----

| 1   | Company      Name |
|---------------|-------------------|

| 1.1   | The      name of the Company is DJSP Enterprises,Inc.. |
|-----------------|--------------------------------------------------------|

| 1.2   | The      directors or members may from time to time change the Company's name by      Resolution of Directors or Resolution of Members.  The directors      shall give notice of such resolution to the registered agent of the      Company, for the registered agent to file an application for change of      name with the Registrar, and any such change will take effect from the      date of the certificate of change of name issued by the      Registrar. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3   | A      change of name of the Company shall constitute an amendment of the      Memorandum and Articles and in the event of a resolution being passed to      change the name of the Company, the provisions below in respect of      amendments to the Memorandum and Articles must be complied      with. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2   | Company      Limited by Shares, Liability ofMembers |
|---------------|-----------------------------------------------------|

| 2.1   | The      Company is a company limited byshares. |
|-----------------|-------------------------------------------------|

| 2.2   | The      liability of each member is limitedto: |
|-----------------|-------------------------------------------------|

| 2.2.1   | the      amount from time to time unpaid on that member's  shares; |
|-------------------|--------------------------------------------------------------------|

| 2.2.2   | any      liability expressly provided for in the Memorandum or the Articles;      and |
|-------------------|---------------------------------------------------------------------------------------|

| 2.2.3   | any      liability to repay a distribution pursuant to section 58(1) of the      Act. |
|-------------------|---------------------------------------------------------------------------------------|

| 3   | Registered      Office |
|---------------|------------------------|

| 3.1   | The      first registered office of the Company will be situated at Kingston      Chambers, PO Box 173, Road Town, Tortola, British Virgin      Islands. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2   | The      directors may from time to time change the Company's registered office by      Resolution of Directors, provided that the Company's registered office      shall at all times be the office of the registered agent.  The      directors shall give notice of such resolution to the registered agent of      the Company, for the registered agent to file with the Registrar a notice      of change of registered office, and any such change of registered office      will take effect from the date of the registration by the Registrar of      such notice. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4   | Registered      Agent |
|---------------|-----------------------|

| 4.1   | The      first registered agent of the Company will be Maples Corporate Services      (BVI) Limited of Kingston Chambers, PO Box 173, Road Town, Tortola,      British Virgin Islands. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2   | The      directors may from time to time change the Company's registered agent by      Resolution of Directors.  The directors shall give notice of      such resolution to the registered agent of the Company (meaning the      existing registered agent), for the registered agent to file with the      Registrar a notice of change of registered agent, and any such change of      registered agent will take effect from the date of the registration by the      Registrar of such notice. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3   | If      the existing registered agent does not file such notice on instruction by      the directors, the directors shall procure that a notice of change of      registered agent is filed with the Registrar by a legal practitioner in      the British Virgin Islands acting on behalf of the Company, and any such      change of registered agent will take effect from the date of the      registration by the Registrar of suchnotice. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5   | General      Objects and Powers |
|---------------|---------------------------------|

| 5.1   | Subject      to the following provisions of this Memorandum and Clause 11, the objects      for which the Company is established are unrestricted and the Company      shall have full power and authority to carry out any object not prohibited      by the Act or any other law of the British Virgin  Islands. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | The      Company has no power to: |
|-----------------|-----------------------------------|

| 5.2.1   | carry      on banking or trust business, unless it is licensed to do so under the      Banks and Trust Companies Act,1990; |
|-------------------|----------------------------------------------------------------------------------------------------------------------------|

| 5.2.2   | carry      on business as an insurance or as a reinsurance company, insurance agent      or insurance broker, unless it is licensed or authorised to do so under      the Insurance Act, 1994; |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2.3   | carry      on the business of company management unless it is licensed to do so under      the Companies Management Act, 1990; |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------|

| 5.2.4   | carry      on the business of providing the registered office or the registered agent      for companies incorporated in the British Virgin Islands unless it is      licensed to do so under the Banks and Trust Companies Act, 1990;      or |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2.5   | carry      on the business as a mutual fund, mutual fund manager or mutual fund      administrator unless it is licensed to do so under the Mutual Funds Act,      1996. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3   | Without      limiting the foregoing, the powers of the Company include the power to do      the following: |
|-----------------|------------------------------------------------------------------------------------------------------------|

| 5.3.1   | grant      options over unissued shares in the Company and treasury      shares; |
|-------------------|----------------------------------------------------------------------------------|

| 5.3.2   | issue      securities that are convertible intoshares; |
|-------------------|--------------------------------------------------------|

----

| 5.3.3   | issue      debt obligations of every kind and grant options, warrants and rights to      acquire debt obligations; |
|-------------------|--------------------------------------------------------------------------------------------------------------------|

| 5.3.4   | guarantee      a liability or obligation of any person and secure any of its obligations      by mortgage, pledge or other charge, of any of its assets for that      purpose; and |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3.5   | protect      the assets of the Company for the benefit of the Company, its creditors      and its members and, at the discretion of the directors, for any person      having a direct or indirect interest in the  Company. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6   | Maximum Number of Authorised      Shares |
|---------------|------------------------------------------|

| 6.1   | The      Company is authorised to issue a maximum of 65,000,000 shares of the      following classes with a par value of US$0.0001  each: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.1   | 60,000,000      ordinary shares ("Ordinary Shares"), par      value $0.0001; and |
|-------------------|----------------------------------------------------------------------------------|

| 6.1.2   | 5,000,000      preferred shares ("Preferred Shares"),      1,666,667 of which shall be designated Series A Preferred Shares, par      value $0.0001. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2   | The      members may from time to time by Resolution of Members increase the      maximum number of shares the Company is authorised to issue, by amendment      to the Memorandum in accordance with the provisions  below. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7   | Rights      Conferred by Shares |
|---------------|---------------------------------|

| 7.1   | The      rights attaching to the various classes and subclasses of shares are as      follows: |
|-----------------|------------------------------------------------------------------------------------------------|

| 7.1.1   | Ordinary Shares – Each      Ordinary Share confers on theholder: |
|-------------------|------------------------------------------------------------------------|

| (a)   | the      right to one vote at a meeting of the members of the Company or on any      resolution of the members of theCompany; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      right to an equal share in any dividend paid by the Company in accordance      with the Act; and |
|-----------------|-----------------------------------------------------------------------------------------------------------|

| (c)   | subject      to the Series A Liquidation Preference set out in Clause 7.1.2 (c), below,      the right to an equal share in the distribution of the surplus assets of      the Company. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1.2   | Series A Preferred Shares      – Each Series A Preferred Share confers on the    holder: |
|-------------------|------------------------------------------------------------------------------------------------|

| (a)   | the      right to one vote at a meeting of the members of the Company as if the      Series A Preferred shares had been converted into Ordinary      Shares; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      right to convert any Series A Preferred Shares at the option of the holder      for Ordinary Shares as follows: |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

