| Adopted      September 28, 2007 |
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| 1. | In      these Bye-Laws unless the context otherwise  requires- |
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|   | · | “Associate”      means: |
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|   | (a) | in      respect of an individual, such individual’s spouse, former spouse,      sibling, aunt, uncle, nephew, niece or lineal ancestor or descendant,      including any step-child and adopted child and their issue and step      parents and adoptive parents and their issue or lineal      ancestors; |
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|   | (b) | in      respect of an individual, such individual’s partner and such partner’s      relatives (within the categories set out in (a)  above); |
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|   | (c) | in      respect of an individual or body corporate, an employer or employee      (including, in relation to a body corporate, any of its directors or      officers); |
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|   | (d) | in      respect of a body corporate, any person who controls such body corporate,      and any other body corporate if the same person has control of both or if      a person has control of one and persons who are his Associates, or such      person and persons who are his Associates, have control of the other, or      if a group of two or more persons has control of each body corporate, and      the groups either consist of the same persons or could be regarded as      consisting of the same persons by treating (in one or more cases) a member      of either group as replaced by a person of whom he is an      Associate.  For the purposes of this paragraph, a person has      control of a body corporate if either (i) the directors of the body      corporate or of any other body corporate which has control of it (or any      of them) are accustomed to acting in accordance with his instructions or      (ii) he is entitled to exercise, or control the exercise of, one-third or      more of the votes attaching to all of the issued shares of the body      corporate or of another body corporate which has control of it (provided      that where two or more persons acting in concert satisfy either of the      above conditions, they are each to be taken as having control of the body      corporate); |
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|   | · | “Bermuda” means the      Islands of Bermuda; |
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|   | · | “Board” means the Board      of Directors of the Company or the Directors present at a meeting of      Directors at which there is aquorum; |
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|   | · | “Business Day” means a      day on which banks are open for the transaction of general banking      business in each of Oslo, Norway, London, UK, New York, USA and Hamilton,      Bermuda; |
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|   | · | “Company” means the      company incorporated in Bermuda under the name of London & Overseas      Freighters Limited on the 12th      day of June, 1992; |
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|   | · | “Companies Acts” means      every Bermuda statute from time to time in force concerning companies      insofar as the same applies to theCompany; |
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|   | · | “employees share scheme”      means a scheme for encouraging or facilitating the holding of shares or      debentures in the Company by or for the benefit of:  - |
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|   | (a) | the      bona fide employees or former employees of the Company or any subsidiary      of the Company; or |
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|   | (b) | the      wives, husbands, widows, widowers or children or step-children under the      age of 18 of such employees or formeremployees; |
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|   | · | “Electronic Record” means      a record created, stored, generated, received or communicated by      electronic means and includes any electronic code or device necessary to      decrypt or interpret such a record; |
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|   | · | “Extraordinary      Resolution” means a resolution passed by a majority of not less      than two-thirds of the votes cast at a general meeting of the      Company; |
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|   | · | “Listing Exchange” means      any stock exchange or quotation system upon which any of the shares of the      Company are listed from time totime; |
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|   | · | “London Stock Exchange”      means London Stock ExchangeLimited; |
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|   | · | “New York Stock Exchange”      means the New York Stock Exchange; |
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|   | · | “Ordinary Resolution”      means a resolution passed by a simple majority of votes cast at a general      meeting of the Company; |
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|   | · | “Oslo Stock Exchange”      means the Oslo Stock Exchange; |
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|   | · | “paid up” means paid up      or credited as paid up; |
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|   | · | “Principal Act” means The      Companies Act, 1981 (Bermuda) as amended, restated or re-enacted from time      to time; |
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|   | · | “Register” means the      Register of Shareholders of the Company and includes any branch      Register; |
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|   | · | “Registered Office” means      the registered office for the time being of the  Company; |
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|   | · | “Registrar” means such      person or body corporate as may, from time to time, be appointed by the      Board as Registrar; |
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|   | · | “Registration Office”      means the place where the Board may from time to time determine to keep a      branch Register of Shareholders and where (except in cases where the Board      otherwise directs) the transfer and documents of title are to be lodged      for registration; |
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|   | · | “Resident Representative”      means any person appointed to act as the resident representative of the      Company and includes any deputy or assistant resident      representatives; |
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|   | · | “Seal” means the common      seal of the Company and includes any duplicate  thereof; |
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|   | · | “Secretary” includes a      temporary or assistant Secretary and any person appointed by the Board to      perform any of the duties of theSecretary; |
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|   | · | “Shareholder” means a      shareholder of the Company; |
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|   | · | “these Bye-Laws” means      these Bye-Laws in their present form or as from time to time      amended; |
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|   | · | “Treasury Shares” means      any share of the Company that was acquired and held by the Company, or as      treated as having been acquired and held by the Company which has been      hold continuously by the Company since it was acquired and which has not      been cancelled; |
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|   | · | “VPS” means the      Verdipapirsentralen, the computerized central share registry maintained in      Oslo, Norway, for bodies corporate whose shares are listed for trading on      the Oslo Stock Exchange, and includes any successor    registry; |
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|   | · | for      the purpose of these Bye-Laws a body corporate shall be deemed to be      present in person if its representative duly authorized pursuant to the      Companies Acts is present; |
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|   | · | words      importing the singular number also include the plural number and vice      versa; |
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|   | · | words      importing the masculine gender also include the feminine and neuter      genders respectively; |
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|   | · | words      importing persons also include companies and associations or bodies of      persons, whether corporate orunincorporated; |
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|   | · | references      to writing shall include typewriting, printing, lithography, facsimile,      photography and other modes of reproducing or reproducing words in a      legible and non-transitory form; |
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|   | · | unless      otherwise defined herein, any words or expressions defined in the      Principal Act in force on the date when these Bye-Laws or any part thereof      are adopted shall bear the same meaning in these Bye-Laws or such part (as      the case may be); and |
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|   | · | any      reference in these Bye-Laws to any statute or section thereof shall,      unless expressly stated, be deemed to be a reference to such statute or      section as amended, restated or re-enacted from time to    time; |
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|   | · | headings      in these Bye-Laws are inserted for convenience of reference only and shall      not affect the constructionthereof. |
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| 2. | The      Registered Office shall be at such place in Bermuda as the Board shall      from time to time appoint. |
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| 3. | Subject      to the Companies Acts and any special rights conferred on the holders of      any other share of class of shares, any share in the Company may be issued      with or have attached thereto such preferred, deferred, qualified or other      special rights or such restrictions, whether in regard to dividend,      voting, return of capital or otherwise, as the Company may by Ordinary      Resolution determine. |
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| 4. | Subject      to the Companies Acts, any preference shares may, with the sanction of an      Ordinary Resolution, be issued onterms: |
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|   | (a) | that      they are to be redeemed on the happening of a specified event or on a      given date; and/or |
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|   | (b) | that      they are liable to be redeemed at the option of the Company;      and/or |
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|   | (c) | if      authorized by the memorandum of association or incorporating Act of the      Company, that they are liable to be redeemed at the option of the      holder. |
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| 5. | At      any time that the Company holds Treasury Shares, all of the rights      attaching to the Treasury Shares shall be suspended and shall not be      exercised by the Company.  Without limiting the generality of      the foregoing, if the Company holds Treasury Shares, the Company shall not      have any right to attend and vote at a general meeting or sign written      resolutions and any purported exercise of such a right is      void. |
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| 6. | Except      where required by the Principal Act, Treasury Shares shall be excluded      from the calculation of any percentage or fraction of the share capital or      shares of the Company. |
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|   | MODIFICATION      OF RIGHTS |
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| 7. | Subject      to the Companies Acts, all or any of the rights for the time being      attached to any class of shares for the time being issued may from time to      time (whether or not the Company is being wound up) be altered or      abrogated with the consent in writing of the holders of not less than      seventy-five percent in nominal value of the issued shares of that class      or with the sanction of a resolution passed by a majority of seventy-five      percent of the votes cast at a separate general meeting of the holders of      such shares voting in person or by proxy.  To any such separate      general meeting, all the provisions of these Bye-Laws as to general      meetings of the Company shall mutatis mutandis apply, but so      that: |
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|   | (a) | the      necessary quorum at any such meeting shall be two or more persons (or in      the event that there is only one holder of the shares of the relevant      class, one person) holding or representing by proxy in the aggregate at      least one third in nominal value of the shares of the relevant      class; |
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|   | (b) | every      holder of shares of the relevant class present in person or by proxy shall      be entitled on a poll to one vote for every such share held by him;      and |
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|   | (c) | any      holder of shares of the relevant class present in person or by proxy may      demand a poll. |
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| 8. | The      rights conferred upon the holders of any shares or class of shares shall      not, unless otherwise expressly provided in the rights attaching to or the      terms of issue of such shares, be deemed to be altered by the creation or      issue of further shares ranking pari passu  therewith. |
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| 9. | The      Company shall have the power to purchase its own shares for      cancellation. |
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| 10. | The      Company shall have the power to acquire its own shares to be held as      Treasury Shares. |
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| 11. | The      Board may exercise all of the powers of the Company to purchase or acquire      its own shares, whether for cancellation or to be held as Treasury Shares      in accordance with the PrincipalAct. |
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| 12. | Subject      to the provisions of these Bye-Laws, the unissued shares of the Company      (whether forming part of the original capital or any increased capital)      shall be at the disposal of the Board, which may offer, allot, grant      options over or otherwise dispose of them to such persons at such times      and for such consideration and upon such terms and conditions as the Board      may determine. |
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| 13. | The      Board may in connection with the issue of any shares exercise all powers      of paying commission and brokerage conferred or permitted by      law. |
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| 14. | Except      as ordered by a court of competent jurisdiction, as required by law or as      otherwise provided in these Bye-Laws, no person shall be recognized by the      Company as holding any share upon trust and the Company shall not be bound      by or required in any way to recognize (even when having notice thereon)      any equitable, contingent, future or partial interest in any share or any      interest in any fractional part of a share or any other right in respect      of any share except an absolute right to the entirety thereof in the      registered holder. |
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| 15. | No      shares shall be issued until they are fully paid except as may be      prescribed by an OrdinaryResolution. |
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| 16. | The      preparation, issue and delivery of certificates shall be governed by the      Companies Acts.  A person whose name is entered in the Register      as the holder of any shares shall be entitled to receive within two months      of a demand for same a certificate for such shares under the Seal of the      Company as prima facie evidence of title of such person to such      shares.  In the case of a share held jointly by several persons,      delivery of a certificate for such share to one of several joint holders      shall be sufficient delivery toall. |
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| 17. | If      a share certificate is defaced, lost or destroyed it may be replaced      without fee but on such terms (if any) as to evidence, indemnity and      payment of the costs and out of pocket expenses of the Company in      investigating such evidence and preparing such indemnity as the Board may      think fit and, in case of defacement, on delivery of the old certificate      to the Company. |
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| 18. | All      certificates for share or loan capital or other securities of the Company      (other than letters of allotment, scrip certificates and other like      documents) shall, except to the extent that the terms and conditions for      the time being relating thereto otherwise provide, be issued under the      Seal.  The Board may by resolution determine, either generally      or in any particular case, that any signatures on any such certificates      need not be autographic but may be affixed to such certificates by      mechanical means or may be printed thereon or that such certificates need      not be signed by any persons. |
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| 19. | The      Company shall have a first and paramount lien on every share (not being a      fully paid share) for all moneys, whether presently payable or not, called      or payable, at a date fixed by or in accordance with the terms of issue of      such share in respect of such share, and the Company shall also have a      first and paramount lien on every share (other than a fully paid share)      standing registered in the name of a Shareholder, whether singly or      jointly with any other person, for all the debts and liabilities of such      Shareholder or his estate to the Company, whether the same shall have been      incurred before or after notice to the Company of any interest of any      person other than such Shareholder, and whether the time for the payment      or discharge of the same shall have actually arrived or not, and notwithstanding      that the same are joint debts or liabilities of such Shareholder or his      estate and any other person, whether a Shareholder or not.  The      Company’s lien on a share shall extend to all dividends payable      thereon.  The Board may at any time, either generally or in any      particular case, waive any lien that has arisen or declare any share to be      wholly or in part exempt from the provisions of this      Bye-Law. |
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| 20. | The      Company may sell, in such manner as the Board may think fit, any share on      which the Company has a lien, but no sale shall be made unless some sum in      respect of which the lien exists is presently payable nor until the      expiration of fourteen days after a notice in writing stating and      demanding payment of the sum presently payable and giving notice of the      intention to sell in default of such payment has been served on the holder      for the time being of the share. |
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| 21. | The      net proceeds of sale by the Company of any shares on which it has a lien      shall be applied in or towards payment or discharge of the debt or      liability in respect of which the lien exists so far as the same is      presently payable, and any residue shall (subject to a like lien for debts      or liabilities not presently payable as existed upon the share prior to      the sale) be paid to the holder of the share immediately before such      sale.  For giving effect to any such sale the Board may      authorize some person to transfer the share sold to the purchaser      thereof.  The purchaser shall be registered as the holder of the      share and he shall not be bound to see to the application of the purchase      money nor shall his title to the share be affected by any irregularity or      invalidity in the proceedings relating to the  sale. |
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| 22. | The      Board may from time to time make calls upon the Shareholders in respect of      any moneys unpaid on their shares (whether on account of the par value of      the shares or by way of premium) and not by the terms of issue thereof      made payable at a date fixed by or in accordance with such terms of issue,      and each Shareholder shall (subject to the Company serving upon him at      least seven days notice specifying the time or times and place of payment)      pay to the Company at the time or times and place so specified the amount      called on his shares.  A call may be revoked or postponed as the      Board may determine. |
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| 23. | A      call may be made payable by installments and shall be deemed to have been      made at the time when the resolution of the Board authorizing the call was      passed. |
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| 24. | The      joint holders of a share shall be jointly and severally liable to pay all      calls in respect thereof. |
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| 25. | If      a sum called in respect of the share shall not be paid before or on the      day appointed for payment thereof, the person from whom the sum is due      shall pay interest on the sum from the day appointed for the payment      thereof to the time of actual payment at such rate as the Board may      determine, but the Board shall be at liberty to waive payment of such      interest wholly or in part. |
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| 26. | Any      sum which, by the terms of issue of a share, becomes payable on allotment      or at any date fixed by or in accordance with such terms of issue, whether      on account of the nominal      amount of the share or by way of premium, shall for all the purposes of      these Bye-Laws be deemed to be a call duly made, notified and payable on      the date on which, by the terms of issue, the same becomes payable and, in      case of non-payment, all the relevant provisions of these Bye-Laws as to      payment of interest, forfeiture or otherwise shall apply as if such sum      had become payable by virtue of a call duly made and      notified. |
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| 27. | The      Board may on the issue of shares differentiate between the allottees or      holders as to the amount of calls to be paid and the times of      payment. |
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| 28. | If      a Shareholder fails to pay any call or installment of a call on the day      appointed for payment thereof, the Board may at any time thereafter during      such time as any part of such call or installment remains unpaid serve a      notice on him requiring payment of so much of the call or installment as      is unpaid, together with any interest which may have    accrued. |
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| 29. | The      notice shall name a further day (not being less than fourteen days from      the date of the notice) on or before which, and the place where, the      payment required by the notice is to be made and shall state that, in the      event of non-payment on or before the day and at the place appointed, the      shares in respect of which such call is made or installment is payable      will be liable to be forfeited.  The Board may accept the      surrender of any share liable to be forfeited hereunder and, in such case,      reference in these Bye-Laws to forfeiture shall include      surrender. |
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| 30. | If      the requirements of any such notice as aforesaid are not compiled with,      any share in respect of which such notice has been given may at any time      thereafter, before payment of all calls or installments and interest due      in respect thereof has been made, be forfeited by a resolution of the      Board to that effect.  Such forfeiture shall include all      dividends declared in respect of the forfeited shares and not actually      paid before the forfeiture. |
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| 31. | When      any share has been forfeited, notice of the forfeiture shall be served      upon the person who was before forfeiture the holder of the share; but no      forfeiture shall be in any manner invalidated by any omission or neglect      to give such notice as aforesaid. |
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| 32. | A      forfeited share shall be deemed to be the property of the Company and may      be sold, re-offered or otherwise disposed of either to the person who was,      before forfeiture, the holder thereof or entitled thereto or to any other      person upon such terms and in such manner as the Board shall think fit,      and, at any time before a sale, re-allotment or disposition, the      forfeiture may be canceled on such terms as the Board may think      fit. |
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| 33. | A      person whose shares have been forfeited shall thereupon cease to be a      Shareholder in respect of the forfeited shares, but shall, notwithstanding      the forfeiture, remain liable to pay to the Company all moneys which at      the date of forfeiture were presently payable by him to the Company in      respect of the shares with interest thereon at such rate as the Board may      determine from the date of forfeiture until payment, and the Company may      enforce payment without being under any obligation to make any allowance      for the value of the sharesforfeited. |
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| 34. | An      affidavit in writing that the deponent is a Director or the Secretary and      that a share has been duly forfeited on the date stated in the affidavit      shall be conclusive evidence of the facts therein stated as against all      persons claiming to be entitled to the share.  The Company may      receive the consideration (if any) given for the share on the sale,      re-allotment or disposition thereof and the Board may authorize some      person to transfer the share to the person to whom the same is sold,      re-allotted or disposed of, and he shall thereupon be registered as the      holder of the share and shall not be bound to see to the application of      the purchase money (if any) nor shall his title to the share be affected      by any irregularity or invalidity in the proceedings relating to the      forfeiture, sale, re-allotment or disposal of the  share. |
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| 35. | The      Secretary shall establish and maintain the Register of Shareholders at the      Registered Office in the manner prescribed by the Companies      Acts.  Unless the Board otherwise determines, the Register of      Shareholders shall be open to inspection in the manner prescribed by the      Companies Acts between 10:00 a.m. and 12:00 noon on every working      day.  Unless the Board so determines, no Shareholder or      intending Shareholder shall be entitled to have entered in the Register      any indication of any trust or any equitable, contingent, future or      partial interest in any share or any interest in any fractional part of a      share and if any such entry exists or is permitted by the Board it shall      not be deemed to abrogate any of the provisions of      Bye-Law 14. |
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| 36. | Subject      to the Companies Act, the Company may keep a branch Register of      Shareholders in any place, and the Board may make and vary such      regulations as it determines in respect of the keeping of any such      Register and maintaining a Registration Office in connection      therewith. |
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| 37. | The      Secretary shall establish and maintain a register of the Directors and      Officers of the Company as required by the Companies Acts.  The      register of Directors and Officers shall be open to inspection in the      manner prescribed by the Companies Acts between 10:00 a.m. and 12:00      noon on every working day. |
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| 38. | Subject      to the Companies Acts and to such of the restrictions contained in these      Bye-Laws as may be applicable and to the provisions of any applicable      United States securities laws including without limitation the United      States Securities Act, 1933, as amended, and the rules promulgated      thereunder, any Shareholder may transfer all or any of his shares by an      instrument of transfer in the usual common form or in any other form which      the Board may approve. |
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| 39. | The      instrument of transfer of a share shall be signed by or on behalf of the      transferor and, where any share is not fully-paid, the      transferee.  The transferor shall be deemed to remain the holder      of the share until the name of the transferee is entered in the Register      in respect thereof.  Should the Company be permitted to do so      under the laws of Bermuda, the      Board may, either generally or in any particular case, upon request by the      transferor or the transferee, accept mechanically or electronically      (including a transfer by a London Stock Exchange nominee to whom no      certificate was issued) executed transfer and may also make such      regulations with respect to transfer in addition to the provisions of      these Bye-Laws as it considers appropriate.  The Board may, in      its absolute discretion, decline to register any transfer of any share      which is not a fully-paidshare. |
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|   | · | The      Board shall decline to register the transfer of any share, and shall      direct the Registrar to decline (and the Registrar shall decline) to      register the transfer of any interest in any share held through the VPS,      to a person where the Board is of the opinion that such transfer might      breach any law or requirement of any authority or any Listing Exchange      until it has received such evidence as it may require to satisfy itself      that no such breach would occur. |
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|   | · | The      Board may decline to register the transfer of any share, and may direct      the Registrar to decline (and the Registrar shall decline if so requested)      to register the transfer of any interest in any share held through the      VPS, if the registration of such transfer would be likely, in the opinion      of the Board, to result in fifty percent or more of the aggregate issued      share capital of the Company or shares of the Company to which are      attached fifty percent or more of the votes attached to all outstanding      shares of the Company being held or owned directly or indirectly,      (including, without limitation, through the VPS) by a person or persons      resident for tax purposes in Norway (or such other jurisdiction as the      Board may nominate from time to time), provided that this provision shall      not apply to the registration of shares in the name of the Registrar as      nominee of persons whose interests in such shares are reflected in the      VPS, but shall apply, mutatis mutandis, to interests in shares of the      Company held by persons through theVPS. |
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|   | · | For      the purposes of this Bye-Law, each Shareholder (other than the Registrar      in respect of those shares registered in its name in the Register as      nominee of persons whose interests in such shares are reflected in the      VPS) shall be deemed to be resident for tax purposes in the jurisdiction      specified in the address shown in the Register for such Shareholder, and      each person whose interests in shares are reflected in the VPS shall be      deemed to be resident for tax purposes in the jurisdiction specified in      the address shown in the VPS for such person.  If such      Shareholder or person is not resident for tax purpose in such jurisdiction      or if there is a subsequent change in his residence for tax purposes, such      Shareholder shall notify the Company immediately of his residence for tax      purposes. |
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|   | · | Where      any Shareholder or person whose interests in shares are reflected in the      VPS fails to notify the Company in accordance with the foregoing, the      Board and the Registrar may suspend sine die such Shareholder’s or      person’s entitlement to vote or otherwise exercise any rights attaching to      the shares or interests therein and to receive payments of income or      capital which become due or payable in respect of such shares or interests      and the Company shall have no liability to such Shareholder or person      arising out of the late payment or non-payment of such sums and the      Company may retain such sums for its own use and      benefit.  In addition      to the foregoing the Board and the Registrar may dispose of the shares in      the Company or interests herein of such Shareholder or person at the best      price reasonably obtainable in all the circumstances.  Where a      notice informing such Shareholder or person of the proposed disposal of      his shares or interests therein has been served, his shares or interest      therein may not be transferred otherwise than in accordance with this      Bye-Law 39 and any other purported transfer of such shares or interests      therein shall not be registered in the books of the Company or the VPS and      shall be null and void. |
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|   | · | The      provision of these Bye-Laws relating to the protection of purchaser of      shares sold under lien or upon forfeiture shall apply mutatis mutandis to      a disposal of shares or interests therein by the Company or the Registrar      in accordance with this Bye-Law. |
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|   | · | Without      limiting the generality of the foregoing, the Board may also decline to      register any transfer unless:- |
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|   | (i) | the      instrument of transfer is duly stamped and lodged with the Company      accompanied by the certificate for the shares to which it relates if any      and such other evidence as the Board may reasonably require to show the      right of the transferor to make thetransfer; |
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|   | (ii) | the      instrument of transfer is in respect of only one class of share;      and |
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|   | (iii) | where      applicable, the permission of the Bermuda Monetary Authority with respect      thereto has been obtained. |
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|   | · | Subject      to any directions of the Board from time to time in force the Secretary      may exercise the powers and discretion of the Board under this Bye-Law and      Bye-Laws 38 and 40. |
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|   | · | If      fifty percent or more of the aggregate issued share capital of the Company      or shares to which are attached fifty percent or more of the votes      attached to all outstanding shares of the Company are found to be held or      owned directly or indirectly (including, without limitation, through the      VPS) by a person or persons resident for tax purposes in Norway (or such      other jurisdiction as the Board may nominate from time to time), other      than the Registrar in respect of those shares registered in its name in      the Register as nominee of persons whose interests in such shares are      reflected in the VPS, the Board shall make an announcement to such effect      through the Oslo Stock Exchange, and the Board and the Registrar shall      thereafter be entitled and required to dispose of such number of shares of      the Company or interests therein held or owned by such persons as will      result in the percentage of the aggregate issued share capital of the      Company held or owned as aforesaid being less than fifty percent, and, for      these purposes, the Board and the Registrar shall in such case dispose of      shares or interests therein owned by persons resident for tax purposes in      the relevant jurisdiction in question on the basis      that the shares or interests therein most recently acquired shall be the      first to be disposed of (i.e. on the basis of last acquired first sold)      save where there is a breach of the obligation to notify tax residency      pursuant to the foregoing, in which event the shares or interests therein      of the person in breach thereof shall be sold      first.  Shareholders shall not be entitled to raise any      objection to the disposal of their shares, but the provisions of these      Bye-Laws relating to the protection of purchasers of shares sold under      lien or upon forfeiture shall apply mutatis mutandis to any disposal of      shares or interests therein made in accordance with this      Bye-Law. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 40. | If      the Board declines to register a transfer it shall, within sixty days      after the date on which the instrument of transfer was lodged, send to the      transferee notice of such refusal. |
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| 41. | No      fee shall be charged by the Company for registering any transfer, probate,      letters of administration, certificate of death or marriage, power of      attorney, distringas or stop notice, order of court or other instrument      relating to or affecting the title to any share, or otherwise making an      entry in the Register relating to anyshare. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42. | The      Company may dispose of or transfer Treasury Shares for cash or other      consideration. |
|-----|---------------------------------------------------------------------------------------------------|

