustee evidence to their satisfaction
of the destruction, loss or theft of such Note and of the ownership thereof.</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: 0.5in">The Note Registrar may authenticate any such substituted
Note and deliver the same upon the receipt of such security and/or indemnity as the Trustee and the Company may require. No service charge
shall be imposed by the Company, the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note,
but the Company and the Trustee may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of
the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature
or has been surrendered for required repurchase or redemption or is about to be converted in accordance with Article&nbsp;13 (<I>Conversion
of Notes</I>) shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute
Note, pay or authorize the payment of, or convert or authorize the conversion of, the same (without surrender thereof except in the case
of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company and to the Trustee
such security and/or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused
by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, and the
Trustee evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.</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: 0.5in">Every substitute Note issued pursuant to the provisions
of this Section&nbsp;2.06 (<I>Mutilated, Destroyed, Lost or Stolen Notes</I>) by virtue of the fact that any Note is destroyed, lost or
stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be
found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture
equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held
and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment or conversion
or repurchase or redemption of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment or redemption or conversion
of negotiable instruments or other securities without their surrender.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.07</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Temporary
Notes.</I> Pending the preparation of Physical Notes, the Company may execute and the Note Registrar shall, upon receipt of a Company
Order, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination,
and substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary
Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the</FONT></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">Company and authenticated by the Note Registrar upon the same conditions
and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute
and deliver to the Note Registrar Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any
Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section&nbsp;4.02
(<I>Maintenance of Office or Agency</I>) and the Note Registrar shall, upon receipt of a Company Order, authenticate and deliver in exchange
for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own
expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits
and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.08</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Cancellation
of Notes Paid, Converted, Etc.</I> The Company shall cause all Notes surrendered for the purpose of payment, repurchase, redemption, registration
of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company&rsquo;s agents,
Subsidiaries or Affiliates), to be delivered and surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall
be canceled promptly by it, and, except in the case of Notes surrendered for registration of transfer or exchange, no Notes shall be authenticated
in exchange thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall cancel such Notes in accordance
with its customary procedures and, after such cancellation, shall deliver a certificate of such cancellation to the Company, at the Company&rsquo;s
written request in a Company Order.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.09</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>ISIN
and Common Code Numbers.</I> The Company in issuing the Notes may use &ldquo;ISIN&rdquo; and &ldquo;Common Code&rdquo; numbers (if then
generally in use), and, if so, the Trustee shall use &ldquo;ISIN&rdquo; and &ldquo;Common Code&rdquo; numbers in all notices issued to
Holders as a convenience to such Holders; <I>provided</I> that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers
printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the &ldquo;ISIN&rdquo; and &ldquo;Common
Code&rdquo; numbers.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;2.10</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Repurchases.</I>
The Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company),
repurchase the Notes in the open market or otherwise, whether by the Company or through its Subsidiaries or through a private or public
tender or exchange offer or through counterparties to private agreements. The Company shall cause any Notes so repurchased to be surrendered
to the Trustee for cancellation in accordance with Section&nbsp;2.08 (<I>Cancellation of Notes Paid, Converted, Etc</I>) and upon receipt
of a Company Order, the Trustee shall cancel all Notes so surrendered and such Notes shall no longer be considered outstanding under this
Indenture upon their repurchase. The Company may also enter into cash-settled swaps or other derivatives with respect to the Notes. For
the avoidance of doubt, any Notes underlying such cash-settled swaps or other derivatives shall not be required to be surrendered to the
Trustee for cancellation in accordance with Section&nbsp;2.08 (<I>Cancellation of Notes Paid, Converted, Etc</I>) and will continue to
be considered outstanding for purposes of this Indenture, subject to the provisions of Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>).</FONT></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: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;3<BR>
SATISFACTION AND DISCHARGE</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;3.01</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Satisfaction
and Discharge.</I> This Indenture shall, upon request of the Company contained in an Officers&rsquo; Certificate cease to be of further
effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when (a)&nbsp;(i)&nbsp;all Notes theretofore authenticated and delivered (other than (x)&nbsp;Notes which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section&nbsp;2.06 (<I>Mutilated, Destroyed, Lost or Stolen Notes</I>)
and (y)&nbsp;Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section&nbsp;4.04(d)&nbsp;(<I>Provisions as to Paying Agent</I>))
have been delivered to the Trustee for cancellation; or (ii)&nbsp;the Company has deposited cash with the Trustee or delivered ADSs to
Holders (solely to satisfy the Company&rsquo;s Conversion Obligation, if applicable), as applicable, after the Notes have become due and
payable, whether on the Maturity Date, the Repurchase Date, any Fundamental Change Repurchase Date, upon Tax Redemption or conversion
or otherwise, sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the Company (including,
without limitation, sums due to the Trustee with respect to the Notes); and (b)&nbsp;the Company has delivered to the Trustee an Officers&rsquo;
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations
of the Company to the Trustee under Section&nbsp;7.06 (<I>Compensation and Expenses of Trustee</I>) shall survive.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;4<BR>
PARTICULAR COVENANTS OF THE COMPANY</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.01</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Payment
of Principal and Interest.</I> The Company covenants and agrees that it will cause to be paid the principal (including the Tax Redemption
Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, each of
the Notes at the places, at the respective times and in the manner provided herein and in the Notes.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.02</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Maintenance
of Office or Agency.</I> The Company will maintain an office or agency (which will be the Principal Office initially) where the Notes
may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (&ldquo;<B>Paying Agent</B>&rdquo;)
or for conversion (&ldquo;<B>Conversion Agent</B>&rdquo;) and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made at the Principal Office; <I>provided</I>,
<I>however</I>, the legal service of process against the Company shall in no circumstances be made at an office of the Trustee.</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; text-indent: 0.5in">The Company may also from time to time designate
as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such</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">purposes and may from time to time rescind such designations. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. The terms &ldquo;<B>Paying Agent</B>&rdquo; and &ldquo;<B>Conversion Agent</B>&rdquo; include any such additional or
other offices or agencies, as applicable.</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: 0.5in">The Company has initially appointed The Bank of
New York Mellon, London Branch as the Paying and Conversion Agent and The Bank of New York Mellon SA/NV, Dublin Branch as the Registrar
and the Transfer Agent as listed in Exhibit&nbsp;C hereof.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.03</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Appointments
to Fill Vacancies in Trustee&rsquo;s Office.</I> The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in Section&nbsp;7.09 (<I>Resignation or Removal of Trustee</I>), a Trustee, so that there shall at
all times be a Trustee hereunder.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.04</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Provisions
as to Paying Agent.</I> (a)&nbsp;If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying
Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions
of this Section&nbsp;4.04:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">that
it will hold all sums held by it as such agent for the payment of the principal (including Tax Redemption Price, the Repurchase Price
and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes for the benefit of the Holders
of the Notes;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">that
it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including Tax Redemption Price,
the Repurchase Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes when
the same shall be due and payable; and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums
so held.</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; text-indent: 0.5in">The Company shall, on or before each due date of
the principal (including the Tax Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable) of,
or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Tax
Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable) or accrued and unpaid interest and
(unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action; <I>provided</I>
that such deposit must be received by the Paying Agent by 10:00 a.m., London time, on the Business Day immediately preceding the relevant
due date. The Paying Agent shall not be bound to make any payment until it has received, in immediately available and cleared funds, an
amount which shall be sufficient to pay, as applicable, the aggregate amount of principal (including the Tax Redemption Price, the Repurchase
Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when such principal
or interest shall become due and payable. The Paying Agent shall not be responsible or liable for any delay in making the payment if it
does not receive funds</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">before 10:00 a.m.&nbsp;London time on the payment date. The Company
shall procure that, before 10:00 a.m., London time, on the second Business Day before each payment date, the bank effecting payment for
it has confirmed by facsimile to the Paying Agent the payment instructions relating to such payment.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Tax Redemption Price,
the Repurchase Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set
aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Tax
Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so
becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make
any payment of the principal (including the Tax Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if
applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due and payable. Upon an Event of Default under
Section&nbsp;6.01(i)&nbsp;or Section&nbsp;6.01(j), the Trustee shall automatically become the Paying Agent.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Anything
in this Section&nbsp;4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and
discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held by the
Company in trust or by any Paying Agent as required by this Section&nbsp;4.04, such sums or amounts to be held by the Trustee upon the
trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying
Agent shall be released from all further liability but only with respect to such sums or amounts.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to applicable abandoned property law and the Trustee&rsquo;s and the Paying Agent&rsquo;s customary procedures, any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of principal (including the Tax Redemption Price,
the Repurchase Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, any Note and
remaining unclaimed for two years after such principal (including consideration upon conversion, the Tax Redemption Price, the Repurchase
Price and the Fundamental Change Repurchase Price, if applicable) or interest has become due and payable shall be paid or delivered, as
the case may be, to the Company on request of the Company contained in an Officers&rsquo; Certificate, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money, and all liability of the
Company as Trustee thereof, shall thereupon cease; <I>provided, however</I>, that the Trustee or such Paying Agent, before being required
to make any such repayment or delivery, may at the expense of the Company cause to be published once, in a newspaper published in the
English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan, The City of New York,
notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30</FONT></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 0pt 0.5in">days from the date of such publication, any unclaimed balance
of such money then remaining will be repaid or delivered to 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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.05</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Existence.</I>
Subject to Article&nbsp;11 (<I>Consolidation, Merger, Sale, Conveyance and Lease</I>), the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence. The Company shall promptly provide the Trustee with written
notice of any change to its name, jurisdiction of incorporation or change to its corporate organization.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.06</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>[Reserved]</I></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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.07</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Additional
Amounts.</I> (a)&nbsp;All payments and deliveries made by, or on behalf of, the Company or any successor to the Company under or with
respect to this Indenture and the Notes, including, but not limited to, payments of principal (including, if applicable, the Tax Redemption
Price, the Repurchase Price and the Fundamental Change Repurchase Price), premium, if any, payments of interest, including any additional
interest and payments of cash and/or deliveries of Conversion Securities or any other consideration due on a conversion of a Note (together
with payment of cash in lieu of any fractional Conversion Securities or other consideration) upon conversion of the Notes, shall be made
without withholding, deduction or reduction for any other collection at source for, or on account of, any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed or levied (including any penalties and interest related thereto) (the &ldquo;<B>Applicable
Taxes</B>&rdquo;), unless such withholding, deduction or reduction is required by law or by other regulation or governmental policy having
the force of law (including an official interpretation or application of such laws or regulations by any legislative body, court, governmental
agency, taxing authority or regulatory authority) (&ldquo;<B>Applicable Tax Law</B>&rdquo;). In the event that any such withholding or
deduction is required by or within (x)&nbsp;the Cayman Islands or the PRC (or, in each case, any political subdivision or taxing authority
thereof or therein), (y)&nbsp;any jurisdiction in which the Company or any successor are, for tax purposes, incorporated, organized or
resident or doing business (or any political subdivision or taxing authority thereof or therein) or (z)&nbsp;any jurisdiction from or
through which payment is made or deemed made (or any political subdivision or taxing authority thereof or therein) (each of (x), (y)&nbsp;and
(z), as applicable, a &ldquo;<B>Relevant Taxing Jurisdiction</B>&rdquo;), the Company shall pay or deliver to the Holder of each Note
such additional amounts of cash, Conversion Securities or other consideration, as applicable (the &ldquo;<B>Additional Amounts</B>&rdquo;)
as may be necessary to ensure that the net amount received by the beneficial owner after such withholding or deduction (and after deducting
any Applicable Taxes on the additional amounts) will equal the amounts that would have been received by such beneficial owner had no such
withholding or deduction been required; provided that no additional amounts will be payable:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">for
or on account of:</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 0pt 1.5in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
Applicable Taxes that would not have been imposed but for:</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 0pt 2in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
existence of any present or former connection between the relevant Holder or beneficial owner of such Note and the Relevant Taxing Jurisdiction,
other than merely acquiring or</FONT></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 0pt 2in">holding such Note, receiving Conversion Securities (together
with payment of cash for any fractional Conversion Securities) or other consideration upon conversion of such Note or the receipt of payments
or the exercise or enforcement of rights thereunder, including such Holder or beneficial owner being or having been a national, domiciliary
or resident of such Relevant Taxing Jurisdiction or treated as a resident thereof or being or having been physically present or engaged
in a trade or business therein or having or having had a permanent establishment therein;</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 0pt 2in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment
of the principal of (including the Tax Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable),
premium, if any, and interest, including any additional interest on, such Note or the delivery of Conversion Securities (together with
payment of cash in lieu of any fractional Conversion Securities) upon conversion of such Note became due and payable pursuant to the terms
thereof or was made or duly provided for (except to the extent that the Holder or beneficial owner of such Note would have been entitled
to Additional Amounts had such Note been presented for payment on the last day of such 30-day period); or</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 0pt 2in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
failure of the Holder or beneficial owner to comply with a timely written request from the Company or any successor of the Company, addressed
to the Holder or beneficial owner, as the case may be, in each case, to the extent such Holder or beneficial owner is legally entitled
to, to provide certification, information, documents or other evidence concerning such Holder&rsquo;s or beneficial owner&rsquo;s nationality,
residence, identity or connection with the Relevant Taxing Jurisdiction, or to make any declaration or satisfy any other reporting requirement
relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or
administrative practice of the Relevant Taxing Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional
Amounts would have otherwise been payable to such Holder or beneficial owner; provided that, in the case of Applicable Taxes that are
value-added taxes or other local levies imposed by the PRC, the provision of any certification, information, documents or other evidence
described in this clause (i)(A)(3)&nbsp;would not be materially more onerous, in form, in procedure, or in the substance of information
disclosed, to a holder or a beneficial owner than comparable information or other reporting requirements imposed under U.S. tax law, regulations
and administrative practice (such as U.S. Internal Revenue Service</FONT></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 0pt 2in">Forms W-8BEN, W-8BEN-E and W-9, or any successor forms), and
reasonable procedure for the collection of such documentation has been implemented and is in effect at the time that such written request
is received;</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 0pt 1.5in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
estate, inheritance, gift, sale, personal property or similar Applicable Taxes;</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 0pt 1.5in; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
Applicable Taxes that are payable otherwise than by withholding, deduction from payments under or with respect to the Notes;</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 0pt 1.5in; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
Applicable Taxes required to be withheld or deducted under Sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended
(the &ldquo;<B>Code</B>&rdquo;) (or any amended or successor versions of such Sections that is substantively comparable and not materially
more onerous to comply with) (&ldquo;<B>FATCA</B>&rdquo;), any regulations or other official guidance thereunder, any intergovernmental
agreement or agreement pursuant to Section&nbsp;1471(b)(1)&nbsp; of the Code entered into in connection with FATCA, or any law, regulation
or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement; or</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 0pt 1.5in; text-indent: 0.5in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
combination of Applicable Taxes referred to in the preceding clauses (A), (B), (C)&nbsp;or (D); or</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">with
respect to any payment of the principal of (including the Tax Redemption Price, the Repurchase Price and the Fundamental Change Repurchase
Price, if applicable), premium, if any, and interest on, such Note to a Holder, if the Holder is a fiduciary, partnership or Person other
than the sole beneficial owner of that payment to the extent that such payment would be required to be included in the income under the
laws of the Relevant Taxing Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that
partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner or
beneficial owner been the Holder thereof.</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; text-indent: 1.5in">In addition to the foregoing, the Company will
also pay and indemnify the Holder of the Notes and the beneficial owner for any present or future stamp, issue, registration, value added,
court or documentary taxes, or any other excise or property taxes, charges or similar levies or taxes (including penalties, interest and
any other reasonable expenses related thereto) which are levied by any Relevant Taxing Jurisdiction (and in the case of enforcement, any
jurisdiction) on the execution, delivery, registration or enforcement of any of the Notes, this Indenture or any other document or instrument
referred to therein, or the receipt of payments with respect thereto (including the receipt of Conversion Securities (together with payment
of cash for any fractional Conversion Securities) or other consideration due upon conversion). Any such payments and indemnities shall
be treated as Additional Amounts payable pursuant to Applicable Tax Law for purposes of Article&nbsp;16 (<I>Redemption Only for Taxation
Reasons</I>) hereof.</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-indent: 1.5in">If the Company becomes obligated to pay Additional
Amounts with respect to any payment or delivery under or with respect to the Notes, the Company will deliver to the Trustee and the Paying
Agent (if other than the Trustee) on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional
Amounts arises after the 30th day prior to that payment date, in which case the Company will notify the Trustee and the Paying Agent promptly
thereafter) an Officers&rsquo; Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so
payable. The Officers&rsquo; Certificate must also set forth any other information reasonably necessary to enable the Paying Agent or
the Conversion Agent, as the case may be, to pay Additional Amounts to Holders on the relevant payment date. The Trustee and the Paying
Agent shall be entitled to rely solely on such Officers&rsquo; Certificate as conclusive proof that such payments are necessary. The Company
will provide the Trustee and the Paying Agent with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional
Amounts.</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: 1.5in">The Company will make all withholdings and deductions
required by law and will remit the full amount deducted or withheld to the relevant taxing authority in accordance with applicable law.
Upon request, the Company will provide to the Trustee an official receipt or, if official receipts are not reasonably obtainable, such
other documentation that provides reasonable evidence of the payment of any Applicable Taxes so deducted or withheld. Upon written request,
copies of those receipts or other documentation, as the case may be, will be made available by the Trustee to the Holders.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
reference in this Indenture or the Notes in any context to the payment of cash and/or the delivery of Conversion Securities (together
with payments of cash for any fractional Conversion Securities) or other consideration upon conversion of the Notes or the payment of
principal of (including the Tax Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable), any
premium or interest including any additional interest on, any Note or any other amount payable with respect to such Note, shall be deemed
to include any payment of Additional Amounts provided for in this Indenture to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
foregoing obligations shall survive termination, defeasance or discharge of this Indenture or any transfer by a Holder or a beneficial
owner of its Notes and will apply <I>mutatis mutandis</I> to any jurisdiction in which any Successor Company is then, for tax purposes,
incorporated, organized or resident or doing business (or any political subdivision or taxing authority thereof or therein) or any jurisdiction
from or through which payment under or with respect to the Notes is made or deemed made by or on behalf of such Successor Company (or
any political subdivision or taxing authority thereof or therein).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary herein, the Company, the Trustee and the Paying Agent shall be entitled to make any withholding or deduction
pursuant to FATCA.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.08</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Stay,
Extension and Usury Laws.</I> The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon,
plead, or in any manner</FONT></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">whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on
the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance
of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.09</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Compliance
Certificate; Statements as to Defaults.</I> The Company shall deliver to the Trustee within 120 days after the end of each fiscal year
of the Company (beginning with the fiscal year ending on December&nbsp;31, 2022) an Officers&rsquo; Certificate stating that a review
has been conducted of the Company&rsquo;s activities under this Indenture and whether the Company has fulfilled its obligations hereunder,
and whether the signers thereof have knowledge of any Default by the Company that occurred during the previous year and, if so, specifying
each such Default and the nature thereof.</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; text-indent: 0.5in">In addition, the Company shall deliver to the Trustee,
as soon as possible, and in any event within 30 days after the Company becomes aware of the occurrence of any Default if such Default
is then continuing, an Officers&rsquo; Certificate setting forth the details of such Default, its status and the action that the Company
is taking or proposing to take in respect thereof. The Trustee shall have no responsibility to take any steps to ascertain whether any
Event of Default or Default has occurred, and until (i)&nbsp;a Responsible Officer of the Trustee has received an Officers&rsquo; Certificate
regarding such an occurrence, or (ii)&nbsp;the Trustee has received written notice at the Corporate Trust Office from the Holders of at
least 25% in aggregate principal amount of the Notes then outstanding regarding such an occurrence, the Trustee is entitled to assume,
without liability, that no Event of Default or Default has occurred.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;4.10</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Further
Instruments and Acts.</I> Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;5<BR>
LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;5.01</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Lists
of Holders.</I> The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more
than 15 days after each January&nbsp;31 and July&nbsp;31 but in any event at least three Business Days before January&nbsp;31 and July&nbsp;31
in each year beginning with January&nbsp;31, 2023 and at such other times as the Trustee may request in writing, within 30 days after
receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely
provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses
of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any
such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting
as Note Registrar.</FONT></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-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;5.02</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Preservation
and Disclosure of Lists.</I> The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the
names and addresses of the Holders contained in the most recent list furnished to it as provided in Section&nbsp;5.01 (<I>Lists of Holders</I>)
or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as provided
in Section&nbsp;5.01 (<I>Lists of Holders</I>) upon receipt of a new list so furnished.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;6<BR>
DEFAULTS AND REMEDIES</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.01</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Events
of Default.</I> The following events shall be &ldquo;<B>Events of Default</B>&rdquo; with respect to the Notes:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">failure
by the Company to pay any installment of interest or Additional Amounts, if any, on any of the Notes, when due and payable, which failure
continues for 30 days after the date when due;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">failure
by the Company to pay when due the principal, the Tax Redemption Price, the Repurchase Price or any Fundamental Change Repurchase Price
of any Note, in each case, when the same becomes due and payable;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">failure
by the Company to deliver when due the consideration (including any Conversion Securities and/or Reference Property, as the case may be)
deliverable upon conversion of any Notes and such failure continues for a period of four Business Days;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">failure
by the Company to issue a Tax Redemption Notice in accordance with Section&nbsp;16.02 (<I>Notice of Tax Redemption</I>), the Company Notice
pursuant to Section&nbsp;15.01(a)&nbsp;(<I>Repurchase at Option of Holders</I>), a Fundamental Change Company Notice in accordance with
Section&nbsp;15.02(b)&nbsp;(<I>Repurchase at Option of Holders Upon a Fundamental Change</I>), a Forced Conversion Notice in accordance
with Section&nbsp;13.03(a)&nbsp;(<I>Forced Conversion</I>) or notice of a Make-Whole Fundamental Change or a Tax Redemption in accordance
with Section&nbsp;13.04(a)&nbsp;(<I>Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Forced Conversion,
Make-Whole Fundamental Change and Tax Redemption</I>), in each case, when due, and such failure continues for a period of five Business
Days;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">failure
by the Company to comply with its obligations under Article&nbsp;11 (<I>Consolidation, Merger, Sale, Conveyance and Lease</I>);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">failure
by the Company for 60 days after receipt of a written notice to the Company by the Trustee or to the Company and the Trustee by Holders
of at least 25% in the aggregate principal amount of the Notes then outstanding to perform or observe (or obtain a waiver with respect
to) any of its terms, covenants or agreements contained in the Notes or this Indenture not otherwise provided for in this Section&nbsp;6.01
(<I>Events of Default</I>);</FONT></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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">default
by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may be outstanding,
or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of US$40 million (or the foreign currency
equivalent thereof) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness now exists or shall hereafter
be created (i)&nbsp;resulting in such indebtedness becoming or being declared due and payable or (ii)&nbsp;constituting a failure to pay
the principal or interest of any such indebtedness when due and payable at its stated maturity, upon redemption, upon required repurchase,
upon declaration of acceleration or otherwise, in each case, after the expiration of any applicable grace period, if such default is not
cured or waived, or such acceleration is not rescinded, within 30 days after written notice to the Company by the Trustee or to the Company
and the Trustee by holders of at least 25% in the aggregate principal amount of the Notes then outstanding, in accordance with this Indenture;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
final judgment for the payment of US$40 million (or the foreign currency equivalent thereof) or more (excluding any amounts covered by
insurance or bond) rendered against the Company or any Subsidiary of the Company by a court of competent jurisdiction, which judgment
is not discharged, bonded, stayed, vacated, paid or otherwise satisfied within 60 days after (i)&nbsp;the date on which the right to appeal
thereof has expired if no such appeal has commenced, or (ii)&nbsp;the date on which all rights to appeal have been extinguished;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Company or any Significant Subsidiary shall commence a voluntary case or other proceeding or procedure (including, without limitation,
the passing of a resolution for its voluntary liquidation) seeking liquidation, reorganization or other relief with respect to the Company
or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Significant Subsidiary
or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors,
or shall fail generally to pay its debts as they become due; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">an
involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation, reorganization
or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the
Company or such Significant Subsidiary or any substantial part of its property.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.02</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Acceleration;
Rescission and Annulment.</I> If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule&nbsp;or regulation of any administrative or governmental body), then, and in each and every such
case (other than an Event of Default specified in Section&nbsp;6.01(i)&nbsp;or Section&nbsp;6.01(j)&nbsp;with respect to the Company or
any of its</FONT></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">Significant Subsidiaries), unless the principal of all of the Notes
shall have already become due and payable, the Trustee may by notice in writing to the Company, or the Holders of at least 25% in aggregate
principal amount of the Notes then outstanding determined subject to Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>), by notice
in writing to the Company may, and the Trustee at the request of such Holders shall (subject to being indemnified and/or secured and/or
pre-funded to its satisfaction), declare up to 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and
payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable, notwithstanding
anything contained in this Indenture or in the Notes to the contrary. If an Event of Default specified in Section&nbsp;6.01(i)&nbsp;or
Section&nbsp;6.01(j)&nbsp;with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, 100% of the principal
of, and accrued and unpaid interest on, all Notes shall become and shall automatically be immediately due and payable without any action
on the part of the Trustee. If an Event of Default occurs and is continuing, all agents of the Company appointed under this Indenture
will be required to act on the direction of the Trustee.</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: 0.5in">The immediately preceding paragraph, however, is
subject to the conditions that, if at any time after the principal of the Notes shall have been so declared due and payable, and before
any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall
pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon all Notes and the principal
of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid
interest to the extent that payment of such interest is enforceable under applicable law, and on such principal at the rate per annum
borne by the Notes <I>plus</I> 1.00%) and amounts due to the Trustee pursuant to Section&nbsp;7.06 (<I>Compensation and Expenses of Trustee</I>),
and if (1)&nbsp;rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (2)&nbsp;all payments
to the Trustee have been made, and (3)&nbsp;any and all existing Events of Default under this Indenture, other than the nonpayment of
the principal of and accrued and unpaid interest on Notes that shall have become due solely by such acceleration, shall have been cured
or waived pursuant to Section&nbsp;6.09 (<I>Direction of Proceedings and Waiver of Defaults by Majority of Holders</I>), then and in every
such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes
then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the
Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall
extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything
to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting
from (i)&nbsp;the nonpayment of the principal of, or accrued and unpaid interest on, any Notes, (ii)&nbsp;a failure to pay the Tax Redemption
Price, the Repurchase Price or any Fundamental Change Repurchase Price of any Note or (iii)&nbsp;a failure to deliver the consideration
(including any Conversion Securities and/or Reference Property, as the case may be) due upon conversion of the Notes.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.03</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">[<I>Reserved</I>].</FONT></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-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.04</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Payments
of Notes on Default; Suit Therefor.</I> If an Event of Default described in clause (a)&nbsp;or (b)&nbsp;of Section&nbsp;6.01 (<I>Event
of Default</I>) shall have occurred, the Company shall, upon demand of the Trustee or at the request of Holders of at least 25% in aggregate
principal amount of the Notes then outstanding determined subject to Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>) and subject
to indemnity and/or security and/or pre-funding satisfactory to the Trustee, pay to the Trustee, for the benefit of the Holders of the
Notes, the whole amount then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal and
interest, if any, at the rate per annum borne by the Notes at such time <I>plus</I> 1.00%, and, in addition thereto, such further amount
as shall be sufficient to cover any amounts due to the Trustee under Section&nbsp;7.06 (<I>Compensation and Expenses of Trustee</I>).
If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to
be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.</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; text-indent: 0.5in">In the event there shall be pending proceedings
for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code,
or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other
obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors
or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant
to the provisions of this Section&nbsp;6.04 (<I>Payments of Notes on Default; Suit Therefor</I>), shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid
interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or
documents and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their
property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same
after the deduction of any amounts due to the Trustee under Section&nbsp;7.06 (<I>Compensation and Expenses of Trustee</I>); and any receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders
to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for reasonable compensation, expenses, advances and disbursements,
including agents and counsel fees, and including any other amounts due to the Trustee under Section&nbsp;7.06 (<I>Compensation and Expenses
of Trustee</I>), incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses,
advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured
by a lien on, and shall be paid out of, any</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">and all distributions, dividends, monies, securities and other property
that the Holders of the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization
or arrangement or otherwise.</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: 0.5in">Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.</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: 0.5in">All rights of action and of asserting claims under
this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought
in its own name or as a trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of
the Notes.</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: 0.5in">In any proceedings brought by the Trustee (and
in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee
shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any
such proceedings.</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: 0.5in">In case the Trustee shall have proceeded to enforce
any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver pursuant to Section&nbsp;6.09
(<I>Direction of Proceedings and Waiver of Defaults by Majority of Holders</I>) or any rescission and annulment pursuant to Section&nbsp;6.02
(<I>Acceleration; Rescission and Annulment</I>) or for any other reason or shall have been determined adversely to the Trustee, then and
in every such case the Company, the Holders, and the Trustee shall, subject to any determination in such proceeding, be restored respectively
to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders, and the Trustee shall
continue as though no such proceeding had been instituted.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.05</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Application
of Monies or Property Collected by Trustee.</I> Any monies or property collected by the Trustee pursuant to this Article&nbsp;6 (<I>Defaults
and Remedies</I>) or otherwise after an Event of Default has occurred and is continuing with respect to the Notes shall be applied in
the following order, at the date or dates fixed by the Trustee for the distribution of such monies or property, upon presentation of the
several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:</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 0pt 0.5in; text-indent: 0.5in"><B>First</B>, to the payment of all amounts
due to the Trustee, including its agents and counsel, under Section&nbsp;7.06 (<I>Compensation and Expenses of Trustee</I>) and any payments
due to the Paying Agent, the Conversion Agent and the Note Registrar;</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 0pt 0.5in; text-indent: 0.5in"><B>Second</B>, in case the principal
of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due upon conversion of,
the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with
interest (to the extent that such interest has</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 0pt 0.5in">been collected by the Trustee) upon such overdue payments
at the rate per annum borne by the Notes at such time <I>plus</I> 1.00%, such payments to be made ratably to the Persons entitled thereto;</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 0pt 0.5in; text-indent: 0.5in"><B>Third</B>, in case the principal of
the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including,
if applicable, the payment of the Tax Redemption Price, the Repurchase Price or Fundamental Change Repurchase Price and any cash due upon
conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest on the overdue principal and, to the
extent that such interest has been collected by the Trustee, upon overdue installments of interest at the rate per annum borne by the
Notes at such time <I>plus</I> 1.00%, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid
upon the Notes, then to the payment of such principal (including, if applicable, the Tax Redemption Price, the Repurchase Price or Fundamental
Change Repurchase Price) and interest without preference or priority of principal over interest, or of interest over principal or of any
installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal
(including, if applicable, the Repurchase Price, the Fundamental Change Repurchase Price and any cash due upon conversion) and accrued
and unpaid interest; and</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 0pt 0.5in; text-indent: 0.5in"><B>Fourth</B>, to the payment of the
remainder, if any, to the Company or as a court of competent jurisdiction shall direct.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.06</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Proceedings
by Holders.</I> Except to enforce the right to receive payment of principal (including, if applicable, the Tax Redemption Price, the Repurchase
Price or Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due
upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision of this Indenture to institute
any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver,
trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">such
Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein provided;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Holders
of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">such
Holders shall have offered to the Trustee such security and/or indemnity and/or pre-funding satisfactory to it against any loss, liability
or expense to be incurred therein or thereby;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Trustee for 60 days after its receipt of such notice, request and offer of security and/or indemnity and/or pre-funding, shall have neglected
or refused to institute any such action, suit or proceeding; and</FONT></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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">no
direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders
of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section&nbsp;6.09
(<I>Direction of Proceedings and Waiver of Defaults by Majority of Holders</I>),</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">it being understood and intended, and being expressly covenanted by
the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right
in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any
other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided
herein). For the protection and enforcement of this Section&nbsp;6.06 (<I>Proceedings by Holders</I>), each and every Holder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.</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: 0.5in">Notwithstanding any other provision of this Indenture
and any provision of any Note, the right of any Holder to receive payment or delivery, as the case may be, of (x)&nbsp;the principal (including
the Tax Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable) of, (y)&nbsp;accrued and unpaid
interest on, and (z)&nbsp;the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided
for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, on
or after such respective dates against the Company shall not be impaired or affected without the consent of such Holder.</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: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.07</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Proceedings
by Trustee.</I> In case of an Event of Default, the Trustee may proceed to protect and enforce the rights vested in it by this Indenture
by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action
at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this
Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in
the Trustee by this Indenture or by law.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.08</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Remedies
Cumulative and Continuing.</I> Except as provided in the last paragraph of Section&nbsp;6.06 (<I>Proceedings by Holders</I>), all powers
and remedies given by this Article&nbsp;6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative
and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no
delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event
of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence
therein; and, subject to the provisions of Section&nbsp;6.06 (<I>Proceedings by Holders</I>), every power and remedy given by this Article&nbsp;6
or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Holders.</FONT></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-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.09</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Direction
of Proceedings and Waiver of Defaults by Majority of Holders.</I> The Holders of a majority of the aggregate principal amount of the Notes
at the time outstanding determined subject to Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>) shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to Notes; <I>provided, however</I>, that (a)&nbsp;such direction shall not be in conflict with any rule&nbsp;of
law or with this Indenture, and (b)&nbsp;the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with
such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder
or that would involve the Trustee in personal liability, or if it is not provided with security and/or indemnity and/or pre-funding to
its satisfaction. Prior to taking any action under this Indenture, the Trustee will be entitled to security and/or indemnification and/or
pre-funding satisfactory to it in its sole discretion against all losses, liabilities and expenses caused by taking or not taking such
action. In addition, the Trustee will not be required to expend its own funds under any circumstances. The Holders of a majority in aggregate
principal amount of the Notes at the time outstanding determined subject to Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>)
may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except (i)&nbsp;a
default in the payment of accrued and unpaid interest on, or the principal (including, if applicable, the Tax Redemption Price, the Repurchase
Price or Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section&nbsp;6.02
(<I>Acceleration; Rescission and Annulment</I>), (ii)&nbsp;a failure by the Company to pay or deliver, or cause to be delivered, as the
case may be, the consideration due upon conversion of the Notes or (iii)&nbsp;a default in respect of a covenant or provision hereof which
under Article&nbsp;10 (<I>Supplemental Indentures</I>) cannot be modified or amended without the consent of each Holder of an outstanding
Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored to their former positions
and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section&nbsp;6.09 (<I>Direction
of Proceedings and Waiver of Defaults by Majority of Holders</I>), said Default or Event of Default shall for all purposes of the Notes
and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereon.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">Section&nbsp;6.10</FONT><FONT STYLE="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Notice
of Defaults and Events of Default.</I> If a Default or Event of Default occurs and is continuing and a Responsible Officer of the Trustee
is notified in writing, the Trustee shall, within 90 days after a Responsible Officer of the Trustee has obtained such knowledge of the
occurrence and continuance of such Default or Event of Default, send to all Holders (at the Company&rsquo;s expense) as the names and
addresses of such Holders appear upon the Note Register, notice of all such Defaults known to a Responsible Officer, unless such Defaults
shall have been cured or waived before the giving of such notice; <I>provided</I> that the Trustee shall not be deemed to have knowledge
of any occurrence of a Default or Event of Default unless a Responsible Officer has received written notice at the Corporate Trust Office
from the Company or a Holder. Except in the case of a Default in the payment of the principal of (including the Tax Redemption Price,
the Repurchase Price and the Fundamental Change Repurchase Price, if applicable), or accrued and unpaid interest on, any of the Notes
or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall be protected in withholding</FONT></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>