----

| (i)   |  any      Conversion shall be exercised pursuant to a notice given by a holder of a      Series A Preferred Shares (a “Converting Party”) to      the Company that such Converting Party elects to exercise its rights to      require the Company to convert the number of Series A Preferred Shares      held by the Converting Party as specified in such notice into Ordinary      Shares (the “Notice of      Conversion”).  The Converting Party shall transfer to the      Company such number of Series A Preferred Shares as indicated in the      Notice of Conversion.  The Company agrees to issue to the      Converting Party a number of Ordinary Shares for each Series A Preferred      Share specified in the Notice of Conversion multiplied by the Conversion      Factor and register the Converting Party's name in the Company's share      register.  The Ordinary Shares shall be issued in the name of      the Converting Party as duly authorized and validly issued Ordinary      Shares, free of any pledge, lien, encumbrance or restriction, other than      restrictions provided in this Memorandum.  The Company will at      all times, with respect to the Series A Preferred Shares maintain and keep      available, solely for the issuance and delivery upon the conversion of      Series A Preferred Shares as provided herein, that number of Ordinary      Shares as from time to time shall be issuable upon the conversion of all      outstanding Series A PreferredShares; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | the      Conversion Factor means one (1) provided, however, that if a Share      Division occurs, then the Conversion Factor shall be adjusted by      multiplying the Conversion Factor in effect immediately prior to such      event by a fraction, (a) the numerator of which shall be the number of      Ordinary Shares issued and outstanding immediately after such Share      Division plus the Ordinary Shares issuable upon the conversion of the      Series A Preferred Shares issued and outstanding on the record date of      such Share Division, (assuming for such purposes that such Share Division      has occurred at such time) and (b) the denominator of which shall be the      actual number of Ordinary Shares issued and outstanding on the record date      for such Share Division plus the Ordinary Shares issuable upon conversion      of the Series A Preferred Shares (determined without the above      assumption).  “Share Division” means      when the Company (i) declares or pays a dividend on its issued and      outstanding Ordinary Shares in Ordinary Shares or makes a distribution to      all holders of its issued and outstanding Ordinary Shares in Ordinary      Shares, (ii) splits or subdivides its issued and outstanding Ordinary      Shares, or (iii) effects a reverse share split or otherwise combines its      issued and outstanding Ordinary Shares into a smaller number of Ordinary      Shares; |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | the      right to a preference (the “Series A Liquidation      Preference”) over the holders of the Ordinary Shares or any other      class of Preferred Shares in the distribution of the surplus assets of the      Company in the event of a liquidation (a “Liquidation Event”) in      an amount of $15.00 per share and payable at the time of the closing of a      Liquidation Event for which there is a closing, such amount subject to      proportional adjustment in the case of share splits, recapitalizations,      ordinary share dividends, Share Divisions and similar changes in the      Company’s capital structure.  For purposes of this Memorandum, a      “Liquidation      Event” shall include any liquidation or winding up of the Company,      merger, or acquisition of the Company as a result of which the      shareholders of the Company do not own a majority of the outstanding      shares of the surviving corporation, or the sale of substantially all of      the assets of the Company; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d)   | the      right to an equal share in any dividend paid by the Company in accordance      with the Act; and |
|-----------------|-----------------------------------------------------------------------------------------------------------|

| (e)   | other      than in connection with a Liquidation Event, the right to an equal share      in the distribution of the surplus assets of the Company as if the Series      A Preferred Shares had been converted into Ordinary  Shares. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2   | The      directors, subject to the Act, by amending this Memorandum and/or the      Articles, may determine the designations, powers, preferences and      relative, participation, optional and other rights, if any, and the      qualifications, limitations and restrictions thereof, if any, including      without limitation preferences that any of the undesignated Preferred      Shares to be issued by the Company confers on the  holder. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3   | The      rights attached to any class or subclass (unless otherwise provided by the      terms of issue of the shares of that class or subclass), other than the      Ordinary Shares, may, whether or not the Company is being wound up, be      varied only with the consent in writing of the holders of not less than      three-fourths of the issued shares of that class and the holders of not      less than three-fourths of the issued shares of any other class or      subclass of shares which may be affected by such  variation. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8   | Registered      Shares Only |
|---------------|-----------------------------|

| 9   | Amendments      to the Memorandum and Articles |
|---------------|------------------------------------------------|

| 9.1   | Subject      to the provisions of the Act, the directors or members may from time to      time amend the Memorandum or Articles by Resolution of Directors or      Resolution of Members.  The directors shall give notice of such      resolution to the registered agent of the Company, for the registered      agent to file with the Registrar a notice of the amendment to the      Memorandum or Articles, or a restated memorandum and articles of      association incorporating the amendment(s) made, and any such amendment to      the Memorandum or Articles will take effect from the date of the      registration by the Registrar of the notice of amendment or restated      memorandum and articles of association incorporating the amendment(s)      made. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2   | The      directors shall not have the power to amend the Memorandum or      Articles: |
|-----------------|---------------------------------------------------------------------------------------|

| 9.2.1   | to      restrict the rights or powers of the members to amend the Memorandum or      Articles; |
|-------------------|------------------------------------------------------------------------------------------------|

| 9.2.2   | to      change the percentage of members required to pass a resolution to amend      the Memorandum or Articles; |
|-------------------|------------------------------------------------------------------------------------------------------------------|

| 9.2.3   | in      circumstances where the Memorandum or Articles may only be amended by the      members; or |
|-------------------|----------------------------------------------------------------------------------------------------|

| 9.2.4   | to      change the number of directors, the classes of directors, the term of      office of directors or the manner in which the directors are nominated or      appointed. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.3   | A      change of registered office or registered agent shall not constitute an      amendment of the Memorandum orArticles. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------|

| 9.4   | An      amendment to the Memorandum or Articles which would have the effect of      varying the rights of the holders of a class of shares may only be made in      accordance with the provisions of the Memorandum and Articles relating to      the variation of class rights. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10   | Members      Reserved Matters |
|----------------|-------------------------------|