| 43. | In      the case of the death of a Shareholder, the survivor or survivors, where      the deceased was a joint holder, and the estate representative, where he      was sole holder, shall be the only person recognized by the Company as      having any title to his shares; but nothing herein contained shall release      the estate of a deceased holder (whether sole or joint) from any liability      in respect of any share held by him solely or jointly with other      persons.  For the purpose of this Bye-Law, estate representative      means the person to whom probate or letters of administration has or have      been granted in Bermuda or, failing any such person, such other person as      the Board may in its absolute discretion determine to be the person      recognized by the Company for the purpose of this  Bye-Law. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 44. | Any      person becoming entitled to a share in consequence of the death of a      Shareholder or otherwise by operation of applicable law may, subject as      hereafter provided and upon such evidence being produced as may from time      to time be required by the Board as to his entitlement, either be      registered himself as the holder of the share or elect to have some person      nominated by him registered as the transferee thereof.  If the      person so becoming entitled elects to be registered himself, he shall      deliver or send to the Company a notice in writing signed by him stating      that he so elects.  If he shall elect to have another person      registered, he shall signify his election by signing an instrument of      transfer of such share in favor of that other person.  All the      limitations, restrictions and provisions of these Bye-Laws relating to the      right to transfer and the registration of transfer of shares shall be      applicable to any such notice or instrument of transfer as aforesaid as if      the death of the Shareholder or other event giving rise to the      transmission had not occurred and the notice or instrument of transfer was      an instrument of transfer shared by such  Shareholder. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 45. | A      person becoming entitled to a share in consequence of the death of a      Shareholder or otherwise by operation of applicable law shall (upon such      evidence being produced as may from time to time be required by the Board      as to his entitlement) be entitled to receive and may give a discharge for      any dividends or other moneys payable in respect of the share, but he      shall not be entitled in respect of the share to receive notices of or to      attend or vote at general meetings of the Company or, save as aforesaid,      to exercise in respect of the share any of the rights or privileges of a      Shareholder until he shall have become registered as the holder      thereof.  The Board may at any time give notice requiring such      person to elect either to be registered himself or to transfer the share      and if the notice is not complied with within sixty days the Board may      thereafter withhold payment of all dividends and other moneys payable in      respect of the shares until the requirements of the notice have been      complied with. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 46. | Subject      to any directions of the Board from time to time in force, the Secretary      may exercise the powers and discretions of the Board under      Bye-Laws 43, 44 and 45. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 47. | (a) | Any      person (other than the Registrar in respect of those shares registered in      its name in the Register as the nominee of persons whose interests in such      shares are reflected in the VPS) who acquires or disposes of an interest      in shares to the effect that the requirements of the Oslo Stock Exchange      in effect from time to time concerning the duty to flag changes in a      person’s interest in shares require such changes to be notified shall      notify the Registrar immediately of such acquisition or disposal and the      resulting interest of that person inshares. |
|--------|-----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | For      the purposes of this Bye-Law, a person shall be deemed to have an interest      in shares: |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (i) | owned      by such person’s spouse, minor child or  cohabitant; |
|--------|-----|-----------------------------------------------------------------------|