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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">such notice if and so long as a Responsible Officer of the Trustee
(in its sole discretion) in good faith determines that the withholding of such notice is in the interests of the Holders.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Undertaking
to Pay Costs.</I> All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have
agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable
attorneys&rsquo; fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims
or defenses made by such party litigant; <I>provided</I> that the provisions of this Section&nbsp;6.11 (to the extent permitted by law)
shall not apply to any suit instituted by or against the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined subject to Section&nbsp;8.04 (<I>Company-Owned
Notes Disregarded</I>), or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and
unpaid interest on any Note (including, but not limited to, the Tax Redemption Price, the Repurchase Price and the Fundamental Change
Repurchase Price) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to
convert any Note in accordance with the provisions of Article&nbsp;13 (<I>Conversion of Notes</I>).</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;7<BR>
CONCERNING THE TRUSTEE</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Duties
and Responsibilities of Trustee.</I> The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all
Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture. In case an Event of Default has occurred that has not been cured or waived, of which a Responsible Officer of the Trustee
has received actual written notice pursuant to Section&nbsp;7.02(j)&nbsp;(<I>Reliance on Documents, Opinions, Etc</I>) the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as
a prudent person would exercise or use under the circumstances in the conduct of such person&rsquo;s own affairs; <I>provided</I> that
if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under
this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity and/or security
and/or pre-funding satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with such
request or direction.</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; text-indent: 0.5in">No provision of this Indenture shall be construed
to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful
misconduct as proven in a final decision in a court of competent jurisdiction, except that:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">prior
to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not
be liable</FONT></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 0pt 1in">except for the performance of such duties and obligations
as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the
Trustee; and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the absence of gross negligence and willful misconduct on the part of the Trustee as proven in a final decision in a court of competent
jurisdiction, the Trustee may conclusively and without liability rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but,
in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee,
the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved in a final decision in a court of competent jurisdiction that the Trustee was grossly negligent in ascertaining the
pertinent facts;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined subject
to Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>) relating to the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection
to, the Trustee shall be subject to the provisions of this Section&nbsp;and Section&nbsp;7.02 (<I>Reliance on Documents, Opinions, Etc.</I>);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating
to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to
the Notes;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively and without liability rely on its failure to receive such notice as reason to act as if no
such event occurred;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the event that the Trustee is also acting as Note Registrar, Paying Agent or Conversion Agent, the rights, privileges, immunities and
protections, including without limitation, its right to be indemnified, afforded to the Trustee pursuant to this</FONT></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 0pt 0.5in">Article&nbsp;7 shall also be afforded to such Note Registrar,
Paying Agent or Conversion Agent;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall have no duty to inquire, no duty to determine and no duty to monitor as to the performance of the Company&rsquo;s covenants
in this Indenture or the financial performance of the Company; the Trustee shall be entitled to assume, until it has received written
notice in accordance with this Indenture, that the Company is properly performing its duties hereunder;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall be under no obligation to enforce any of the provisions of this Indenture unless it is instructed by Holders of at least
25% of the aggregate principal amount of outstanding Notes determined subject to Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>)
and is provided with security and/or indemnity and/or pre-funding satisfactory to it; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of
the Holders unless such Holders have offered to the Trustee indemnity and/or security and/or pre-funding satisfactory to it against any
costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.</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; text-indent: 0.5in">None of the provisions contained in this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of
its duties or in the exercise of any of its rights or powers.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Reliance
on Documents, Opinions, Etc.</I> Except as otherwise provided in Section&nbsp;7.01 (<I>Duties and Responsibilities of Trustee</I>):</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee may conclusively and without liability rely and shall be fully protected in acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, Note, coupon or other paper or document (whether in its original
or facsimile form) believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers&rsquo; Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee
by a copy thereof certified by the Secretary of the Company;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee may consult with counsel and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance upon
such advice or Opinion of Counsel;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts</FONT></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 0pt 0.5in">or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or
investigation;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, delegates,
custodians, nominees or attorneys and the Trustee shall not be responsible for the supervision, or for any misconduct or negligence on
the part of any agent, delegate, representative, custodian, nominee or attorney appointed by it with due care hereunder;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
permissive rights of the Trustee enumerated herein shall not be construed as duties;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">under
no circumstances and notwithstanding any contrary provision included herein, neither the Trustee, the Paying Agent, the Conversion Agent
nor the Note Registrar shall be responsible or liable for special, indirect, punitive, or consequential damages or loss of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether any of them have been advised of the likelihood of such loss
or damage and regardless of the form of action; this provision shall remain in full force and effect notwithstanding the discharge of
the Notes, the termination of this Indenture or the resignation, replacement or removal of the Trustee, the Paying Agent, the Conversion
Agent and the Note Registrar;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee, the Paying Agent, the Conversion Agent and the Note Registrar may refrain from taking any action in any jurisdiction if the
taking of such action in that jurisdiction would, in its opinion based upon legal advice in the relevant jurisdiction, be contrary to
any law of that jurisdiction or, to the extent applicable, of New York; furthermore, the Trustee may also refrain from taking such action
if it would otherwise render it liable to any Person in that jurisdiction or New York or if, in its opinion based on such legal advice,
it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or in
New York or if it is determined by any court or other competent authority in that jurisdiction that it does not have such power;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be deemed to have knowledge of an Event of Default except (i)&nbsp;any Event of Default described in Section&nbsp;6.01(a),
Section&nbsp;6.01(b)&nbsp;or Section&nbsp;6.01(c)&nbsp;or (ii)&nbsp;any Event of Default of which a Responsible Officer of the Trustee
shall have received at the Corporate Trust Office written notification thereof from the Company or a Holder, and such notice references
the Notes of this Indenture;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee may request that the Company deliver Officers&rsquo; Certificates setting forth the names of individuals and their titles and
specimen signatures of officers authorized at such time to take specified actions pursuant to this Indenture, which</FONT></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 0pt 0.5in">Officers&rsquo; Certificates may be signed by any Person
authorized to sign an Officers&rsquo; Certificate, as the case may be, including any Person specified as so authorized in any such certificate
previously delivered and not superseded;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it reasonably believes to be
authorized or within its rights or powers;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction, in accordance with Section&nbsp;6.09
(<I>Direction of Proceedings and Waiver of Defaults by Majority of Holders</I>), of the Holders of not less than a majority in aggregate
principal amount of the Notes at the time outstanding determined subject to Section&nbsp;8.04 (<I>Company-Owned Notes Disregarded</I>)
as to the time, method and place of conducting any proceeding for any remedy available to the Trustee or the exercising of any power
conferred by this Indenture;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be responsible for any inaccuracy in the information obtained from the Company or for any inaccuracy or omission in
the records which may result from such information or any failure by the Trustee to perform its duties as set forth herein as a result
of any inaccuracy or incompleteness; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">neither
the Trustee nor any agent thereof shall have any responsibility or liability for any actions taken or not taken by Euroclear and/or Clearstream.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.03</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Responsibility for Recitals, Etc.</I> The recitals, statements, warranties and representations contained herein and in the Notes (except
in the Note Registrar&rsquo;s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee makes no representations as to the accuracy or correctness of the same
or for any failure by the Company or any other party to disclose events that may have occurred and may affect the significance or accuracy
of such information, or the execution, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence
of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the
proceeds of any Notes authenticated and delivered by the Note Registrar in conformity with the provisions of this Indenture. Notwithstanding
the generality of the foregoing, each Holder shall be solely responsible for making its own independent appraisal of, and investigation
into, the financial condition, creditworthiness, condition, affairs, status and nature of the Company, and the Trustee shall not at any
time have any responsibility for the same and each Holder shall not rely on the Trustee in respect thereof.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.04</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Trustee,
Paying Agents, Conversion Agents or Note Registrar May&nbsp;Own Notes.</I> The Trustee, any Paying Agent, any Conversion Agent or Note
Registrar, in its individual or any other capacity, may engage in business and contractual relationships with the Company or its Affiliates
and may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion
Agent or Note Registrar, and nothing herein shall obligate any of them to account for any profits earned from any business or transactional
relationship.</FONT></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-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.05</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Monies
to Be Held in Trust.</I> All monies received by the Trustee shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received. Money held by the Trustee in trust or by the Paying Agent hereunder need not be segregated from
other funds except to the extent required by law. Neither the Trustee nor the Paying Agent shall be under any liability for interest
on any money received by it hereunder.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.06</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Compensation
and Expenses of Trustee.</I> The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled
to, compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard
to the compensation of a Trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company (which sum
shall be paid free and clear of deduction and withholding on account of taxation, set off and counterclaim), and the Company will pay
or reimburse the Trustee upon its request for all expenses, disbursements and advances properly incurred or made by the Trustee in accordance
with any of the provisions of this Indenture in any capacity thereunder (including the properly incurred compensation and the expenses
and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or
advance as shall have been caused by its gross negligence or willful misconduct as proven in a final decision in a court of competent
jurisdiction. The Company also covenants to indemnify the Trustee (which for the purposes of this Section&nbsp;7.06 shall be deemed to
include its officers, directors, agents and employees) in any capacity under this Indenture (including, without limitation, as Note Registrar,
Conversion Agent and Paying Agent) and any other document or transaction entered into in connection herewith, and to hold it harmless
against, any loss, claim, damage, liability or expense (whether arising from third party claims or claims by or against the Company)
incurred without gross negligence or willful misconduct on the part of the Trustee, its officers, directors, agents or employees, as
the case may be as proven in a final decision in a court of competent jurisdiction, and arising out of or in connection with the acceptance
or administration of this Indenture or in any other capacity hereunder, including the costs and expenses of defending themselves against
any claim of liability in the premises or enforcing this indemnity. The obligations of the Company under this Section&nbsp;7.06 to compensate
or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim
to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect
of Section&nbsp;6.05 (<I>Application of Monies or Property Collected by Trustee</I>), funds held in trust herewith for the benefit of
the Holders of particular Notes. The Trustee&rsquo;s right to receive payment of any amounts due under this Section&nbsp;7.06 shall not
be subordinate to any other liability or indebtedness of the Company. The indemnity under this Section&nbsp;7.06 is payable upon demand
by the Trustee. The obligation of the Company under this Section&nbsp;7.06 shall survive the satisfaction and discharge of the Notes,
the termination of this Indenture and the resignation or removal or the Trustee. The indemnification provided in this Section&nbsp;7.06
shall extend to the officers, directors, agents and employees of the Trustee. Subject to Section&nbsp;7.02(e)&nbsp;(<I>Reliance on Documents,
Opinions, Etc</I>), any negligence or misconduct of any agent, delegate, attorney or representative, in each case, of the Trustee, shall
not affect indemnification of the Trustee.</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; text-indent: 0.5in">Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents incur expenses or render services after an Event of Default specified
in Section&nbsp;6.01(i)&nbsp;or Section&nbsp;6.01(j)&nbsp;occurs, the expenses and the compensation for the services are</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">intended to constitute expenses of administration under any bankruptcy,
insolvency or similar laws.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.07</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Officers&rsquo;
Certificate as Evidence.</I> Except as otherwise provided in Section&nbsp;7.01 (<I>Duties and Responsibilities of Trustee</I>), whenever
in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by an Officers&rsquo; Certificate delivered to the Trustee, and such
Officers&rsquo; Certificate shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture
upon the faith thereof.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.08</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Eligibility
of Trustee.</I> There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture
Act to act as such and has a combined capital and surplus of at least US$50,000,000. If such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article&nbsp;7.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.09</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Resignation
or Removal of Trustee.</I> (a)&nbsp;The Trustee may at any time resign by giving 60 days written notice of such resignation to the Company
and by sending notice thereof to the Holders at their addresses as they shall appear on the Note Register. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If
no successor trustee shall have been so appointed and have accepted appointment within 60 days after the sending of such notice of resignation
to the Holders, the resigning Trustee may appoint a successor trustee on behalf of and at the expense of the Company or it may, upon
ten Business Days&rsquo; notice to the Company and the Holders, at the expense of the Company petition any court of competent jurisdiction
for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months
may, subject to the provisions of Section&nbsp;6.11 (<I>Undertaking to Pay Costs</I>), on behalf of himself or herself and all others
similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, appoint a successor trustee.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case at any time any of the following shall occur:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall cease to be eligible in accordance with the provisions of Section&nbsp;7.08 (<I>Eligibility of Trustee</I>) and shall fail
to resign after written request therefor by the Company or by any such Holder, or</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be</FONT></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 0pt 1in">appointed, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,</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">then, in either case, the Company may by a Board Resolution remove
the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy
of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions
of Section&nbsp;6.11 (<I>Undertaking to Pay Costs</I>), any Holder who has been a bona fide holder of a Note or Notes for at least six
months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper
and prescribe, remove the Trustee and appoint a successor trustee.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined subject to Section&nbsp;8.04
(<I>Company-Owned Notes Disregarded</I>), may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed
as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case
the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section&nbsp;7.09(a)&nbsp;(<I>Resignation or
Removal of Trustee</I>) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section&nbsp;7.09
(<I>Resignation or Removal of Trustee</I>) shall become effective upon acceptance of appointment by the successor trustee as provided
in Section&nbsp;7.10 (<I>Acceptance by Successor Trustee</I>).</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Acceptance
by Successor Trustee.</I> Any successor trustee appointed as provided in Section&nbsp;7.09 (<I>Resignation or Removal of Trustee</I>)
shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder,
and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like
effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee,
the Trustee ceasing to act shall, upon payment of any amounts then due to it pursuant to the provisions of Section&nbsp;7.06 (<I>Compensation
and Expenses of Trustee</I>), execute and deliver an instrument transferring to such successor trustee all the rights and powers of the
Trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for
more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any Trustee ceasing to act shall,
nevertheless, retain a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such
Trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due to it
pursuant to the provisions of Section&nbsp;7.06 (<I>Compensation and Expenses of Trustee</I>).</FONT></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-indent: 0.5in">No successor trustee shall accept appointment
as provided in this Section&nbsp;7.10 (<I>Acceptance by Successor Trustee</I>) unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section&nbsp;7.08 (<I>Eligibility of Trustee</I>).</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: 0.5in">Upon acceptance of appointment by a successor
trustee as provided in this Section&nbsp;7.10 (<I>Acceptance by Successor Trustee</I>), each of the Company and the successor trustee,
at the written direction and at the expense of the Company shall send or cause to be sent notice of the succession of such Trustee hereunder
to the Holders at their addresses as they shall appear on the Note Register. If the Company fails to send such notice within ten days
after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be sent at the expense 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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Succession
by Merger, Etc.</I> Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any
corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration
of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on
the part of any of the parties hereto; <I>provided</I> that in the case of any corporation or other entity succeeding to all or substantially
all of the corporate trust business of the Trustee such corporation or other entity shall be eligible under the provisions of Section&nbsp;7.08
(<I>Eligibility of Trustee</I>).</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.12</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Trustee&rsquo;s
Application for Instructions from the Company.</I> Any application by the Trustee for written instructions from the Company (other than
with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes
under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee
under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall
not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after
the date specified in such application (which date shall not be less than three Business Days after the date any Officer that the Company
has indicated to the Trustee should receive such application actually receives such application, unless any such Officer shall have consented
in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee
shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be
taken or omitted.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;8<BR>
CONCERNING THE HOLDERS</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Action
by Holders.</I> Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal amount
of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking
of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein
may be evidenced (a)&nbsp;by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or</FONT></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">proxy appointed in writing, or (b)&nbsp;by the record of the Holders
voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article&nbsp;9 (<I>Holders&rsquo;
Meetings</I>), or (c)&nbsp;by a combination of such instrument or instruments and any such record of such a meeting of Holders. Whenever
the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may fix, but shall
not be required to, in advance of such solicitation, a date as the record date for determining Holders entitled to take such action.
The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Proof
of Execution by Holders.</I> Subject to the provisions of Section&nbsp;7.01 (<I>Duties and Responsibilities of Trustee</I>), Section&nbsp;7.02
(<I>Reliance on Documents, Opinions, Etc.</I>) and Section&nbsp;9.05 (<I>Regulations</I>), proof of the execution of any instrument by
a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules&nbsp;and regulations as may be prescribed
by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or
by a certificate of the Note Registrar. The record of any Holders&rsquo; meeting shall be proved in the manner provided in Section&nbsp;9.06
(<I>Voting</I>).</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.03</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Who
Are Deemed Absolute Owners.</I> The Company, the Trustee, any Paying Agent, any Conversion Agent and any Note Registrar may deem the
Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether
or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than
the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal of and (subject to Section&nbsp;2.03
(<I>Date and Denomination of Notes; Payments of Interest and Defaulted Amounts</I>)) accrued and unpaid interest on such Note, for the
purpose of conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion
Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments or deliveries so made to any Holder for
the time being, or upon its order, shall be valid, and, to the extent of the sums or ADSs so paid or delivered, effectual to satisfy
and discharge the liability for monies payable or ADSs deliverable upon any such Note. Notwithstanding anything to the contrary in this
Indenture or the Notes following an Event of Default, any Holder of a beneficial interest in a Global Note may directly enforce against
the Company, without the consent, solicitation, proxy, authorization or any other action of the Common Depositary or any other Person,
such Holder&rsquo;s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this
Indenture.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.04</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Company-Owned
Notes Disregarded.</I> In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any
direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary or by any Affiliate
of the Company or any Subsidiary shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided
that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other
action only Notes in respect of which a Responsible Officer is notified in writing shall be so disregarded. Notwithstanding the foregoing,
Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section&nbsp;8.04 (<I>Company-Owned
Notes Disregarded</I>) if the pledgee shall establish its right to so act with</FONT></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">respect to such Notes and that the pledgee is not the Company, a Subsidiary
or an Affiliate of the Company or a Subsidiary. Within five days of acquisition of the Notes by any of the above described Persons or
at the request of the Trustee, the Company shall furnish to the Trustee promptly an Officers&rsquo; Certificate listing and identifying
all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject
to Section&nbsp;7.01 (<I>Duties and Responsibilities of Trustee</I>), the Trustee shall be entitled to accept such Officers&rsquo; Certificate
as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose
of any such determination.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.05</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Revocation
of Consents; Future Holders Bound.</I> At any time prior to (but not after) the evidencing to the Trustee, as provided in Section&nbsp;8.01
(<I>Action by Holders</I>), of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes
specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be included in the
Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office
and upon proof of holding as provided in Section&nbsp;8.02 (<I>Proof of Execution by Holders</I>), revoke such action so far as concerns
such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and
upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of
transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution
therefor or upon registration of transfer thereof.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;9<BR>
HOLDERS&rsquo; MEETINGS</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Purpose
of Meetings.</I> A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this Article&nbsp;9
for any of the following purposes:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to consent
to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or
to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article&nbsp;6 (<I>Defaults and Remedies</I>);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article&nbsp;7 (<I>Concerning the Trustee</I>);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section&nbsp;10.02 (<I>Supplemental
Indentures with Consent of Holders</I>); or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Notes
under any other provision of this Indenture or under applicable law.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Call
of Meetings by Trustee.</I> The Trustee may (in its sole discretion and without obligation) at any time call a meeting of Holders to
take any action specified in Section&nbsp;9.01 (<I>Purpose of Meetings</I>), to be held at such time and at such place as the Trustee
shall</FONT></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">determine. Notice of every meeting of the Holders, setting forth the
time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any
record date pursuant to Section&nbsp;8.01 (<I>Action by Holders</I>), shall be sent to Holders of such Notes at their addresses as they
shall appear on the Note Register. Such notice shall also be sent to the Company. Such notices shall be sent not less than 20 nor more
than 90 days prior to the date fixed for the meeting.</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: 0.5in">Any meeting of Holders shall be valid without
notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting
by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives
or have, before or after the meeting, waived notice.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.03</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Call
of Meetings by Company or Holders.</I> In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10%
of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written
request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have sent the notice
of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for
such meeting and may call such meeting to take any action authorized in Section&nbsp;9.01 (<I>Purpose of Meetings</I>), by sending notice
thereof as provided in Section&nbsp;9.02 (<I>Call of Meetings by Trustee</I>).</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.04</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Qualifications
for Voting.</I> To be entitled to vote at any meeting of Holders a Person shall (a)&nbsp;be a Holder of one or more Notes on the record
date pertaining to such meeting or (b)&nbsp;be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes
on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders
shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.05</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Regulations.
</I>Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and
such other matters concerning the conduct of the meeting as it shall think fit.</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; text-indent: 0.5in">The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section&nbsp;9.03
(<I>Call of Meetings by Company or Holders</I>), in which case the Company or the Holders calling the meeting, as the case may be, shall
in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of
the Holders of a majority in principal amount of the Notes represented at the meeting and entitled to vote at the meeting.</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: 0.5in">Subject to the provisions of Section&nbsp;8.04
(<I>Company-Owned Notes Disregarded</I>), at any meeting of Holders each Holder or proxy-holder shall be entitled to one vote for each
US$1,000</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">principal amount of Notes held or represented by him or her; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman
of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it
or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of Holders duly
called pursuant to the provisions of Section&nbsp;9.02 (<I>Call of Meetings by Trustee</I>) or Section&nbsp;9.03(<I>Call of Meetings
by Company or Holders</I>) may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes
represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.</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: 0.5in">Minutes shall be made of all resolutions and proceedings
at every meeting and, if purporting to be signed by the chairman of that meeting or of the next succeeding meeting of Holders of the
Notes, shall be conclusive evidence of the matters in them. Until the contrary is proved every meeting for which minutes have been so
made and signed shall be deemed to have been duly convened and held and all resolutions passed or proceedings transacted at it to have
been duly passed and transacted.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.06</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Voting.
</I>The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures
of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of
the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that
said notice was sent as provided in Section&nbsp;9.02 (<I>Call of Meetings by Trustee</I>). The record shall show the aggregate principal
amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.</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; text-indent: 0.5in">Any record so signed and verified shall be conclusive
evidence of the matters therein stated.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.07</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Delay of Rights by Meeting.</I> Nothing contained in this Article&nbsp;9 shall be deemed or construed to authorize or permit, by reason
of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay
in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this
Indenture or of the Notes.</FONT></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: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;10<BR>
SUPPLEMENTAL INDENTURES</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Supplemental
Indentures Without Consent of Holders.</I> The Company, when authorized by the resolutions of the Board of Directors, and the Trustee,
at the Company&rsquo;s expense and direction, may from time to time and at any time enter into an indenture or indentures supplemental
hereto for one or more of the following purposes:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
cure any ambiguity, omission, inconsistency or correct or supplement any defective provision contained in this Indenture or the Notes
in a manner that does not adversely affect the rights of any Holder;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
provide for the assumption by a Successor Company of the obligations of the Company under this Indenture and the Notes pursuant to Article&nbsp;11
(<I>Consolidation, Merger, Sale, Conveyance and Lease</I>);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
add guarantees with respect to the Notes;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
otherwise secure the Notes;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
add to the covenants or Events of Defaults of the Company for the benefit of the Holders or surrender any right or power conferred upon
the Company;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
the occurrence of any transaction or event described in Section&nbsp;13.08(a)&nbsp;(<I>Effect of Recapitalizations, Reclassifications
and Changes of the Ordinary Shares</I>), to</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">provide
that the Notes are convertible into Reference Property, subject to Section&nbsp;13.08 (<I>Effect of Recapitalizations, Reclassifications
and Changes of the Ordinary Shares</I>), and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">effect
the related changes to the terms of the Notes described under Section&nbsp;13.08(a), in each case, in accordance with Section&nbsp;13.08
(<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares</I>);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
evidence and provide for the assumption by a successor trustee of the obligations of the Trustee under this Indenture pursuant to Article&nbsp;7
(<I>Concerning the Trustee</I>);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
effect any change to this Indenture in a manner necessary to comply with the procedures of Euroclear or Clearstream; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
make any other changes to this Indenture that do not adversely affect the interests of any Holder.</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; text-indent: 0.5in">Upon the written request of the Company, the Trustee
is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not</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">be obligated to, but may in its discretion, enter into any supplemental
indenture that affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise.</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: 0.5in">Any supplemental indenture authorized by the provisions
of this Section&nbsp;10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the
time outstanding, notwithstanding any of the provisions of Section&nbsp;10.02 (<I>Supplemental Indentures with Consent of Holders</I>).</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Supplemental
Indentures with Consent of Holders.</I> With the consent (evidenced as provided in Article&nbsp;8 (<I>Concerning the Holders</I>)) of
the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article&nbsp;8
(<I>Concerning the Holders</I>) and including, without limitation, consents obtained in connection with a repurchase of, or tender or
exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors, and the Trustee, at the Company&rsquo;s
expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying
in any manner the rights of the Holders; <I>provided, however</I>, that, without the consent of each Holder of an outstanding Note affected,
no such supplemental indenture shall:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">change
the percentage in aggregate principal amount of then outstanding Notes whose Holders must consent to a modification or amendment or to
waive any past Default or Event of Default;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">alter
the manner of calculation or rate of accrual of interest on any Note or change the time of payment of any installment of interest on
any Note;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the principal amount with respect to any of the Notes or change the Maturity Date of any Note;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any change that adversely affects the conversion rights of any Notes, including by modifying any of the notice provisions;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the Tax Redemption Price, the Repurchase Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner
adverse to the Holders the Company&rsquo;s obligation to make such payments, whether through an amendment or waiver of provisions in
the covenants, definitions or otherwise;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any Note payable in a currency or securities other than that stated in the Notes;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">change
the ranking of the Notes;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">impair
the right of any Holder to receive payment of principal and interest on such Holder&rsquo;s Notes on or after the due dates therefor
(including the Tax Redemption Price, the Repurchase Price, and the Fundamental Change Repurchase Price, if applicable) or to institute
suit for the enforcement of any payment on or with respect to such Holder&rsquo;s Note or with respect to the conversion of any Note;