| 10.1   | Notwithstanding      anything in this Memorandum or in the Articles annexed hereto to the      contrary, no Members Reserved Matters may be authorised, approved, done,      effected or otherwise consummated, agreed to or consented to by the      Company, its directors or its members except, if it is (a) proposed at a      meeting of the members at which a quorum is present and approved and      consented to by the affirmative vote of members holding a majority of the issued and      outstanding Series A Preferred Shares present or represented by proxy at      the meeting and who voted and did not abstain; or (b) if it is in the form      of a written consent and approved and consented to by members holding a      majority of the issued and outstanding Series A Preferred      Shares. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2   | The      following matters shall constitute Members Reserved    Matters: |
|------------------|--------------------------------------------------------------------------|

| 10.2.1   | authorising      and approving any issuance of any shares or series of shares or other      securities in the Company unless they are convertible into, exchangeable      or exercisable for Ordinary Shares that are not being issued for      compensatory purposes; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.2   | authorising      and approving any issuance of Series A Preferred Shares or warrants or      other securities convertible into or exchangeable or exercisable for      Series A Preferred Shares, including, but not limited to, share dividends,      subdivisions and consolidations; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.3   | authorising,      issuing or entering into any agreement providing for (i) the issuance      (contingent or otherwise) of any equity securities in the Company (or any      securities convertible into or exchangeable or exercisable for any equity      securities in the Company) with preferences and class rights senior to or      on parity with the Series A PreferredShares; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.4   | authorising      or approving any amendment to the Company's issued and outstanding      warrants; |
|--------------------|----------------------------------------------------------------------------------------------------|

| 10.2.5   | authorising      the grant or award of incentive shares in the  Company; |
|--------------------|--------------------------------------------------------------------------|

| 10.2.6   | selling,      transferring or disposing of the whole or any part of any of the Company's      membership interest in DAL Group,LLC; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.7   | the      establishment of any subsidiary of the Company or the taking of any action      as set out in this Clause with respect to any  subsidiary; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.8   | changing      the number of directors, the classes of directors, the terms of office of      directors or the manner of nominating or appointing    directors; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.9   | the      issuance of any equity securities in the Company at below Market Price;      and |
|--------------------|-------------------------------------------------------------------------------------------|

| 10.2.10   | amending      Clause 10 or 11 of this Memorandum. |
|---------------------|---------------------------------------------------|

----

| 11   | Company      Covenants |
|----------------|------------------------|

| 11.1   | The      Company shall devote all of its time and business efforts to the following      and shall engage in no other business or conduct any other activities,      except as follows: |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.1   | promoting      the business and interests of DAL Group, LLC, including without limitation      (i) conducting Capital Transactions in furtherance of the business of the      Company, (ii) issuing securities under equity incentive plans      (subject to receipt of property of equal value by the Company), and (iii)      fulfilling the Company’s obligations under agreements with DAL Group, LLC,      as the same may be amended, modified or  supplemented; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.2   | holding      Common Membership Units in DAL Group, LLC (or securities convertible into      or exercisable for Common Membership Units) and enforcing, fulfilling and      managing the Company’s rights, duties, liabilities and obligations as a      Member holding Common Membership Units in DAL Group, LLC (or securities      convertible into or exercisable for Common Membership    Units); |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.3   | maintaining      the Company’s status as a public reporting company with publicly traded      securities, including without limitation (i) preparing public filings and      registration statements, (ii) registering securities of the Company for      public sale, (iii) arranging for accounting, audit and related services      for the Company’s financial statements, (iv) communicating with and      providing reports to members, and (v) handling investor and public      relations; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.4   | prosecuting,      enforcing, exploiting, defending, settling, fulfilling and managing the      Company’s rights, duties, liabilities and obligations arising in, under or      from any of such securities as the Company may  issue; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.5   | conducting      Capital Transactions solely to fund activities of the Company that are not      provided for or reimbursed by DAL Group, LLC, provided that such      activities constitute activities permitted under this Clause 11, other      than under this paragraph 11.1.5; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1.6   | complying      with all Legal Requirements that the Company is or may become subject to;      and |
|--------------------|---------------------------------------------------------------------------------------------------|

| 11.1.7   | doing      everything necessary, suitable, convenient or proper for, or in connection      with, or incident to, the accomplishment of any of the foregoing      activities. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2   | The      Company shall take the followingactions: |
|------------------|---------------------------------------------------|

| 11.2.1   | call      the Warrants at the earliest time permitted under the Warrants;      or |
|--------------------|-----------------------------------------------------------------------------------|

----

| 11.2.2   | exercise      the DAL Group, LLC warrants and options within five (5) business days      following the month in which the corresponding warrant or option held by      the Company’s warrant or option holders was exercised or, if the amount of      proceeds received by the Company from the exercise of such warrants or      options exceeds US$1,000,000 in a month, within five (5) Business Days      after the proceeds reach this level;and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2.3   | distribute      to its shareholders any distribution received from DAL Group, LLC promptly      after receiving such funds, less taxes and other expenses paid or payable      by the Company, to its shareholders of record on the date of receipt by      the Company of such distribution. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3   | “Capital Transaction”      means (A) any private placement, public offering or other sale or      disposition after the Effective Date of Ordinary Shares, or securities      convertible into or exchangeable or exercisable for Ordinary Shares (a      “Convertible      Security”), or the exercise, conversion or exchange of a      Convertible Security, including Ordinary Shares or Convertible Securities      issued in a merger or other business combination, or (B) the sale of      property, incurrence of indebtedness, recapitalization or refinancing, or      from any other capital raising transaction not covered by    (A). |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4   | “Legal Requirement” means      any federal, state, local, municipal, foreign, or other law, statute,      legislation, constitution, principle of common law, resolution, ordinance,      code, order edict, decree, proclamation, treaty, convention, rule,      regulation, permit, ruling, directive, pronouncement, requirement      (licensing or otherwise), specification, determination, decision, opinion      or interpretation that is, has been or may in the future be issued,      enacted, adopted, passed, approved, promulgated, made, implemented, or      otherwise put into effect by or under any governmental      authority. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5   | “Warrants” means the 11,166,666      warrants issued by the Company in its initial public offering, exercisable      at US$5.00 each for one Ordinary Share, expiring on August 11,      2012. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 1   | Interpretation |
|---------------|----------------|

|   | "Act"                                 | means      the BVI Business Companies Act, 2004 (as amended)                                                                                                                                                                        |
|--------|---------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | "Articles"                            | means      these articles of association of the Company.                                                                                                                                                                            |
|   | "Audit      Committee"                | means,      where applicable, the audit committee of the Company formed pursuant to      Article 19 hereof, or any successor audit committee.                                                                                       |
|   | "Auditor"                             | means      the independent auditor of the Company, which shall be a PCAOB registered      accounting firm.                                                                                                                          |
|   | "clearing      house"                 | a      clearing house recognised by the laws of the jurisdiction in which the      Shares (or depositary receipts therefore) are listed or quoted on a stock      exchange or interdealer quotation system in such    jurisdiction. |
|   | "Company"                             | means      the above named company.                                                                                                                                                                                                 |
|   | "competent regulatory      authority" | a      competent regulatory authority in the territory where the Shares (or      depositary receipts therefore) are listed or quoted on a stock exchange or      interdealer quotation system in suchterritory.                     |