|   | (ii) | owned      by any body corporate in which such person owns shares representing the      majority of the votes attaching to all of the issued and outstanding      shares of such body corporate or over which he has as owner of shares in      such body corporate or by virtue of an agreement a determining influence      and a substantial participation (as those terms are interpreted by the      Norwegian courts from time to time) in the results of such body      corporate’s operations; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | owned      by any person with whom such person acts in concert (as such term is      interpreted from time to time by the Oslo Stock Exchange), by virtue of      any agreement or otherwise; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | registered      in the name of the Registrar in the Register as nominee of such person or      of any person referred to in clause (i), (ii), or (iii) in relation      to such person; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | which      are issuable on the exercise of any options, convertible bonds,      subscription rights or any other rights to acquire shares in which such      person has an interest; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | subject      to a lien or other security interest in favor of such    person; |
|--------|------|-------------------------------------------------------------------------------|

|   | (vii) | which      are issuable on the exercise of purchase rights, preemption rights, or      other rights related thereto in which such person has an interest and      which are activated by the acquisition, disposal or conversion of      shares; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | subject      of any other agreed restriction on a Shareholder’s right to dispose of      same or to exercise such Shareholder’s rights as a Shareholder, in favor      of such person, except agreements to separate the dividend right from the      ownership right of a share; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | in      connection with the acquisition of which there was given guarantee of      their purchase price by such person or such person otherwise undertook a      risk with respect to the value thereof and which guarantee or risk remains      outstanding. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Registrar shall promptly report any such notification of interest to the      Oslo Stock Exchange and theCompany. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If      a person fails to give notification of a change in his interest in shares      in accordance with this Bye-Law 47 and the Board believes that such person      has acquired or disposed of an interest in shares in circumstances in      which he would be subject to the notification requirements of this      Bye-Law 47, the Board shall require the Registrar to serve upon that      person a notice: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | requiring      him to comply with the notification requirements in relation to the change      in his interest in shares; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | informing      him that, pending compliance with the notification requirements, the      registered holder or holders of the shares in which that person is      interested shall not be entitled to vote or otherwise exercise any rights      attaching to the shares to which the notice relates nor shall such      registered holder or holders be entitled to receive payments of income or      capital which become due or payable in respect of such      shares.  The registered holder’s or holders’ entitlement to such      payments shall be suspended pending compliance with the notification      requirements without any liability of the Company to such holder or      holders arising for late payment or nonpayment and the Company may retain      such sums for its own use and benefit during such period of      suspension. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | The      provisions of these Bye-Laws relating to the protection of purchasers of      shares sold under a lien or upon forfeiture shall apply mutatis mutandis      to disposals under thisBye-Law 47. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 48. | The      Company may from time to time increase its capital by such sum to be      divided into shares of such par value as the Company by Ordinary      Resolution shall prescribe. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 49. | The      Company may, by the Ordinary Resolution increasing the capital, direct      that the new shares or any of them shall be offered in the first instance      either at par or at a premium or (subject to the provisions of the      Companies Act) at a discount to all the holders for the time being of      shares of any class or classes in proportion to the number of such shares      held by them respectively or make any other provision as to the issue of      the new shares. |
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| 50. | The      new shares shall be subject to all the provisions of these Bye-Laws with      reference to lien, the payment of calls, forfeiture, transfer,      transmission and otherwise. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51. | The      Company may from time to time by Ordinary  Resolution: |
|-----|-----------------------------------------------------------------|

|   | (a) | increase      its capital as provided by Bye-Law48; |
|--------|-----|-----------------------------------------------------|

|   | (b) | divide      its shares into several classes and attach thereto respectively any      preferential, deferred, qualified or special rights, privileges or      conditions; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | consolidate      and divide all or any of its share capital into shares of larger par value      than its existing shares; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (d) | sub-divide      its shares or any of them into shares of smaller amount than is fixed by      its memorandum, so, however, that in the sub-division the proportion      between the amount paid and the amount, if any, unpaid on each reduced      share shall be the same as it was in the case of the share from which the      reduced share is derived; |
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|   | (e) | make      provision for the issue and allotment of shares which do not carry any      voting rights; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (f) | cancel      shares which at the date of the passing of the resolution in that behalf      have not been taken or agreed to be taken by any person and diminish the      amount of its share capital by the amount of the shares so      cancelled; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | change      the currency denomination of its sharecapital. |
|--------|-----|------------------------------------------------------------|