or</FONT></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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">change
the Company&rsquo;s obligation to pay Additional Amounts on any Note;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">change
any terms and conditions in Article&nbsp;15 (Repurchase of Notes at Option of Holders) or Article&nbsp;16 (Redemption at the Option of
the Company);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any change in this Article&nbsp;10 that requires each Holder&rsquo;s consent or in the waiver provisions in Section&nbsp;6.02 (<I>Acceleration;
Rescission and Annulment</I>) or Section&nbsp;6.09 (<I>Direction of Proceedings and Waiver of Defaults by Majority of Holders</I>) or
change the percentage in aggregate principal amount of outstanding Notes necessary to amend this Indenture under this Article&nbsp;10
or in the waiver provisions in Section&nbsp;6.02 (<I>Acceleration; Rescission and Annulment</I>) or Section&nbsp;6.09 (<I>Direction of
Proceedings and Waiver of Defaults by Majority of Holders</I>).</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; text-indent: 0.5in">Upon the written request of the Company, and upon
the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section&nbsp;10.05 (<I>Evidence of Compliance
of Supplemental Indenture to Be Furnished Trustee</I>), the Trustee shall join with the Company in the execution of such supplemental
indenture unless (i)&nbsp;the Trustee has not received an Officers&rsquo; Certificate and Opinion of Counsel as contemplated by Section&nbsp;10.05
or (ii)&nbsp;such supplemental indenture affects the Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.</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: 0.5in">Holders do not need under this Section&nbsp;10.02
to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the substance thereof.
After any supplemental indenture becomes effective under Section&nbsp;10.01 (<I>Supplemental Indentures Without Consent of Holders</I>)
or this Section&nbsp;10.02, the Company shall send or cause to be sent to the Holders a notice briefly describing such supplemental indenture.
However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the
supplemental indenture.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.03</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effect
of Supplemental Indentures.</I> Upon the execution of any supplemental indenture pursuant to the provisions of this Article&nbsp;10,
this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders shall thereafter be determined, exercised
and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.04</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notation
on Notes.</I> Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this
Article&nbsp;10 may, at the Company&rsquo;s expense, bear a notation as to any matter provided for in such supplemental indenture. If
the Company shall so determine, new Notes so modified as to conform, in the opinion of the Board of Directors, to any modification of
this Indenture contained in any such supplemental indenture may, at the Company&rsquo;s expense, be prepared and executed by the</FONT></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">Company, authenticated by the Note Registrar upon receipt of a Company
Order and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.05</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Evidence
of Compliance of Supplemental Indenture to Be Furnished Trustee.</I> In addition to the documents required by Section&nbsp;17.06 (<I>Evidence
of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee</I>), the Trustee shall receive an Officers&rsquo;
Certificate and an Opinion of Counsel each stating and as conclusive evidence that any supplemental indenture executed pursuant hereto
complies with the requirements of this Article&nbsp;10 and is permitted or authorized by this Indenture and is not contrary to law and,
with respect to such Opinion of Counsel, that such supplemental indenture is the legal, valid and binding obligation of the Company,
enforceable against it in accordance with its terms, subject to customary exceptions.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;11<BR>
CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Company
May&nbsp;Consolidate, Etc. on Certain Terms.</I> Subject to the provisions of Section&nbsp;11.02 (<I>Successor Corporation to Be Substituted</I>),
the Company shall not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially
all of its properties and assets to another Person other than to one or more of the wholly-owned Subsidiaries of the Company, unless:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
resulting, surviving or transferee Person or the Person which acquires by conveyance, transfer, lease or other disposition all or substantially
all of the Company&rsquo;s properties and assets (the &ldquo;<B>Successor Company</B>&rdquo;), if not the Company, shall be a corporation,
company, limited liability company, partnership, trust or other business entity organized and existing under the laws of the United States
of America, any State thereof, the District of Columbia, the Cayman Islands, the British Virgin Islands, Bermuda or Hong Kong, and the
Successor Company (if not the Company) shall expressly assume, by a supplemental indenture all of the obligations of the Company under
the Notes and this Indenture (including, for the avoidance of doubt, the obligation to pay Additional Amounts pursuant to Section&nbsp;4.07
(<I>Additional Amounts</I>));</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company shall have undertaken commercially reasonable efforts to restructure the Notes so that, after any such transaction is given effect,
any conversion of the Notes will be exempt from the registration requirements of the Securities Act pursuant to Section&nbsp;3(a)(9)&nbsp;thereof;
and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if,
upon the occurrence of any such transaction, (x)&nbsp;the Notes would become convertible pursuant to the terms of this Indenture into
securities issued by an issuer other than the Successor Company, and (y)&nbsp;the Successor Company is a wholly-owned Subsidiary of the
issuer of such securities into which the Notes have become convertible, such other issuer shall fully and unconditionally guarantee on
a senior basis the Successor Company&rsquo;s obligations under this Indenture and the Notes.</FONT></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-indent: 0.5in">For purposes of this Section&nbsp;11.01 (<I>Company
May&nbsp;Consolidate, Etc. on Certain Terms</I>), the sale, conveyance, transfer, lease or disposition of all or substantially all of
the properties and assets of one or more Subsidiaries of the Company to another Person, which properties and assets, if held by the Company
instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated
basis, shall be deemed to be the sale, conveyance, transfer, lease or disposition of all or substantially all of the properties and assets
of the Company to another Person.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Successor
Corporation to Be Substituted.</I> In case of any such consolidation, merger, sale, conveyance, transfer, lease or disposition and upon
the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to
the Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes (including, for
the avoidance of doubt, any Additional Amounts), the due and punctual delivery or payment, as the case may be, of any consideration due
upon conversion of the Notes (including, for the avoidance of doubt, any Additional Amounts) and the due and punctual performance of
all of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall
succeed to and, except in the case of a lease of all or substantially all of the Company&rsquo;s properties and assets, shall be substituted
for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor Company thereupon
may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company
instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Note Registrar shall
authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered
by the Officers of the Company to the Note Registrar for authentication, and any Notes that such Successor Company thereafter shall cause
to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and
benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all
of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance,
transfer or disposition (but not in the case of a lease), upon compliance with this Article&nbsp;11(<I>Consolidation, Merger, Sale, Conveyance
and Lease</I>) the Person named as the &ldquo;Company&rdquo; in the first paragraph of this Indenture (or any successor that shall thereafter
have become such in the manner prescribed in this Article&nbsp;11 (<I>Consolidation, Merger, Sale, Conveyance and Lease</I>)) may be
dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its
liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes.</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; text-indent: 0.5in">In case of any such consolidation, merger, sale,
conveyance, transfer, lease or disposition, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;11.03</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Opinion
of Counsel to Be Given to Trustee.</I> If the Company is not the Successor Company, no consolidation, merger, sale, conveyance, transfer,
lease or other disposition shall be effective unless the Company shall deliver to the Trustee an Officers&rsquo; Certificate and an Opinion
of Counsel each stating and as conclusive evidence that any such</FONT></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">consolidation, merger, sale, conveyance, transfer, lease or disposition
and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture,
complies with the provisions of this Article&nbsp;11, that all conditions precedent thereto have been satisfied and that the Notes and
such supplemental indenture are the legal, valid and binding obligation of the Successor Company, enforceable against it in accordance
with its terms, subject to customary exceptions.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;12<BR>
IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;12.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Indenture
and Notes Solely Corporate Obligations.</I> No recourse for the payment of the principal of or accrued and unpaid interest on any Note,
nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement
of the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, shareholder, stockholder, employee, agent, Officer or director or Subsidiary, as such,
past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation,
whether by virtue of any constitution, statute or rule&nbsp;of law, or by the enforcement of any assessment or penalty or otherwise;
it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration
for, the execution of this Indenture and the issue of the Notes.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;13<BR>
CONVERSION OF NOTES</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Conversion
Privilege.</I> Subject to and upon compliance with the provisions of this Article&nbsp;13 (<I>Conversion of Notes</I>), each Holder shall
have the right, at such Holder&rsquo;s option, to convert all or any portion of the Notes held by it (if the portion to be converted
is in denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof) at any time during the Conversion
Period at the Conversion Rate (subject to, and in accordance with, the settlement provisions of Section&nbsp;13.02 (<I>Conversion Procedure;
Settlement Upon Conversion</I>), the &ldquo;<B>Conversion Obligation</B>&rdquo;). The right of a Holder to convert the Notes in accordance
with the settlement provisions of Section&nbsp;13.02 (<I>Conversion Procedure; Settlement Upon Conversion</I>) is called the &ldquo;<B>Conversion
Right</B>.&rdquo;</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; text-indent: 0.5in">The conversion price shall be US$24.50 (the &ldquo;<B>Conversion
Price</B>&rdquo;) per ADS, representing an initial conversion rate of 40.8163 ADSs (subject to the adjustments as provided in this Article&nbsp;13
(<I>Conversion of Notes</I>), the &ldquo;<B>Conversion Rate</B>&rdquo;) per US$1,000 principal amount of the Notes.</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: 0.5in">Subject to and upon compliance with the provisions
of this Article&nbsp;13 (<I>Conversion of Notes</I>), the Conversion Right attaching to any Notes may be exercised, at the option of
the Holder thereof, at any time prior to the close of business of the third Scheduled Trading Day (or the fifth Scheduled Trading Day,
if the converting Holder elects to receive Ordinary Shares in lieu of any ADSs under Section&nbsp;13.02(j)(<I>Conversion Procedure; Settlement
Upon Conversion</I>)) immediately preceding the Maturity Date (the &ldquo;<B>Conversion Period</B>&rdquo;).</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-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Conversion
Procedure; Settlement Upon Conversion</I></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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to this Section&nbsp;13.02, Section&nbsp;13.04 (<I>Increased Conversion Rate Applicable to Certain Notes delivered in connection with
Forced Conversion, Make-Whole Fundamental Change and Tax Redemption</I>) and Section&nbsp;13.07 (<I>Effect of Recapitalizations, Reclassifications
and Changes of the Ordinary Shares</I>), the Company shall cause to be delivered to the converting Holder, in respect of each US$1,000
principal amount of Notes being converted, a number of ADSs equal to the Conversion Rate (or Ordinary Shares, if the converting Holder
elects to receive Ordinary Shares in lieu of any ADSs under Section&nbsp;13.02(j)(<I>Conversion Procedure; Settlement Upon Conversion</I>)),
together with a cash payment, if applicable, in lieu of any fractional Conversion Securities in accordance with Section&nbsp;13.02(k)&nbsp;(<I>Conversion
Procedure; Settlement Upon Conversion</I>), on the third Business Day (or the fifth Business Day, if the converting Holder elects to
receive Ordinary Shares in lieu of any ADSs under Section&nbsp;13.02(j)(<I>Conversion Procedure; Settlement Upon Conversion</I>)), immediately
following the relevant Conversion Date.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Before
any Holder shall be entitled to convert a Note as set forth above, such Holder shall:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of a Global Note, (1)&nbsp;comply with the rules&nbsp;and procedures of Euroclear and/or Clearstream and the ADS Depositary
in effect at that time to convert such Note (for the avoidance of doubt, including, in the case of a Restricted Security, delivering
the notice included as Attachment 7 to the Form&nbsp;of Note attached hereto as Exhibit&nbsp;A), (2)&nbsp;manually sign and deliver a
duly completed notice to the Conversion Agent as set forth in the Form&nbsp;of Conversion Notice (or a facsimile thereof) (a &ldquo;<B>Conversion
Notice</B>&rdquo;) and, (3)&nbsp;if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder
is not entitled as set forth in Section&nbsp;13.02(h)&nbsp;(<I>Conversion Procedure; Settlement Upon Conversion</I>)), and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of a Physical Note (1)&nbsp;complete, manually sign and deliver a duly completed Conversion Notice, including, if applicable,
such Holder&rsquo;s election to receive Ordinary Shares in lieu of any ADSs deliverable upon conversion and, if it elects to receive
the Ordinary Shares through CCASS after the restrictive legend on the Note has been removed, to be delivered to the designated Hong Kong
stock account of such Holder in CCASS; (2)&nbsp;manually sign the Conversion Notice on the back of the Note; (3)&nbsp;deliver the duly
completed Conversion Notice, which is irrevocable, to the Conversion Agent and the Company; (4)&nbsp;if required, furnish appropriate
endorsements and transfer documents; (5)&nbsp;if required, pay funds equal to interest payable on the next Interest Payment Date to which
such Holder is not entitled; and (6)&nbsp;if required, pay any applicable transfer or similar taxes as described immediately below.</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 0pt 0.5in">The Company will pay any documentary, stamp, issue, transfer
or similar tax due on the delivery of the ADSs upon conversion of the Notes (or the issuance of the Ordinary Shares underlying, or in
lieu of, such ADSs), unless the tax is due because the Holder requests such ADSs (or the Ordinary Shares) to be issued in a name other
than the Holder&rsquo;s name, in which case the Holder shall pay the tax. The Company will also pay:</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 0pt 0.5in">(i)&nbsp;the ADS Depositary&rsquo;s fees for issuance of
the ADSs, (ii)&nbsp;all other expenses arising from the issue and listing of Ordinary Shares to be delivered in lieu of ADSs upon conversion
and all the charges of the Hong Kong share registrar in connection with this Indenture.</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 0pt 0.5in">No Conversion Notice with respect to any Notes may be delivered,
and no Notes may be surrendered for conversion, by a Holder thereof if such Holder has also delivered a Repurchase Notice or Fundamental
Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Repurchase Notice or Fundamental
Change Repurchase Notice, as the case may be, in accordance with Section&nbsp;15.01 (<I>Repurchase at Option of Holders</I>) or 15.03
(<I>Withdrawal of Repurchase Notice or Fundamental Change Repurchase Notice</I>), as the case may be. Any Conversion Notice shall be
deposited in duplicate at the office of any Conversion Agent on any Business Day from 9:00 a.m.&nbsp;to 3:00 p.m.&nbsp;at the location
of the Conversion Agent to which such Conversion Notice is delivered. Any Conversion Notice and any Physical Note (if issued) deposited
outside the hours specified or on a day that is not a Business Day at the location of the Conversion Agent shall for all purposes be
deemed to have been deposited with that Conversion Agent between 9:00 a.m.&nbsp;and 3:00 p.m.&nbsp;on the next Business Day.</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 0pt 0.5in">If more than one Note shall be surrendered for conversion
at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate
principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
Note shall be deemed to have been converted immediately prior to the close of business on the date (the &ldquo;<B>Conversion Date</B>&rdquo;)
that the Holder has complied with the requirements set forth in subsection (b)&nbsp;above. If any ADSs are due to a converting Holder,
the Company shall issue or cause to be issued, and deliver to such Holder, or such Holder&rsquo;s nominee or nominees, a book-entry transfer
through The Depository Trust Company for the full number of whole ADSs to which such Holder shall be entitled in satisfaction of the
Company&rsquo;s Conversion Obligation.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case any Physical Note shall be surrendered for partial conversion, the Company shall execute and instruct the Note Registrar who shall
authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations
in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service charge by the
converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar
issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the
name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered
for such conversion.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">[<I>Reserved</I>].</FONT></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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as provided in Section&nbsp;13.05 (<I>Adjustment of Conversion Rate</I>), no adjustment shall be made for dividends on any ADSs delivered
upon the conversion of any Note as provided in this Article&nbsp;13 (<I>Conversion of Notes</I>).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the conversion of an interest in a Global Note, the Trustee shall make a notation on such Global Note as to the reduction in the principal
amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion
Agent other than the Trustee.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below.
The Company&rsquo;s settlement of the Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount
of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid
interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished
or forfeited. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date but before the
open of business on the Interest Payment Date corresponding to such Regular Record Date, Holders of such Notes as of the close of business
on such Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date
notwithstanding the conversion. However, Notes surrendered for conversion during the period after the close of business on any Regular
Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by an amount of funds equal
to the amount of interest payable on the Notes so converted; <I>provided</I> that no such payment shall be required (1)&nbsp;for conversions
following the Regular Record Date immediately preceding the Maturity Date; (2)&nbsp;if the Company has delivered a Tax Redemption Notice
pursuant to Article&nbsp;16 (<I>Redemption only for Taxation Reasons</I>) and has specified therein a Tax Redemption Date that is after
a Regular Record Date and on or prior to the second Business Day immediately following the corresponding Interest Payment Date; (3)&nbsp;if
the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the third Business
Day immediately following the corresponding Interest Payment Date; or (4)&nbsp;to the extent of any Defaulted Amounts, if any Defaulted
Amounts exist at the time of conversion with respect to such Note. For the avoidance of doubt, Holders on the Regular Record Date immediately
preceding the Maturity Date, any Fundamental Change Repurchase Date or Tax Redemption Date, in each case, will receive the full interest
payment due on such Notes on the Maturity Date or other applicable Interest Payment Date in cash, regardless of whether such Notes have
been converted following such Regular Record Date.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Person in whose name any Conversion Securities shall be issuable upon conversion shall be treated as a holder of record of such Conversion
Securities as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer be a
Holder of such Notes surrendered for conversion.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
converting Holder may elect to receive Ordinary Shares in the Company&rsquo;s register of members (in the case of Ordinary Shares registered
in the Cayman</FONT></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 0pt 0.5in">Islands) or Ordinary Shares in the Company&rsquo;s Hong
Kong branch share register of members (in the case of Ordinary Shares registered in Hong Kong) in lieu of any ADSs deliverable upon conversion
by specifying in the relevant Conversion Notice such election; provided that such election shall apply to all (but not part) of the Conversion
Securities deliverable upon conversion. If a converting Holder elects to receive Ordinary Shares in lieu of any ADSs deliverable upon
conversion, the Company will register in the Cayman share register or Hong Kong branch share register, as the case may be, the person
or persons designated in the Conversion Notice as holder(s)&nbsp;of such number of Ordinary Shares equal to (i)&nbsp;the number of ADSs
deliverable upon conversion under Section&nbsp;13.01 (<I>Conversion Privilege</I>) and Section&nbsp;13.02(a)&nbsp;(<I>Conversion Procedure;
Settlement Upon Conversion</I>) (without taking into account any fractional ADS) multiplied by (ii)&nbsp;the number of Ordinary Shares
then represented by one ADS as of the Conversion Date. If a converting Holder has requested in the Conversion Notice, to the extent permitted
under applicable law and the rules&nbsp;and procedures of CCASS (in the case of Ordinary Shares registered in the Hong Kong branch register
of members), the Company will take all necessary action to enable the Ordinary Shares registered in the Hong Kong branch register of
members to be delivered to the designated Hong Kong stock account in CCASS of such converting Holder for so long as the Ordinary Shares
are listed on the Hong Kong Stock Exchange; provided that, if a converting Holder elects to receive Ordinary Shares outside of CCASS
or if the restrictive legend on the Notes has not been removed prior to conversion, the Company will make a share certificate or certificates
representing such number of Ordinary Shares available for collection at the office of the Hong Kong share registrar or, if so requested
in the relevant Conversion Notice, cause the Hong Kong share registrar to mail (at the risk, and, if sent at the converting Holder&rsquo;s
request otherwise than by ordinary mail, at the expense, of the person to whom such certificate or certificates are sent) such certificate
or certificates to the person and at the place specified in the Conversion Notice.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Regardless
of whether a Holder elects to receive Ordinary Shares in lieu of any ADSs deliverable upon conversion, the Company will not issue any
fractional Conversion Securities upon conversion of the Notes and will instead pay cash in lieu of delivering any fractional Conversion
Securities issuable upon conversion based on the Daily VWAP for the relevant Conversion Date.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
conversion will be deemed to have been effected as to any Notes surrendered for conversion on the Conversion Date, and the person in
whose name the ADSs (or Ordinary Shares in lieu thereof) shall be deliverable upon such conversion will be entitled to participate in
any distribution or other transaction relating to the ADSs (or Ordinary Shares) as though such person were the holder of record of such
ADSs (or Ordinary Shares) as of the close of business on the Conversion Date.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.03</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Forced
Conversion.</I></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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
(i)&nbsp;the Daily VWAP per ADS (or, if the ADSs are no longer traded on The NASDAQ Global Market, of the Ordinary Shares) exceeds two
hundred percent (200%) of the Conversion Price (the relevant &ldquo;<B>Agreed Threshold</B>&rdquo;) on any twenty (20) Trading Days (whether
or not consecutive) during any thirty (30) consecutive Trading</FONT></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 0pt 0.5in">Day period beginning on or after the third (3<SUP>rd</SUP>)
anniversary of the date of this Indenture (such thirty (30) consecutive Trading Day period being the relevant &ldquo;<B>Forced Conversion
Qualification Period</B>&rdquo;), (ii)&nbsp;the Daily VWAP per ADS (or, if the ADSs are no longer traded on The NASDAQ Global Market,
of the Ordinary Shares) for each of the last five (5)&nbsp;consecutive Trading Days during the Forced Conversion Qualification Period
is not lower than the Agreed Threshold, and (iii)&nbsp;the aggregate average daily dollar trading volume (as reported on Bloomberg) of
(x)&nbsp;the ADSs on The NASDAQ Global Market and (y)&nbsp;the Ordinary Shares on the Hong Kong Stock Exchange during such Forced Conversion
Qualification Period is, in the aggregate of (x)&nbsp;and (y)&nbsp;(any amount not expressed in U.S. Dollars shall be converted into
U.S. Dollars by using the average of the applicable exchange rate reported on Bloomberg FX Fixings page&nbsp; (or, if such page&nbsp;is
not available, its equivalent successor page) at 5:00 pm New York time on each Trading Day during such Forced Conversion Qualification
Period), at least US$30.0 million, then, the Company shall have the right (but not the obligation), by providing written notice, to force
the conversion of any Notes which remain outstanding on the Conversion Date (subject to the immediately following sentence) into Conversion
Securities at the then applicable Conversion Rate (the &ldquo;<B>Forced Conversion Notice</B>&rdquo; and, the conversion of Notes pursuant
to this Section&nbsp;13.03(a), the &ldquo;<B>Forced Conversion</B>&rdquo;). The Conversion Date with respect to any such Forced Conversion
will be a date specified by the Company in the Forced Conversion Notice to the Holders, which shall be a Business Day that is no less
than 10 Business Days and no more than 30 Business Days after the date of the Forced Conversion Notice (the &ldquo;<B>Forced Conversion
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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
Forced Conversion will have the same effect as a conversion of the applicable outstanding principal amount of the Notes effected at the
Holder&rsquo;s election pursuant to Article&nbsp;13 (<I>Conversion of Notes</I>) with a Conversion Date occurring on the Forced Conversion
Date. No Holders will be required to deliver a Conversion Notice, provided any Holder may notify the Company, the ADS Depositary and
the Conversion Agent in writing substantially in the form of Attachment 4 to the Form&nbsp;of Note attached hereto as Exhibit&nbsp;A
no later than five (5)&nbsp;Business Days before the Conversion Date specified in the Forced Conversion Notice of its election to receive
Ordinary Shares in lieu of any ADSs deliverable upon such Forced Conversion.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the avoidance of doubt, the Company&rsquo;s right to effect a Forced Conversion is subject to the Holders&rsquo; right to convert the
Notes at any time prior to the close of business on the second Business Day preceding the Forced Conversion Date pursuant to Article&nbsp;13
hereof.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.04</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Increased
Conversion Rate Applicable to Certain Notes Surrendered in Connection with Forced Conversion, Make-Whole Fundamental Change and Tax Redemption.
</I>(a)&nbsp;If (i)&nbsp;the Company delivers a Forced Conversion Notice, (ii)&nbsp;a Make-Whole Fundamental Change occurs prior to,
and including, the third Scheduled Trading Day (or the fifth Scheduled Trading Day, if the converting Holder elects to receive Ordinary
Shares in lieu of any ADSs under Section&nbsp;13.02(j)(<I>Conversion Procedure; Settlement Upon Conversion</I>)) prior to the Maturity
Date and a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, or (iii)&nbsp;the Company delivers
a Tax Redemption Notice and a Holder elects to convert its Notes in connection with such Tax Redemption, as the case may be, the</FONT></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">Company shall, under the circumstances described below, increase the
Conversion Rate for the Notes so surrendered for conversion by a number of additional ADSs (the &ldquo;<B>Additional ADSs</B>&rdquo;),
as set forth below. The Forced Conversion by the Company shall automatically be deemed &ldquo;in connection with&rdquo; a Forced Conversion.
In addition, a conversion of Notes shall be deemed for these purposes to be &ldquo;in connection with&rdquo; a Forced Conversion if a
Holder&rsquo;s Conversion Notice is received by the Conversion Agent from, and including, the date the Company delivers a Forced Conversion
Notice to, and including, the second Business Day immediately prior to the related Forced Conversion Date. A conversion of Notes shall
be deemed for these purposes to be &ldquo;in connection with&rdquo; such Make-Whole Fundamental Change if the relevant Conversion Notice
is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including,
the close of business on the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole
Fundamental Change that would have been a Fundamental Change but for the <I>proviso</I> in clause (b)&nbsp;of the definition thereof,
the 35th Business Day immediately following the Effective Date of such Make-Whole Fundamental Change). A conversion of Notes shall be
deemed for these purposes to be &ldquo;in connection with&rdquo; a Tax Redemption if the relevant Conversion Notice is received by the
Conversion Agent from, and including, the date the Company delivers a Tax Redemption Notice to, and including, the second Business Day
immediately prior to the related Tax Redemption Date. The Company shall provide written notification to Holders, the Trustee and the
Conversion Agent of the Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective Date
no later than five Business Days after such Effective Date.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
surrender of Notes for conversion in connection with a Forced Conversion, a Make-Whole Fundamental Change or Tax Redemption, the Company
shall cause to be delivered ADSs, including the Additional ADSs, in accordance with Section&nbsp;13.02 (<I>Conversion Procedure; Settlement
Upon Conversion</I>); <I>provided, however,</I> that if, at the effective time of a Make-Whole Fundamental Change described in clause
(b)&nbsp;of the definition of Fundamental Change, the Reference Property following such Make-Whole Fundamental Change is composed entirely
of cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation will
be calculated based solely on the ADS Price for the transaction and shall be deemed to be an amount of cash per US$1,000 principal amount
of converted Notes equal to the Conversion Rate (including any adjustment for Additional ADSs), multiplied by such ADS Price.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
number of Additional ADSs, if any, by which the Conversion Rate will be increased will be determined by reference to the table below,
based on (i)&nbsp;in the case of a Forced Conversion, the date on which the Company delivers a Forced Conversion Notice, or in the case
of a Make-Whole Fundamental Change, the date on which the Make-Whole Fundamental Change occurs or becomes effective or, in the case of
a Tax Redemption, the date on which the Company delivers a Tax Redemption Notice (in each case, the &ldquo;<B>Effective Date</B>&rdquo;)
and (ii)&nbsp;in the case of a Forced Conversion, the average of the Daily VWAP per ADS over the Forced Conversion Qualification Period,
or in the case of a Make-Whole Fundamental Change, the price paid (or deemed to be paid) per ADS in the Make-Whole Fundamental Change
or, in the case of a Tax Redemption, the average of the Last Reported Sale Prices of the ADSs over the ten</FONT></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 0pt 0.5in">Trading Day period ending on, and including, the Trading
Day immediately preceding the date the Company delivers such Tax Redemption Notice (in each case, the &ldquo;<B>ADS Price</B>&rdquo;).
If the holders of the ADSs receive in exchange for their ADSs only cash in a Make-Whole Fundamental Change described in clause (b)&nbsp;of
the definition of Fundamental Change, the ADS Price will be the cash amount paid per ADS. Otherwise, the ADS Price will be the average
of the Last Reported Sale Prices of the ADSs over the ten Trading Day period ending on, and including, the Trading Day immediately preceding
the Effective Date of the Make-Whole Fundamental Change.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
ADS Prices set forth in the column headings of the table below will be adjusted as of any date on which the Conversion Rate of the Notes
is otherwise adjusted. The adjusted ADS Prices shall equal the ADS Prices applicable immediately prior to such adjustment, <I>multiplied
</I>by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the ADS Price adjustment
and the denominator of which is the Conversion Rate as so adjusted. The number of Additional ADSs set forth in the table below will be
adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section&nbsp;13.05 (<I>Adjustment of Conversion
Rate</I>).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
following table sets forth the number of Additional ADSs to be received per US$1,000 principal amount of Notes pursuant to this Section&nbsp;13.04
(<I>Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Forced Conversion, Make-Whole Fundamental Change
and Tax Redemption</I>) for each ADS Price and Effective Date set forth below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Additional<BR>
    ADSs per<BR>
    $1,000 Bond</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">ADS Price</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; text-align: left"><U>Effective Date</U></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">21.00</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">24.50</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">30.00</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">35.00</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">40.00</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">45.00</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">49.00</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">55.00</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">60.00</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">20-Jan-2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.1743</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.5557</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.6314</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.9973</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.5422</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.2649</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.9480</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7487</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">31-Jan-2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.1743</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.5557</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.6314</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.9973</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.5422</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.2649</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.9480</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7487</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">31-Jan-2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.1743</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.5557</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.6314</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.9973</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.5422</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.2598</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.9389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">31-Jan-2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.1743</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.5557</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.5883</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.8980</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.4329</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.1612</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.8604</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.6758</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">31-Jan-2027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.1743</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.3713</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.2934</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.6520</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.2351</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.9965</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7356</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.5768</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">31-Jan-2028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.6543</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.7123</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.8091</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.2833</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.9504</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7637</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.5627</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.4415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">31-Jan-2029</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.9147</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.8410</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.0920</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.7328</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.5327</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.4273</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.3173</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.2510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">31-Jan-2030</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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 0pt 0.5in; text-indent: 0.5in">The exact ADS Prices and Effective Dates
may not be set forth in the table above, in which case:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the ADS Price is between two ADS Prices in the table above or the Effective Date is between two Effective Dates in the table, the number
of Additional ADSs shall be determined by a straight-line interpolation between the number of Additional ADSs set forth for the higher
and lower ADS Prices and the earlier and later Effective Dates, as applicable, based on a 365-day year;</FONT></P>