----

|   | "Designated Stock      Exchange"  | shall      mean either the Over-the-Counter Bulletin Board, the Global Select System,      Global System or the Capital Market of the NASDAQ Stock Market, Inc., the      American Stock Exchange, or the New York Stock Exchange, provided,      however, that until the Shares are listed on any such “Exchange” the rules      of any such Designated Stock Exchange shall be inapplicable to these      Articles of Association of the Company. |
|--------|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | "directors"                       | means      the directors for the time being of the Company.                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | "Dividend"                        | includes      an interim dividend.                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   | "Exchange      Act"               | means      the United States Securities Exchange Act of 1934, as    amended.                                                                                                                                                                                                                                                                                                                                                                                    |
|   | "executive      office"           | means      such office of the Company as the directors may from time to time      determine to be the principal office of the Company.                                                                                                                                                                                                                                                                                                                          |
|   | "FINRA"                           | means      the Financial Industry Regulatory Authority.                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | "FINRA      Manual"               | means      the document by that name as published from time to time by FINRA, or any      successor organisation thereto, and includes any amendment or supplement      to such document.                                                                                                                                                                                                                                                                       |
|   | "FINRA    Rules"                  | means      the rules set forth in the FINRA Manual.                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | "Member"                          | has      the same meaning as in the Act.                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | "Memorandum"                      | means      the memorandum of association of the Company.                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | "Register of      Members"        | means      the register maintained in accordance with the Statute and includes      (except where otherwise stated) any duplicate Register of      Members.                                                                                                                                                                                                                                                                                                     |
|   | "Registered      Office"          | means      the registered office for the time being of theCompany.                                                                                                                                                                                                                                                                                                                                                                                              |
|   | "Seal"                            | means      the common seal of the Company and includes every duplicate      seal.                                                                                                                                                                                                                                                                                                                                                                               |
|   | "SEC"                             | means      the United States Securities and Exchange Commission.                                                                                                                                                                                                                                                                                                                                                                                                |
|   | “Securities      Act” | means      the United States Securities Act of 1933, as amended.                                                                                                                                                                                                                                                                                                                                                                                                |
|   | "Share" and "Shares"    | means      a share or shares in the Company and includes a fraction of a      share.                                                                                                                                                                                                                                                                                                                                                                            |
|   |                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

----

| 2   | Shares |
|---------------|--------|

| 2.1   | Every      person whose name is entered as a member in the share register, being the      holder of registered shares, shall without payment, be entitled to a      certificate signed by a director or under the common seal of the Company      with or without the signature of any director or officer of the Company      specifying the share or shares held and the par value thereof, provided      that in respect of shares held jointly by several persons, the Company      shall not be bound to issue more than one certificate and delivery of a      certificate for a share to one of several joint holders shall be      sufficient delivery to all. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2   | If      a certificate is worn out or lost it may be renewed on production of the      worn out certificate, or on satisfactory proof of its loss together with      such indemnity as the directors may reasonably require.  Any      member receiving a share certificate shall indemnify and hold the Company      and its officers harmless from any loss or liability which it or they may      incur by reason of wrongful or fraudulent use or representation made by      any person by virtue of the possession of such a    certificate. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3   | Shares      and Variation of Rights |
|---------------|-------------------------------------|

| 3.1   | Subject      to the provisions of the Memorandum and these Articles and, where      applicable, the rules of the Designated Stock Exchange, the unissued      shares of the Company (whether forming part of the original or any      increased authorised shares) shall be at the disposal of the directors who      may offer, allot, grant options over or otherwise dispose of them to such      persons at such times and for such consideration, being not less than the      par value of the shares being disposed of, and upon such terms and      conditions as the directors maydetermine. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2   | Subject      to the provisions of the Memorandum and the Act in this regard, shares may      be issued on the terms that they are redeemable, or at the option of the      Company be liable to be redeemed on such terms and in such manner as the      directors before or at the time of the issue of such shares may      determine.  The directors may issue options, warrants or      convertible securities or securities of similar nature conferring the      right upon the holders thereof to subscribe for, purchase or receive any      class of shares or securities in the Company on such terms as it may from      time to time determine. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3   | The      Company may redeem any share issued by the Company at a      premium. |
|-----------------|--------------------------------------------------------------------------------|

| 3.4   | The      rights attached to any class other than Ordinary Shares (unless otherwise      provided by the terms of issue of the shares of that class) may, whether      or not the Company is being wound up, be varied with the consent in      writing of the holders of not less than three-fourths of the issued shares      of that class and the holders of not less than three-fourths of the issued      shares of any other class of shares which may be adversely affected by      such variation. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5   | The      rights conferred upon the holders of the shares of any class issued with      preferred or other rights shall not, unless otherwise expressly provided      by the terms of issue of the shares of that class, be deemed to be varied      by the creation or issue of further shares ranking pari passu      therewith.  Except as otherwise expressly provided in the      Memorandum or the resolution or resolutions providing for the      establishment of any class or series of preferred shares, no vote of the      holders of preferred shares or of the holders of ordinary shares shall be      a prerequisite to the issuance of any shares of any class or series of the      preferred shares authorized by and complying with the conditions in the      Memorandum or these Articles. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.6   | Except      as required by the Act, no person shall be recognised by the Company as      holding any share upon any trust, and the Company shall not be bound by or      be compelled in any way to recognise (even when having notice thereof) any      equitable, contingent, future or partial interest in any share or any      interest in any fractional part of a share or (except as provided by these      Articles or by the Act) any other rights in respect of any share except      any absolute right to the entirety thereof by the registered      holder. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4   | Transfer      of Shares |
|---------------|-------------------------|

| 4.1   | Shares      in the Company shall be transferred by a written instrument of transfer      signed by the transferor and containing the name and address of the      transferee.  The instrument of transfer shall also be signed by      the transferee if registration as a holder of the shares imposes a      liability to the Company on the transferee.  The instrument of      transfer of a registered share shall be sent to the Company for      registration. Shares in the Company may be registered through the transfer      agent of the Company or through the broker-dealer selected by a share      holder as a book-entry position on the books and records of the Company      and may be electronically transferred between the transfer agent of the      Company and the broker-dealer chosen by the shareholder, through a      facility currently administered by The Depository Trust      Company. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2   | Subject      to the Memorandum of Association, these Articles and to section 54(5) of      the Act, the Company shall, on receipt of an instrument of transfer, enter      the name of the transferee of the share in the register of members unless      the directors resolve to refuse or delay the registration of the transfer      for reasons that shall be specified in the  resolution. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | Transmission      of Shares |
|---|-----------------------------|