----

| 52. | Subject      to the provisions of the Companies Act and to any confirmation or consent      required by law or these Bye-Laws, the Company may by Ordinary Resolution      from time to time convert any preference shares into redeemable preference      shares. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 53. | The      Company may from time to time purchase its own shares on such terms and in      such manner as may be authorized by the Board of Directors, subject to the      rules, if applicable, of the London Stock Exchange, the New York Stock      Exchange and the Oslo Stock Exchange. In the event the Company conducts a      tender offer for its shares, any such offer which is made through the      facilities of the Oslo Stock Exchange shall be expressed as being      conditional upon no Shareholders or persons resident for tax purposes in      Norway (or such other jurisdiction as the Board may nominate from time to      time) owning or controlling fifty percent or more of the issued share      capital or the votes attaching to the issued and outstanding share capital      of the Company following suchpurchase. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 54. | Subject      to the Companies Act, the Company shall have the option, but not the      obligation, to repurchase from any Shareholder or Shareholders all      fractions of shares, and all holdings of fewer than 100 shares, registered      in the name of said Shareholder or Shareholders.  Such      repurchase shall be on such terms and conditions as the Board may      determine, provided that in any event, the repurchase price shall be not      less than the closing market price per share quoted on the New York Stock      Exchange or the Oslo Stock Exchange on the effective date of the      repurchase. Each Shareholder shall be bound by the determination of the      Company to repurchase such shares or fractions thereof.  If the      Company determines to repurchase any such shares or fractions, the Company      shall give written notice to each Shareholder concerned accompanied by a      cheque or warrant for the repurchase price and the relevant shares,      fractions and certificates in respect thereof shall thereupon be      cancelled. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 55. | Subject      to the Companies Acts, its memorandum and any confirmation or consent      required by law or these Bye-Laws, the Company may from time to time by      Ordinary Resolution authorize the reduction of its issued share capital or      any capital redemption reserve fund or any share premium or contributed      surplus account in any manner. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 56. | In      relation to any such reduction the Company may by Ordinary Resolution      determine the terms upon which such reduction is to be effected,      including, in the case of a reduction of part only of a class of shares,      those shares to be affected. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 57. | (a) | The      Board shall convene and the Company shall hold general meetings as Annual      General Meetings in accordance with the requirements of the Companies Acts      at such times and places subject to the limitation set out below as the      Board shall appoint.  The Board may whenever it thinks fit, and      shall when required by the Companies Acts, convene general meetings other      than Annual General Meetings which shall be called Special General      Meetings.  Any such Annual or Special General Meeting shall be      held at any place other thanNorway. |
|--------|-----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Except      in the case of the removal of auditors and directors, anything which may      be done by resolution of the Company in general meeting or by resolution      of a meeting of any class of the shareholders of the Company may, without      a meeting and without any previous notice being required, be done by      resolution in writing, signed by a simple majority of all of the      Shareholders (or such greater majority as is required by the Companies      Acts or these Bye-Laws) or their proxies, or in the case of a shareholder      that is a corporation (whether or not a company within the meaning of the      Companies Acts) on behalf of such Shareholder, being all of the      Shareholders of the Company who at the date of the resolution in writing      would be entitled to attend a meeting and vote on the      resolution.  Such resolution in writing may be signed by, or in      the case of a shareholder that is a corporation (whether or not a company      within the meaning of the Companies Acts), on behalf of, all the      Shareholders of the Company, or any class thereof, in as many counterparts      as may be necessary. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      resolution in writing is passed when the resolution is signed by, or in      the case of a Shareholder that is a corporation (whether or not a company      within the meaning of the Companies Acts), on behalf of, such number of      the Shareholders of the Company who at the date of the notice represent      such majority of votes as would be required if the resolution had been      voted on at a meeting of theShareholders. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | A      resolution in writing made in accordance with this Bye-Law is as valid as      if it had been passed by the Company in general meeting or, if applicable,      by a meeting of the relevant class of shareholders of the Company, as the      case may be.  A resolution in writing made in accordance with      this Bye-Law shall constitute minutes for the purposes of the Companies      Acts and these Bye-Laws. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | Notice      of any resolution to be made pursuant to Bye-Law 57 (b) shall be given,      and a copy of the resolution shall be circulated, to all Shareholders who      would be entitled to attend a meeting and vote on the resolution in the      same manner as that required for a notice of a meeting of the Shareholders      at which the resolution could have been considered except that any      requirement in the Companies Acts or these Bye-Laws as to the length of      the period of notice shall notapply. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 58. | An      Annual General Meeting shall be called by not less than seven days notice      in writing and a Special General Meeting shall be called by not less than      seven days notice in writing.  The notice period shall be      exclusive of the day on which the notice is served or deemed to be served      and of the day on which the meeting to which it relates is to be held and      shall specify the place, day and time of the meeting, and in the case of a      Special General Meeting, the general nature of the business to be      considered.  Notice of every general meeting shall be given in      any manner permitted by these Bye-Laws to all Shareholders other than      such as, under the provisions of these Bye-Laws or the terms of issue of      the shares they hold, are not entitled to receive such notice from the      Company.  Notwithstanding that a meeting of the Company is      called by shorter notice than that specified in this Bye-Law, it shall be      deemed to have been duly called if it is so  agreed: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      the case of a meeting called as an Annual General Meeting by all the      Shareholders entitled to attend and vote  thereat; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of any other meeting by a majority in number of the Shareholders      having the right to attend and vote at the meeting,  being a      majority together holding not less than ninety-five percent in nominal      value of the shares giving thatright; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 59. | The      accidental omission to give notice of a meeting or (in cases where      instruments of proxy are sent out with the notice) the accidental omission      to send such instrument of proxy to or the non-receipt of notice of a      meeting or such instrument of proxy by any person entitled to receive such      notice shall not invalidate the proceedings at that    meeting. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 60. | The      Board may convene a Special General Meeting whenever it thinks      fit.  A Special General Meeting shall also be convened by the      Board on the written requisition of Shareholders holding at the date of      the deposit of the requisition not less than one tenth in nominal value of      the paid-up capital of the Company which as at the date of the deposit      carries      the right to vote at a general meeting of the Company.  The      requisition must state the purposes of the meeting and must be signed by      the requisitionists and deposited at the registered office of the Company,      and may consist of several documents in like form each signed by one or      more of the requisitionists. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 61. | No      business shall be transacted at any general meeting unless the requisite      quorum is present when the meeting proceeds to business, but the absence      of a quorum shall not preclude the appointment, choice or election of a      chairman which shall not be treated as part of the business of the      meeting.  Save as otherwise provided by these Bye-Laws, the      quorum at any general meeting shall be constituted by one or more      shareholders, either present in person or represented by proxy, holding in      the aggregate shares carrying 33 1/3% of the voting rights entitled to be      exercised at such meeting. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 62. | If      within five minutes (or such longer time as the chairman of the meeting      may determine to wait) after the time appointed for the meeting, a quorum      is not present, the meeting, if convened on the requisition of      Shareholders, shall be dissolved.  In any other case, it shall      stand adjourned to such other day and such other time and place as the      chairman of the meeting may determine and at such adjourned meeting two      Shareholders or, in the event that there is only one Shareholder, one      Shareholder, present in person or by proxy (whatever the number of shares      held by them) shall be a quorum.  The Company shall give not      less than five days notice of any meeting adjourned through want of a      quorum and such notice shall state that two Shareholders or, in the event      that there is only one Shareholder, one Shareholder, present in person or      by proxy (whatever the number of shares held by them) shall be a      quorum. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 63. | A      meeting of the Shareholders or any class thereof may be held by means of      such telephone, electronic or other communication facilities as permit all      persons participating in the meeting to communicate with each other      simultaneously and instantaneously and participation in such meeting shall      constitute presence in person at suchmeeting. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 64. | Each      Director and the Company’s auditor and Secretary shall be entitled to      attend and speak at any general meeting of the  Company. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 65. | The      Chairman (if any) of the Board or, in his absence, the President shall      preside as chairman at every general meeting.  If there is no      such Chairman or President, or if at any meeting neither the Chairman nor      the President is present within five minutes after the time appointed for      holding the meeting, or if neither of them is willing to act as chairman,      the Directors present shall choose one of their number to act or if one      Director only is present he shall preside as chairman if willing to      act.  If no Director is present or if each of the Directors      present declines to take the chair, the persons present and entitled to      vote on a poll shall elect one of their number to be    chairman. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 66. | The      chairman of the meeting may, with the consent of those present at any      meeting at which a quorum is present (and shall if so directed by the      meeting), adjourn the meeting from time to time and from place to place      but no business shall be transacted at any adjourned      meeting except business which might lawfully have been transacted at the      meeting from which the adjournment took place.  When a meeting      is adjourned for thirty days or more, notice of the adjourned meeting      shall be given as in the case of an original    meeting. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 67. | Save      as expressly provided by these Bye-Laws, it shall not be necessary to give      any notice of an adjournment or of the business to be transacted at an      adjourned meeting. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 68. | Save      where a greater majority is required by the Companies Acts or these      Bye-Laws, any question proposed for consideration at any general meeting      shall be decided on by OrdinaryResolution. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 69. | The      Board may, with the sanction of an Ordinary Resolution, amalgamate the      Company with another company (whether or not the Company is the surviving      company and whether or not such an amalgamation involves a change in the      jurisdiction of the Company). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 70. | At      any general meeting, a resolution put to the vote of the meeting shall be      decided on a show of hands or by a count of votes received in the form of      electronic records unless (before or on the declaration of the result of      the show of hands or on the withdrawal of any other demand for a poll) a      poll is demanded by: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      chairman of the meeting; or |
|--------|-----|--------------------------------------|

|   | (b) | at      least three shareholders present in person or represented by proxy;      or |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (c) | any      shareholder or shareholders present in person or represented by proxy and      holding between them not less than one tenth of the total voting rights of      all the shareholders having the right to vote at such meeting;      or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | a      shareholder or shareholders present in person or represented by proxy      holding shares conferring the right to vote at such meeting, being shares      on which an aggregate sum has been paid up equal to at least one-tenth of      the total sum paid up on all such shares conferring such      right. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 71. | A      poll demanded on the election of a chairman, or on a question of      adjournment, shall be taken forthwith.  A poll demanded on any      other question shall be taken in such manner and either forthwith or at      such time (being not later than three months after the date of the demand)      and place as the chairman shall direct.  It shall not be      necessary (unless the chairman otherwise directs) for notice to be given      of a poll. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 72. | The      demand for a poll shall not prevent the continuance of a meeting for the      transaction of any business other than the question on which the poll has      been demanded and it may be withdrawn at any time before the close of the      meeting or the taking of the poll whichever is the  earlier. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 73. | On      a poll, votes may be cast either personally or by  proxy. |
|-----|-------------------------------------------------------------------|