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


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    <!-- 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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the ADS Price is greater than US$60.00 per ADS (subject to adjustment in the same manner as the ADS Prices set forth in the column headings
of the table above pursuant to Section&nbsp;13.04(d)&nbsp;(<I>Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection
with Forced Conversion, Make-Whole Fundamental Change and Tax Redemption</I>)), no Additional ADSs shall be added to the Conversion Rate;
and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the ADS Price is less than US$21.00 per ADS (subject to adjustment in the same manner as the ADS Prices set forth in the column headings
of the table above pursuant to Section&nbsp;13.04(d)&nbsp;(<I>Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection
with Forced Conversion, Make-Whole Fundamental Change and Tax Redemption</I>)), no Additional ADSs shall be added to the Conversion Rate.</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 0pt 0.5in; text-indent: 0.5in">Notwithstanding the foregoing, in no
event shall the Conversion Rate per US$1,000 principal amount of Notes exceed 47.6190 ADSs, subject to adjustment in the same manner
as the Conversion Rate pursuant to Section&nbsp;13.05 (<I>Adjustment of Conversion Rate</I>).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Nothing
in this Section&nbsp;13.04 (<I>Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Forced Conversion,
Make-Whole Fundamental Change and Tax Redemption</I>) shall prevent an adjustment to the Conversion Rate pursuant to Section&nbsp;13.05
(<I>Adjustment of Conversion Rate</I>).</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.05</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Adjustment
of Conversion Rate.</I> If the number of Ordinary Shares represented by the ADSs is changed, after the date of this Indenture, for any
reason other than one or more of the events described in this Section&nbsp;13.05, the Company shall make an appropriate adjustment to
the Conversion Rate such that the number of Ordinary Shares represented by the ADSs upon which conversion of the Notes is based remains
the same and make a corresponding inverse adjustment to the Conversion Price.</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; text-indent: 0.5in">Notwithstanding the adjustment provisions set
out in this Section&nbsp;13.05 (<I>Adjustment of Conversion Rate</I>), if the Company distributes to holders of the Ordinary Shares any
cash, rights, options, warrants, shares of Capital Stock or similar equity interest, evidences of indebtedness or other assets or property
of the Company (but excluding any Expiring Rights) and a corresponding distribution is not made to holders of the ADSs, but, instead,
the ADSs shall represent, in addition to Ordinary Shares, such cash, rights, options, warrants, shares of Capital Stock or similar equity
interest, evidences of indebtedness or other assets or property of the Company, then an adjustment to the Conversion Rate set out in
this Section&nbsp;13.05 (<I>Adjustment of Conversion Rate</I>) shall not be made until and unless a corresponding distribution (if any)
is made to holders of the ADSs, and such adjustment to the Conversion Rate shall be based on the distribution made to the holders of
the ADSs and not on the distribution made to the holders of the Ordinary Shares. However, in the event that the Company issues or distributes
to all holders of the Ordinary Shares any Expiring Rights, notwithstanding the immediately preceding sentence, the Company shall adjust
the Conversion Rate pursuant to Section&nbsp;13.05(b)&nbsp;(in the case of Expiring Rights entitling holders of the Ordinary Shares for
a period of not more than 60</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">calendar days after the announcement date of such issuance to subscribe
for or purchase Ordinary Shares) or Section&nbsp;13.05(c)&nbsp;(in the case of all other Expiring Rights).</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: 0.5in">For the avoidance of doubt, if any event set out
in this Section&nbsp;13.05 (<I>Adjustment of Conversion Rate</I>) results in a change to the number of Ordinary Shares represented by
the ADSs, then such change shall be deemed to satisfy the Company&rsquo;s obligation to effect the relevant adjustment to the Conversion
Rate on account of such event to the extent such change produces the same economic result as the adjustment to the Conversion Rate that
would otherwise have been made on account of such event.</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: 0.5in">Subject to the foregoing, the Conversion Rate
shall be adjusted from time to time by the Company if any of the following events set out in Sections 13.05(a)&nbsp;to 13.05(e)&nbsp;occurs,
except that the Company shall not make any adjustments to the Conversion Rate if all Holders of the Notes participate (other than in
the case of (x)&nbsp;a share split or share combination or (y)&nbsp;a tender or exchange offer), at the same time and upon the same terms
as holders of the ADSs and solely as a result of holding the Notes, in any of the transactions set out in this Section&nbsp;13.05 (<I>Adjustment
of Conversion Rate</I>), without having to convert their Notes, as if they held a number of ADSs equal to the Conversion Rate then in
effect, <I>multiplied by</I> the principal amount (expressed in thousands) of Notes held by such Holder. Neither the Trustee nor the
Conversion Agent shall have any responsibility to monitor the accuracy of the calculation of any adjustment to the Conversion Rate. Notice
of any adjustment to the Conversion Rate shall be given by the Company promptly to the Holders, the Trustee, the Paying Agent and the
Conversion Agent and shall be conclusive and binding on the Holders, absent manifest error.</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">The Conversion Rate will be subject to adjustment in the following
events:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company exclusively issues Ordinary Shares as a dividend or distribution on all or substantially all the Ordinary Shares, or if the
Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula:</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm233259d1_ex4-2sp02img001.jpg" ALT="">&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">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately prior to the close of business on the Record Date for such dividend
                                            or distribution, or immediately prior to the open of business on the effective date of such
                                            share split or share combination, as applicable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately after the close of business on the Record Date for such dividend
                                            or distribution, or immediately after the open of business on the effective date of such
                                            share split or share combination, as applicable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">OS<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the number of
                                            Ordinary Shares outstanding immediately prior to the close of business on the Record Date
                                            for such dividend or distribution, or immediately prior to the open of business on the effective
                                            date of such share split or share combination, as applicable; and</TD>
</TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">OS<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the number of
                                            Ordinary Shares outstanding immediately after giving effect to such dividend or distribution,
                                            or immediately after the effective date of such subdivision or combination of Ordinary Shares,
                                            as applicable.</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">Any adjustment made under this Section&nbsp;13.05(a)&nbsp;shall become
effective immediately after the close of business on the Record Date for such dividend or distribution, or immediately after the open
of business on the effective date for such share split or share combination, as applicable.</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">If any dividend or distribution set forth in this Section&nbsp;13.05(a)&nbsp;is
declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors
determines not to pay such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution
had not been declared or announced.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company issues to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) any rights, options or
warrants entitling them, for a period of not more than 60 calendar days after the date of such issuance, to subscribe for or purchase
Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than the average of the Last Reported Sale
Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS on each relevant Trading Day) or to subscribe
for or purchase ADSs, at a price per ADS less than the average of the Last Reported Sale Prices, in each case, over the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion
Rate shall be increased based on the following formula:</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm233259d1_ex4-2sp02img002.jpg" ALT="" STYLE="width: 28px; height: 30px">&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">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately prior to the close of business on the Record Date for such issuance;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately after the close of business on such Record Date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">OS<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the number of
                                            Ordinary Shares outstanding immediately prior to the close of business on such Record Date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0in"></TD><TD STYLE="width: 0.5in">X</TD><TD STYLE="width: 0.5in">=&#9;</TD>
                                                          <TD STYLE="text-align: left">the total number of Ordinary Shares (directly
                                            or in the form of ADSs) issuable pursuant to such rights, options or warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0in"></TD><TD STYLE="width: 0.5in">Y</TD><TD STYLE="width: 0.5in">=&#9;</TD>
                                                          <TD STYLE="text-align: left">the number of Ordinary Shares equal to (i)&nbsp;the
                                            aggregate price payable to exercise such rights, options or warrants, divided by (ii)&nbsp;the
                                            quotient of (a)&nbsp;the average of the Last Reported Sale Prices of the ADSs over the 10
                                            consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
                                            the date of announcement of the issuance of such rights, options or warrants divided by (b)&nbsp;the
                                            number of Ordinary Shares represented by one ADS on each such Trading Day.</TD></TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</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; text-indent: 0.5in">Any increase made under this Section&nbsp;13.05(b)&nbsp;shall
be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the close
of business on the Record Date for such issuance. To the extent that Ordinary Shares (directly or in the form of ADSs) are not delivered
after the expiration of such rights, options or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then
be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of
only the number of Ordinary Shares actually delivered (directly or in the form of ADSs). If such rights, options or warrants are not
so issued, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect if such Record Date for such issuance
had not occurred.</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: 0.5in">For purposes of this Section&nbsp;13.05(b), in
determining whether any rights, options or warrants entitle the holders to subscribe for or purchase Ordinary Shares (directly or in
the form of ADSs) at a price per Ordinary Share that is less than such average of the Last Reported Sale Prices of the ADSs (<I>divided
by</I> the number of Ordinary Shares represented by one ADS on each relevant Trading Day) or to subscribe for or purchase the ADSs at
a price per ADS less than such average of the Last Reported Sale Prices of the ADSs, in each case, over the 10 consecutive Trading Day
period ending on, and including, the Trading Day immediately preceding the date of announcement for such issuance, and in determining
the aggregate offering price of such Ordinary Shares or ADSs, as the case may be, there shall be taken into account any consideration
received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such
consideration, if other than cash, to be determined by the Board of Directors.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights,
options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Ordinary Shares (directly
or in the form of ADSs), excluding (i)&nbsp;dividends, distributions, rights, options or warrants as to which an adjustment was effected
pursuant to Section&nbsp;13.05(a)&nbsp;or Section&nbsp;13.05(b), (ii)&nbsp;dividends or distributions paid exclusively in cash as to
which an adjustment was effected pursuant to Section&nbsp;13.05(d), and (iii)&nbsp;Spin-Offs as to which the provisions set forth below
in this Section&nbsp;13.05(c)&nbsp;shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property
or rights, options or warrants to acquire Capital Stock or other securities of the Company, the &ldquo;<B>Distributed Property</B>&rdquo;),
then the Conversion Rate shall be increased based on the following formula:</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm233259d1_ex4-2sp02img003.jpg" ALT="">&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-top: 0pt; margin-bottom: 0pt">where,</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately prior to the close of business on the Record Date for such distribution;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately after the close of business on such Record Date;</TD>
</TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">SP<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the average of
                                            the Last Reported Sale Prices of the ADSs (divided by the number of Ordinary Shares represented
                                            by one ADS on each relevant Trading Day) over the 10 consecutive Trading Day period ending
                                            on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution;
                                            and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0in"></TD><TD STYLE="width: 0.5in">FMV</TD><TD STYLE="width: 0.5in">=&#9;</TD>
                                                            <TD STYLE="text-align: left">the fair market value (as determined by the
                                            Board of Directors) of the Distributed Property with respect to each outstanding Ordinary
                                            Share (directly or in the form of ADSs) on the Ex-Dividend Date for such distribution.</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">Any increase made under the above portion of this Section&nbsp;13.05(c)&nbsp;shall
become effective immediately after the close of business on the Record Date for such distribution. If such distribution is not so paid
or made, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect if such distribution had not been
declared.</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">Notwithstanding the foregoing, if &ldquo;<B>FMV</B>&rdquo; (as defined
above) is equal to or greater than &ldquo;<B>SP<SUB>0</SUB></B>&rdquo; (as defined above), in lieu of the foregoing increase, each Holder
shall receive, in respect of each US$1,000 principal amount of the Notes, at the same time and upon the same terms as holders of the
Ordinary Shares (directly or in the form of ADSs) receive the Distributed Property, the amount and kind of Distributed Property such
Holder would have received if such Holder owned a number of Ordinary Shares (directly or in the form of ADSs) based on the Conversion
Rate in effect on the Ex-Dividend Date for the distribution.</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: 0.5in">With respect to an adjustment pursuant to this
Section&nbsp;13.05(c)&nbsp;where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in
the form of ADSs) of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other
business unit of the Company, that are, or, when such dividend or other distribution is complete, will be, listed or admitted for trading
on a U.S. national securities exchange or a reasonably comparable non-U.S. equivalent (including the Hong Kong Stock Exchange) (a &ldquo;<B>Spin-Off</B>&rdquo;),
the Conversion Rate shall be increased based on the following formula: where,</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm233259d1_ex4-2sp02img004.jpg" ALT="">&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-top: 0pt; margin-bottom: 0pt">where,</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately prior to the close of business on the Record Date for the Spin-Off;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately after the close of business on the Record Date for the Spin-Off;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">FMV<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                            <TD STYLE="text-align: left">the average
                                            of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed
                                            to holders of the Ordinary Shares (directly or in the form of ADSs) applicable to one Ordinary
                                            Share (determined by reference to the definition of Last Reported Sale Price as set forth
                                            in Section&nbsp;1.01 as if references therein to the Ordinary Shares (directly or in the
                                            form of ADSs) were to such Capital Stock or</TD>
</TR></TABLE>

<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 0pt 1in; text-indent: 0">similar equity interest) over the
first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date for the Spin-Off (the &ldquo;<B>Valuation Period</B>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">MP<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the average of
                                            the Last Reported Sale Prices of the ADSs (divided by the number of Ordinary Shares then
                                            represented by one ADS on each relevant Trading Day) over the Valuation Period.</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; text-indent: 0.5in">The adjustment to the Conversion Rate under the
preceding paragraph shall be determined on the last Trading Day of the Valuation Period but will be given effect immediately after the
close of business on the Record Date for the Spin-Off; provided that in respect of any conversion during the Valuation Period, references
in the portion of this Section&nbsp;13.05(c)&nbsp;related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such lesser
number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for such Spin-Off to, and excluding, the Conversion
Date in determining the Conversion Rate.</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: 0.5in">For purposes of this Section&nbsp;13.05(c)&nbsp;(and
subject in all respects to Section&nbsp;13.12 (<I>Shareholder Rights Plans</I>)), rights, options or warrants distributed by the Company
to all holders of the Ordinary Shares (directly or in the form of ADSs) entitling them to subscribe for or purchase shares of the Company&rsquo;s
Capital Stock, including Ordinary Shares (either initially or under certain circumstances), which rights, options or warrants, until
the occurrence of a specified event or events (&ldquo;<B>Trigger Event</B>&rdquo;): (i)&nbsp;are deemed to be transferred with such Ordinary
Shares (directly or in the form of ADSs); (ii)&nbsp;are not exercisable; and (iii)&nbsp;are also issued in respect of future issuances
of the Ordinary Shares (directly or in the form of ADSs), shall be deemed not to have been distributed for purposes of this Section&nbsp;13.05(c)&nbsp;(and
no adjustment to the Conversion Rate under this Section&nbsp;13.05(c)&nbsp;will be required) until the occurrence of the earliest Trigger
Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required)
to the Conversion Rate shall be made under this Section&nbsp;13.05(c). If any such right, option or warrant, including any such existing
rights, options or warrants distributed prior to the date of this Indenture, is subject to events, upon the occurrence of which such
rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the
date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with respect to new
rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and
expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution)
of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with
respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under
this Section&nbsp;13.05(c)&nbsp;was made, (1)&nbsp;in the case of any such rights, options or warrants that shall all have been redeemed
or purchased without exercise by any holders thereof, upon such final redemption or purchase (x)&nbsp;the Conversion Rate shall be readjusted
as if such rights, options or warrants had not been issued and (y)&nbsp;the Conversion Rate shall then again be readjusted to give effect
to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per
Ordinary Share redemption or purchase price received by a holder or holders of Ordinary Shares (directly or in the form of ADSs) with
respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders
of Ordinary Shares (directly or in the form of</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">ADSs) as of the date of such redemption or purchase, and (2)&nbsp;in
the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the
Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued.</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: 0.5in">For purposes of Section&nbsp;13.05(a), Section&nbsp;13.05(b)&nbsp;and
this Section&nbsp;13.05(c), any dividend or distribution to which this Section&nbsp;13.05(c)&nbsp;is applicable that also includes one
or both of:</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 0pt 1.5in; text-indent: 0.5in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
dividend or distribution of Ordinary Shares (directly or in the form of ADSs) to which Section&nbsp;13.05(a)&nbsp;is applicable (the
 &ldquo;<B>Clause A Distribution</B>&rdquo;); or</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 0pt 1.5in; text-indent: 0.5in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
dividend or distribution of rights, options or warrants to which Section&nbsp;13.05(b)&nbsp;is applicable (the &ldquo;<B>Clause B Distribution</B>&rdquo;),</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">then (1)&nbsp;such dividend or distribution, other than the Clause
A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section&nbsp;13.05(c)&nbsp;is
applicable (the &ldquo;<B>Clause C Distribution</B>&rdquo;) and any Conversion Rate adjustment required by this Section&nbsp;13.05(c)&nbsp;with
respect to such Clause C Distribution shall then be made, and (2)&nbsp;the Clause A Distribution and Clause B Distribution shall be deemed
to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by Section&nbsp;13.05(a)&nbsp;and Section&nbsp;13.05(b)&nbsp;with
respect thereto shall then be made, except that, if determined by the Company (I)&nbsp;the &ldquo;Record Date&rdquo; of the Clause A
Distribution and the Clause B Distribution shall be deemed to be the Record Date of the Clause C Distribution and (II)&nbsp;any Ordinary
Shares (directly or in the form of ADSs) included in the Clause A Distribution or Clause B Distribution shall be deemed not to be &ldquo;outstanding
immediately prior to the close of business on such Record Date or immediately after the open of business on such effective date, as applicable&rdquo;
within the meaning of Section&nbsp;13.05(a)&nbsp;or &ldquo;outstanding immediately prior to the close of business on such Record Date&rdquo;
within the meaning of Section&nbsp;13.05(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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
any cash dividend or distribution is made to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs),
the Conversion Rate shall be adjusted based on the following formula:</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm233259d1_ex4-2sp02img005.jpg" ALT="">&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">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately prior to the close of business on the Record Date for such dividend
                                            or distribution;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately after the close of business on such Record Date;</TD>
</TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">SP<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Last Reported
                                            Sale Price of the ADSs (divided by the number of Ordinary Shares then represented by one
                                            ADS on such Trading Day) on the Trading Day immediately preceding the Ex-Dividend Date for
                                            such dividend or distribution; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0in"></TD><TD STYLE="width: 0.5in">C</TD><TD STYLE="width: 0.5in">=&#9;</TD>
                                                          <TD STYLE="text-align: left">the amount in cash per Ordinary Share the Company
                                            distributes to all or substantially all holders of the Ordinary Shares (directly or in the
                                            form of ADSs).</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">Any increase pursuant to this Section&nbsp;13.05(d)&nbsp;shall become
effective immediately after the close of business on the Record Date for such dividend or distribution. If such dividend or distribution
is not so paid, the Conversion Rate shall be readjusted, effective as of the date the Board of Directors determines not to make or pay
such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.</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">Notwithstanding the foregoing, if &ldquo;<B>C</B>&rdquo; (as defined
above) is equal to or greater than &ldquo;<B>SP<SUB>0</SUB></B>&rdquo; (as defined above), in lieu of the foregoing increase, each Holder
shall receive, for each US$1,000 principal amount of the Notes, at the same time and upon the same terms as holders of the Ordinary Shares
(directly or in the form of ADSs), the amount of cash that such Holder would have received if such Holder owned a number of Ordinary
Shares (directly or in the form of ADSs) based on the Conversion Rate on the Ex-Dividend Date for such cash dividend or distribution.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company or any of its Subsidiaries or consolidated affiliated entities makes a payment in respect of a tender or exchange offer for
the Ordinary Shares (directly or in the form of ADSs), to the extent that the cash and value of any other consideration included in the
payment per Ordinary Share or ADS exceeds the Last Reported Sale Price of the ADSs (divided by, in relation to Ordinary Shares, the number
of Ordinary Shares then represented by one ADS on such Trading Day) on the Trading Day next succeeding the last date on which tenders
or exchanges may be made pursuant to such tender or exchange offer (such last date, the &ldquo;<B>Expiration Date</B>&rdquo;), the Conversion
Rate shall be increased based on the following formula:</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm233259d1_ex4-2sp02img006.jpg" ALT="">&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">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR0</TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                <TD STYLE="text-align: left">the Conversion Rate in effect
                                            immediately prior to the close of business on the Expiration Date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">CR<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the Conversion
                                            Rate in effect immediately after the close of business on the Expiration Date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0in"></TD><TD STYLE="width: 0.5in">AC</TD><TD STYLE="width: 0.5in">=&#9;</TD>
                                                        <TD STYLE="text-align: left">the aggregate value of all cash and any other consideration
                                            (as determined by the Board of Directors) paid or payable for Ordinary Shares (directly or
                                            in the form of ADSs, as the case may be) purchased in such tender or exchange offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">OS<SUB>0</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the number of
                                            Ordinary Shares outstanding immediately prior to the close of business on the Expiration
                                            Date (prior to giving effect to the purchase of all</TD>
</TR></TABLE>