| 5.1   | Subject to sections 52(2) and 53      of the Act, the executor or administrator of a deceased member, the      guardian of an incompetent member or the trustee of a bankrupt member      shall be the only person recognised by the Company as having any title to      his share, save that and only in the event of death, incompetence or      bankruptcy of any member or members of the Company as a consequence of      which the Company no longer has any directors or members, then upon the      production of any documentation which is reasonable evidence of the      applicant being entitled to: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | a      grant of probate of the deceased's will, or grant of letters of      administration of the deceased's estate, or confirmation of the      appointment as executor or administrator (as the case may be), of a      deceased member's estate; or |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      appointment of a guardian of an incompetent member;  or |
|-----------------|------------------------------------------------------------------|

| (c)   | the      appointment as trustee of a bankrupt member;or |
|-----------------|---------------------------------------------------------|

| (d)   | upon      production of any other reasonable evidence of the applicant's beneficial      ownership of, or entitlement to theshares, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | to      the Company's registered agent in the British Virgin Islands together with      (if so requested by the registered agent) a notarised copy of the share      certificate(s) of the deceased, incompetent or bankrupt member, an      indemnity in favour of the registered agent and appropriate legal advice      in respect of any document issued by a foreign court.  The      administrator, executor, guardian or trustee in bankruptcy (as the case      may be) notwithstanding that their name has not been entered in the share      register of the Company, may by written resolution of the applicant,      endorsed with written approval by the registered agent, be entered in the      share register as the legal and or beneficial owner of the      shares. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.2   | The      production to the Company of any document which is reasonable evidence      of: |
|-----------------|------------------------------------------------------------------------------------------|

| (a)   | a      grant of probate of the will, or grant of letters of administration of the      estate, or confirmation of the appointment as executor, of a deceased      member; or |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | the      appointment of a guardian of an incompetent member;  or |
|-----------------|------------------------------------------------------------------|

| (c)   | the      trustee of a bankrupt member; or |
|-----------------|-------------------------------------------|

| (d)   | the      applicant's legal and or beneficial ownership of the    shares, |
|-----------------|--------------------------------------------------------------------------|

| 5.3   | Any      person becoming entitled by operation of law or otherwise to a share or      shares in consequence of the death, incompetence or bankruptcy of any      member may be registered as a member upon such evidence being produced as      may reasonably be required by the directors.  An application by      any such person to be registered as a member shall for all purposes be      deemed to be a transfer of shares of the deceased, incompetent or bankrupt      member and the directors shall treat it assuch. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4   | Any      person who has become entitled to a share or shares in consequence of the      death, incompetence or bankruptcy of any member may, instead of being      registered himself, request in writing that some person to be named by him      be registered as the transferee of such share or shares and such request      shall likewise be treated as if it were a  transfer. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5   | What      amounts to incompetence on the part of a person is a matter to be      determined by the court having regard to all the relevant evidence and the      circumstances of the case. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6   | Acquisition      of Own Shares |
|---------------|--------------------------------|

| 7   | Meetings      of Members |
|---------------|--------------------------|

| 7.1   | The      directors may convene meetings of the members of the Company at such times      and in such manner and places as the directors consider necessary or      desirable, and they shall convene such a meeting upon the written request      of members entitled to exercise at least thirty (30) percent of the voting      rights in respect of the matter for which the meeting is      requested. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.2   | Seven      (7) days’ written notice at the least specifying the place, the day and      the hour of the meeting and general nature of the business to be conducted      shall be given in the manner hereinafter mentioned to such persons whose      names on the date the notice is given appear as members in the share      register of the Company and are entitled to vote at the      meeting. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3   | Notwithstanding      Article 7.1, a meeting of members held in contravention of the requirement      to give notice is valid if members holding a ninety (90) percent majority      of: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | the      total voting rights on all the matters to be considered at the meeting;      or |
|-----------------|------------------------------------------------------------------------------------------|

| (b)   | the      votes of each class or series of shares where members are entitled to vote      thereon as a class or series together with an absolute majority of the      remaining votes, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4   | The      inadvertent failure of the directors to give notice of a meeting to a      member or the fact that a member has not received the notice shall not      invalidate the meeting. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8   | Proceedings      at Meetings of Members |
|---------------|-----------------------------------------|

| 8.1   | No      business shall be transacted at any meeting unless a quorum of members is      present at the time when the meeting proceeds to business.  A      quorum shall consist of the holder or holders present in person or by      proxy entitled to exercise at least fifty (50) percent of the voting      rights of the shares of each class or series of shares entitled to vote as      a class or series thereon and the same proportion of the votes of the      remaining shares entitled to votethereon. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2   | If      a quorum is not present within half an hour from the time appointed for      the meeting or if during such a meeting a quorum ceases to be present, the      meeting, if convened upon the requisition of Members, shall be dissolved      and in any other case it shall stand adjourned to the same day in the next      week at the same time and place or to such other day, time or such other      place as the Directors maydetermine. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3   | When      present, the chairman of the Company's board of directors shall act as      chairman of the meeting (the "Chairman"), and if not,      then the person so designated by the chairman of the Company's board of      directors shall act as Chairman. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4   | The      Chairman may, with the consent of the holders of a majority of those      voting rights present at the meeting, adjourn any meeting from time to      time, and from place to place, but no business shall be transacted at any      adjourned meeting other than the business left unfinished at the meeting      from which the adjournment took place and then only in the event that      there is a quorum. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5   | At      any meeting a resolution put to the vote of the meeting shall be decided      on a show of hands by a simple majority unless a poll is (before or on the      declaration of the result of the show of hands)  demanded: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | by      the Chairman; |
|-----------------|-----------------------|

| (b)   | any      independent director of the Company;or |
|-----------------|-------------------------------------------------|

| (c)   | by      any member present in person or by proxy and holding not less than one      tenth of the total voting shares issued by the Company and having the      right to vote at the meeting. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.6   | Unless      a poll be so demanded, a declaration by the Chairman that a resolution      has, on a show of hands been carried, and an entry to that effect in the      book containing the minutes of the proceedings      of the Company, shall be sufficient evidence of the fact, without proof of      the number or proportion of the votes recorded in favour of or against      such resolution. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.7   | If      a poll is duly demanded it shall be taken in such manner as the Chairman      directs, and the result of the poll shall be deemed to be the resolution      of the meeting at which the poll      was demanded.  The demand for a poll may be      withdrawn. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.8   | The      Chairman of      the meeting shall not be entitled to a second or casting    vote. |
|-----------------|--------------------------------------------------------------------------------------------------|