| 74. | A      person entitled to more than one vote on a poll need not use all his votes      or cast all the votes he uses in the sameway. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 75. | If      a poll is duly demanded, the result of the poll shall be deemed to be the      resolution of the meeting at which the poll is  demanded. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 76. | In      the case of any equality of votes at a general meeting, whether on a show      of hands, a count of votes received in the form of electronic records or      on a poll, the chairman of such meeting shall not be entitled to a second      or casting vote. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 77. | Subject      to the provisions of these Bye-Laws and to any special rights or      restrictions as to voting for the time being attached to any shares, every      Shareholder who is present in person or by proxy or proxies shall have one      vote for every share of which he is theholder. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 78. | In      the case of joint holders of a share, the vote of the senior joint holder      who tenders a vote, whether in person or by proxy, shall be accepted to      the exclusion of the votes of the other joint holders, and for this      purpose seniority shall be determined by the order in which the names      stand in the Register in respect of the joint  holding. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 79. | A      Shareholder who is a patient for any purpose of any statute or applicable      law relating to mental health or in respect of whom an order has been made      by any Court having jurisdiction for the protection or management of the      affairs of persons incapable of managing their own affairs may vote by his      receiver, committee, curator bonis or other person in the nature of a      receiver, committee or curator bonis appointed by such Court and such      receiver, committee, curator bonis or other person may vote by proxy, and      may otherwise act and be treated as such Shareholder for the purpose of      general meetings. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 80. | No      Shareholder shall, unless the Board otherwise determines, be entitled to      vote at any general meeting unless all calls or other sums presently      payable by him in respect of shares in the Company have been      paid. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 81. | If      (i) any objection shall be raised to the qualification of any voter or      (ii) any votes have been counted which ought not to have been counted or      which might have been rejected or (iii) any votes are not counted which      ought to have been counted, the objection or error shall not vitiate the      decision of the meeting or adjourned meeting on any resolution unless the      same is raised or pointed out at the meeting or, as the case may be, the      adjourned meeting at which the vote objected to is given or tendered or at      which the error occurs.  Any objection or error shall be      referred to the chairman of the meeting and shall only vitiate the      decision of the meeting on any resolution if the chairman decides that the      same may      have affected the decision of the meeting.  The decision of the      chairman on such matters shall be final and    conclusive. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 82. | A      Shareholder may appoint one or more proxies to attend at a general meeting      of the Company and to vote on his behalf and proxies appointed by a single      Shareholder need not all exercise their vote in the same      manner.  The instrument appointing a proxy shall be in writing      under the hand of the appointor or of his attorney authorized by him in      writing or, if the appointor is a body corporate, either under its seal or      under the hand of an officer, attorney or other person authorized to sign      the same. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 83. | Any      Shareholder may appoint a standing proxy or (if a body corporate)      representative by depositing at the Registered Office a proxy or (if a      body corporate) an authorization and such proxy or authorization shall be      valid for all general meetings and adjournments thereof or, resolutions in      writing, as the case may be, until notice of revocation is received at the      Registered Office which, if permitted by the Principal Act, may be in the      form of an electronic record.  Where a standing proxy or      authorization exists, its operation shall be deemed to have been suspended      at any general meeting or adjournment thereof at which the Shareholder is      present or in respect of which the Shareholder has specially appointed a      proxy or representative.  The Board may from time to time      require such evidence as it shall deem necessary as to the due execution      and continuing validity of any such standing proxy or authorization and      the operation of any such standing proxy or authorization shall be deemed      to be suspended until such time as the Board determines that it has      received the requested evidence or other evidence satisfactory to      it. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 84. | Subject      to Bye-Law 83, the instrument appointing a proxy together with such other      evidence as to its due execution as the Board may from time to time      require, shall be delivered at the Registered Office which, if permitted      by the Principal Act may be in the form of an electronic record, at the      place of the meeting, or at such place as may be specified in the notice      convening the meeting or in any notice of any adjournment, or, in either      case, or the case of a written resolution, in any document sent therewith,      prior to the holding of the meeting or adjourned meeting at which the      person named in the instrument proposes to vote or, in the case of a poll      taken subsequent to the date of a meeting or adjourned meeting, before the      time appointed for the taking of the poll or, in the case of a written      resolution, prior to the effective date of the written resolution and in      default the instrument of proxy shall not be treated as    valid. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 85. | Instruments      of proxy shall be in any common form or in such other form as the Board      may approve and the Board may, if it thinks fit, send out with the notice      of any meeting or any written resolution, forms of instruments of proxy      for use at that meeting or in connection with that written      resolution.  The instrument of proxy shall be deemed to confer      authority to demand or join in demanding a poll and to vote on any      amendment of a written resolution or amendment of a resolution put to the      meeting for which it is given as the proxy thinks fit. The instrument of      proxy shall unless the contrary is stated therein be valid as well for any      adjournment of the meeting as for the meeting to which it      relates. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 86. | A      vote given in accordance with the terms of an instrument of proxy shall be      valid notwithstanding the previous death or insanity of the principal or      revocation of the instrument of proxy or of the authority under which it      was executed, provided that no intimation in writing of such death,      insanity or revocation shall have been received by the Company at the      Registered Office which, if permitted by the Principal Act may be in the      form of an electronic record, the place of the meeting or such other place      as may be specified for the delivery of instruments of proxy in the notice      convening the meeting or other documents sent therewith before the      commencement of the meeting or adjourned meeting, or the taking of the      poll, at which the instrument of proxy isused. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 87. | Subject      to the Companies Acts, the Board may at its discretion waive any of the      provisions of these Bye-Laws related to proxies or authorizations and, in      particular, may accept such verbal or other assurances as it thinks fit as      to the right of any person to attend and vote on behalf of any Shareholder      at general meetings. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 88. | Notwithstanding      any other provision of these Bye-Laws, any Shareholder may appoint an      irrevocable proxy by depositing at the Registered Office an irrevocable      proxy and such irrevocable proxy shall be valid for all general meetings      and adjournments thereof, or resolutions in writing, as the case may be,      until terminated in accordance with its own terms, or until written notice      of termination is received at the Registered Office signed by the      proxy.  The instrument creating the irrevocable proxy shall      recite that it is constituted as such and shall confirm that it is granted      with an interest.  The operation of an irrevocable proxy shall      not be suspended at any general meeting or adjournment thereof at which      the Shareholder who has appointed such proxy is present and the      Shareholder may not specially appoint another proxy to vote himself in      respect of any shares which are the subject of the irrevocable      proxy. |
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|   | 89. | (a) | Subject      to paragraph (e) below, where any transaction with a Principal Shareholder      is proposed, a circular must be sent to each  Shareholder. |
|--------|-----|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | For      the purposes of this Bye-Law: |
|--------|-----|----------------------------------------|

|   | (i) | “transaction      with a Principal Shareholder” means a transaction (other than a      transaction of a revenue nature in the ordinary course of business)      between the Company, or any of its subsidiaries, and a Principal      Shareholder or an Associate of a Principal Shareholder;  and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | “Principal      Shareholder” means any person (excluding the Registrar in respect of those      shares registered in its name on the Register as nominee of persons whose      interests in such shares are reflected in the VPS and any bare trustee)      who is, or was within the twelve months preceding the date of the      transaction, entitled to exercise, or to control the exercise of, whether      directly or indirectly (including through interests in shares registered      in the name of the Registrar      on the Register as nominee of such person whose interests in such shares      are reflected in the VPS), twenty percent or more of the votes attaching      to all of the issued shares. |
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----

|   | (c) | Any      circular sent to Shareholders in accordance with paragraph (a) above shall      provide sufficient information to enable each Shareholder to evaluate the      effects of the transaction on the Company or the relevant      subsidiary. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The      provisions of paragraph (a) of this Bye-Law shall apply mutatis mutandis      to any variation or novation of an existing agreement between the Company      (or any of its subsidiaries) and a Principal Shareholder (or Associate of      a Principal Shareholder) whether or not at the time that the original      agreement was entered into the latter party was a Principal Shareholder      (or Associate of a PrincipalShareholder). |
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|   | (e) | Notwithstanding      the foregoing, the provisions of this Bye-Law shall not apply to any of      the following transactions: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | an      issue of new shares for cash by the Company (or any of its subsidiaries);      or |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (ii) | the      issue of shares of the Company (or of any of its subsidiaries) pursuant to      an employee share scheme of the Company (or such subsidiary);      or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | an      underwriting of all or part of an issue of shares by the Company (or any      of its subsidiaries) where the consideration paid by the Company (or such      subsidiary) in respect of such underwriting is no more than the usual      commercial underwriting consideration and is determined on the same basis      as the consideration to be paid to the other underwriters (if any);      or |
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|   | (iv) | a      transaction that is not material.  For the purposes of this      Bye-Law a transaction shall be material where the market value of the      assets which are the subject of the transaction (ignoring for these      purposes any related indebtedness) is greater than or equal to five      percent of the net assets of the Company as set out in the latest audited      accounts of the Company then available (or, if there are none, in the      latest consolidated balance sheet reported on by the auditors of the      Company) or, if less, U.S.$20,000,000;or |
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|   | (v) | a      transaction in which a Principal Shareholder participates solely by virtue      of his shareholding in, or interests in shares of, the Company and on a      pro-rata basis with the other holders of shares or interests in shares of      the relevant class of the Company, including, without limitation, the      declaration of a dividend by the Company or other distribution of assets      of the Company. |
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----

| APPOINTMENT      AND REMOVAL OF DIRECTORS |
|-------------------------------------------|

| 90. | The      number of Directors shall be such number not less than two as the Company      by Ordinary Resolution may from time to time determine and each Director      shall, subject to the Companies Acts and these Bye-Laws, hold office until      the next annual general meeting following his election or until his      successor is elected. |
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| 91. | The      Company shall at the Annual General Meeting and may in a general meeting      by Ordinary Resolution determine the minimum and the maximum number of      Directors and may by Ordinary Resolution determine that one or more      vacancies in the Board shall be deemed casual vacancies for the purposes      of these Bye-Laws.  Without prejudice to the power of the      Company in any general meeting in pursuance of any of the provisions of      these Bye-Laws to appoint any person to be a Director, the Board, so long      as a quorum of Directors remains in office, shall have power at any time      and from time to time to appoint any individual to be a Director so as to      fill a casual vacancy. |
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| 92. | The      Company may in a Special General Meeting called for that purpose remove a      Director provided notice of any such meeting shall be served upon the      Director concerned not less than fourteen days before the meeting and he      shall be entitled to be heard at that meeting.  Any vacancy      created by the removal of a Director at a Special General Meeting may be      filled at the Meeting by the election of another person as Director in his      place or, in the absence of any such election, by the    Board. |
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| 93. | The      office of a Director shall be vacated upon the happening of any of the      following events: |
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|   | (a) | if      he resigns his office by notice in writing delivered to the Registered      Office or tendered at a meeting of theBoard; |
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|   | (b) | if      he becomes of unsound mind or a patient for any purpose of any statute or      applicable law relating to mental health and the Board resolves that he      shall be removed from office; |
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|   | (c) | if      he becomes bankrupt or compounds with his  creditors; |
|--------|-----|---------------------------------------------------------------|

|   | (d) | if      he is prohibited by law from being a Director;  or |
|--------|-----|------------------------------------------------------------|