<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 0pt 1in; text-indent: 0">Ordinary Shares or ADSs, as the case may
be, accepted for purchase or exchange in such tender or exchange offer);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">OS<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the number of
                                            Ordinary Shares outstanding immediately after the close of business on the Expiration Date
                                            (after giving effect to the purchase of all Ordinary Shares or ADSs, as the case may be,
                                            accepted for purchase or exchange in such tender or exchange offer); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">SP<SUB>1</SUB></TD><TD STYLE="text-align: justify; width: 0.5in">=&#9;</TD>
                                                                                           <TD STYLE="text-align: left">the average of
                                            the Last Reported Sale Prices of the ADSs (divided by the number of Ordinary Shares then
                                            represented by one ADS on each such Trading Day) over the 10 consecutive Trading Day period
                                            commencing on, and including, the Trading Day next succeeding the Expiration Date.</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">The adjustment to the Conversion Rate under this Section&nbsp;13.05(e)&nbsp;shall
occur with effect as of the close of business on the 10<SUP>th</SUP> consecutive Trading Day immediately following, and including, the
Trading Day immediately following the Expiration Date, but will be given effect as of the close of business on the Expiration Date; provided
that if the Conversion Date occurs within the 10 consecutive Trading Days immediately following, and including, the Trading Day immediately
following the Expiration Date, any reference in this Section&nbsp;13.05(e)&nbsp;with respect to 10 consecutive Trading Days shall be
deemed replaced with a reference to such lesser number of Trading Days as have elapsed from, and including, the Trading Day immediately
following the Expiration Date to, and including, the Conversion Date in determining the applicable Conversion Rate. No adjustment to
the Conversion Rate under this Section&nbsp;13.05(e)&nbsp;shall be made if such adjustment would result in a decrease in the Conversion
Rate.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as stated herein, the Company shall not adjust the Conversion Rate for the issuance of Ordinary Shares, Class&nbsp;B Ordinary Shares
or ADSs or any securities convertible into or exchangeable for Ordinary Shares, Class&nbsp;B Ordinary Shares or ADSs or the right to
purchase Ordinary Shares, Class&nbsp;B Ordinary Shares or ADSs or such convertible or exchangeable securities.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
addition to those adjustments required by clauses (a), (b), (c), (d)&nbsp;and (e)&nbsp;of this Section&nbsp;13.05, and to the extent
permitted by applicable law and subject to the applicable rules&nbsp;of The NASDAQ Global Market and any other securities exchange on
which any of the Company&rsquo;s securities are then listed (including the Hong Kong Stock Exchange), the Company from time to time may
increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Board of Directors determines that such increase
would be in the Company&rsquo;s best interest, and the Company may (but is not required to) increase the Conversion Rate to avoid or
diminish any income tax to holders of the Ordinary Shares or the ADSs or rights to purchase Ordinary Shares or ADSs in connection with
a dividend or distribution of Ordinary Shares or ADSs (or rights to acquire Ordinary Shares or ADSs) or similar event.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this Article&nbsp;13 (<I>Conversion of Notes</I>), the Conversion Rate shall not be adjusted:</FONT></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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
the issuance of any Ordinary Shares, Class&nbsp;B Ordinary Shares or ADSs pursuant to any present or future plan providing for the reinvestment
of dividends or interest payable on the Company&rsquo;s securities and the investment of additional optional amounts in Ordinary Shares,
Class&nbsp;B Ordinary Shares or ADSs under any plan;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
the issuance of any Ordinary Shares, Class&nbsp;B Ordinary Shares or ADSs or options or rights to purchase those Ordinary Shares, Class&nbsp;B
Ordinary Shares or ADSs pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the
Company or any of the Company&rsquo;s Subsidiaries or consolidated affiliated entities;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
the issuance of any Ordinary Shares, Class&nbsp;B Ordinary Shares or ADSs pursuant to any option, warrant, right or exercisable, exchangeable
or convertible security not described in clause (ii)&nbsp;of this subsection and outstanding as of the date the Notes were first issued;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">solely
for a change in the par value of the Ordinary Shares or Class&nbsp;B Ordinary Shares; or</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">for
accrued and unpaid interest, if any.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
calculations and other determinations under this Article&nbsp;13 (<I>Conversion of Notes</I>) shall be made by the Company and shall
be made to the nearest one-ten thousandth (1/10,000) of an ADS.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion Agent if not
the Trustee) an Officers&rsquo; Certificate setting forth the Conversion Rate before and after such adjustment and the date on which
each adjustment becomes effective, and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible
Officer of the Trustee shall have received such Officers&rsquo; Certificate, the Trustee shall not be deemed to have knowledge of any
adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in
effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting
forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall send such notice of such adjustment
of the Conversion Rate to each Holder at its last address appearing on the Note Register (or in the case of Global Notes, electronically
in accordance with the applicable rules&nbsp;and procedures of Euroclear and/or Clearstream) with a copy to the Trustee and Conversion
Agent (if other than the Trustee). Failure to deliver such notice shall not affect the legality or validity of any such adjustment.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
purposes of this Section&nbsp;13.05, the number of Ordinary Shares at any time outstanding shall not include Ordinary Shares held in
the treasury of the Company (directly or in the form of ADSs) so long as the Company does not pay any dividend or make any distribution
on Ordinary Shares held in the treasury of the Company (directly</FONT></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 0pt 0.5in">or in the form of ADSs), but shall include Ordinary Shares
issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
purposes of this Section&nbsp;13.05, the &ldquo;<B>effective date</B>&rdquo; means the first date on which the ADSs trade on the applicable
exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.06</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Adjustments
of Prices.</I> Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices or the ADS Price
for purposes of a Forced Conversion, a Make-Whole Fundamental Change or a Tax Redemption over a span of multiple days, the Board of Directors
shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective pursuant to Section&nbsp;13.05,
or any event requiring an adjustment to the Conversion Rate pursuant to Section&nbsp;13.05 where the Record Date, effective date or expiration
date, as the case may be, of the event occurs, at any time during the period when such Last Reported Sale Prices or ADS Prices are to
be calculated.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.07</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Ordinary
Shares to Be Fully Paid.</I> The Company shall provide, free from preemptive rights, out of its authorized but unissued Ordinary Shares
or Ordinary Shares held in treasury, a sufficient number of authorized, validly-issued and fully paid Ordinary Shares that corresponds
to the number of Conversion Securities due upon conversion of the Notes from time to time as such Notes are presented for conversion
(assuming that at the time of computation of such number of Conversion Securities, all such Notes would be converted by a single Holder).</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.08</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Effect
of Recapitalizations, Reclassifications and Changes of the Ordinary Shares.</I></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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the case of:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
recapitalization, reclassification or change of the Ordinary Shares (other than changes resulting from a subdivision or combination or
change in par value),</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
consolidation, merger, combination, amalgamation, scheme of arrangement or scheme of reconstruction or similar transaction involving
the Company,</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
sale, lease or other transfer to a third party of the consolidated assets of the Company Group substantially as an entirety or</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
statutory share exchange,</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">in each case, as a result of which the Conversion Securities
would be converted into, or exchanged for, Capital Stock, other securities, other property or assets (including cash or any
combination thereof) (any such event, a &ldquo;<B>Merger Event</B>&rdquo;), then, prior to or at the effective time of such Merger
Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental
indenture permitted under Section 10.01(g) (<I>Supplemental Indentures Without Consent of Holders</I>) providing that, at and
after the effective time of such Merger Event, the right to convert each US$1,000 principal amount of the Notes</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">shall be changed into a right to convert such principal amount of
the Notes into the kind and amount of shares of Capital Stock, other securities or other property or assets (including cash or any combination
thereof) that a holder of a number of ADSs equal to the Conversion Rate immediately prior to such Merger Event would have owned or been
entitled to receive (the &ldquo;<B>Reference Property,</B>&rdquo; with each &ldquo;<B>unit of Reference Property</B>&rdquo; meaning the
kind and amount of Reference Property that a holder of one ADS is entitled to receive) upon such Merger Event; <I>provided</I>, <I>however</I>,
that (x)&nbsp;at and after the effective time of the Merger Event the number of ADSs otherwise deliverable upon conversion of the Notes
in accordance with Section&nbsp;13.02 (<I>Conversion Procedure; Settlement Upon Conversion</I>) shall instead be deliverable in the amount
and type of Reference Property that a holder of that number of ADSs would have been entitled to receive in such Merger Event; (y)&nbsp;any
amount payable in cash upon conversion of the Notes as set forth in this Indenture will continue to be payable in cash, and (z)&nbsp;the
Last Reported Sale Price shall be calculated based on the value of a unit of Reference Property.</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: 0.5in">If the Merger Event causes the ADSs or Ordinary
Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part
upon any form of holder election), then (i)&nbsp;the Reference Property into which the Notes will be convertible shall be deemed to be
(A)&nbsp;the weighted average of the types and amounts of consideration received by the holders of ADSs or Ordinary Shares that affirmatively
make such an election or (B)&nbsp;if no holders of ADSs or Ordinary Shares affirmatively make such an election, the types and amounts
of consideration actually received by the holders of the ADSs or Ordinary Shares and (ii)&nbsp;the unit of Reference Property for purposes
of the immediately preceding paragraph shall refer to the consideration referred to in clause (i)&nbsp;or clause (ii), as the case may
be, attributable to one ADS. The Company shall provide written notice to Holders, the Trustee and the Conversion Agent (if other than
the Trustee) of such weighted average as soon as practicable after such determination is made.</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: 0.5in">Such supplemental indenture described in the second
immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent as is practicable
to the adjustments provided for in this Article&nbsp;13 (<I>Conversion of Notes</I>) (it being understood that no such adjustments shall
be required with respect to any portion of the Reference Property that does not consist of shares of Common Equity (however evidenced)
or depositary receipts in respect thereof). If, in the case of any Merger Event, the Reference Property includes shares of Capital Stock,
securities or other property or assets (including cash or any combination thereof) of a Person other than the Company or the successor
or purchasing Person, as the case may be, in such Merger Event, then such other Person shall also execute such supplemental indenture,
and such supplemental indenture shall contain such provisions to protect the interests of the Holders of the Notes, including the repurchase
rights of Holders pursuant to Article&nbsp;15 (<I>Repurchase of Notes at Option of Holders</I>) and the redemption right of Holders pursuant
to Article&nbsp;16 (<I>Redemption only for Taxation Reasons</I>), as the Board of Directors shall reasonably consider necessary by reason
of the foregoing.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event a supplemental indenture is executed pursuant to subsection (a)&nbsp;of this Section&nbsp;13.08 (<I>Effect of Recapitalizations,
Reclassifications and Changes of the Ordinary Shares</I>), the Company shall promptly file with the Trustee an Officers&rsquo; Certificate
briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference
Property after any such Merger</FONT></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 0pt 0.5in">Event, any adjustment to be made with respect thereto and
that all conditions precedent have been complied with. The Company shall cause notice of the execution of such supplemental indenture
to be sent to each Holder, at its address appearing on the Note Register provided for in this Indenture, within 20 days after execution
thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not become a party to any Merger Event unless its terms are consistent with this Section&nbsp;13.08 (<I>Effect of Recapitalizations,
Reclassifications and Changes of the Ordinary Shares</I>). None of the foregoing provisions shall affect the right of a Holder of Notes
to convert its Notes into Conversion Securities as set forth in Section&nbsp;13.01 (<I>Conversion Privilege</I>) and Section&nbsp;13.02
(<I>Conversion Procedure; Settlement Upon Conversion</I>) prior to the effective date of such Merger Event.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
above provisions of this Section&nbsp;13.01 (<I>Conversion Privilege</I>) shall similarly apply to successive Merger Events.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.09</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Certain
Covenants.</I> (a)&nbsp;The Company covenants that all Conversion Securities delivered upon conversion of Notes (and in the case of ADSs,
all Ordinary Shares represented by such ADSs) will be fully paid and non-assessable by the Company and free from all taxes, liens and
charges with respect to the issue thereof.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company further covenants that if at any time the Ordinary Shares (directly or in the form of ADSs) shall be listed on any U.S. Exchange
or Permitted Exchange, the Company will list and keep listed on any such exchange or automated quotation system, so long as the Ordinary
Shares (directly or in the form of ADSs) shall be so listed on any such exchange or automated quotation system, any Conversion Securities
deliverable upon conversion of the Notes.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company covenants to take all actions and obtain all approvals and registrations as are necessary or appropriate with respect to the
conversion of the Notes into Conversion Securities, in each case, in accordance with the terms of this Indenture.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to Section&nbsp;13.13 (<I>Amendment Upon Unavailability of ADS Facility</I>), if applicable, the Company further covenants to provide
Holders with a reasonably detailed written description of the mechanics for the delivery of ADSs upon conversion of Notes as set forth
in the Deposit Agreement upon request by the ADS Depositary or the ADS Custodian.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.10</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Responsibility
of Trustee.</I> The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to
determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase)
of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the
method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion
Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any ADSs, or of any securities, property
or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any</FONT></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">other Conversion Agent make no representations with respect thereto.
Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any ADSs
or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion, the accuracy
or inaccuracy of any mathematical calculation or formulae under this Indenture, whether by the Company or any Person so authorized by
the Company for such purpose under this Indenture or the failure by the Company to comply with any of the duties, responsibilities or
covenants of the Company contained in this Article&nbsp;13. Without limiting the generality of the foregoing, neither the Trustee nor
any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture
entered into pursuant to Section&nbsp;13.08 (<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares</I>)
relating either to the kind or amount of ADSs or securities or property (including cash) receivable by Holders upon the conversion of
their Notes after any event referred to in such Section&nbsp;13.08 or to any adjustment to be made with respect thereto, but, subject
to the provisions of Section&nbsp;7.01 (<I>Duties and Responsibilities of Trustee</I>), may accept (without any independent investigation)
as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers&rsquo; Certificate
(which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect
thereto.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.11</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notice
to Holders Prior to Certain Actions.</I> In case of any:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">action
by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section&nbsp;13.05 (<I>Adjustment
of Conversion Rate</I>) or Section&nbsp;13.11 (<I>Notice to Holders Prior to Certain Actions</I>);</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Merger
Event; or</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">voluntary
or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries;</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">then, in each case (unless notice of such event is otherwise required
pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion Agent (if other
than the Trustee) and to be sent to each Holder at its address appearing on the Note Register, as promptly as possible but in any event
at least 20 days prior to the applicable date hereinafter specified, a notice stating (i)&nbsp;the date on which a record is to be taken
for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the
holders of Ordinary Shares or ADSs, as the case may be, of record are to be determined for the purposes of such action by the Company
or one of its Subsidiaries, or (ii)&nbsp;the date on which such Merger Event, dissolution, liquidation or winding-up is expected to become
effective or occur, and the date as of which it is expected that holders of Ordinary Shares or ADSs, as the case may be, of record shall
be entitled to exchange their Ordinary Shares or ADSs, as the case may be, for securities or other property deliverable upon such Merger
Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up.</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-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.12</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Shareholder
Rights Plans.</I> To the extent that the Company has a shareholder rights plan in effect upon conversion of the Notes, each of the Conversion
Securities delivered upon such conversion shall be entitled to receive (either directly or in respect of the Ordinary Shares underlying
such ADSs) the appropriate number of rights under the shareholder rights plan, if any, and the global securities representing the Conversion
Securities delivered upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of any such shareholder
rights plan, as the same may be amended from time to time. Notwithstanding the foregoing, if, prior to any conversion, the rights have
separated from the Ordinary Shares underlying the ADSs in accordance with the provisions of the applicable shareholder rights plan, the
Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of the
Ordinary Shares (directly or in the form of ADSs) Distributed Property as provided in Section&nbsp;13.05(c)&nbsp;(<I>Adjustment of Conversion
Rate</I>), subject to readjustment in the event of the expiration, termination or redemption of such rights.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;13.13</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Amendment
Upon Unavailability of ADS Facility.</I> If the Ordinary Shares cease to be represented by American depositary shares issued under a
depositary receipt program sponsored by the Company (the &ldquo;<B>ADS Cessation Date</B>&rdquo;) and the Ordinary Shares at such time
are listed and traded on any U.S. Exchange or Permitted Exchange (each, an &ldquo;<B>Amendment Event</B>&rdquo;), on and after the effective
date of an Amendment Event, Section&nbsp;13.08 (<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares</I>)
shall be deemed to apply <I>mutatis mutandis</I> as if the Reference Property for the Notes were the Ordinary Shares (and other property,
if any) represented by the ADSs on the effective date of such Amendment Event; <I>provided that</I>, the supplemental indenture required
therein to reflect the replacement of the ADSs with the Ordinary Shares (and other property, if any) shall be executed no later than
five Business Days after the effective date of such Amendment Event and, in addition to the amendments required under Section&nbsp;13.08
(<I>Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares</I>), the supplemental indenture shall also provide
that:</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">each
reference herein (and in the Notes) to the ADSs related to the terms of the Notes shall be replaced by a reference to the number of Ordinary
Shares (and other property, if any) represented by the ADSs on the effective date of such Amendment Event;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
references to the &ldquo;Last Reported Sale Price,&rdquo; &ldquo;Daily VWAP&rdquo; and &ldquo;Trading Day&rdquo; of the ADSs herein shall
be replaced by the &ldquo;Last Reported Sale Price,&rdquo; &ldquo;Daily VWAP&rdquo; and &ldquo;Trading Day&rdquo; of the Ordinary Shares,
respectively, as customarily defined for securities traded on the Relevant Exchange;</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">other
appropriate adjustments, including adjustments to the Conversion Rate, will be made to reflect such Amendment Event; and</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
other provisions that the Board of Directors reasonably determines are appropriate will be made to preserve the economic interests of
the Holders and to give effect to clauses (a)&nbsp;to (c)&nbsp;above.</FONT></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-indent: 0.5in">In making any amendment to the terms or definitions
relating to trading and listing of Ordinary Shares (including, but not limited to, &ldquo;Last Reported Sale Price,&rdquo; &ldquo;Daily
VWAP,&rdquo; &ldquo;Trading Day&rdquo; and &ldquo;Fundamental Change&rdquo;), the relevant exchange on which Ordinary Shares are listed
or traded for purpose of such terms and definitions (the &ldquo;<B>Relevant Exchange</B>&rdquo;) shall be: (x)&nbsp;if the Ordinary Shares
at such time are listed on a U.S. Exchange, such U.S. Exchange; or (y)&nbsp;if the Ordinary Shares at such time are not listed on any
U.S. Exchange but are listed on a Permitted Exchange, such Permitted Exchange; provided that if the Ordinary Shares at that time are
listed on more than one Permitted Exchange, the Relevant Exchange shall be the Permitted Exchange that is the primary stock exchange
for the Ordinary Shares, provided further that if the Ordinary Shares at that time are listed on more than one Permitted Exchange that
is a primary stock exchange for the Ordinary Shares, the Relevant Exchange shall be the primary stock exchange with the highest trading
volume of the Ordinary Shares during the twenty (20) consecutive Trading Days period immediately prior to the date of amendment.</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: 0.5in">In making such amendments, if currency translations
between U.S. Dollars and any other currency are required, the exchange rate in effect on the date of determination as the Board of Directors
determines in good faith shall apply.</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: 0.5in">The Company shall cause to be filed with the Trustee
and the Conversion Agent (if other than the Trustee) and to be sent to each Holder at its address appearing on the Note Register, as
promptly as possible but in any event at least 20 days prior to the effective date of the relevant Amendment Event, a notice stating
the effective date of the relevant Amendment Event and any adjustment to the Conversion Rate.</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"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;14<BR>
PRINCIPAL; REDEMPTION AT MATURITY</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;14.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Principal</I>.
Any and all principal amount of the outstanding Notes remaining unpaid, together with all interest accrued but unpaid thereon, automatically
and unconditionally shall be due and payable in full in cash on the Maturity Date unless previously converted, exchanged, redeemed, repurchased
or otherwise cancelled.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;14.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Redemption
at Maturity</I>. Unless previously repurchased, converted or purchased and cancelled as provided herein, the Company shall repurchase
all of the Notes from the Holders by paying the Maturity Redemption Price on the Maturity Date. The &ldquo;<B>Maturity Redemption Price</B>&rdquo;
means an amount equal to the sum of the principal amount of the outstanding Notes on the Maturity Date and the accrued and unpaid interest
thereon.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;15<BR>
REPURCHASE OF NOTES AT OPTION OF HOLDERS</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;15.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Repurchase
at Option of Holders.</I> (a)&nbsp;Each Holder shall have the right, at such Holder&rsquo;s option, to require the Company to repurchase
for cash on January&nbsp;31, 2028 (the &ldquo;<B>Repurchase Date</B>&rdquo;), all of such Holder&rsquo;s Notes, or any portion thereof
that is a minimum of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof , at a repurchase price (the &ldquo;<B>Repurchase
Price</B>&rdquo;) that is equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to,
but excluding, the Repurchase</FONT></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">Date; provided that any such accrued and unpaid interest shall be
paid not to the Holders submitting the Notes for repurchase on the Repurchase Date but instead to the Holders of such Notes at the close
of business on the Regular Record Date immediately preceding the Repurchase Date. Not later than 20 Business Days prior to the Repurchase
Date, the Company shall mail a notice (the &ldquo;<B>Company Notice</B>&rdquo;) by first class mail to the Trustee, to the Paying Agent,
the Conversion Agent if other than the Trustee and to each Holder at its address shown in the Note Register of the Note Registrar (and
to beneficial owners as required by Applicable Law and to the Conversion Agent if other than the Trustee). The Company Notice shall state:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
last date on which a Holder may exercise its repurchase right pursuant to this Section&nbsp;15.01 (the &ldquo;<B>Repurchase Expiration
Time</B>&rdquo;);</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Repurchase Price;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Repurchase Date;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
name and address of the Conversion Agent and Paying Agent;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
the Notes with respect to which a Repurchase Notice has been delivered by a Holder may be converted only if the Holder withdraws the
Repurchase Notice in accordance with the terms of this Indenture;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
the Holder shall have the right to withdraw any Notes surrendered prior to the Repurchase Expiration Time; and (vii)&nbsp;the procedures
a Holder must follow to exercise its repurchase rights under this Section&nbsp;15.01 and a brief description of those rights.</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; text-indent: 0.5in">At the Company&rsquo;s request, the Trustee shall
give such notice in the Company&rsquo;s name and at the Company&rsquo;s expense; provided, however, that, in all cases, the text of such
Company Notice shall be prepared by 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; text-indent: 0.5in">Simultaneously with providing the Company Notice,
the Company shall publish a notice containing the information included in the Company Notice in a newspaper of general circulation in
The City of New York or publish such information on the Company&rsquo;s website or through such other public medium as the Company may
use at that time. No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders&rsquo; repurchase
rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section&nbsp;15.01.</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: 0.5in">Repurchases of Notes under this Section&nbsp;15.01
shall be made, at the option of the Holder thereof, upon:</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 0pt 0.5in; text-indent: 0.5in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">delivery
to the Paying Agent or other agent appointed for such purpose by the Holder of a duly completed notice (the &ldquo;<B>Repurchase Notice</B>&rdquo;)
in the form set forth in Attachment 3 to the Form&nbsp;of Note attached hereto as Exhibit&nbsp;A, if the Notes are Physical Notes, or
in compliance with the rules&nbsp;and procedures of Euroclear and/or Clearstream for surrendering interests in global notes, if the Notes
are Global Notes, in each case during the period beginning at any time from the open of business on the date that is 20</FONT></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 0pt 0.5in">Business Days prior to the Repurchase Date until the close
of business on the second Business Day immediately preceding the Repurchase Date; and</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 0pt 0.5in; text-indent: 0.5in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">delivery
of the Notes, if the Notes are Physical Notes, to the Trustee at any time after delivery of the Repurchase Notice (together with all
necessary endorsements) at the specified office of the Paying Agent or other agent appointed for such purpose, or book-entry transfer
of the Notes, if the Notes are Global Notes, in compliance with the rules&nbsp;and procedures of Euroclear and/or Clearstream, in each
case such delivery being a condition to receipt by the Holder of the Repurchase Price therefor.</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; text-indent: 0.5in">Each Repurchase Notice shall state:</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 0pt 0.5in; text-indent: 0.5in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;</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 0pt 0.5in; text-indent: 0.5in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
portion of the principal amount of the Notes to be repurchased, which must be at least US$200,000 and integral multiples of US$1,000
in excess thereof ; and</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 0pt 0.5in; text-indent: 0.5in">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;</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"><I>provided, however</I>, that if the Notes are Global Notes, the
Repurchase Notice must comply with appropriate rules&nbsp;and procedures of Euroclear and/or Clearstream.</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: 0.5in">Notwithstanding anything herein to the contrary,
any Holder delivering to the Paying Agent or other agent appointed for such purpose the Repurchase Notice contemplated by this Section&nbsp;15.01
shall have the right to withdraw, in whole or in part, such Repurchase Notice at any time prior to the close of business on the second
Business Day immediately preceding the Repurchase Date by delivery of a duly completed written notice of withdrawal to the Paying Agent
or other agent appointed for such purpose in accordance with Section&nbsp;15.03.</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: 0.5in">The Paying Agent or other agent appointed for
such purpose shall as soon as practicable notify the Company of the receipt by it of any Repurchase Notice or written notice of withdrawal
thereof.</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: 0.5in">No Repurchase Notice with respect to any Notes
may be delivered and no Note may be surrendered for repurchase pursuant to this Section&nbsp;15.01 by a Holder thereof to the extent
such Holder has also delivered a Fundamental Change Repurchase Notice with respect to such Note in accordance with Section&nbsp;15.02
and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section&nbsp;15.03.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, no Notes may be repurchased by the Company at the option of the Holders on the Repurchase Date if the principal amount
of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such Repurchase Date (including as a
result of the payment of the Repurchase Price with respect to such Notes and any related interest described in this Indenture on the
Tax Redemption Date). The Trustee will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration
of the Notes (including as a result of</FONT></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 0pt 0.5in">the payment of the Repurchase Price with respect to such
Notes and any related interest described in this Indenture on the Tax Redemption Date), or any instructions for book-entry transfer of
the Notes in compliance with the rules&nbsp;and procedures of Euroclear and/or Clearstream shall be deemed to have been cancelled, and,
upon such return or cancellation, as the case may be, the Repurchase Notice with respect thereto shall be deemed to have been withdrawn.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;15.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Repurchase
at Option of Holders Upon a Fundamental Change.</I></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; text-indent: 0.5in">If a Fundamental Change occurs at any time, each
Holder shall have the right, at such Holder&rsquo;s option, to require the Company to repurchase for cash all of such Holder&rsquo;s
Notes, or any portion thereof that is in denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof,
on the Business Day (the &ldquo;<B>Fundamental Change Repurchase Date</B>&rdquo;) notified in writing by the Company as set forth in
Section&nbsp;15.02(b)&nbsp;(<I>Repurchase at Option of Holders Upon a Fundamental Change</I>) that is not less than 20 Business Days
or more than 35 Business Days following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the
principal amount thereof, <I>plus</I> accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the
 &ldquo;<B>Fundamental Change Repurchase Price</B>&rdquo;), unless the Fundamental Change Repurchase Date falls after a Regular Record
Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead
pay on such Interest Payment Date the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date,
and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this
Article&nbsp;15. The Trustee and any other Conversion Agent, Paying Agent (or any other agent appointed for such purposes) shall have
no responsibility to determine the Fundamental Change Repurchase Price.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Repurchases
of Notes under this Section&nbsp;15.02 shall be made, at the option of the Holder thereof, upon:</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">delivery
to the Paying Agent (or any other agent appointed for this purpose) by a Holder of a duly completed notice (the &ldquo;<B>Fundamental
Change Repurchase Notice</B>&rdquo;) in the form set forth in Attachment 2 to the Form&nbsp;of Note attached hereto as Exhibit&nbsp;A,
if the Notes are Physical Notes, or in compliance with the rules&nbsp;and procedures of Euroclear and/or Clearstream for surrendering
interests in global notes, if the Notes are Global Notes; and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">delivery
of the Notes, if the Notes are Physical Notes, to the Paying Agent or another agent appointed for such purposes together with, or at
any time after, delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer), or book-entry
transfer of the Notes, if the Notes are Global Notes, in compliance with the rules&nbsp;and procedures of Euroclear and/or Clearstream,
in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.</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 0pt 0.5in">in each case (i)&nbsp;and (ii), on or before the close of
business on the second Business Day immediately preceding the Fundamental Change Repurchase Date</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 0pt 0.5in">The Fundamental Change Repurchase Notice in respect of any
Notes to be repurchased shall state:</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 0pt 0.5in; text-indent: 0.5in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;</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 0pt 0.5in; text-indent: 0.5in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
portion of the principal amount of Notes to be repurchased, which must be in denominations of US$200,000 principal amount and integral
multiples of US$1,000 in excess thereof; and</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 0pt 0.5in; text-indent: 0.5in">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;</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"><I>provided</I>, <I>however</I>, that if the Notes are Global Notes,
the Fundamental Change Repurchase Notice must comply with appropriate rules&nbsp;and procedures of Euroclear and/or Clearstream.</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: 0.5in">Notwithstanding anything herein to the contrary,
any Holder delivering the Fundamental Change Repurchase Notice contemplated by this Section&nbsp;15.02 (<I>Repurchase at Option of Holders
Upon a Fundamental Change</I>) shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any
time prior to the close of business on the second Business Day immediately preceding the Fundamental Change Repurchase Date by delivery
of a duly completed written notice of withdrawal to the Paying Agent (or any other agent appointed for this purpose) in accordance with
Section&nbsp;15.03 (<I>Withdrawal of Repurchase Notice or Fundamental Change Repurchase Notice</I>).</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: 0.5in">The Paying Agent (or any other agent appointed
for this purpose) shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice
of withdrawal thereof.</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: 0.5in">No Fundamental Change Repurchase Notice with respect
to any Notes may be delivered and no Note may be surrendered by a Holder for repurchase thereof if such Holder has also delivered a Repurchase
Notice in accordance with Section&nbsp;15.01 (<I>Repurchase at Option of Holders</I>) and not validly withdrawn such Repurchase Notice
in accordance with Section&nbsp;15.03 (<I>Withdrawal of Repurchase Notice or Fundamental Change Repurchase Notice</I>).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
or before the 10th calendar day after the occurrence of a Fundamental Change, the Company shall provide to all Holders and the Trustee,
the Paying Agent and the Conversion Agent (or any other agent appointed for such purpose) a written notice (the &ldquo;<B>Fundamental
Change Company Notice</B>&rdquo;) of the occurrence of the Fundamental Change and of the repurchase right at the option of the Holders
arising as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes,
such notice may be delivered electronically in accordance with the applicable rules&nbsp;and procedures of Euroclear and/or Clearstream.
Simultaneously with providing such notice, the Company shall publish a notice containing the information set forth in the Fundamental
Change Company Notice in a newspaper of general circulation in The City of New York or publish such information on the Company&rsquo;s
website or through such other public medium as the Company may use at that time. Each Fundamental Change Company Notice shall specify:</FONT></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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
events causing the Fundamental Change and whether such events also constitute a Make-Whole Fundamental Change;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
date of the Fundamental Change;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
last date on which a Holder may exercise the repurchase right pursuant to this Article&nbsp;15 (<I>Repurchase of Notes at Option of Holders</I>);</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Fundamental Change Repurchase Price;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Fundamental Change Repurchase Date;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
name and address of the Trustee, the Paying Agent, the Conversion Agent or any other agent appointed for the repurchase, if any;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
applicable, the Conversion Rate and any adjustments to the Conversion Rate;</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
applicable, that the Notes with respect to which a Fundamental Change Repurchase Notice or Repurchase Notice has been delivered by a
Holder may be converted only if the Holder withdraws the Fundamental Change Repurchase Notice or Repurchase Notice, as the case may be,
in accordance with the terms of this Indenture; and</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 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
procedures that Holders must follow to require the Company to repurchase their Notes.</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; text-indent: 0.5in">No failure of the Company to give the foregoing
notices and no defect therein shall limit the Holders&rsquo; repurchase rights or affect the validity of the proceedings for the repurchase
of the Notes pursuant to this Section&nbsp;15.02 (<I>Repurchase at Option of Holders Upon a Fundamental Change</I>).</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: 0.5in">At the Company&rsquo;s written request, the Paying
Agent (or any other agent appointed for such purpose) shall give such notice in the Company&rsquo;s name and at the Company&rsquo;s expense;
<I>provided</I>, <I>however</I>, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by 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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case
of an acceleration resulting from a default by the Company in the payment of the Fundamental Change Repurchase Price with respect to
such Notes. The Paying Agent (or any other agent appointed for such purpose) will promptly return to the respective Holders thereof any
Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a default by the
Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer
of the Notes in compliance with the rules&nbsp;and procedures of Euroclear and/or Clearstream shall be</FONT></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 0pt 0.5in">deemed to have been cancelled, and, upon such return or cancellation,
as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;15.03</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Withdrawal
of Repurchase Notice or Fundamental Change Repurchase Notice.</I> (a)&nbsp;A Repurchase Notice or Fundamental Change Repurchase Notice
may be withdrawn (in whole or in part) by means of a duly completed written notice of withdrawal delivered to the Trustee, Paying Agent
or any other agent appointed for such purpose in accordance with this Section&nbsp;15.03 (<I>Withdrawal of Repurchase Notice or Fundamental
Change Repurchase Notice</I>) at any time prior to the close of business on the second Business Day immediately preceding the Repurchase
Date or prior to the close of business on the second Business Day immediately preceding the Fundamental Change Repurchase Date, as the
case may be, specifying:</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 0pt 0.5in; text-indent: 0.5in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted,</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 0pt 0.5in; text-indent: 0.5in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being submitted,
and</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 0pt 0.5in; text-indent: 0.5in">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
principal amount, if any, of such Note that remains subject to the original Repurchase Notice or Fundamental Change Repurchase Notice,
as the case may be, which portion must be in denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess
thereof,</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"><I>provided</I>, <I>however</I>, that if the Notes are Global Notes,
the notice must comply with appropriate rules&nbsp;and procedures of Euroclear and/or Clearstream.</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: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;15.04</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Deposit
of Repurchase Price or Fundamental Change Repurchase Price</I>(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>.
</I>(a)&nbsp;The Company will deposit with the Paying Agent (or any other agent appointed for such purpose, or if the Company is acting
as its own Paying Agent, set aside, segregate and hold in trust as provided in Section&nbsp;4.04 (<I>Provisions as to Paying Agent</I>))
at or prior to 10:00 a.m., London time, one Business Day prior to the Repurchase Date or Fundamental Change Repurchase Date, as the case
may be, an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Repurchase Price or Fundamental
Change Repurchase Price. Subject to receipt of funds and/or Notes by the Paying Agent (or any other agent appointed for such purpose),
payment for Notes surrendered for repurchase (and not withdrawn in accordance with Section&nbsp;15.03 (<I>Withdrawal of Repurchase Notice
or Fundamental Change Repurchase Notice</I>)) will be made on the later of (i)&nbsp;the Repurchase Date or Fundamental Change Repurchase
Date, as the case may be (<I>provided</I> the Holder has satisfied the conditions in Section&nbsp;15.01 (<I>Repurchase at Option of Holders</I>)
or Section&nbsp;15.02 (<I>Repurchase at Option of Holders Upon a Fundamental Change</I>), as the case may be) and (ii)&nbsp;the time
of book-entry transfer or the delivery of such Note to the Paying Agent (or any other agent appointed for such purpose) by the Holder
thereof in the manner required by Section&nbsp;15.01 (<I>Repurchase at Option of Holders</I>) or Section&nbsp;15.02 (<I>Repurchase at
Option of Holders Upon a Fundamental Change</I>), as applicable, by mailing checks for the amount payable to the Holders of such Notes
entitled thereto as they shall appear in the Note Register; <I>provided</I>, <I>however</I>, that payments to the Common Depositary shall
be made by wire transfer of immediately available funds to the</FONT></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">account of the Common Depositary or its nominee. The Paying Agent
(or any other agent appointed for such purpose) shall, promptly after such payment and upon written demand by the Company, return to
the Company any funds in excess of the Repurchase Price or Fundamental Change Repurchase Price, as the case may be.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
by 10:00 a.m., New York City time, on the Repurchase Date or Fundamental Change Repurchase Date, as the case may be, the Paying Agent
(or any other agent appointed for such purpose) holds money sufficient to make payment on all the Notes or portions thereof that are
to be repurchased on such Repurchase Date or Fundamental Change Repurchase Date, as the case may be, then, with respect to the Notes
that have been properly surrendered for repurchase and not validly withdrawn, on such Repurchase Date or Fundamental Change Repurchase
Date, as the case may be, (i)&nbsp;such Notes will cease to be outstanding, (ii)&nbsp;interest will cease to accrue on such Notes (whether
or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (iii)&nbsp;all
other rights of the Holders of such Notes will terminate (other than the right to receive the Repurchase Price or Fundamental Change
Repurchase Price, as the case may be).</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
surrender of a Physical Note that is to be repurchased in part pursuant to Section&nbsp;15.01 (<I>Repurchase at Option of Holders</I>)
or Section&nbsp;15.02 (<I>Repurchase at Option of Holders Upon a Fundamental Change</I>), the Company shall execute and the Trustee,
upon receipt of a Company Order, shall authenticate and deliver to the Holder a new Physical Note in an authorized denomination equal
in principal amount to the unrepurchased portion of the Note surrendered.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;15.05</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Covenant
to Comply with Applicable Laws Upon Repurchase of Notes.</I> In connection with any repurchase offer, the Company will, if required,
comply with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes, so as to permit
the rights and obligations under this Article&nbsp;15 to be exercised in the time and in the manner specified in this Article&nbsp;15.</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; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&nbsp;16<BR>
REDEMPTION ONLY FOR TAXATION REASONS</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;16.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Redemption Except for Taxation Reasons</I> (a)&nbsp;The Notes may not be redeemable by the Company at its option prior to the Maturity
Date, except as set out in this Article&nbsp;16 (<I>Redemption only for Taxation Reasons</I>), and no sinking fund shall be provided
for the Notes. The Notes may be redeemed at the Company&rsquo;s option, in whole but not in part (a &ldquo;<B>Tax Redemption</B>&rdquo;),
at the Tax Redemption Price, if the Company is or would be required to pay Additional Amounts (which are more than a <I>de minimis</I>
amount) as a result of (i)&nbsp;any change in the Applicable Tax Law of a Relevant Taxing Jurisdiction, which change is not publicly
announced before, and becomes effective after, the date when the Notes are initially issued (or, if the applicable taxing jurisdiction
became a Relevant Taxing Jurisdiction on a date after the Notes are initially issued, such later date), or (ii)&nbsp;any change on or
after the date when the Notes are initially issued or, in the case of a Successor Company, after the date such Successor Company assumes
all of the Company&rsquo;s obligations under the Notes and this Indenture, in an interpretation, administration or application of such