| 9   | Votes      of Members |
|---------------|-----------------------|

| 9.1   | At      any meeting of members, every holder of a voting share present in person      or by proxy shall have one vote for every voting share of which he is the      holder, whether on a show of hands or on apoll. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2   | Subject      to the Memorandum of Association or these Articles, any action required or      permitted to be taken by the members of the Company must be effected by a      duly convened and held meeting of the Company and may not be effected by a      written consent of the members. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3   | If      a committee is appointed for any member who is of unsound mind, that      member may vote by such committee. |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| 9.4   | If      two or more persons are jointly entitled to a registered share or shares      and if more than one of such persons shall vote in person or by proxy at      any meeting of members or in accordance with the terms of Article 9.1, the      vote of that person whose name appears first among such voting joint      holders in the share register shall alone be  counted. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.5   | Votes      may be given either personally or byproxy. |
|-----------------|-------------------------------------------------------|

| 9.6   | The      instrument appointing a proxy shall be produced at the place appointed for      the meeting before the time for holding the meeting at which the person      named in such instrument proposes tovote. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.7   | Subject      to Article 9.8 below, an instrument appointing a proxy shall be in such      form as the Chairman of the meeting shall accept as properly evidencing      the wishes of the member appointing theproxy. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.8   | The      instrument appointing a proxy shall be in writing under the hand of the      appointer unless the appointer is a corporation or other form of legal      entity other than one or more individuals holding as joint owner in which      case the instrument appointing a proxy shall be in writing under the hand      of an individual duly authorised by such corporation or legal entity to      execute the same. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10   | Corporations      Acting by Representatives atMeetings |
|----------------|--------------------------------------------------------|

| 11   | Directors |
|----------------|-----------|

| 11.1   | Subject      to any subsequent amendment to change the number of directors, the number      of the directors shall be seven. |
|------------------|------------------------------------------------------------------------------------------------------------------------------|

| 11.2   | The      first director or directors shall be appointed by the registered agent of      the Company.  Thereafter, the directors shall be      appointed: |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2.1   | subject      to Article 11.2.2 below, by the members or the directors for such terms as      the members or directors maydetermine; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 11.2.2   | The      directors shall be divided into three classes: Class A, Class B, and Class      C. The number of directors in each class shall be as nearly equal as      possible.  There shall be two Class A and Class B directors, and      three Class C directors.  The two Class A directors shall stand      elected for a term expiring at the Company’s first annual general meeting      following the adoption of these Second Amended and Restated Articles, the      two Class B directors shall stand elected for a term expiring at the      Company’s second annual general meeting following the adoption of these      Second Amended and Restated Articles, and the three Class C directors      shall stand elected for a term expiring at the Company’s third annual      general meeting following the adoption of these Second Amended and      Restated Articles.  Commencing at the Company's first annual      general meeting, and at each annual general meeting thereafter, directors      elected to succeed those directors whose terms expire shall be elected for      a term of office to expire at the third succeeding annual general meeting      after their election. Except as the Act or other applicable law may      otherwise require, in the interim between annual general meetings or      general meetings called for the election of directors and/or the removal      of one or more directors and the filling of any vacancy in that      connection, additional directors and any vacancies in the board of      directors, including unfilled vacancies resulting from the removal of      directors for cause, may be filled by the vote of a majority of the      remaining directors then in office, although less than a quorum (as      defined in these Articles), or by the sole remaining director. All      directors shall hold office until the expiration of their respective terms      of office and until their successors shall have been elected and      qualified. A director elected to fill a vacancy resulting from the death,      resignation or removal of a director shall serve for the remainder of the      full term of the director whose death, resignation or removal shall have      created such vacancy and until his successor shall have been elected and      qualified. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3   | Notwithstanding      the provisions of section 114 of the Act, each director holds office until      his successor takes office or until his earlier death, resignation or      removal by the members as per Article11.2. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4   | Subject      to Article 11.2 above, a vacancy in the board of directors may be filled      by a resolution of members or a resolution passed by the majority of the      remaining directors. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.5   | A      director shall not require a share qualification, but nevertheless shall      be entitled to attend and speak at any meeting of the members and at any      separate meeting of the holders of any class of shares in the      Company. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.6   | The      directors or, if the Shares (or depositary receipts therefore) are listed      or quoted on a Designated Stock Exchange, and if required by the      Designated Stock Exchange, any committee thereof, may, by resolution, fix      the emolument of directors in respect of services rendered or to be      rendered in any capacity to the Company.  The directors may also      be paid such travelling, hotel and other expenses properly incurred by      them in attending and returning from meetings of the directors, or any      committee of the directors or meetings of the members, or in connection      with the business of the Company as shall be approved by resolution of the      directors. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.7   | 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 shall be approved by resolution of the directors,      or any committee thereof. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.8   | The      Company may pay to a director who at the request of the Company holds any      office (including a directorship) in, or renders services to, any company      in which the Company may be interested, such remuneration (whether by way      of salary, commission, participation in profits or otherwise) in respect      of such office or services as shall be approved by resolution of the      directors, or any committeethereof. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.9   | The      office of director shall be vacated if the  director: |
|------------------|----------------------------------------------------------------|

| (a)   | is      removed from office by resolution of members;or |
|-----------------|---------------------------------------------------------|

| (b)   | becomes      disqualified to act as a director under section 111 of the      Act. |
|-----------------|-----------------------------------------------------------------------------------|

| 11.10   | A director may hold any other      office or position of profit under the Company (except that of      auditor) in conjunction with his office of director, and may act in a      professional capacity to the Company on such terms as to remuneration and      otherwise as the directors shallarrange. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.11   | A      director may be or become a director or officer of, or otherwise be      interested in any company promoted by the Company, or in which the Company      may be interested, as a member or otherwise, and no such director shall be      accountable for any remuneration or other benefits received by him as      director or officer or from his interest in such other      company.  The directors may also exercise the voting powers      conferred by the shares in any other company held or owned by the Company      in such manner in all respects as they think fit, including the exercise      thereof in favour of any resolutions appointing them, or of their number,      directors or officers of such other company, or voting or providing for      the payment of remuneration to the directors or officers of such other      company.  A director may vote in favour of the exercise of such      voting rights in the manner aforesaid notwithstanding that he may be, or      be about to become, a director or officer of such other company, and as      such in any other manner is, or may be, interested in the exercise of such      voting rights in the manneraforesaid. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.12   | No      director shall be disqualified by his office from contracting with the      Company either as a vendor, purchaser or otherwise, nor shall any such      contract or arrangement entered into by or on behalf of the Company in      which any director shall be in any way interested be voided, nor shall any      director so contracting or being so interested be liable to account to the      Company for any profit realised by any such contract or arrangement, by      reason of such director holding that office or by reason of the fiduciary      relationship thereby established, provided the procedure in Article 11.13      below is followed. |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.13   | A      director of the Company shall, immediately after becoming aware of the      fact that he is interested in a transaction entered into or to be entered      into by the Company, disclose such interest to the board of      directors. |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.14   | A      director of the Company is not required to comply with Article 11.13 above      if: |
|-------------------|--------------------------------------------------------------------------------------------|