|   | (e) | if      he ceases to be a Director by virtue of the Companies Acts or is removed      from office pursuant to theseBye-Laws. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | 94. | (a) | The      Company may by Ordinary Resolution elect a person or persons qualified to      be Directors to act as Directors in the alternative to any of the      Directors of the Company or may authorize the Board to appoint such      Alternate Directors and a Director may appoint and remove his own Alternate      Director. Any appointment or removal of an Alternate Director by a      Director shall be effected by depositing a notice of appointment or      removal with the Secretary at the Registered Office which, if permitted by      the Principal Act may be in the form of an electronic record, signed by      such Director, and such appointment or removal shall become effective on      the date of receipt by the Secretary. Any Alternate Director may be      removed by Ordinary Resolution of the Company and, if appointed by the      Board, may be removed by the Board.  Subject as aforesaid, the      office of Alternate Director shall continue until the next annual election      of Directors or, if earlier, the date on which the relevant Director      ceases to be a Director.  An Alternate Director may also be a      Director in his own right and may act as alternate to more than one      Director. |
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----

|   | (b) | A      Director may at any time, by notice in writing signed by him delivered to      the Registered Office of the Company or at a meeting of the Board, appoint      any person (including another Director) to act as Alternate Director in      his place during his absence and may in like manner at any time determine      such appointment.  If such person is not another Director such      appointment unless previously approved by the Board shall have effect only      upon and subject to being so approved.  The appointment of an      Alternate Director shall determine on the happening of any event which,      were he a Director, would cause him to vacate such office or if his      appointor ceases to be a Director. |
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| 95. | The      amount, if any, of Directors’ fees shall from time to time be determined      by the Company by Ordinary Resolution and in the absence of a      determination to the contrary in general meeting, such fees shall be      deemed to accrue from day to day.  Each Director may be paid his      reasonable traveling, hotel and incidental expenses properly incurred in      attending and returning from meetings of the Board or committees      constituted pursuant to these Bye-Laws or general meetings and shall be      paid all expenses properly and reasonably incurred by him in the conduct      of the Company’s business or in the discharge of his duties as a      Director.  Any Director who, by request, goes or resides abroad      for any purposes of the Company or who performs services which in the      opinion of the Board go beyond the ordinary duties of a Director may be      paid such extra remuneration (whether by way of salary, commission,      participation in profits or otherwise) as the Board may determine, and      such extra remuneration shall be in addition to any remuneration provided      for by or pursuant to any otherBye-Law. |
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|   | 96. | (a) | A      Director may hold any other office or place of profit with the Company      (except that of auditor) in conjunction with his office of Director for      such period and upon such terms as the Board may determine and may be paid      such extra remuneration therefor (whether by way of salary, commission,      participation in profits or otherwise) as the Board may determine, and      such      extra remuneration shall be in addition to any remuneration provided for      by or pursuant to any otherBye-Law. |
|--------|-----|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | A      Director may act by himself or his firm in a professional capacity for the      Company (otherwise than as auditor) and he or his firm shall be entitled      to remuneration for professional services as if he were not a      Director. |
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|   | (c) | Subject      to the provisions of the Companies Acts, a Director may notwithstanding      his office be a party to or otherwise interested in any transaction or      arrangement with the Company or in which the Company is otherwise      interested and may be a director or other officer of, employed by, a party      to any transaction or arrangement with, or otherwise interested in any      body corporate promoted by the Company or in which the Company is      interested.  The Board may also cause the voting power conferred      by the shares in any other body corporate held or owned by the Company to      be exercised in such manner in all respects as it thinks fit, including      the exercise thereof in favor of any resolution appointing the Directors      or any of them to be directors or officers of such other body corporate,      or voting or providing for the payment of remuneration to the directors or      officers of such other bodycorporate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | So      long as, where it is necessary, he declares the nature of his interest at      the first opportunity at a meeting of the Board or by writing to the      Directors as required by the Companies Acts, a Director shall not by      reason of his office be accountable to the Company for any benefit which      he derives from any office or employment to which these Bye-Laws allow him      to be appointed or from any transaction or arrangement in which these      Bye-Laws allow him to be interested, and no such transaction or      arrangement shall be liable to be avoided on the ground of any interest or      benefit. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Subject      to the Companies Acts and any further disclosure required thereby, a      general notice to the Directors by a Director or officer declaring that he      is a director or officer or has an interest in a person and is to be      regarded as interested in any transaction or arrangement made with that      person, shall be a sufficient declaration of interest in relation to any      transaction or arrangement so made. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 97. | Subject      to the provisions of the Companies Acts and these Bye-Laws and to any      directions given by the Company in general meeting, the Board shall manage      the business of the Company and may pay all expenses incurred in promoting      and incorporating the Company and may exercise all the powers of the      Company.  No alteration of these Bye-Laws and no such direction      shall invalidate any prior act of the Board which would have been valid if      that alteration had not been made or that direction had not been      given.  The powers given by this Bye-Law shall not be limited by      any special power given to the Board      by these Bye-Laws and a meeting of the Board at which a quorum is present      shall be competent to exercise all the powers, authorities and discretions      of the Company for the time being vested in or exercisable by the      Board.  To the extent permitted by the Companies Acts, the Board      may agree that the Company shall not exercise, in whole or in part, any of      the powers in the Companies Acts that are reserved to      Shareholders. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 98. | The      Board may exercise all the powers of the Company to borrow money and to      mortgage or charge all or any part of the undertaking property and assets      (present and future) and uncalled capital of the Company and to issue      debentures and other securities, whether outright or as collateral      security for any debt, liability or obligation of the Company or of any      other persons. |
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| 99. | All      checks, promissory notes, drafts, bills of exchange and other instruments,      whether negotiable or transferable or not, and all receipts for money paid      to the Company shall be signed, drawn, accepted, endorsed or otherwise      executed, as the case may be, in such manner as the Board shall from time      to time by resolution determine. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 100. | The      Board on behalf of the Company may provide benefits, whether by the      payment of gratuities or pensions or otherwise, for any person including      any Director or former Director who has held any executive office or      employment with the Company or with any body corporate which is or has      been a subsidiary or affiliate of the Company or a predecessor in the      business of the Company or of any such subsidiary or affiliate, and to any      member of his family or any person who is or was dependent on him, and may      contribute to any fund and pay premiums for the purchase or provision of      any such gratuity, pension or other benefit, or for the insurance of any      such person in connection with the provision of pensions.  The      Board may also establish and maintain any employees’ share scheme, share      option or share incentive scheme approved by Ordinary Resolution whereby      selected employees of the Company or of any company which is a subsidiary      of the Company are given the opportunity of acquiring shares in the      capital of the Company on the terms and subject to the conditions set out      in such scheme and establish and (if any such scheme so provides)      contribute to any scheme for the purchase by or transfer, allotment or      issue to trustees of shares in the Company to be held for the benefit of      employees (including Directors and officers) of the Company and subject to      the Companies Act lend money to such trustees or employees to enable the      purchase of such shares. |
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| 101. | The      Board may from time to time appoint one or more of its body to be a      managing director, joint managing director or an assistant managing      director or to hold any other employment or executive office with the      Company for such period and upon such terms as the Board may determine and      may revoke or terminate any such appointments.  Any such      revocation or termination as aforesaid shall be without prejudice to any      claim for damages that such Director may have against the Company or the      Company may have against such Director for any breach of any contract of      service between him and the Company which may be involved in such      revocation or termination.  Any person so appointed shall      receive such remuneration (if any, whether by way of salary, commission,      participation in profits or otherwise) as the Board may determine, and      either in addition to or in lieu of his remuneration as a      Director. |
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----

| DELEGATION      OF THE BOARD’S POWERS |
|---------------------------------------------|

| 102. | The      Board may by power of attorney appoint any company, firm or person or any      fluctuating body of persons, whether nominated directly or indirectly by      the Board, to be the attorney or attorneys of the Company for such      purposes and with such power, authorities and discretions (not exceeding      those vested in or exercisable by the Board under these Bye-Laws) and for      such period and subject to such conditions as it may think fit, and any      such power of attorney may contain such provisions for the protection and      convenience of persons dealing with any such attorney and of such attorney      as the Board may think fit, and may also authorize any such attorney to      sub-delegate all or any of the powers, authorities and discretions vested      in him.  The Board may revoke or vary any such delegation of      power, but no person dealing in good faith with such delegate without      notice of such revocation or variation shall be affected by such      revocation or variation. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 103. | The      Board may entrust to and confer upon any Director or officer or, without      prejudice to the provisions of Bye-Law 104, other individual any of the      powers exercisable by it upon such terms and conditions with such      restrictions as it thinks fit, and either collaterally with, or to the      exclusion of its own powers, and may from time to time revoke or vary all      or any of such powers but no person dealing in good faith and without      notice of such revocation or variation shall be affected      thereby. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 104. | The      Board may delegate any of its powers, authorities or discretions to      committees, consisting of such person or persons (whether a member or      members of its body or not) as it thinks fit.  Any committee so      formed shall, in the exercise of the powers, authorities and discretions      so delegated, conform to any regulations which may be imposed upon it by      the Board.  The Board may revoke or vary any such delegation of      its powers, authorities and discretions, but no person dealing in good      faith and without notice of such revocation or variation shall be affected      thereby. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 105. | The      Board may meet for the despatch of business, adjourn and otherwise      regulate its meetings as it thinks fit, provided that Board meetings are      to be held outside Norway and the United Kingdom.  Questions      arising at any meeting shall be determined by a majority of votes      cast.  In the case of an equality of votes the motion shall be      deemed to have been lost.  A Director may, and the Secretary on      the requisition of a Director shall, at any time summon a Board      meeting. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 106. | Notice      of a Board meeting shall be deemed to be duly given to a Director if it is      given to him personally or by word of mouth or sent to him by post, cable,      telex, telecopier or other mode of representing or reproducing words in a      legible and non-transitory form at his last known address or any other      address given by him to the Company for this purpose.  A      Director may waive notice of any meeting either prospectively or      retrospectively. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 107. | (a) | The      quorum necessary for the transaction of the business of the Board may be      fixed by the Board and, unless so fixed at any other number, shall be      a majority of the Board present in person or by proxy, provided that a      quorum shall not be present unless a majority of the Directors present are      not resident in Norway.  Any Director who ceases to be a      Director at a Board meeting may continue to be present and to act as a      Director and be counted in the quorum until the termination of the Board      meeting if no other Director objects and if otherwise a quorum of      Directors would not bepresent. |
|--------|------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | Subject      to the provisions of Bye-Law 96 a Director who to his knowledge is in any      way, whether directly or indirectly, interested in a contract or proposed      contract, transaction or arrangement with the Company and has complied      with the provisions of the Companies Acts and these Bye-Laws with regard      to disclosure of his interest shall be entitled to vote in respect of any      contract, transaction or arrangement in which he is so interested and if      he shall do so his vote shall be counted, and he shall be taken into      account in ascertaining whether a quorum is  present. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 108. | So      long as a quorum of Directors remains in office, the continuing Directors      may act notwithstanding any vacancy in the Board but, if no such quorum      remains, the continuing Directors or a sole continuing Director may act      only for the purpose of calling a general  meeting. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 109. | The      Chairman (if any) of the Board or, in his absence, the President shall      preside as chairman at every meeting of the Board.  If there is      no such Chairman or President, or if at any meeting neither the Chairman      nor the President is present within five minutes after the time appointed      for holding the meeting, or if neither of them is willing to act as      chairman, the Directors present may choose one of their number to be      chairman of the meeting. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 110. | The      meetings and proceedings of any committee consisting of two or more      members shall be governed by the provisions contained in these Bye-Laws      for regulating the meetings and proceedings of the Board so far as the      same are applicable and are not superseded by any regulations imposed by      the Board. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 111. | A      resolution in writing signed by all the Directors for the time being      entitled to receive notice of a meeting of the Board or by all the members      of a committee for the time being shall be as valid and effectual as a      resolution passed at a meeting of the Board or, as the case may be, of      such committee duly called and constituted.  Such resolution may      be contained in one document or in several documents in the like form each      signed by one or more of the Directors or members of the committee      concerned. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 112. | A      meeting of the Board or a committee appointed by the Board may be held by      means of such telephone, electronic or other communication facilities as      permit all persons participating in the meeting to communicate with each      other simultaneously and instantaneously and participation in such a      meeting shall constitute presence in person at such meeting.  A      meeting of the Board or committee appointed by the Board held in the      foregoing manner shall be deemed to take place at the place where the      largest group of participating Directors or committee members has      assembled or, if no such group exists, at      the place where the chairman of the meeting participates.  The      Board or relevant committee shall use its best endeavours to ensure that      any such meeting is not deemed to have been held in Norway or the United      Kingdom, and the fact that one or more Directors may be present at such      teleconference by virtue of his being physically in Norway or the United      Kingdom shall not deem such meeting to have taken place in Norway or the      United Kingdom. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 113. | All      acts done by the Board or by any committee or by any person acting as a      Director or member of a committee or any person duly authorized by the      Board or any committee, shall, notwithstanding that it is afterwards      discovered that there was some defect in the appointment of any member of      the Board or such committee or person acting as aforesaid or that they or      any of them were disqualified or had vacated their office, be as valid as      if every such person had been duly appointed and was qualified and had      continued to be a Director, member of such committee or person so      authorized. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 114. | The      Board may appoint any person whether or not he is a Director to hold such      other office as the Board may from time to time determine.  Any      person elected or appointed pursuant to this Bye-Law shall hold office for      such period and upon such terms as the Board may determine and the Board      may revoke or terminate any such election or appointment.  Any      such revocation or termination shall be without prejudice to any claim for      damages that such officer may have against the Company or the Company may      have against such officer for any breach of any contract of service      between him and the Company which may be involved in such revocation or      termination.  Save as provided in the Companies Acts or these      Bye-Laws, the powers and duties of the officers of the Company shall be      such (if any) as are determined from time to time by the      Board. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 115. | The      Directors shall cause minutes to be made and books kept for the purpose of      recording: |
|------|-----------------------------------------------------------------------------------------------------|