Applicable Tax Law by any legislative body,</FONT></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">court, governmental agency, taxing authority or regulatory or administrative
authority of such relevant taxing jurisdiction (including the enactment of any legislation and the announcement or publication of any
judicial decision or regulatory or administrative interpretation or determination) (each such change, a &ldquo;<B>Change in Tax Law</B>&rdquo;);
<I>provided</I> that the Company cannot avoid these obligations by taking reasonable measures available to it (provided that changing
the Company&rsquo;s jurisdiction of organization or domicile shall not be considered a reasonable measure) and <I>further provided </I>that,
prior to or simultaneously with the Tax Redemption Notice, the Company delivers to the Trustee an Officers&rsquo; Certificate and an
Opinion of Counsel specializing in taxation attesting that the Company has or will become, on or before the Tax Redemption Date, obligated
to pay such Additional Amounts as a result of a Change in Tax Law. The Trustee shall and is entitled to accept and rely upon such Opinion
of Counsel and Officers&rsquo; Certificate (without further investigation or enquiry) and it shall be conclusive and binding on the Holder.</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 0pt 0.5in; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Tax Redemption Date falls after a Regular Record Date and on or prior to the immediately following Interest Payment Date, the Company
shall, on or, at its election, before such Interest Payment Date, pay the full amount of accrued and unpaid interest, and any Additional
Amounts with respect to such interest, due on such interest payment date to the Holder of the Notes on the Regular Record Date corresponding
to such Interest Payment Date.</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 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall notify the Trustee in writing of its election and the date on which such interest and any Additional Amounts with respect
to such interest will be paid at the time it provides such Tax Redemption Notice.</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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;16.02</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Notice
of Tax Redemption. </I>(a)&nbsp; In the event that the Company exercises its Tax Redemption right pursuant to Section&nbsp;16.01 (<I>No
Redemption Except for Taxation Reasons</I>), it shall fix a date for redemption (the &ldquo;<B>Tax Redemption Date</B>&rdquo;) and it
or, at its written request received by the Trustee not less than 35 days prior to the Tax Redemption Date (or such shorter period of
time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company shall send, or cause to be sent,
a written notice of such Tax Redemption prepared by the Company (a &ldquo;<B>Tax Redemption Notice</B>&rdquo;) not less than 30 nor more
than 60 calendar days prior to the Tax Redemption Date to each Holder of Notes so to be redeemed at its last address as the same appears
on the Note Register (or in the case of Global Notes, electronically in accordance with the applicable rules&nbsp;and procedures of Euroclear
and/or Clearstream); <I>provided</I>, <I>however</I>, that, if the Company shall give such notice, it shall also give a written notice
of the Tax Redemption Date to the Trustee. The Tax Redemption Date must be a Business Day.</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 0pt 0.5in; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not give any Tax Redemption Notice earlier than 60 days prior to the earliest date on which the Company would be obligated
to pay any Additional Amounts, and the obligation to pay such Additional Amounts must be in effect at the time such Tax Redemption Notice
is given. Simultaneously with providing such notice, the Company shall publish a notice containing this information in a newspaper of
general circulation in The City of New York or publish the information on its website or through such other public medium as it may use
at that time.</FONT></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>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Tax Redemption Notice, if sent in the manner herein provided, shall be conclusively presumed to have been given duly, whether or not
the Holder receives such notice. In any case, failure to give such Tax Redemption Notice or any defect in the Tax Redemption Notice to
the Holder of any Note designated for redemption shall not affect the validity of the proceedings for the redemption of any other Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Tax Redemption Notice shall specify:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Tax Redemption Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Tax Redemption Price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
place or places where such Notes are to be surrendered for payment of the Tax Redemption Price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
on the Tax Redemption Date, the Tax Redemption Price will become due and payable upon each Note to be redeemed, and that the interest
thereon, if any, shall cease to accrue on and after the Tax Redemption Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders may surrender their Notes for conversion at any time prior to the close of business on the second Business Day immediately preceding
the Tax Redemption Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
procedures a converting Holder must follow to convert its Notes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders have the right to elect not to have their Notes redeemed by delivery to the Company, with a copy to the Paying Agent, a written
notice to that effect not later than the second Business Day immediately preceding the Tax Redemption Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders who wish to elect not to have their Notes redeemed must satisfy the requirements set forth herein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that,
at and after the Tax Redemption Date, Holders who elect not to have their Notes redeemed (a)&#8239;will not receive any Additional Amounts
with respect to payments or delivery (including consideration due in respect of conversion or the Fundamental Change Repurchase Price,
and whether payable in cash, Conversion Securities or otherwise) made in respect to such Holders&rsquo; Notes solely as a result of the
Change in Tax Law that caused such Additional Amounts to be paid after the Tax Redemption Date and (b)&#8239;all future payments (including
consideration due in respect of conversion or the Fundamental Change Repurchase Price, and whether payable in cash, Conversion Securities
or otherwise) with respect to the Notes will be subject to any tax required to be withheld or deducted under the laws of a Relevant Taxing
Jurisdiction, as a result of such Change in Tax Law; provided that, notwithstanding the foregoing, if a Holder electing not to be subject
to a Tax Redemption converts its Notes in</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">connection with such Tax Redemption, the Company will be obligated
to pay Additional Amounts, if any, with respect to such conversion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Conversion Rate and, if applicable, the number of ADSs added to the Conversion Rate in accordance with Section&#8239;13.04 (<I>Increased
Conversion Rate Applicable to Certain Notes Surrendered in Connection with Forced Conversion, Make-Whole Fundamental Change and Tax Redemption</I>);
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
ISIN, Common Code or other similar numbers, if any, assigned to such Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Tax Redemption Notice shall be irrevocable and shall not be subject
to conditions. In the case of a Tax Redemption, a Holder may convert its Notes at any time until the close of business on the second
Business Day preceding the Tax Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;16.03</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>&#8239;&#8239;&#8239;Payment
of Notes Called for Tax Redemption for Taxation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
any Tax Redemption Notice has been given in respect of the Notes in accordance with Section&#8239;16.02 (<I>Notice of Tax Redemption</I>),
the Notes shall become due and payable on the Tax Redemption Date at the place or places stated in the Tax Redemption Notice and at the
applicable Tax Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Tax Redemption Notice,
the Notes shall be paid and redeemed by the Company and the applicable Tax Redemption Price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Prior
to 10:00 a.m., London time on the Tax Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary
of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section&#8239;4.04 (<I>Provisions as to
Paying Agent</I>) an amount of cash in immediately available funds, sufficient to pay the Tax Redemption Price of all of the Notes to
be redeemed on such Tax Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall
be made on the Tax Redemption Date for such Notes. The Trustee or other agent appointed for such purpose shall, promptly after such payment
and upon written demand by the Company, return to Company any funds in excess of the Tax Redemption Price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;16.04</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Holders&rsquo;
Right to Avoid Redemption.</I> Notwithstanding anything to the contrary in this Article&#8239;16, if the Company has given a Tax Redemption
Notice as described in Section&#8239;16.02 (<I>Notice of Tax Redemption</I>), each Holder of Notes will have the right to elect that such
Holder&rsquo;s Notes will not be subject to Tax Redemption. If a Holder elects not to be subject to a Tax Redemption, the Company will
not be required to pay any Additional Amounts (including consideration due in respect of conversion or Fundamental Change Repurchase
Price, and whether payable in cash, Conversion Securities or otherwise) with respect to any payment of interest, payment of principal
or delivery made in respect of such Holder&rsquo;s Notes following the Tax Redemption Date solely as a result of the Change in Tax Law
that caused such Additional Amounts to be paid after the Tax Redemption Date, and all subsequent payments in respect of such Holder&rsquo;s
Notes will be subject to any tax required to be withheld or deducted under the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">laws of a Relevant Taxing Jurisdiction, as a result of the Change
in Tax Law; <I>provided that</I>, notwithstanding the foregoing, if a Holder electing not to be subject to a Tax Redemption converts
its Notes in connection with such Tax Redemption, the Company will be obligated to pay Additional Amounts, if any, with respect to such
conversion. The obligation to pay Additional Amounts to any electing Holder for periods up to the Tax Redemption Date shall remain subject
to the exceptions set forth under Section&#8239;4.07 (<I>Additional Amounts</I>). Where no election is made, the Holder will have its
Notes redeemed without any further action. Holders must exercise their option to elect to avoid a Tax Redemption by written notice to
the Company (with a copy to the Paying Agent) no later than the close of business on the second Business Day immediately preceding the
Tax Redemption Date, <I>provided </I>that a Holder that has complied with the requirements set forth in Section&#8239;13.02 (<I>Conversion
Procedure; Settlement Upon Conversion</I>) will be deemed to have delivered a notice of its election to avoid a Tax Redemption. If Notes
are in global form, the rights of beneficial owners in any Global Note, including any election in connection with a tax redemption pursuant
to this Section&#8239;above, shall be exercised only through the Common Depositary subject to customary rules&#8239;and procedures of Euroclear
and/or Clearstream.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;16.05</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Restrictions
on Tax Redemption.</I> The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in
accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Tax Redemption Date (except
in the case of an acceleration resulting from a Default by the Company in the payment of the Tax Redemption Price with respect to such
Notes).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;16.06</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Withdrawal
of Notice of Election to Avoid a Tax Redemption.</I> A Holder may withdraw any notice of election to avoid a Tax Redemption (other than
such a deemed notice of election) made pursuant to Section&#8239;16.04 (<I>Holders&rsquo; Rights to Avoid Redemption</I>), by delivering
to the Company (with a copy to the Paying Agent) a written notice of withdrawal prior to the close of business on the second Business
Day immediately preceding the Tax Redemption Date (or, if the Company fails to pay the redemption price on the Tax Redemption Date, such
later date on which the Company pays the Tax Redemption Price).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">ARTICLE&#8239;17<BR>
MISCELLANEOUS PROVISIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.01</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Binding
on Company&rsquo;s Successors.</I> All the covenants, stipulations, promises and agreements of the Company contained in this Indenture
shall bind its successors and assigns whether so expressed or not.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.02</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Official
Acts by Successor Corporation.</I> Any act or proceeding by any provision of this Indenture authorized or required to be done or performed
by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee
or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.03</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Addresses
for Notices, Etc.</I> Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by
the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or served by being delivered in person, transmitted by facsimile,
(except for notices given to the Trustee) sent via electronic mail (with portable document format attached) or deposited postage prepaid
by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee)
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">F/5, Building C</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">No.999, Zhouhai Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Pudong, Shanghai 200137</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Daniel Newman, Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fax: +86-21-5118-6902</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any notice, direction, request or demand hereunder to or upon the
Trustee shall be given or served in person, transmitted by facsimile or deposited postage prepaid by registered or certified mail in
a post office letter box addressed to the Corporate Trust Office with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Bank of New York Mellon, London Branch, as
Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">160 Queen Victoria Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">London, EC4V 4LA</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Attention: Trustee
Administration Manager/GDS Holdings Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Fax: (+44) 207 964 2509</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Bank of New York Mellon, Hong Kong Branch<BR>
Level 26, Three Pacific Place<BR>
1 Queen&rsquo;s Road East<BR>
Hong Kong<BR>
Attention: Global Corporate Trust<BR>
Fax: +852 2295 3283</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All notices and other communications under this Indenture shall be
in writing in English.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">So long as and to the extent that the Notes are
represented by Global Notes and such Global Notes are held by the Common Depositary, any notice or demand to Holders will be deemed to
have been sufficiently given or served when so sent or deposited and, if to the Holders, when delivered in accordance with the applicable
rules&#8239;and procedures of Euroclear and/or Clearstream, as the case may be. Any such notice shall be deemed to have been delivered
on the day such notice is delivered to Euroclear and/or Clearstream, as the case may be, or if by mail, when so sent or deposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby acknowledges that it is fully
aware of the risks associated with transmitting instructions via Electronic Means, and being aware of these risks authorizes the Trustee
to accept and act upon any instruction sent to it or any Paying Agent, Conversion Agent or Note Registrar in the Company's name or in
the name of one or more appropriate authorized</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">signers of the Company via Electronic Means. The Trustee shall be
entitled to rely on Section&#8239;7.06 (<I>Compensation and Expenses of Trustee</I>) of this Indenture when accepting or acting upon any
instructions, communications or documents transmitted by facsimile, and shall not be liable in the event any facsimile transmission is
not received, or is mutilated, illegible, interrupted, duplicated, incomplete, unauthorized or delayed for any reason, including (but
not limited to) electronic or telecommunications failure. Furthermore, notwithstanding the above, if any Trustee receives information
or instructions delivered by Electronic Means believed by it to be genuine and to have been sent by the proper person or persons, the
Trustee or any Paying Agent, Conversion Agent or Note Registrar shall have (i)&#8239;no duty or obligation to verify or confirm that the
person who sent such instructions is in fact a person authorized to give instructions or directions on behalf of the Company and (ii)&#8239;no
liability for any losses, liabilities, costs or expenses incurred or sustained by any holder, the Company or any other person as a result
of such reliance on or compliance with such information or instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee, by notice to the Company, may designate
additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any notice or communication mailed to a Holder
shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently
given to it if so mailed within the time prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Failure to mail a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in
the manner provided above, it is duly given, whether or not the addressee receives it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.04</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Governing
Law; Jurisdiction.</I> THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE
AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably consents and agrees, for
the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against it with
respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought
in the federal courts of the United States of America or the courts of the State of New York, in each case, located in the City of New
York, New York (collectively, the &ldquo;specified courts&rdquo;) and hereby irrevocably consents and submits to the non-exclusive jurisdiction
of each such court <I>in personam</I>, generally and unconditionally with respect to any action, suit or proceeding for itself in respect
of its properties, assets and revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally waives,
to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid
actions, suits or proceedings arising out of or in connection with this Indenture brought</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in the specified courts and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.05</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Submission
to Jurisdiction; Service of Process.</I> The Company irrevocably appoints Cogency Global Inc. as its authorized agent in the City of
New York upon which process may be served in any such suit or proceeding, and agrees that service of process upon such agent, and written
notice of said service to the Company by the person serving the same to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">GDS Holdings Limited<BR>
c/o Cogency Global Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">122 East 42nd Street, 18th Floor, New York, NY 10168</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shall be deemed in every respect effective service of process upon
the Company in any such suit or proceeding. The Company further agrees to take any and all action as may be necessary to maintain such
designation and appointment of such agent in full force and effect for a period of seven years from the date of this Indenture. If for
any reason such agent shall cease to be such agent for service of process, the Company shall forthwith appoint a new agent of recognized
standing for service of process in the State of New York and deliver to the Trustee a copy of the new agent&rsquo;s acceptance of that
appointment within ten Business Days of such acceptance. Nothing herein shall affect the right of the Trustee, any agent or any Holder
to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Company in any
other court of competent jurisdiction. To the extent that the Company has or hereafter may acquire any sovereign or other immunity from
jurisdiction of any court or from any legal process with respect to itself or its property, the Company irrevocably waives such immunity
in respect of its obligations hereunder or under any Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.06</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Evidence
of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
any request or application by the Company to the Trustee to take any action under this Indenture, the Trustee shall be entitled to receive:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
Officers&rsquo; Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
Opinion of Counsel stating that, in the opinion of such counsel, all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with and such action is permitted by the terms of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
statement that each person signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such
certificate or opinion is based;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
statement that, in the opinion of each such person, he has made such examination or investigation as is necessary to enable him to express
an informed opinion; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with or such action
is permitted by the terms of this Indenture, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything to the contrary in this
Section&#8239;17.06 (<I>Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee</I>), if any
provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any
action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to such Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.07</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Legal
Holidays.</I> In any case where any Interest Payment Date, Fundamental Change Repurchase Date, Conversion Date, Repurchase Date, Tax
Redemption Date or Maturity Date is not a Business Day (which, solely for the purposes of any payment required to be made on any such
Interest Payment Date, Fundamental Change Repurchase Date, Conversion Date, Repurchase Date, Tax Redemption Date or Maturity Date and
solely for purposes of this Section&#8239;17.07, shall also not include days in which the office where the place of payment in the continental
United States is authorized or required by law to close), then such Interest Payment Date, Fundamental Change Repurchase Date, Conversion
Date, Repurchase Date, Tax Redemption Date or Maturity Date, as applicable, will not be postponed but any action (which shall be limited
to solely any payment action in the case the immediately preceding parenthetical applies) to be taken on such date need not be taken
on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest
shall accrue or be paid in respect of the delay.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.08</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>No
Security Interest Created.</I> Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security
interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.09</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Benefits
of Indenture.</I> Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders,
the parties hereto, any Paying Agent, any Conversion Agent, any Note Registrar and their successors hereunder, any benefit or any legal
or equitable right, remedy or claim under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.10</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Table
of Contents, Headings, Etc.</I> The table of contents and the titles and headings of the articles and sections of this Indenture have
been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of
the terms or provisions hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.11</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Execution
in Counterparts.</I> This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages&#8239;by facsimile
or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their
original signatures for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.12</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Judgment
Currency</I>. The Company agrees to indemnify any party against any loss incurred by such party as a result of any judgment or order
being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the &ldquo;<B>Judgment
Currency</B>&rdquo;) other than U.S. Dollars and as a result of any variation as between (i)&#8239;the rate of exchange at which the U.S.
Dollar amount is converted into the Judgment Currency for the purpose of such judgment or order, and (ii)&#8239;the rate of exchange at
which such indemnified person is able to purchase U.S. Dollars with the amount of the Judgment Currency actually received by the indemnified
person. The foregoing indemnity shall constitute a separate and independent obligation of the Company and shall continue in full force
and effect notwithstanding any such judgment or order as aforesaid. The term &ldquo;rate of exchange&rdquo; shall include any premiums
and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.13</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Severability.
</I>In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.14</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Waiver
of Jury Trial.</I> EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED HEREBY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.15</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Force
Majeure.</I> Notwithstanding anything to the contrary in this Indenture or in any other transaction document, the Trustee and the Agents
shall be not in any event liable for any loss or damage, or any failure or delay in the performance of its obligations hereunder if it
is prevented from so performing its obligations by any reason which is beyond the control of the Trustee and/or the Agents, including,
but not limited to, any existing or future law or regulation, any existing or future act of governmental authority, &ldquo;act of God,&rdquo;
flood, epidemic, pandemic, war whether declared or undeclared, terrorism, riot, rebellion, civil commotion, strike, lockout, other industrial
action, general failure of electricity or other supply, aircraft collision, technical failure, accidental or mechanical or electrical
breakdown, computer failure or failure of any money transmission system or any event where performance of any duty or obligation under
or pursuant to this Indenture would or may be illegal or would result in the Trustee and/or the Agents being in breach of any law, rule,
regulation, or any decree, order or judgment of any court, or practice, request, direction, notice, announcement or similar action (whether
or not having the force of law) of any relevant government, government agency, regulatory authority, stock exchange or self-regulatory
organization to which the Trustee and/or Agents are subject.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.16</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Calculations.
</I>The Company shall be responsible for making all calculations called for under the Notes. These calculations include, but are not
limited to, determinations of the Last Reported Sale Prices of the ADSs, accrued interest payable on the Notes, the number of Additional
ADSs to be added to the Conversion Rate upon a Forced Conversion, a Make-Whole Fundamental Change or a Tax Redemption, if any, the Tax
Redemption Price and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest
error, the Company&rsquo;s calculations shall be final and binding on Holders. The Company shall provide a schedule of its calculations
to each of the Trustee, the Paying Agent and the Conversion Agent, and each of the Trustee, the Paying Agent and the Conversion Agent
is entitled to rely conclusively and without liability upon the accuracy of the Company&rsquo;s calculations without independent verification.
The Trustee will forward the Company&rsquo;s calculations to any Holder of Notes upon the prior written request and satisfactory proof
of holding of that Holder at the sole cost and expense of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.17</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>USA
PATRIOT Act.</I> The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and
money laundering activities, pursuant to Federal regulations that became effective on October&#8239;1, 2003 (Section&#8239;326 of the USA
PATRIOT Act) all financial institutions are required to obtain, verify, record and update information that identifies each person establishing
a relationship or opening an account. The parties to this Indenture agree that they will provide to the Trustee such information as it
may request, from time to time, in order for the Trustee to satisfy the requirements of the USA PATRIOT Act, including but not limited
to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is
establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other
identifying documents to be provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.18</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Remedies,
Characterizations, other Obligations, Breaches and Injunctive Relief.</I> The remedies provided in this Indenture and the Notes shall
be cumulative and in addition to all other remedies available under this Indenture and the Notes, at law or in equity (including a decree
of specific performance and/or other injunctive relief), and nothing herein or therein shall limit any Holder&rsquo;s right to pursue
actual damages for any failure by the Company to comply with the terms of this Indenture or the Notes. In addition, where a Holder has
duly exercised its Conversion Rights in accordance with this Indenture, nothing herein shall prejudice such Holder from making any claim
for the value of the Conversion Securities which are required to be delivered by the Company in accordance with the terms of this Indenture
to satisfy the Conversion Obligation to which such Conversion Rights relate. Amounts set forth or provided for herein with respect to
payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except
as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges
that a breach by it of its obligations hereunder shall cause irreparable harm to the Holders and that the remedy at law for any such
breach shall be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holders shall
be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic
loss and without any bond or other security being required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&#8239;17.19</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Sanctions.
</I>The Company covenants and represents that neither it nor any of its Affiliates, Subsidiaries, directors or officers are the target
or subject of any sanctions enforced by the U.S. Government, (including the Office of Foreign Assets Control of the U.S. Department of
the Treasury (&ldquo;<B>OFAC</B>&rdquo;)), the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions
authority (collectively &ldquo;<B>Sanctions</B>&rdquo;). The Company covenants and represents that neither it nor any of its Affiliates,
Subsidiaries, directors or officers use any payments made pursuant to this Indenture, (i)&#8239;to fund or facilitate any activities of
or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii)&#8239;to fund
or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii)&#8239;in
any other manner that will result in a violation of Sanctions by any person and as if those Sanctions applied to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Remainder of the page&#8239;intentionally left
blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">GDS HOLDINGS LIMITED</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ William Wei Huang</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: William Wei Huang</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Director</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">The Bank of New York Mellon, London Branch,
    <FONT STYLE="text-transform: lowercase">as Trustee</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Michael Cheng</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: Michael Cheng</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: Vice President</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&#8239;<FONT STYLE="font-variant: small-caps; text-transform: uppercase">a</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">FORM&#8239;OF
FACE OF NOTE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">[INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[THIS IS A GLOBAL NOTE WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY, WHICH
MAY&#8239;BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF <FONT STYLE="text-transform: uppercase">The Bank of New York MELLON, LONDON BRANCH</FONT>, AS COMMON DEPOSITARY (THE
 &ldquo;COMMON DEPOSITARY&rdquo;) FOR EUROCLEAR BANK SA/NV AND CLEARSTREAM BANKING S.A. TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN INTEREST HEREIN.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE COMMON DEPOSITARY OR A NOMINEE THEREOF, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S
NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN SECTION&#8239;2 OF THE INDENTURE HEREINAFTER REFERRED TO.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[THIS SECURITY, THE AMERICAN DEPOSITARY SHARES DELIVERABLE UPON CONVERSION
OF THIS SECURITY AND THE CLASS&#8239;A ORDINARY SHARES REPRESENTED THEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;) AND ARE &ldquo;RESTRICTED SECURITIES&rdquo; WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES
ACT OR CONTRACTUALLY RESTRICTED SECURITIES, AND MAY&#8239;NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN 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 0">&#8239;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS NOT A U.S. PERSON AND IS LOCATED OUTSIDE THE UNITED STATES (WITHIN THE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MEANING OF REGULATION S UNDER THE SECURITIES ACT) AND THAT IT EXERCISES
SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT AND THAT IT AND ANY SUCH ACCOUNT IS NOT, AND HAS NOT BEEN FOR THE IMMEDIATELY
PRECEDING THREE MONTHS, AN AFFILIATE OF GDS HOLDINGS LIMITED (THE &ldquo;COMPANY&rdquo;), AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;AGREES
FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE, HYPOTHECATE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL
INTEREST HEREIN PRIOR TO THE DATE THAT IS (X)&#8239;THE EARLIER OF (I)&#8239;ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF, OR (II)&#8239;SUCH
SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO, OR (Y)&#8239;SUCH LATER
DATE,&#8239;IF ANY, AS MAY&#8239;BE REQUIRED BY APPLICABLE LAW, EXCEPT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
                                            THE SECURITIES ACT, OR</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD>TO A PERSON OUTSIDE THE UNITED STATES AND THEREAFTER OUTSIDE THE
                                            UNITED STATES,&#8239;IN EACH CASE IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT,
                                            OR</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.25in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD>PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OR ANOTHER EXEMPTION
                                            FROM REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (IF AVAILABLE).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D)&#8239;ABOVE,
THE COMPANY, THE COMMON DEPOSITARY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR
OTHER EVIDENCE AS MAY&#8239;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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT (&ldquo;RULE
144&rdquo;)) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY DURING
THE THREE IMMEDIATELY PRECEDING MONTHS MAY&#8239;PURCHASE, OTHERWISE ACQUIRE OR OWN THIS NOTE OR A BENEFICIAL INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.50% Convertible Senior Note due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No.&#8239;[ ]</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">US$[
]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">ISIN Number: XS2574095118</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Common Code: 257409511</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">GDS Holdings Limited, an exempted company duly
incorporated and validly existing under the laws of the Cayman Islands (the &ldquo;<B>Company,</B>&rdquo; which term includes any successor
company or corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to
pay to [The Bank of New York Depository (Nominees) Limited, as nominee of the common depositary for Euroclear Bank SA/NV and Clearstream
Banking S.A.]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT> [ ]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>,
or registered assigns, the principal sum [as set forth in the &ldquo;Schedule of Exchanges of Notes&rdquo; attached hereto]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3
</SUP></FONT>[of US$[ ]]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>, which amount, taken together
with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed US$[_] in aggregate at
any time, on [_], and interest thereon as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note shall bear interest at the rate of 4.50%
per year from [_], or from the most recent date to which interest had been paid or provided for to, but excluding, the next scheduled
Interest Payment Date until January&#8239;31, 2030. Interest is payable semi-annually in arrears on each January&#8239;31 and July&#8239;31,
commencing on July&#8239;31, 2023, to Holders of record at the close of business on the preceding [_] and [_] (whether or not such day
is a Business Day), respectively. [So long as the Notes are held in global form, all payments in respect of the Global Note will be made
to Holders thereof as of the close of business (of the relevant clearing system) on the Clearing System Business Day immediately before
the due date for such payments, where &ldquo;<B>Clearing System Business Day</B>&rdquo; means a weekday (Monday to Friday, inclusive)
except December&#8239;25 and January&#8239;1.]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any Defaulted Amounts shall accrue interest per
annum at the rate per annum borne by the Notes plus 1.00%, subject to the enforceability thereof under applicable law, from, and including,
the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election,
in accordance with Section&#8239;2.03(c)&#8239;(<I>Date and Denomination of Notes; Payments of Interest and Defaulted Amounts</I>) of the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall pay the principal of and interest
on this Note, so long as such Note is a Global Note, in immediately available funds to the Common Depositary or its nominee, as the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Include for a Global Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Include if a Physical Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Include if a Global Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Include if a Physical Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Include for a Global Note.</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">case may be, as the registered Holder of such Note. As provided in
and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes)
at the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent,
Conversion Agent and Note Registrar in respect of the Notes and its agency, as a place where Notes may be presented for payment or for
registration of transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the further provisions of
this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert
this Note into ADSs or Ordinary Shares, as applicable, on the terms and subject to the limitations set forth in the Indenture. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>This Note, and any claim, controversy or dispute
arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of any conflict between this Note
and the Indenture, the provisions of the Indenture shall control and govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually or by facsimile by the Registrar under
the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Remainder of page&#8239;intentionally left
blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused this
Note to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">GDS HOLDINGS LIMITED</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Dated:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">CERTIFICATE OF AUTHENTICATION</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">THE BANK OF NEW YORK MELLON SA/NV, DUBLIN BRANCH, <BR>
as Registrar.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Officer</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&#8239;OF REVERSE OF NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GDS HOLDINGS LIMITED<BR>
4.50% Convertible Senior Note due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue
of Notes of the Company, designated as its 4.50% Convertible Senior Notes due 2030 (the &ldquo;<B>Notes</B>&rdquo;), limited to the
aggregate principal amount of US$[_], all issued or to be issued under and pursuant to an Indenture dated as of January 20, 2023 (the
 &ldquo;<B>Indenture</B>&rdquo;), between the Company and The Bank of New York Mellon, London Branch, as Trustee (the
 &ldquo;<B>Trustee</B>&rdquo;), to which Indenture and all indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of
the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case certain Events of Default, as defined
in the Indenture, shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the
Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due
and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. In the case
certain Events of Default relating to a bankruptcy (or similar proceeding) with respect to the Company or a Significant Subsidiary of
the Company shall have occurred, the principal of, and interest on, all Notes shall automatically become immediately due and payable,
as set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the terms and conditions of the Indenture,
the Company will make all payments in respect of the principal amount on the Maturity Date, the Repurchase Date, the Tax Redemption Date
and the Fundamental Change Repurchase Date, as the case may be, to the Holder who surrenders a Note to the Trustee to collect such payments
in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for
payment of public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the terms and conditions of the Indenture,
Additional Amounts will be paid in connection with any payments made and deliveries caused to be made by the Company or any successor
to the Company under or with respect to the Indenture and the Notes, including, but not limited to, payments of principal (including
the Tax Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable), payments of interest and
deliveries of ADSs (or Ordinary Shares in lieu of any ADSs), together with payments for any fractional Conversion Securities, upon conversion
of the Notes to ensure that the net amount received by the Holder after any applicable withholding or deduction (and after deducting
any taxes on the Additional Amounts) will equal the amount that would have been received by such Holder had no such withholding or deduction
been required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions permitting the
Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of at least a majority in aggregate principal amount of the Notes at the time outstanding, evidenced
as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein.
It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of
the Notes at the time outstanding may on behalf of the Holders of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">all of the Notes waive, subject to certain exceptions, any past Default
or Event of Default under the Indenture and its consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or
cause to be delivered, as the case may be, the principal (including the Tax Redemption Price, the Repurchase Price and the Fundamental
Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at
the place, at the respective times, at the rate and in the lawful money herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are issuable in registered form without
coupons in minimum denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof. At the office
or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture,
Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service
charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be
imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different
from the name of the Holder of the old Notes surrendered for such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are not subject to redemption through
the operation of any sinking fund. Under certain circumstances relating to changes in tax laws specified in the Indenture, the Notes
will be subject to redemption by the Company at the Tax Redemption Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Holder has the right, at such Holder&rsquo;s
option, to require the Company to repurchase for cash all of such Holder&rsquo;s Notes or any portion thereof (in principal amounts of
US$1,000 or integral multiples thereof) on the Repurchase Date at a price equal to the Repurchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the occurrence of a Fundamental Change, the
Holder has the right, at such Holder&rsquo;s option, to require the Company to repurchase for cash all of such Holder&rsquo;s Notes or
any portion thereof (in in denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof) on the
Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of the Indenture, the
Holder hereof has the right, at such Holder&rsquo;s option, prior to the close of business on the third Scheduled Trading Day (or the
fifth Scheduled Trading Day, if the converting Holder elects to receive Ordinary Shares in lieu of any ADSs under Section&#8239;13.02(j)&#8239;(<I>Conversion
Procedure; Settlement Upon Conversion</I>)) of the Indenture immediately preceding the Maturity Date, to convert any Notes or portion
thereof that is in denominations of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof, into ADSs (or
Ordinary Shares in lieu of any ADSs) at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in
the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Terms used in this Note and defined in the Indenture
are used herein as therein defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">ABBREVIATIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following abbreviations, when used in the
inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TEN COM = as tenants in common</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNIF GIFT MIN ACT = Uniform Gifts to Minors Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TEN ENT = as tenants by the entireties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JT TEN = joint tenants with right of survivorship and not as tenants
in common</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">Additional abbreviations may also be used though
not in the above list.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="text-transform: uppercase"><B>Schedule
A</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GDS HOLDINGS LIMITED<BR>
4.50% Convertible Senior Notes due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The initial principal
amount of this Global Note is [</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">] DOLLARS (US$[</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">]).
The following increases or decreases in this Global Note have been made:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 20%">Date of exchange</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount
of<BR>
decrease in<BR> principal amount<BR> of this Global Note</B></P></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount
of<BR>
increase in<BR>
principal amount<BR> of this Global Note</B></P></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 18%; text-align: center">Principal amount<BR> of this Global Note<BR>
following such<BR>
decrease or<BR> increase</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature
of<BR>
authorized<BR> signatory of<BR>
Trustee</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> Include if a global note.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-variant: small-caps"><B>ATTACHMENT
1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">FORM&#8239;OF
CONVERSION NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">To:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">GDS
HOLDINGS LIMITED</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">JPMorgan Chase Bank, N.A., as Depositary for the
ADSs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Bank of New York Mellon, London Branch, as
Conversion Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The undersigned registered owner of this Note
hereby exercises the option to convert this Note, or the portion hereof (that is in denominations of US$200,000 principal amount and
integral multiples of US$1,000 in excess thereof) below designated, into ADSs in accordance with the terms of the Indenture referred
to in this Note, and directs that any ADSs deliverable upon such conversion, together with any cash payable for any fractional ADS, and
any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different
name has been indicated below.]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The undersigned registered owner of this Note
hereby exercises the option to convert this Note, or the portion hereof (that is in denominations of US$200,000 principal amount and
integral multiples of US$1,000 in excess thereof) below designated, into Ordinary Shares in the Company&rsquo;s register of members in
accordance with the terms of the Indenture referred to in this Note, and directs that any Ordinary Shares deliverable upon such conversion
be registered in the name of the registered Holder hereof unless a different name has been indicated below in the Company&rsquo;s register
of members, and any cash payable for any fractional Ordinary Shares, and any Notes representing any unconverted principal amount hereof,
be issued and delivered to such Person designated by the registered Holder hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby instructs the Company to
register the Ordinary Shares registered in the Cayman Islands in the name of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; width: 70%"><FONT STYLE="font-size: 10pt">Name of Beneficial Owner to Receive
    Ordinary Shares (English):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Address of Beneficial Owner to Receive Ordinary
    Shares (English):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Name of Registered Holder of the Ordinary Shares:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Number of Ordinary Shares
    to be Issued:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Beneficial Owner&rsquo;s
    Tax ID Number:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Contact Name and Tel No.&#8239;/
    Email Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The undersigned registered owner of this Note
hereby exercises the option to convert this Note, or the portion hereof (that is in denominations of US$200,000 principal amount and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Include if converting into ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> Include if converting into Ordinary Shares in the Company&rsquo;s
Cayman share registry.</P>