| (a)   | the      transaction or proposed transaction is between the director and the      Company; and |
|-----------------|------------------------------------------------------------------------------------------------|

| (b)   | the      transaction or proposed transaction is or is to be entered into in the      ordinary course of the Company's business and on usual terms and      conditions. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.15   | For      the purposes of Article 11.13 above, a disclosure to the board to the      effect that a director is a member, director, officer or trustee of      another named company or other person and is to be regarded as interested      in any transaction which may, after the date of the entry or disclosure,      be entered into with that company or person, is a sufficient disclosure of      interest in relation to thattransaction. |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.16   | Subject      to section 125(1) of the Act, the failure by a director to comply with      Article 11.13 does not affect the validity of a transaction entered into      by the director or the Company. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12   | Officers |
|----------------|----------|

| 12.1   | The      directors of the Company may, by resolution of directors, appoint officers      of the Company at such times as shall be considered necessary or      expedient, and such officers may consist of a President, one or more Vice      Presidents, a Secretary and a Treasurer and/or such other officers as may      from time to time be deemed desirable.  The officers shall      perform such duties as shall be prescribed at the time of their      appointment subject to any modifications in such duties as may be      prescribed by the directors thereafter, but in the absence of any specific      allocation of duties it shall be the responsibility of the President to      manage the day to day affairs of the Company, the Vice Presidents to act      in order of seniority in the absence of the President, but otherwise to      perform such duties as may be delegated to them by the President, the      Secretary to maintain the registers, minute books and records (other than      financial records) of the Company and to ensure compliance with all      procedural requirements imposed on the Company by applicable law, and the      Treasurer to be responsible for the financial affairs of the      Company. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2   | Any      person may hold more than one office and no officer need be a director or      member of the Company.  The officers shall remain in office      until removed from office by the directors, whether or not a successor is      appointed. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13   | Powers      of Directors |
|----------------|--------------------------|

| 13.1   | The      business of the Company shall be managed by the directors, who may pay all      expenses incurred preliminary to and in connection with the formation and      registration of the Company and may exercise all such powers of the      Company necessary for managing, and for directing and supervising, the      business and affairs of the Company as are not by the Act or by these      Articles required to be exercised by the members, subject to any      delegation of such powers as may be authorised by these Articles and      permitted by the Act. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.2   | The      board of directors may entrust to and confer upon any director or officer      any of the powers exercisable by it upon such terms and conditions and      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,      withdraw, alter or vary all or any of such powers.  Subject to      the provisions of section 110 of the Act, the directors may delegate any      of their powers to committees consisting of such member or members of      their body as they think fit.  Any committees so formed shall in      the exercise of powers so delegated conform to any regulations that may be      imposed on it by the directors or the provisions of the    Act. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3   | The      directors may from time to time by power of attorney appoint any company,      firm or person or body of persons to be the attorney or attorneys of the      Company for such purposes and with such powers, authorities and      discretions (not exceeding those vested in or exercisable by the directors      under these Articles) and for such period and subject to such conditions      as the directors think fit. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4   | All      cheques, promissory notes, drafts, bills of exchange and other negotiable      instruments and all receipts for monies paid to the Company, shall be      signed, drawn, accepted, endorsed or otherwise executed as the case may      be, in such manner as the directors shall from time to time by resolution      determine. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.5   | The      directors may: |
|------------------|-------------------------|

| (a)   | exercise      all the powers of the Company to borrow money and to mortgage or charge      its undertakings and property, to issue debentures, debenture stock and      other securities whenever money is borrowed or as security for any debt,      liability or obligation of the Company or of any third party;      and |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | where      the Company is a wholly-owned subsidiary, the directors may, in exercising      their powers or performing their duties, act in a manner which the      directors believe is in the best interests of the Company's holding      company, even though it may not be in the best interests of the      Company. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.6   | The continuing directors may act      notwithstanding any vacancy in their body, save that if the number of      directors shall have been fixed at two or more persons and by reason of      vacancies having occurred in the board of directors there shall be      only one continuing director, he shall be authorised to act alone only for      the purpose of appointing anotherdirector. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14   | Proceedings      of Directors |
|----------------|-------------------------------|

| 14.1   | The      meetings of the board of directors and any committee thereof shall be held      at such place or places as the directors shall  decide. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2   | The      directors may elect a chairman (the "Chairman of the Board of      Directors") of their meeting and determine the period for which he      is to hold office.  If no such Chairman of the Board of      Directors is elected, or if at any meeting the Chairman of the Board of      Directors is not present at the time appointed for holding the meeting,      the directors present may choose one of their number to be Chairman of the      Board of Directors for the meeting.  If the directors are unable      to choose a Chairman of the Board of Directors, for any reason, then the      oldest director present at the meeting shall preside as the Chairman of      the Board of Directors. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3   | The      directors may meet together for the dispatch of business, adjourn and      otherwise regulate their meetings as they think fit.  Questions      arising at any meeting shall be decided by a majority of      votes.  A director may at any time summon a meeting of the      directors.  If the Company shall have only one director, the      provisions hereinafter contained for meetings of the directors shall not      apply but such sole director shall have full power to represent and act      for the Company in all matters and in lieu of minutes of a meeting shall      record in writing and sign a note of memorandum of all matters requiring a      resolution of the directors.  Such note or memorandum shall      constitute sufficient evidence of such resolution for all      purposes. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.4   | A      director shall be given not less than twenty four (24) hours notice of a      meeting of the directors. |
|------------------|----------------------------------------------------------------------------------------------------------------|

| 14.5   | Notwithstanding      Article 14.4, a meeting of directors held in contravention of Article 14.4      is valid if all of the directors entitled to vote at the meeting have      waived the notice of the meeting in writing, provided that, for this      purpose, the presence of a director at the meeting shall be deemed to      constitute waiver on his part. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.6   | A      meeting of the directors is duly constituted for all purposes if at the      commencement of the meeting there are present in person not less than a      majority of the total number of directors with a minimum of two (2), or in      the case of only one director a minimum of one  (1). |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.7   | If      within half an hour from the time appointed for the meeting a quorum is      not present, the meeting shall bedissolved. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------|