|   | (a) | all      appointments of officers made by theDirectors; |
|--------|-----|---------------------------------------------------------|

|   | (b) | the      names of the Directors and other persons (if any) present at each meeting      of Directors and of any committee; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | all      proceedings at meetings of the Company, of the holders of any class of      shares in the Company, and of committees;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | all      proceedings of managers (if any). |
|--------|-----|--------------------------------------------|

| 116. | The      Secretary and Resident Representative shall be appointed by the Board at      such remuneration (if any) and upon such terms as it may think fit and any      Secretary and Resident Representative so appointed may be removed by the      Board.  The      duties of the Secretary and Resident Representative shall be those      prescribed by the Companies Acts together with such other duties as shall      from time to time be prescribed by the  Board. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 117. | A      provision of the Companies Acts or these Bye-Laws requiring or authorizing      a thing to be done by or to a Director and the Secretary shall not be      satisfied by its being done by or to the same person acting both as      Director and as, or in the place of, the  Secretary. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 118. | The      Company may, but need not, have a Seal and one or more duplicate Seals for      use in any place outside ofBermuda. |
|------|------------------------------------------------------------------------------------------------------------------------------|

| 119. | If      the Company has a Seal: |
|------|---------------------------------|

|   | (A) | The      Seal shall consist of a circular metal device with the name of the Company      around the outer margin thereof and “Bermuda 1992” across the centre      thereof.  Should the Seal not have been received at the      Registered Office in such form at the date of adoption of this Bye-Law      then, pending such receipt, any document requiring to be sealed with the      Seal shall be sealed by affixing a red wafer seal to the document with the      name of the Company, and “Bermuda 1992” typewritten across the centre      thereof. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | The      Board shall provide for the custody of every Seal.  A Seal shall      only be used by authority of the Board or of a committee constituted by      the Board.  Subject to these Bye-Laws, any instrument to which      the Seal is affixed shall be signed by at least one Director or the      Secretary, or by any person (whether or not a Director of the Secretary)      who has been authorized either generally or specifically to attest to the      use of a Seal; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | The      Company may have a duplicate Seal for use abroad where and as the      Directors shall determine and the Company may by writing under the Seal      appoint any agents or agent or committee abroad to be the duly authorized      agent of the Company for the purpose of affixing and using such duplicate      Seal and they may impose such restrictions on the use thereof as may be      thought fit.  Wherever in the Bye-Laws reference is made to the      Seal, the reference shall, when and so far as may be applicable, be deemed      to include any such duplicate seal asaforesaid. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 120. | The      Secretary, a Director or the Resident Representative may affix a Seal      attested with his signature to certify the authenticity of any copies of      documents. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 121. | The      Board may from time to time declare cash dividends or distributions out of      contributed surplus to be paid to the Shareholders according to their      rights and interests including interim dividends as appear to the Board to      be justified by the position of the Company.  The Board may also      pay any fixed cash dividend which is payable on any shares      of the Company half yearly or on such other dates, whenever the position      of the Company in the opinion of the Board, justifies such      payment. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 122. | Except      insofar as the rights attaching to, or the terms of issue of, any share      otherwise provide: |
|------|-------------------------------------------------------------------------------------------------------------|

|   | (a) | all      dividends or distributions out of contributed surplus may be declared and      paid according to the amounts paid up on the shares in respect of which      the dividend or distribution is paid and an amount paid up on a share in      advance of calls may be treated for the purpose of this Bye-Law as paid-up      on the share; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | dividends      or distributions out of contributed surplus may be apportioned and paid      pro rata according to the amounts paid up on the shares during any portion      or portions of the period in respect of which the dividend or distribution      is paid. |
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| 123. | The      Board may deduct from any dividend, distribution or other moneys payable      to a Shareholder by the Company on or in respect of any share all sums of      money (if any) presently payable by him to the Company on account of calls      or otherwise in respect of shares of the  Company. |
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| 124. | No      dividend, distribution or other moneys payable by the Company on or in      respect of any share shall bear interest against the Company unless      otherwise provided by the rights attached to such  share. |
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| 125. | Any      dividend distribution, interest or other sum payable in cash to the holder      of shares may be paid by check or warrant sent through the mail addressed      to the holder at his address in the Register or, in the case of joint      holders, addressed to the holder whose name stands first in the Register      in respect of the shares at his registered address as appearing in the      Register or addressed to such person at such address as the holder or      joint holders may in writing direct.  Every such check or      warrant shall, unless the holder or joint holders otherwise direct, be      made payable to the order of the holder or, in the case of joint holders,      to the order of the holder whose name stands first in the Register in      respect of such shares, and shall be sent at his or their risk, and      payment of the check or warrant by the bank on which it is drawn shall      constitute a good discharge to the Company.  Any one of two or      more joint holders may give effectual receipts for any dividends,      distributions or other moneys payable or property distributable in respect      of the shares held by such jointholders. |
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| 126. | Any      dividend or proceeds of share repurchase or distribution out of      contributed surplus unclaimed for a period of six years from the date of      declaration of such dividend or proceeds of share repurchase or      distribution shall be forfeited and shall revert to the Company, and the      payment by the Board of any unclaimed dividend, distribution, interest or      proceeds of share repurchase or other sum payable on or in respect of the      share into a separate account shall not constitute the Company a trustee      in respect thereof. |
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----