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


<!-- Field: Page; Sequence: 121; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">integral multiples of US$1,000 in excess thereof) below designated,
into Ordinary Shares in the Company&rsquo;s Hong Kong share registry in accordance with the terms of the Indenture referred to in this
Note, and directs that any Ordinary Shares deliverable upon such conversion be registered in the name of the registered Holder hereof
unless a different name has been indicated below in the Company&rsquo;s Hong Kong share registry, and any cash payable for any fractional
Ordinary Shares, and any Notes representing any unconverted principal amount hereof, be issued and delivered to such Person designated
by the registered Holder hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned hereby instructs the Company to register the Ordinary
Shares registered in Hong Kong in the name of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; width: 70%"><FONT STYLE="font-size: 10pt">Name of Beneficial Owner to Receive
    Ordinary Shares (English):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Address of Beneficial Owner to Receive Ordinary
    Shares (English):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Name of Registered Holder of the Ordinary Shares:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Number of Ordinary Shares
    to be Issued:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Beneficial Owner&rsquo;s
    Tax ID Number:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Contact Name and Tel No.&#8239;/
    Email Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The undersigned hereby elects to receive the
Ordinary Shares deliverable upon such conversion in the CCASS account set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; width: 50%"><FONT STYLE="font-size: 10pt">CCASS Account Bank Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">CCASS Account Number:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">SWIFT CODE:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Account Name at CCASS Bank:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Account Number at CCASS Bank:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Responsible Employee Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Fax:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Address:]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The undersigned hereby elects to receive the
Ordinary Shares deliverable upon such conversion in the form of a share certificate, and directs that any such share certificate deliverable
upon such conversion be delivered to the following address at the undersigned&rsquo;s expense:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Include if converting into Ordinary Shares in CCASS account.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; width: 50%"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Fax: ]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1011</SUP></FONT></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any [ADSs]/[Ordinary Shares] or any portion of this Note not converted
are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue
or transfer taxes, if any, in accordance with Section&#8239;13.02(b)&#8239;(<I>Conversion Procedure; Settlement Upon Conversion</I>) of
the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used
herein but not defined shall have the meanings ascribed to such terms in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the conversion of this Note,
or the portion hereof below designated, the undersigned acknowledges, represents to and agrees with the Company that the undersigned
is not an &ldquo;affiliate&rdquo; (as defined in Rule&#8239;144 under the Securities Act) of the Company and has not been an &ldquo;affiliate&rdquo;
(as defined in Rule&#8239;144 under the Securities Act) during the three months immediately preceding the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
undersigned acknowledges (and if the undersigned is acting for the account of another person, that person has confirmed that it acknowledges)
that the Restricted Securities received upon conversion of this Note (or securities represented thereby) have not been and are not expected
to be registered under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
undersigned further certifies that either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned is, and at the time the [ADSs]/[Ordinary Shares] are delivered in conversion of its Notes will be, the holder of the [ADSs
and the Ordinary Shares represented thereby]/[Ordinary Shares], and (i)&#8239;the undersigned is not a U.S. person (as defined in Regulation
S under the Securities Act) and is located outside the United States (within the meaning of Regulation S) and acquired, or have agreed
to acquire and will have acquired, the Notes being converted and the [ADSs]/[Ordinary Shares] being delivered in the conversion outside
the United States and (ii)&#8239;the undersigned is not in the business of buying and selling securities or, if the undersigned is in
such business, the undersigned did not acquire the Notes being converted from the Company or any affiliate thereof in the initial distribution
of the Notes. The undersigned did not purchase any of the Notes, ADSs or Ordinary Shares with a view to distribution, is not proposing
to offer or sell any of such [ADSs]/[Ordinary Shares] for the Company in connection with the distribution of such Notes, ADSs or Ordinary
Shares, or is participating, or has a direct or indirect participation, in any such undertaking or in the direct or indirect underwriting
of any such undertaking, and such Notes and [ADSs]/[Ordinary Shares] do not constitute the whole or a part of an unsold allotment to
or subscription by a dealer, as a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Include if converting into Ordinary Shares outside of
CCASS or if the restrictive legend on the Notes has not been removed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> Include if converting into Ordinary Shares in the Company&rsquo;s
Hong Kong share registry.</P>

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


<!-- Field: Page; Sequence: 123; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">participant in the distribution of Notes, ADSs or Ordinary Shares
by the Company issuing the same or by or through an underwriter; if the undersigned acquired the Notes directly or indirectly from the
Company in a transaction or chain of transactions not involving any public offering, or the Notes are &ldquo;restricted securities&rdquo;
the undersigned (a)&#8239;is or currently are able to sell all of the ADSs issuable on the deposit of such Notes in a single transaction
pursuant to (i)&#8239;an effective registration statement under the Securities Act or (ii)&#8239;Rule&#8239;144 promulgated under the Securities
Act, and any purchaser of such [ADSs]/[Ordinary Shares] represented thereby will not receive &ldquo;restricted securities&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
undersigned is a broker-dealer acting on behalf of its customer; its customer has confirmed to the undersigned that it is, and at the
time the [ADSs]/[Ordinary Shares] are delivered in conversion of the Notes will be, the holder of the [ADSs and the Ordinary Shares represented
thereby]/[Ordinary Shares], and (i)&#8239;it is not a U.S. person (as defined in Regulation S under the Securities Act) and it is located
outside the United States (within the meaning of Regulation S and acquired, or have agreed to acquire and will have acquired, the Notes
being converted and the [ADSs]/[Ordinary Shares] being delivered in the conversion outside the United States and (ii)&#8239;it is not
in the business of buying and selling securities or, if it is in such business, it did not acquire the Notes being converted from the
Company or any affiliate thereof in the initial distribution of the Notes. And such customer confirmed it did not purchase any of the
Notes, ADSs or Ordinary Shares with a view to distribution, is not proposing to offer or sell any of such [ADSs]/[Ordinary Shares] for
the Company in connection with the distribution of such Notes, ADSs or Ordinary Shares, or is participating, or has a direct or indirect
participation, in any such undertaking or in the direct or indirect underwriting of any such undertaking, and such Notes and [ADSs]/[Ordinary
Shares] do not constitute the whole or a part of an unsold allotment to or subscription by a dealer, as a participant in the distribution
of Notes, ADSs or Ordinary Shares by the Company issuing the same or by or through an underwriter; if the customer acquired the Notes
directly or indirectly from the Company in a transaction or chain of transactions not involving any public offering, or the Notes are
 &ldquo;restricted securities&rdquo; the customer (a)&#8239;is or currently are able to sell all of the ADSs issuable on the deposit of
such Notes in a single transaction pursuant to (i)&#8239;an effective registration statement under the Securities Act or (ii)&#8239;Rule&#8239;144
promulgated under the Securities Act, and any purchaser of such [ADSs]/[Ordinary Shares] represented thereby will not receive &ldquo;restricted
securities&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
undersigned acknowledges that the undersigned (and any such other account) may not continue to hold or retain any interest in Restricted
Securities received upon conversion of this Note if the undersigned (or such other account) becomes an Affiliate of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
undersigned agrees (and if the undersigned is acting for the account of another person, that person has confirmed that it agrees) that,
unless and until the undersigned (or such other account) is notified by the Common Depositary that the restrictive legend on such Restricted
Security has been removed from such security, the undersigned (and such other account) will not offer, sell, pledge or otherwise transfer
the Restricted Security (or securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">represented by such Restricted Security) except in accordance with
the restrictions set forth in that legend and any applicable securities laws of the United States and any state thereof.]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Include if a Restricted Security.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Dated:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Signature Guarantee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%">Signature(s)&#8239;must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit
unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule&#8239;17Ad-15
if ADSs are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Fill in for registration of ADSs if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; width: 49%"><FONT STYLE="font-size: 10pt">(Name)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(Street Address)
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">City, State and Zip Code)<BR>
    Please print name and address</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif">Principal amount to be converted (if less than all): US$ [&#9679;],000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">NOTICE: The above signature(s)&#8239;of the Holder(s)&#8239;hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Social Security or Other Taxpayer Identification Number</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FORM&#8239;OF FUNDAMENTAL CHANGE REPURCHASE NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">To:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">GDS
HOLDINGS LIMITED</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Agent appointed for such repurchase]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registered owner of this Note
hereby acknowledges receipt of a notice from GDS Holdings Limited (the &ldquo;<B>Company</B>&rdquo;) as to the occurrence of a Fundamental
Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay
to the registered Holder hereof in accordance with Section&#8239;15.02 (<I>Repurchase at Option of Holders Upon a Fundamental Change</I>)
of the Indenture referred to in this Note the entire principal amount of this Note, or the portion thereof (that is in denominations
of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof) below designated, and (2)&#8239;if such Fundamental
Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest Payment
Date, accrued and unpaid interest thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but
not defined shall have the meanings ascribed to such terms in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 49%; font: 10pt Times New Roman, Times, Serif">Signatures(s)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Social Security or Other Taxpayer Identification Number</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal amount to be converted (if less than all): US$[&#9679;],000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">NOTICE: The above signature(s)&#8239;of the Holder(s)&#8239;hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FORM&#8239;OF REPURCHASE NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">To:</FONT></TD><TD STYLE="text-align: justify">GDS
HOLDINGS LIMITED</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Agent appointed for such repurchase]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registered owner of this Note
hereby acknowledges receipt of a notice from GDS Holdings Limited (the &ldquo;<B>Company</B>&rdquo;) regarding the right of Holders to
elect to require the Company to repurchase the entire principal amount of this Note, or the portion thereof (that is in denominations
of US$200,000 principal amount and integral multiples of US$1,000 in excess thereof) below designated and requests and instructs the
Company to repurchase the entire principal amount of this Note, or the portion thereof (that is in denominations of US$200,000 principal
amount and integral multiples of US$1,000 in excess thereof) below designated, in accordance with the applicable provisions of the Indenture
referred to in this Note, at the Repurchase Price to the registered Holder hereof. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 49%; font: 10pt Times New Roman, Times, Serif">Signatures(s)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Social Security or Other Taxpayer Identification Number</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Principal amount to be converted (if less than all): US$[&#9679;],000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">NOTICE: The above signature(s)&#8239;of the Holder(s)&#8239;hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FORM&#8239;OF ASSIGNMENT AND TRANSFER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For value received [&#8239;&#9679;&#8239;] hereby sell(s), assign(s)&#8239;and
transfer(s)&#8239;unto [&#8239;&#9679;&#8239;] (Please insert social security or Taxpayer Identification Number of assignee) the within
Note, and hereby irrevocably constitutes and appoints [&#8239;&#9679;&#8239;] attorney to transfer the said Note on the books of the Company,
with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with any transfer of the within Note occurring prior
to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that such Note
is being transferred:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD><TD STYLE="text-align: justify">To
                                            GDS Holdings Limited or a subsidiary thereof; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Pursuant
                                            to a registration statement that has become or been declared effective under the Securities
                                            Act of 1933, as amended; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>To
                                            a non-U.S. Person in an offshore transaction meeting the requirements of Rule&#8239;903 or
                                            Rule&#8239;904 of Regulation S under the Securities Act of 1933, as amended; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD><TD STYLE="text-align: justify">Pursuant
                                            to an exemption from the registration requirements of the Securities Act of 1933, as amended.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Dated:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Signature(s)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Signature Guarantee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Signature(s)&#8239;must be guaranteed by an eligible Guarantor Institution
(banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion
program pursuant to Securities and Exchange Commission Rule&#8239;17Ad-15 if Notes are to be delivered, other than to and in the name
of the registered holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature on the assignment must correspond with the name
as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps">FORM&#8239;OF ELECTION NOTICE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">To:</FONT></TD><TD STYLE="text-align: justify">GDS
HOLDINGS LIMITED</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">JPMorgan Chase Bank, N.A., as Depositary for the
ADSs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Bank of New York Mellon, London Branch, as
Conversion Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the Forced Conversion
Notice, dated as of [&#9679;], issued by GDS Holdings Limited (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[[The undersigned registered owner of this
Note]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT>/[The undersigned being the beneficial owner of
Notes in the principal amount indicated below holding such Notes in account(s)&#8239;or through the account(s)&#8239;of [&#9679;],
in the name of a direct participant of Euroclear and/or Clearstream acting on its behalf]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14 </SUP></FONT>(the
 &ldquo;Holder&rdquo;) hereby elects to receive Ordinary Shares in the Company&rsquo;s register of members in accordance with the
terms of the Indenture, and directs that any Ordinary Shares deliverable upon the Forced Conversion be registered in the name of the
Holder unless a different name has been indicated below in the Company&rsquo;s register of members, and any cash payable for any
fractional Ordinary Shares be delivered to such Person designated by the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby instructs the Company to
register the Ordinary Shares registered in the Cayman Islands in the name of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; width: 80%"><FONT STYLE="font-size: 10pt">Name of Beneficial Owner to Receive
    Ordinary Shares (English):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Address of Beneficial Owner to Receive Ordinary
    Shares (English):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Name of Registered Holder of the Ordinary Shares:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Number of Ordinary Shares
    to be Issued:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Beneficial Owner&rsquo;s
    Tax ID Number:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Contact Name and Tel No.&#8239;/
    Email Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The undersigned registered owner of this
Note]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP></FONT>/[ The undersigned being the beneficial owner of
Notes in the principal amount indicated below holding such Notes in account(s)&#8239;or through the account(s)&#8239;of [&#9679;],
in the name of a direct participant of Euroclear and/or Clearstream acting on its behalf]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17 </SUP></FONT>(the
 &ldquo;Holder&rdquo;) hereby elects to receive Ordinary Shares in the Company&rsquo;s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> Include if a Physical Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> Include if a Global Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> Include if converting into Ordinary Shares in the Company&rsquo;s
Cayman share registry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> Include if a Physical Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> Include if a Global Note.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong share registry in accordance with the terms of the Indenture,
and directs that any Ordinary Shares deliverable upon the Forced Conversion be registered in the name of the Holder unless a different
name has been indicated below in the Company&rsquo;s Hong Kong share registry, and any cash payable for any fractional Ordinary Shares
be delivered to such Person designated by the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned hereby instructs the Company to register the Ordinary
Shares registered in Hong Kong in the name of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; width: 80%"><FONT STYLE="font-size: 10pt">Name of Beneficial Owner to Receive
    Ordinary Shares (English):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Address of Beneficial Owner to Receive Ordinary
    Shares (English):</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Name of Registered Holder of the Ordinary Shares:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Number of Ordinary Shares
    to be Issued:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Beneficial Owner&rsquo;s
    Tax ID Number:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Contact Name and Tel No.&#8239;/
    Email Address:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The undersigned hereby elects to receive the
Ordinary Shares deliverable upon the Forced Conversion in the CCASS account set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; width: 50%"><FONT STYLE="font-size: 10pt">CCASS Account Bank Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">CCASS Account Number:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">SWIFT CODE:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Account Name at CCASS Bank:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Account Number at CCASS Bank:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Responsible Employee Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Fax:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Address:]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>18</SUP></FONT></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The undersigned hereby elects to receive the
Ordinary Shares deliverable upon the Forced Conversion in the form of a share certificate, and directs that any such share certificate
deliverable upon the Forced Conversion be delivered to the following address at the undersigned&rsquo;s expense:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; width: 50%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#8239;</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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> Include if converting into Ordinary Shares in CCASS
account.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-right: 5.4pt; width: 50%"><FONT STYLE="font-size: 10pt">Fax: ]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1920</SUP></FONT></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 50%">&#8239;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any Ordinary Shares are to be issued in the name of a Person other
than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any, in accordance with
Section&#8239;13.02(b)&#8239;(<I>Conversion Procedure; Settlement Upon Conversion</I>) of the Indenture. Any amount required to be paid
to the undersigned on account of interest accompanies the Notes. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Forced Conversion, the
undersigned acknowledges, represents to and agrees with the Company that the undersigned is not an &ldquo;affiliate&rdquo; (as defined
in Rule&#8239;144 under the Securities Act) of the Company and has not been an &ldquo;affiliate&rdquo; (as defined in Rule&#8239;144 under
the Securities Act) during the three months immediately preceding the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> Include if converting into Ordinary Shares outside of
CCASS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> Include if converting into Ordinary Shares in the Company&rsquo;s
Hong Kong share registry.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Dated:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Signature Guarantee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Signature(s)&#8239;must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule&#8239;17Ad-15 if the Ordinary Shares are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Fill in for registration of the Ordinary Shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; width: 49%"><FONT STYLE="font-size: 10pt">(Name)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(Street Address)
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">City, State and Zip Code)<BR>
    Please print name and address</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif">Principal amount: US$ [&#9679;],000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[NOTICE: The above signature(s)&#8239;of the Holder(s)&#8239;must correspond
    with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.]<SUP>21</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Social Security or Other Taxpayer Identification Number</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"><SUP>21</SUP> Include if a Physical Note.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<FONT STYLE="text-transform: uppercase">Reserved</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATTACHMENT 7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification and Agreement Upon the Deposit of
Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JPMorgan Chase Bank, N.A., as Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADR Department&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">383 Madison Avenue, Floor 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10179</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">Re:</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">GDS
Holdings Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Reference is hereby made to the Restricted Issuance
Agreement, dated as of June&#8239;5, 2018 (the &ldquo;Restricted Issuance Agreement&rdquo;), among GDS Holdings Limited (the &ldquo;Company&rdquo;),
JPMorgan Chase Bank, N.A., as Depositary (the &ldquo;ADS Depositary&rdquo;), and all holders from time to time of restricted American
depositary shares (&ldquo;Restricted ADSs&rdquo;) represented by restricted American depositary receipts, in book entry form (&ldquo;Restricted
ADRs&rdquo;), issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Restricted Issuance Agreement. References to the Restricted Issuance Agreement include
the certification and other procedures established from time to time by the ADS Depositary pursuant to such agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This certification and agreement is furnished in
connection with the deposit by the undersigned of ____________________ Shares and issuance to the undersigned of ______________________
Restricted ADSs under the Restricted Issuance Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We acknowledge, certify and agree that by depositing
the Shares, we will become a party to and be bound by the provisions of the Restricted Issuance Agreement and that the Restricted ADSs
and the underlying Shares represented thereby (the &ldquo;Underlying Shares&rdquo;) have not been and will not be registered under the
Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), or with any securities regulatory authority in any state or other
jurisdiction of the United States. The Restricted ADSs and Underlying Shares are &ldquo;restricted securities&rdquo; as defined in Rule&#8239;144
promulgated under the Securities Act and are subject to restrictions on transfer under the Securities Act and the Restricted Issuance
Agreement. The Restricted ADSs and Underlying Shares may not be sold, offered for sale, pledged or otherwise distributed, transferred
or disposed of except in accordance with, and subject to, the limitations set forth in the Restricted Issuance Agreement, including the
restrictive legend to which such Restricted ADSs and Underlying Shares are subject in the form set forth in Section&#8239;3 of the Restricted
Issuance Agreement and on the form of Restricted ADR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Additionally, we represent, warrant, certify and
agree that (i)&#8239;we are, or at the time the Shares are deposited and at the time the Restricted ADSs are issued will be, the beneficial
owner of the Shares and of the Restricted ADSs; (ii)&#8239;the Shares were acquired by us</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">from the Company upon conversion of the Company&rsquo;s 4.50%
Convertible Senior Notes due 2030 (the &ldquo;Convertible Notes&rdquo;) issued under the Indenture, dated as of January 20, 2023,
between the Company and The Bank of New York Mellon, London Branch, as Trustee, and sold pursuant to the Note Purchase Agreement,
dated January&#8239;11, 2023 (the &ldquo;<B>Purchase Agreement</B>&rdquo;), among the Company and the Investors listed in Schedule I
thereto, in a transaction complying with, and exempt from, the registration requirements of the Securities Act pursuant to
Regulation S promulgated under the Securities Act; (iii)&#8239;the Shares were acquired by us in a transaction reasonably believed
to be complying with, and exempt from, the registration requirements of the Securities Act pursuant to
Section&#8239;3(a)(9)&#8239;of the Securities Act and the rules&#8239;and regulations of the Securities and Exchange Commission
promulgated thereunder; (iv)&#8239;we will not offer, sell, pledge or otherwise distribute transfer or dispose of the Restricted
ADSs or Underlying Shares except in accordance with, and subject to, the limitations set forth in the Restricted Issuance Agreement,
including the restrictive legend to which such Restricted ADSs and Underlying Shares are subject in the form set forth in
Section&#8239;3 of the Restricted Issuance Agreement and on the form of Restricted ADR; (v)&#8239;we are not an affiliate of the
Company and we understand that the deposit of Shares, the issuance of the Restricted ADSs and the sale of the Restricted ADSs and
Underlying Shares are subject to limitations under the Securities Act; and (vi)&#8239;we are providing this Certification and
Agreement to provide comfort to the ADS Depositary and the Company that such deposit, issuance and any sale may occur without the
need for registration under the Securities Act; and (vi)&#8239;each of the statements made herein are true and complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We further represent, warrant, certify and agree
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Shares being deposited were legally obtained by us; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">we
reasonably believe we are duly authorized to deposit the Shares and have fulfilled all requirements of applicable law or regulation with
respect to the Shares or the deposit thereof against the issuance of Restricted ADSs; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">we
reasonably believe the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage
or adverse claim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We agree to indemnify the ADS Depositary, the Company
and each of their respective officers, directors, agents, employees, and affiliates for any and all liability incurred as a result of
their reliance on our representations, warranties, certifications and agreements contained herein or in connection with our deposit of
Shares, the issuance of the Restricted ADSs in connection therewith, any sale or transfer of the Restricted ADSs or the Underlying Shares,
the surrender and cancellation of any such Restricted ADSs, the withdrawal of the Underlying Shares, the re-deposit of any such Underlying
Shares in the Unrestricted Deposit Agreement, the issuance of any ADRs under the Unrestricted Deposit Agreement in connection therewith
and/or any sale, resale or other transfer of any such ADRs or Underlying Shares thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We acknowledge that our representations, warranties,
certifications and agreements contained herein shall survive the deposit of Shares, the issuance of the Restricted ADSs in connection
therewith, any sale or transfer of the Restricted ADSs or the Underlying Shares, the surrender and cancellation of any such Restricted
ADSs, the withdrawal of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Underlying Shares, the re-deposit of any such Underlying Shares in
the Unrestricted Deposit Agreement, the issuance of any ADRs under the Unrestricted Deposit Agreement in connection therewith and/or
any sale, resale or other transfer of any such ADRs or Underlying Shares thereafter. This Certificate and Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">[NAME OF CERTIFYING ENTITY]</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT&#8239;B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&#8239;OF AUTHORIZATION CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I, William Wei Huang, as Chief Executive Officer
of GDS Holdings Limited (the &ldquo;Company&rdquo;), hereby certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Daniel
Newman has been duly appointed as Chief Financial Officer of the Company, and William Wei Huang has been duly appointed as the Chief
Executive Officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
specimen signature of each individual appearing opposite his name below is the true and genuine signature of each such individual;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">each
such individual is duly authorized to execute and deliver on behalf of the Company (i)&#8239;the Indenture, dated as of January 20,
2023, between the Company and The Bank of New York Mellon, London Branch, as Trustee (the &ldquo;Indenture&rdquo;), (ii)&#8239;the
Paying and Conversion Agent, Registrar and Transfer Agent Appointment Letter (as defined in the Indenture), (iii)&#8239;the
Company&rsquo;s 4.50% Convertible Senior Notes due 2030 in the aggregate principal amount of US$580,000,000 (the &ldquo;Notes&rdquo;), and
(iv)&#8239;any other documents or certificates delivered or to be delivered in connection with the offering of the Notes;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">each
such individual has the authority to provide written direction / confirmation and execute documents to be delivered to, or upon the request
of, The Bank of New York Mellon, London Branch, as Trustee, Paying Agent and Conversion Agent, and The Bank of New York Mellon SA/NV,
Dublin Branch, as Note Registrar under the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt"><B><U>Name</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt"><B><U>Phone Number</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">William Wei Huang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD>
    <TD>&nbsp;</TD>
    <TD>&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Daniel Newman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD>
    <TD>&nbsp;</TD>
    <TD>&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">IN WITNESS WHEREOF,&#8239;I have hereunto signed my name this 20th day
of January, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD></TD><TD>By.</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="width: 5%">Name:</TD>
                              <TD STYLE="width: 42%">William Wei Huang</TD></TR>
                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:</TD>
                              <TD>Chief Executive Officer</TD></TR>
                                                                                    </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit&#8239;C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Form&#8239;of
Paying and Conversion Agent,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Registrar
and Transfer Agent Appointment Letter</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&#9679;], 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon, London Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">160 Queen Victoria Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">London, EC4V 4LA</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>with a copy to</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon, Hong Kong Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Level 26, Three Pacific Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Queen&rsquo;s Road East, Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon SA/NV, Dublin Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Riverside Two, Sir John Rogerson's Quay</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dublin 2,&#8239;Ireland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>with a copy to</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon, Hong Kong Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Level 26, Three Pacific Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Queen&rsquo;s Road East</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify">4<B>.5% Convertible
                                            Senior Notes due 2030 of GDS Holdings Limited</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Reference is hereby made to the Indenture dated
as of January 20, 2023 (as amended from time to time, the &ldquo;<B>Indenture</B>&rdquo;) among GDS Holdings Limited, a Cayman Islands
exempted company, as issuer (the &ldquo;<B>Company</B>&rdquo;), and The Bank of New York Mellon, London Branch, a banking
corporation organized under the laws of the State of New York with limited liability and operating through its branch in London at
160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, as trustee (the &ldquo;<B>Trustee</B>&rdquo;). Terms used herein are
used as defined in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company hereby appoints The Bank of New
York Mellon, London Branch, a banking corporation organized and existing under the laws of the State of New York with limited
liability and operating through its branch in London at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom as the paying
agent and conversion agent (the &ldquo;<B>Paying and Conversion Agent</B>&rdquo;) and The Bank of New York Mellon SA/NV, Dublin
Branch as the registrar and transfer agent (the &ldquo;<B>Registrar and Transfer Agent</B>&rdquo;, and together with the Paying and
Conversion Agent, the &ldquo;<B>Agents</B>&rdquo; and each, an &ldquo;<B>Agent</B>&rdquo;) with respect to the Notes and each Agent
hereby accepts such appointment. By accepting such appointment, each Agent agrees to be bound by and to perform the services with
respect to itself set forth in the terms and conditions set forth in the Indenture and the Notes, as well as the following terms and
conditions to all of which the Company agrees and to all of which the rights of the holders from time to time of the Notes shall be
subject:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left">Each Agent shall be entitled to the compensation
                                            to be agreed upon in writing with the Company for all services rendered by it under the Indenture,
                                            and the Company agrees promptly to pay such compensation and to reimburse each Agent for
                                            its out-of-pocket expenses (including fees and expenses of counsel) properly incurred by
                                            it without gross</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left">negligence, fraud
or willful misconduct on its part in connection with the services rendered by it hereunder, under the Indenture and in respect of the
Notes. The Company hereby agrees to indemnify each Agent and its officers, directors, agents and employees and any successors thereto
for, and to hold it harmless against, any loss, liability or expense (including properly incurred fees and expenses of counsel) incurred
without gross negligence or willful misconduct or fraud on its part arising out of or in connection with its acting as an Agent hereunder,
under the Indenture and in respect of the Notes. Under no circumstances will each Agent be liable to the Company or any other party to
this letter or the Indenture for any indirect, consequential, punitive or special loss or damages of any kind whatsoever (being loss
of business, goodwill, opportunity to profit) whether or not foreseeable, even if advised of the possibility of such loss or damage and
regardless of the form of claim. The obligations of the Company under this paragraph (a)&#8239;shall survive the full payment of the Notes,
the termination or expiry of the Indenture or this letter and the resignation or removal of each Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left">In acting under the Indenture and in connection
                                            with the Notes, each Agent is acting solely as agent of the Company and does not assume any
                                            fiduciary duty or other obligation towards or relationship of agency or trust for or with
                                            any of the owners or holders of the Notes, except that all funds held by the Agents for the
                                            payment of principal interest or other amounts (including Additional Amounts) on the Notes
                                            shall, subject to the provisions of the Indenture, be held by the Agents and applied as set
                                            forth in the Indenture and in the Notes, but need not be segregated from other funds held
                                            by the Agents, except as required by law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left">Each Agent may consult with counsel or other
                                            professional advisors satisfactory to it and any advice or written opinion of such counsel
                                            shall be full and complete authorization and protection in respect of any action taken, suffered
                                            or omitted to be taken by it under the Indenture in good faith and in accordance with such
                                            advice or opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: left">Each Agent shall be fully protected and shall
                                            incur no liability for or in respect of any action taken or omitted to be taken or thing
                                            suffered by it in reliance upon any Note, notice, direction, consent, certificate, affidavit,
                                            statement or other paper or document reasonably believed by it to be genuine and to have
                                            been presented or signed by the proper party or parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: left">Each Agent and any of its Affiliates, in its
                                            individual capacity or any other capacity, may become the owner of, or acquire any interest
                                            in, any Notes or other obligations of the Company with the same rights that it would have
                                            if it were not each Agent, and may engage or be interested in any financial or other transaction
                                            with the Company, and may act on, or as common depositary, Trustee or agent for, any committee
                                            or body of holders of Notes or other obligations of the Company, as freely as if it were
                                            not an Agent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: left">Each Agent shall give the Trustee written
                                            notice of any failure by the Company to make any payment of the principal, or premium or
                                            interest on, the Notes and any other payments to be made on behalf of the Company under the
                                            Indenture, when the same shall be due and payable and at any time during the continuance
                                            of any such failure each Agent will pay any such sums so held by it to the Trustee upon the
                                            Trustee&rsquo;s written request.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: left">No Agent shall be under any liability for
                                            interest on any monies received by it pursuant to any of the provisions of the Indenture
                                            or the Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: left">Each Agent shall be obligated to perform such
                                            duties and only such duties as are in the Indenture and the Notes specifically set forth,
                                            and no implied duties or obligation shall be read into the Indenture or the Notes against
                                            such Agent. No Agent shall be under any obligation to take any action under the Indenture,
                                            which may tend to involve it in any expense or liability, the payment of which within a reasonable
                                            time is not, in its opinion, assured to it. No Agent shall have any obligation to expend
                                            its own funds or otherwise incur any financial liability in the performance of its obligations
                                            hereunder or under the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">Each Agent may at any time resign by giving
                                            written notice of its resignation to the Company and the Trustee and specifying the date
                                            on which its resignation shall become effective; provided that such date shall be at least
                                            60 days after the date on which such notice is given unless the Company agrees to accept
                                            shorter notice. Upon receiving such notice of resignation, if required by the Indenture the
                                            Company shall promptly appoint a successor agent by written instrument substantially in the
                                            form hereof in triplicate signed on behalf of the Company, one copy of which shall be delivered
                                            to the resigning Agent, one copy to the successor agent and one copy to the Trustee. Upon
                                            the effectiveness of the appointment of a successor agent, the resigning Agent shall have
                                            no further obligations under this letter or the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: left">Such resignation shall become effective upon
                                            the earlier of (i)&#8239;the effective date of such resignation and (ii)&#8239;the acceptance
                                            of appointment by the successor agent, as provided below. The Company may, at any time and
                                            for any reason, remove any Agent and appoint a successor agent, by written instrument in
                                            triplicate signed on behalf of the Company, one copy of which shall be delivered to each
                                            Agent being removed, one copy to the successor agent and one copy to the Trustee. Any removal
                                            of an Agent and any appointment of a successor paying agent shall become effective upon acceptance
                                            of appointment by the successor agent as provided below. Upon its resignation or removal,
                                            the resigning Agent or the Agent being removed, as applicable, shall be entitled to the payment
                                            by the Company of its compensation for the services rendered hereunder and to the reimbursement
                                            of all properly incurred out-of-pocket expenses incurred in connection with the services
                                            rendered by it hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: left">The Company shall remove an Agent and appoint
                                            a successor agent if such Agent (i)&#8239;shall become incapable of acting, (ii)&#8239;shall
                                            be adjudged bankrupt or insolvent, (iii)&#8239;shall commence a voluntary case or other proceeding
                                            seeking liquidation, reorganization or other relief with respect to it or its debts under
                                            any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
                                            appointment of a trustee, receiver, liquidator, custodian or other similar official of it
                                            or any substantial part of its property, (iv)&#8239;shall consent to, or shall have had entered
                                            against it a court order for, any such relief or to the appointment of or taking possession
                                            by any such official in any involuntary case or other proceedings commenced against it, (v)&#8239;shall
                                            make a general assignment for the benefit of creditors or (vi)&#8239;shall fail generally
                                            to pay its debts as they become due.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: left">Any successor agent appointed as provided
                                            herein shall execute and deliver to its predecessor and to the Company and the Trustee an
                                            instrument accepting such appointment (which may be in the form of an acceptance signature
                                            to the letter of the Company appointing such agent) and thereupon such successor agent, without
                                            any further act, deed or conveyance, shall become vested with all the rights, powers, duties
                                            and obligations of its predecessor hereunder, with like effect as if originally named as
                                            an Agent and such predecessor shall pay over to such successor agent all monies or other
                                            property at the time held by it hereunder.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(m)</TD><TD STYLE="text-align: left">If no successor is appointed by the Company
                                            within 30 days of the resignation or removal of an Agent, the retiring Agent may, on behalf
                                            of and at the cost of the Company, appoint its own successor, or the retiring Agent, at the
                                            cost of the Company, or the Company may petition any court of competent jurisdiction for
                                            the appointment of a successor agent.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(n)</TD><TD STYLE="text-align: left">Notwithstanding anything contained herein
                                            to the contrary, the Company hereby irrevocably agrees that any and all of the rights and
                                            obligations of any Agent (except the Trustee) and, to the extent applicable, the obligations
                                            of the Company toward any Agent (except the Trustee) set forth in the Indenture shall be
                                            deemed to have been included in this letter.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(o)</TD><TD STYLE="text-align: left">Notwithstanding anything contained herein
                                            to the contrary, the obligations of each Agent under this letter are several and not joint
                                            and should be independently construed and an Agent shall not be liable for each other&rsquo;s
                                            acts or omissions to act.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(p)</TD><TD STYLE="text-align: left">Each Agent shall at all times be a responsible
                                            financial institution, which is authorized by law to exercise its respective powers and duties
                                            hereunder and under the Indenture and the Notes.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(q)</TD><TD STYLE="text-align: left">If an Event of Default occurs and is continuing,
                                            each Agent shall be required to act on the direction of the Trustee to be extent permitted
                                            by any law or regulation to which it is subject.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(r)</TD><TD STYLE="text-align: left">Each party to this letter (a &ldquo;<B>Party</B>&rdquo;)
                                            shall, within ten business days of a written request by another Party, supply to that other
                                            Party such forms, documentation and other information relating to it, its operations, or
                                            the Notes as that other Party reasonably requests for the purposes of that other Party's
                                            compliance with Applicable Law and shall notify the relevant other Party reasonably promptly
                                            in the event that it becomes aware that any of the forms, documentation or other information
                                            provided by such Party is (or becomes) inaccurate in any material respect; provided, however,
                                            that no Party shall be required to provide any forms, documentation or other information
                                            pursuant to this paragraph (r)&#8239;to the extent that: (i)&#8239;any such form, documentation
                                            or other information (or the information required to be provided on such form or documentation)
                                            is not reasonably available to such Party and cannot be obtained by such Party using reasonable
                                            efforts; or (ii)&#8239;doing so would or might in the reasonable opinion of such Party constitute
                                            a breach of any: (a)&#8239;Applicable Law; (b)&#8239;fiduciary duty; or (c)&#8239;duty of confidentiality.
                                            For purposes of this letter, &ldquo;<B>Applicable Law</B>&rdquo; shall be deemed to include
                                            (i)&#8239;any rule&#8239;or practice of any Authority by which any Party is bound or with which
                                            it is accustomed to comply; (ii)&#8239;any agreement between any</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">Authorities; and
(iii)&#8239;any agreement between any Authority and any Party that is customarily entered into by institutions of a similar nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: left">The Company shall notify each Agent in the
                                            event that it determines that any payment to be made by an Agent under the Notes is a payment
                                            which could be subject to FATCA withholding if such payment were made to a recipient that
                                            is generally unable to receive payments free from FATCA withholding, and the extent to which
                                            the relevant payment is so treated, provided, however, that the Company&rsquo;s obligation
                                            under this paragraph (s)&#8239;shall apply only to the extent that such payments are so treated
                                            by virtue of characteristics of the Company, the Notes, or both.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(t)</TD><TD STYLE="text-align: left">Notwithstanding any other provision of this
                                            letter, each Agent shall be entitled to make a deduction or withholding from any payment
                                            which it makes under the Notes for or on account of any Tax, if and only to the extent so
                                            required by Applicable Law, in which event the Agent shall make such payment after such deduction
                                            or withholding has been made and shall account to the relevant Authority within the time
                                            allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly
                                            after making such payment return to the Company the amount so deducted or withheld, in which
                                            case, the Company shall so account to the relevant Authority for such amount. For the avoidance
                                            of doubt, FATCA withholding is a deduction or withholding which is deemed to be required
                                            by Applicable Law for the purposes of this paragraph (t).</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(u)</TD><TD STYLE="text-align: left">The Company covenants and represents that
                                            neither it nor any of its affiliates, subsidiaries, directors or officers are the target
                                            or subject of any sanctions enforced by the U.S. Government, (including the Office of Foreign
                                            Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;)), the United
                                            Nations Security Council, the European Union, HM Treasury, or other relevant sanctions authority
                                            (collectively &ldquo;<B>Sanctions</B>&rdquo;). The Company covenants and represents that
                                            neither it nor any of its affiliates, subsidiaries, directors or officers use any payments
                                            made pursuant to this Indenture, (i)&#8239;to fund or facilitate any activities of or business
                                            with any person who, at the time of such funding or facilitation, is the subject or target
                                            of Sanctions, (ii)&#8239;to fund or facilitate any activities of or business with any country
                                            or territory that is the target or subject of Sanctions, or (iii)&#8239;in any other manner
                                            that will result in a violation of Sanctions by any person and as if those Sanctions applied
                                            to the Company.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(v)</TD><TD STYLE="text-align: left">The Agents may act through their respective
                                            delegates, attorneys and agents and shall not be responsible for their acts, omissions, misconduct
                                            or negligence, or for the supervision or monitoring of any delegate, attorney or agent appointed
                                            with due care by it hereunder.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(w)</TD><TD STYLE="text-align: left">The Agents shall not be deemed to have notice
                                            or knowledge of a Default or Event of Default unless and until written notification of such
                                            Default or Event of Default is provided to the Agents and identifying the circumstances constituting
                                            such Default or Event of Default.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(x)</TD><TD STYLE="text-align: left">No Agent shall be permitted or required to
                                            make investments of any moneys at any time received by it pursuant to any of the provisions
                                            of this letter, the Indenture or of the Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: left">Any notice or communication to the Agents
                                            will be deemed given when sent by facsimile transmission, with transmission confirmed. Any
                                            notice to an Agent will be effective only upon receipt. The notice or communication should
                                            be addressed to the Paying and Conversion Agent at:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon, London Branch</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">160 Queen Victoria Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">London, EC4V 4LA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax no.: +44 1202 689660</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Corporate Trust Administration - GDS Holdings Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><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">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon, Hong Kong Branch</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Level 26, Three Pacific Place</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Queen&rsquo;s Road East, Hong Kong</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax no.: +852 2295 3283</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Global Corporate Trust - GDS Holdings Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any notice or communication to the Registrar and Transfer Agent
    should be addressed to:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon SA/NV, Dublin Branch<BR>
    Riverside Two, Sir John Rogerson's Quay</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grand Canal Dock</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dublin 2,&#8239;Ireland</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax no.: +352 2452 4204</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: International Corporate Trust - GDS Holdings Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><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">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon, Hong Kong Branch</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Level 26, Three Pacific Place</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Queen&rsquo;s Road East</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax no.: +852 2295 3283</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Global Corporate Trust - GDS Holdings Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P></TD></TR>
  </TABLE>
<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 0pt 0.5in; text-align: left">Any notice to the Company or the Trustee
shall be given as set forth in the Indenture. If any Agent receives information or instructions delivered by Electronic Means believed
by it to be genuine and to have been sent by the proper person or persons, such Agent shall have (i)&#8239;no duty or obligation to verify
or confirm that the person who sent such instructions is in fact a person authorized to give instructions or directions on behalf of
the Company and (ii)&#8239;no liability for any losses, liabilities, costs or expenses incurred or sustained by any holder, the Company
or any other person as a result of such reliance on or compliance with such information or instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: left">Any corporation into which any Agent may be
                                            merged or converted or any corporation with which any Agent may be consolidated or any corporation
                                            resulting from any merger, conversion or consolidation to which any Agent shall be a party
                                            or any corporation succeeding to the business of any Agent shall be the successor to such
                                            Agent hereunder (provided that such corporation shall be qualified as aforesaid) without
                                            the execution or filing of any document or any further act on the part of any of the parties
                                            hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: left">Any amendment, supplement or waiver under
                                            Sections 10.01 and 10.02 of the Indenture that adversely affects an Agent shall not affect
                                            such Agent&rsquo;s rights, powers, obligations, duties or immunities, unless such Agent has
                                            consented thereto.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(bb)</TD><TD STYLE="text-align: left">The Company agrees that the provisions of
                                            Section&#8239;17.04 of the Indenture shall apply hereto, mutatis mutandis.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(cc)</TD><TD STYLE="text-align: left">Notwithstanding anything herein to the contrary,
                                            the Agents shall have all of the rights, protections, indemnities, immunities and privileges
                                            set forth in the Indenture and the Indenture shall govern in the event of any inconsistency
                                            between this letter and the Indenture.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(dd)</TD><TD STYLE="text-align: left">Any funds held by the Agents are not subject
                                            to the relevant United Kingdom Financial Conduct Authority&rsquo;s Client Money Rules&#8239;or
                                            the rules&#8239;and regulations of any other applicable regulatory body governing client money.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(ee)</TD><TD STYLE="text-align: left">The agreement set forth in this letter and
                                            the Indenture contains the whole agreement between the parties relating to the subject matter
                                            of this agreement to the exclusion of any terms implied by law which may be excluded by contract
                                            and supersedes any previous written or oral agreement between the parties in relation to
                                            the matters dealt with in this letter.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(ff)</TD><TD STYLE="text-align: left">Each Agent shall be entitled to refrain from
                                            taking any action, without liability, if it receives conflicting, unclear or equivocal instructions
                                            or directions or in order to comply with any applicable law.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.5in">(gg)</TD><TD STYLE="text-align: left">Notwithstanding and to the exclusion of any
                                            other term of this letter, the Indenture or any other agreements, arrangements, or understanding
                                            between the parties, each counterparty to the Agents under this letter acknowledges, accepts,
                                            and agrees to be bound by:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: left">the effect of the exercise of Bail-in Powers by the Relevant Resolution
                                            Authority in relation to any BRRD Liability of the Agents to it under this letter, that (without
                                            limitation) may include and result in any of the following, or some combination thereof:</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(1)</TD><TD STYLE="text-align: left">the reduction of all, or a portion, of the BRRD Liability or outstanding
                                            amounts due thereon;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(2)</TD><TD STYLE="text-align: left">the conversion of all, or a portion, of the BRRD Liability into
                                            shares, other securities or other obligations of the Agents or another person (and the issue
                                            to or conferral on it of such shares, securities or obligations);</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">the
cancellation of the BRRD Liability; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<!-- Field: Page; Sequence: 147; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 1.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: left">the amendment or alteration of any interest, if applicable, thereon,
                                            the maturity or the dates on which any payments are due, including by suspending payment
                                            for a temporary period; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>the variation of the terms of this letter, as deemed necessary
                                            by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by
                                            the Relevant Resolution Authority.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Unless the context otherwise requires, any reference to
EU legislation, regulatory requirement, or guidance should be read as a reference to that EU legislation, regulatory requirement or guidance
as it forms part of UK domestic law pursuant to the European Union (Withdrawal) Act 2018 (as amended) (the EUWA) or as otherwise adopted
under, or given effect to in, UK legislation or the UK regulatory regime (UK Onshored Legislation, Regulatory Requirement, or Guidance)
and any references to EU competent authorities should be read as references to the relevant UK competent authority. All references to
legislation, regulatory requirements or guidance in this clause refer to the relevant legislation, regulatory requirements or guidance
as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">For the purposes of this paragraph
(gg):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;<B>Bail-in Legislation</B>&rdquo; means in relation
to the United Kingdom and a Member State of the European Economic Area which has implemented, or which at any time implements, the BRRD,
the relevant implementing law, regulation, rule&#8239;or requirement as described in the EU Bail-in Legislation Schedule from time to
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;<B>Bail-in Powers</B>&rdquo; means any Write-down
and Conversion Powers as defined in relation to the relevant Bail-in Legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;<B>BRRD</B>&rdquo; means Directive 2014/59/EU establishing
a framework for the recovery and resolution of credit institutions and investment firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;<B>BRRD Liability</B>&rdquo; has the same meaning
as in such laws, regulations, rules&#8239;or requirements implementing the BRRD under the applicable Bail-in Legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;<B>EU Bail-in Legislation Schedule</B>&rdquo; means
the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time
at http://www.lma.eu.com/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;<B>Relevant Resolution Authority</B>&rdquo; means
the resolution authority with the ability to exercise any Bail-in Powers in relation to the Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: left">Notwithstanding anything else herein contained,
                                            the Agents may refrain without liability from doing anything that would or might in its opinion
                                            be contrary to any law of any state or jurisdiction (including, but not limited to, the law
                                            of the United States of America or any jurisdiction forming a part of it and England&#8239;&amp;
                                            Wales) or any directive or regulation of any agency of any such state or jurisdiction and
                                            may without liability do anything which is, in its opinion, necessary to comply with any
                                            such law, directive or regulation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Signature pages&#8239;follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<!-- Field: Page; Sequence: 148; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">GDS HOLDINGS LIMITED</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">(as Company)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Paying and Conversion
Agent, Registrar and Transfer Agent Appointment Letter</I>]</P>

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


<!-- Field: Page; Sequence: 149; Options: NewSection; Value: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Agreed and accepted by:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">The Bank of New York Mellon, London Branch</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">(as Paying and Conversion Agent)</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Paying and Conversion
Agent, Registrar and Transfer Agent Appointment Letter</I>]</P>

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


<!-- Field: Page; Sequence: 150; Value: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Agreed and accepted by:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">The Bank of New York Mellon SA/NV, Dublin Branch</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">(as Registrar and Transfer Agent)</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Paying and Conversion
Agent, Registrar and Transfer Agent Appointment Letter</I>]</P>

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


<!-- Field: Page; Sequence: 151; Value: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Acknowledged by:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">The Bank of New York Mellon, London Branch</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">(as Trustee)</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


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

<!-- Field: Page; Sequence: 152; Options: Last -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