| 127. | The      Board may direct payment or satisfaction of any dividend or distribution      out of contributed surplus wholly or in part by the distribution of      specific assets and, in particular, of paid up shares or debentures of any      other body corporate, and where any difficulty arises in regard to such      distribution or dividend the Board may settle it as it thinks expedient      and, in particular, may authorize any person to sell and transfer any      fractions or may ignore fractions altogether and may fix the value for      distribution or dividend purposes of any such specific assets and may      determine that cash payments shall be made to any Shareholders upon the      basis of the value so fixed in order to secure equality of distribution      and may vest any such specific assets in trustees as may seem expedient to      the Board. |
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| 128. | The      Board may, before recommending or declaring any dividend or distribution      out of contributed surplus, set aside such sums as it thinks proper as      reserves which shall, at the discretion of the Board, be applicable for      any purpose of the Company and pending such application may, also at such      discretion, either be employed in the business of the Company or be      invested in such investments as the Board may from time to time think      fit.  The Board may also without placing the same to reserve      carry forward any sums which it may think it prudent not to      distribute. |
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| 129. | The      Company may, upon the recommendation of the Board, at any time and from      time to time resolve by Ordinary Resolution to the effect that it is      desirable to capitalize all or any part of any amount for the time being      standing to the credit of any reserve or fund which is available for      distribution or to the credit of any share premium account or any capital      redemption reserve fund and accordingly that such amount be set free for      distribution amongst the Shareholders or any class of Shareholders who      would be entitled thereto if distributed by way of dividend and in the      same proportions, provided that the same be not paid in cash but be      applied either in or towards paying up amounts for the time being unpaid      on any shares in the Company held by such Shareholders respectively or in      payment up in full of unissued shares, debentures or other obligations of      the Company, to be allotted, distributed and credited as fully paid among      such Shareholders, or partly in one way or partly in the other, and the      Board shall give effect to such resolution, provided that for the purpose      of this Bye-Law, a share premium account and a capital redemption reserve      fund may be applied only in paying up of unissued shares to be issued to      such Shareholders credited as fully paid and provided further that any sum      standing to the credit of a share premium account may only be applied in      crediting as fully paid shares of the same class as that from which the      relevant share premium was derived. |
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| 130. | Where      any difficulty arises in regard to any distribution under the last      preceding Bye-Law, the Board may settle the same as it thinks expedient      and, in particular, may authorize any person to sell and transfer any      fractions, may resolve that the distribution should be as nearly as may be      practicable in the correct proportion but not exactly so, or may ignore      fractions altogether, and may determine that cash payments should be made      to      any Shareholders in order to adjust the rights of all parties, as may seem      expedient to the Board.  The Board may appoint any person to      sign on behalf of the persons entitled to participate in the distribution      any contract necessary or desirable for giving effect thereto and such      appointment shall be effective and binding upon the      Shareholders. |
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| 131. | Notwithstanding      any other provision of these Bye-Laws the Directors may fix any date as      the record date for: |
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|   | (a) | determining      the Members entitled to receive any dividend or other distribution and      such record date may be on, or not more than 30 days before or after, any      date on which such dividend or distribution is  declared; |
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|   | (b) | determining      the Members entitled to receive notice of and to vote at any general      meeting of the Company. |
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| 132. | The      Board shall cause to be kept accounting records sufficient to give a fair      presentation in all material respects of the state of the Company’s      affairs and to show and explain its transactions in accordance with the      Companies Acts. |
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| 133. | The      records of account shall be kept at the Registered Office or at such other      place or places as the Board thinks fit and shall at all times be open to      inspection by the Directors; PROVIDED that if the records of account are      kept at some place outside Bermuda, there shall be kept at an office of      the Company in Bermuda such records as will enable the Director to      ascertain with reasonable accuracy the financial position of the Company      at the end of each three-month period.  No Shareholder (other      than an officer of the Company) shall have any right to inspect any      accounting record or book or document of the Company except as required by      any Listing Exchange, by law, by regulations or as authorized by the Board      or by Ordinary Resolution. |
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| 134. | A      copy of every balance sheet and statement of income and expenditure,      including every document required by law to be annexed thereto, which is      to be laid before the Company in general meeting, together with a copy of      the auditor’s report, shall be sent to each person entitled thereto in      accordance with the requirements of the Companies Acts and (without      prejudice to the generality of Bye-Law 139) upon the coming into force of      Section 2A of the Principal Act, the requirements of this Bye-Law shall be      met by the publication of the relevant document as an electronic record on      a website designated for the purpose by the  Company. |
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| 135. | Save      and to the extent that an audit is waived in the manner permitted by the      Companies Acts, auditors shall be appointed and their duties regulated in      accordance with the Companies Acts, any other applicable law and such      requirements not inconsistent with |
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|   | the      Companies Acts as the Board may from time to time determine, save that the      fees of the auditor shall be determined by Ordinary      Resolution. |
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| 136. | Any      notice or other document (including a share certificate) shall be in      writing (except where otherwise expressly stated) and may be served on or      delivered to any Shareholder by the Company either personally or by      sending it through the mail (by airmail where applicable) in a prepaid      letter addressed to such Shareholder at his address as appearing in the      Register or by delivering it to or leaving it at such registered      address.  In the case of joint holders of a share, service or      delivery of any notice or other document on or to one of the joint holders      shall for all purposes be deemed as sufficient service on or delivery to      all the joint holders.  Any notice or other document if sent by      mail shall be deemed to have been served or delivered two Business Days      after it was put in the mail; and, in proving such service or delivery, it      shall be sufficient to prove that the notice or document was properly      addressed, stamped and put in themail. |
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| 137. | Any      notice of a general meeting of the Company shall be deemed to be duly      given to a Shareholder if it is sent to him by cable, telex, telecopier or      other mode of representing or reproducing words in a legible and      non-transitory form at his address as appearing in the Register or any      other address given by him to the Company for this purpose.  Any      such notice shall be deemed to have been served two Business Days after      its dispatch. |
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| 138. | Any      notice or other document delivered, sent or given to a Shareholder in any      manner permitted by these Bye-Laws shall, notwithstanding that such      Shareholder is then dead or bankrupt or that any other event has occurred,      and whether or not the Company has received notice of the death or      bankruptcy or other event, be deemed to have been duly served or delivered      in respect of any share registered in the name of such Shareholder as sole      or joint holder unless his name shall, at the time of the service or      delivery of the notice or document, have been removed from the Register as      the holder of the share, and such service or delivery shall for all      purposes be deemed as sufficient service or delivery of such notice or      document on all persons interested (whether jointly with or as claiming      through or under him) in the share. |
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| 139. | Upon      Section 2A of the Principal Act coming into force, any notice or other      document shall be deemed to be duly given to a Shareholder if it is      delivered to such Shareholder by means of an electronic record in      accordance with Section 2A of the PrincipalAct. |
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| 140. | Notwithstanding      any other provisions of theseBye-Laws: |
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|   | (a) | where      there is a requirement under the Companies Acts or these Bye-Laws that the      Company may provide a document to a person, or for the document to      accompany another document, the requirement may be met by the delivery, or      deemed delivery, of an electronic record of the document in accordance      with this Bye-Law; |
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|   | (b) | where      there is a requirement under the Companies Acts or these Bye-Laws that a      Shareholder provide a document to the Company, or for a document to      accompany another document, the requirement may be met by the Shareholder      by the delivery, or deemed delivery, of an electronic record of the      document in accordance with thisBye-Law; |
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|   | (c) | for      the purposes of this Bye-Law, “to provide” includes to sent, forward,      give, deliver, submit, file, deposit, furnish, issue, leave at, serve,      circulate, lay, make available orlodge; |
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|   | (d) | an      electronic record of a document may be delivered to a person by      communicating it by electronic means to the person at the address or      number that has been notified by the person for the purposes of      communication by electronic means; |
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|   | (e) | an      electronic record of a document is deemed to have been delivered to a      person if it is published on a websiteand: |
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|   | (i) | the      person to whom the document is provided has agreed to have documents of      that type provided by way of accessing them on a website instead of them      being provided by other means; |
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|   | (ii) | the      document is a document of the type to which the agreement applies;      and |
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|   | (iii) | the      person is notified in accordance with the agreement of the publication of      the document on the website, the address of the website, the place on the      website where the document may be found, and how the document may be      accessed on the website. |
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|   | (f) | Nothing      in the foregoing shall invalidate the deemed delivery of an electronic      copy of a document if: |
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|   | (i) | the      document is published for at least part of the period;  and |
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|   | (ii) | the      failure to publish it throughout the whole of the period is wholly      attributable to circumstances that the Company could not reasonably have      been expected to prevent or avoid. |
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| 141. | If      the Company shall be wound up, the liquidator may, with the sanction of an      Extraordinary Resolution and any other sanction required by the Companies      Acts, divide among the Shareholders in specie or kind the whole or any      part of the assets of the Company      (whether they shall consist of property of the same kind or not) and may      for such purposes set such values as he deems fair upon any property to be      divided as aforesaid and may determine how such division shall be carried      out as between the Shareholders or different classes of      Shareholders.  The liquidator may, with the like sanction, vest      the whole or any part of such assets in trustees upon such trust for the      benefit of the contributors as the liquidator, with the like sanction,      shall think fit, but so that no Shareholder shall be compelled to accept      any shares or other assets upon which there is any      liability. |
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| 142. | No      Director, Alternate Director, Officer, member of a committee authorised      under Bye-law 104, Resident Representative of the Company or their      respective heirs, executors or administrators shall be liable for the      acts, receipts, neglects, or defaults of any other such person or any      person involved in the formation of the Company, or for any loss or      expense incurred by the Company through the insufficiency or deficiency of      title to any property acquired by the Company, or for the insufficiency of      deficiency of any security in or upon which any of the monies of the      Company shall be invested, or for any loss or damage arising from the      bankruptcy, insolvency, or tortious act of any person with whom any      monies, securities, or effects shall be deposited, or for any loss      occasioned by any error of judgment, omission, default, or oversight on      his part, or for any other loss, damage or misfortune whatever which shall      happen in relation to the execution of his duties, or supposed duties, to      the Company or otherwise in relationthereto. |
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| 143. | Every      Director, Alternate Director, Officer, member of a committee constituted      under Bye-Law 104, Resident Representative of the Company or their      respective heirs, executors or administrators shall be indemnified and      held harmless out of the funds of the Company to the fullest extent      permitted by Bermuda law against all liabilities loss damage or expense      (including but not limited to liabilities under contract, tort and statute      or any applicable foreign law or regulation and all reasonable legal and      other costs and expenses properly payable) incurred or suffered by him as      such Director, Alternate Director, Officer, committee member or Resident      Representative and the indemnity contained in this Bye-Law shall extend to      any person acting as such Director, Alternate Director, Officer, committee      member or Resident Representative in the reasonable belief that he has      been so appointed or elected notwithstanding any defect in such      appointment or election. |
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| 144. | Every      Director, Alternate Director, Officer, member of a committee constituted      under Bye-Law 104, Resident Representative of the Company and their      respective heirs, executors or administrators shall be indemnified out of      the funds of the Company against all liabilities incurred by him as such      Director, Alternate Director, Officer, member of a committee constituted      under Bye-Law 104, Resident Representative in defending any proceedings,      whether civil or criminal, in which judgment is given in his favour, or in      which he is acquitted, or in connection with any application under the      Companies Acts in which relief from liability is granted to him by the      court. |
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| 145. | To      the extent that any Director, Alternate Director, Officer, member of a      committee constituted under Bye-Law 104, Resident Representative of the      Company or any of their respective heirs, executors or administrators is      entitled to claim an indemnity pursuant to these Bye-Laws in respect of      amounts paid or discharged by him, the relative indemnity shall take      effect as an obligation of the Company to reimburse the person making such      payment or effecting suchdischarge. |
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| 146. | The      Board may arrange for the Company to be insured in respect of all or any      part of its liability under the provision of these Bye-laws and may also      purchase and maintain insurance for the benefit of any Directors,      Alternate Directors, Officers, person or member of a committee authorised      under Bye-law 104, employees or Resident Representatives of the Company in      respect of any liability that may be incurred by them or any of them      howsoever arising in connection with their respective duties or supposed      duties to the Company. This Bye-law shall not be construed as limiting the      powers of the Board to effect such other insurance on behalf of the      Company as it may deem appropriate. |
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| 147. | Notwithstanding      anything contained in the Principal Act, the Company may advance moneys to      an Officer or Director for the costs, charges and expenses incurred by the      Officer or Director in defending any civil or criminal proceedings against      them on the condition that the Director or Officer shall repay the advance      if any allegation of fraud or dishonesty is proved against      them. |
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| 148. | Each      Member agrees to waive any claim or right of action he might have, whether      individually or by or in the right of the Company, against any Director,      Alternate Director, Officer of the Company, person or member of a      committee authorised under Bye-law 105, Resident Representative of the      Company or any of their respective heirs, executors or administrators on      account of any action taken by any such person, or the failure of any such      person to take any action in the performance of his duties, or supposed      duties, to the Company or otherwise in relation  thereto. |
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| 149. | The      restrictions on liability, indemnities and waivers provided for in      Bye-laws 142 to 150 inclusive shall not extend to any matter which would      render the same void pursuant to the Companies  Acts. |
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| 150. | The      restrictions on liability, indemnities and waivers contained in Bye-laws      142 to 150 inclusive shall be in addition to any rights which any person      concerned may otherwise be entitled by contract or as a matter of      applicable Bermuda law. |
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| 151. | These      Bye-Laws may be amended from time to time in the manner provided for in      the Companies Acts, provided that any such amendment shall only become      operative to the extent that it has been confirmed by Ordinary      Resolution. |
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