| 14.8   | Any      one or more members of the board of directors or any committee thereof may      participate in a meeting of such board of directors or committee by means      of a conference telephone or similar communications equipment allowing all      persons participating in the meeting to hear each other at the same      time.  Participating by such means shall constitute presence in      person at a meeting. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.9   | A      resolution approved by all of the directors for the time being entitled to      receive notice of a meeting of the directors or of a committee of the      directors and taking the form of one or more documents in writing or by      telefax or other written or electronic communication shall be as valid and      effectual as if it had been passed at a meeting of the directors or of      such committee duly convened and held, without the need for any      notice. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15   | Indemnity |
|----------------|-----------|

|   | (a) | is      or was a party or is threatened to be made a party to any threatened,      pending or completed proceedings, whether civil, criminal, administrative      or investigative, by reason of the fact that the person is or was a      director of theCompany;  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | is      or was, at the request of the Company, serving as a director of, or in any      other capacity is or was acting for, another company or a partnership,      joint venture, trust or otherenterprise. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16   | Seal |
|----------------|------|

----

| 17   | Distributions |
|----------------|---------------|

| 17.1   | Subject      to the provisions of the Act, the directors of the Company may, by      resolution, authorise a distribution by the Company at a time, and of an      amount, and to any members they think fit if they are satisfied, on      reasonable grounds, that the Company will, immediately after the      distribution, satisfy the solvency test as stipulated in section 56 of the      Act. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2   | Subject      to the rights of the holders of shares entitled to special rights as to      distributions, all distributions shall be declared and paid according to      the par value of the shares in issue, excluding those shares which are      held by the Company as Treasury Shares at the date of declaration of the      distribution. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3   | The      directors may, before recommending any distribution, set aside out of the      profits of the Company such sums as they think proper as a reserve or      reserves which shall, at their discretion, either be employed in the      business of the Company or be invested in such investments as the      directors may from time to time thinkfit. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4   | If      several persons are registered as joint holders of any share, any of them      may give effectual receipt for any distribution or other monies payable on      or in respect of the share. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.5   | Notice      of any distribution that may have been declared shall be given to each      member in manner hereinafter mentioned and all distributions unclaimed for      three years after having been declared may be forfeited by the directors      for the benefit of the Company. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.6   | No      distribution shall bear interest against the  Company. |
|------------------|----------------------------------------------------------------|

| 18   | Company      Records |
|----------------|----------------------|

| 18.1   | The      Company shall keep records that: |
|------------------|-------------------------------------------|

|   | (a) | are      sufficient to show and explain the Company's transactions;    and |
|--------|-----|----------------------------------------------------------------------------|

|   | (b) | will,      at any time, enable the financial position of the Company to be determined      with reasonable accuracy. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

| 18.2   | The      Company shall keep: |
|------------------|------------------------------|

----

|   | (c) | an      imprint of the common seal at the registered office of the      Company. |
|--------|-----|----------------------------------------------------------------------------------|

| 18.3   | The Company shall keep the      following records at the office of its registered agent or at such      other place or places, within or outside the British Virgin Islands, as      the directors may determine: |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | minutes      of meetings and resolutions of members and of classes of members      maintained in accordance with Article 18.2;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | minutes      of meetings and resolutions of directors and committees of directors      maintained in accordance with Article18.2. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| 18.4   | The      Company shall keep the following documents at the office of its registered      agent: |
|------------------|-------------------------------------------------------------------------------------------------|

|   | (a) | the      Memorandum of Association and Articles of the  Company; |
|--------|-----|------------------------------------------------------------------|

|   | (b) | the      register of members maintained in accordance with Article 18.7 or a copy      of the register of members; |
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|   | (c) | the      register of directors maintained in accordance with Article 18.6 or a copy      of the register of directors; |
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|   | (d) | copies      of all notices and other documents filed by the Company in the previous      ten years; and |
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|   | (e) | a      copy of the register of charges kept by the Company pursuant to section      162(1) of the Act. |
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| 18.5   | (a)Where the Company keeps a copy of      the register of members or the register of directors at the office      of its registered agent, it shall |
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| (i)   | within      15 days of any change in the register, notify the registered agent, in      writing, of the change; and |
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| (ii)   | provide      the registered agent with a written record of the physical address of the      place or places at which the original register of members or the original      register of directors is kept. |
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|   | (b) | Where      the place at which the original register of members or the original      register of directors is changed, the Company shall provide the registered      agent with the physical address of the new location of the records within      14 days of the change of location. |
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| 18.6   | The      Company shall keep a register to be known as a register of directors      containing the names and addresses of the persons who are directors of the      Company, the date on which each person whose name is entered in the      register was appointed as a director of the Company, the date on which      each person named as a director ceased to be a director of the Company,      and such other information as may beprescribed. |
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| 18.7   | The      Company shall maintain an accurate and complete register of members      showing the full names and addresses of all persons holding registered      shares in the Company, the number of each class and series of registered      shares held by such person, the date on which the name of each member was      entered in the register of members and where applicable, the date such      person ceased to hold any registered shares in the  Company. |
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| 18.8   | The      records, documents and registers required by Articles 18.1 to 18.7      inclusive shall be open to the inspection of the directors at all      times. |
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| 18.9   | The      directors shall from time to time determine whether and to what extent and      at what times and places and under what conditions the records, documents      and registers of the Company or any of them shall be open to the      inspection of members not being directors, and no member (not being a      director) shall have any right of inspecting any records, documents or      registers of the Company except as conferred by the Act or authorised by      resolution of the directors. |
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| 19   | Notices |
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| 19.1   | Notices      shall be in writing and may be given by the Company to any member either      personally or by sending it by courier, post, cable, telex, fax or e-mail      to him or to his address as shown in the Register of Members (or where the      notice is given by e-mail by sending it to the e-mail address provided by      such member).  Any notice, if posted from one country to      another, is to be sent airmail. |
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| 19.2   | All      notices directed to be given to the members shall, with respect to any      registered shares to which persons are jointly entitled, be given to      whichever of such persons is named first in the share register, and notice      so given shall be sufficient notice to all the holders of such      shares. |
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| 19.3   | Where      a notice is sent by courier, service of the notice shall be deemed to be      effected by delivery of the notice to a courier company, and shall be      deemed to have been received on the next day (not including Saturdays or      Sundays or public holidays) following the day on which the notice was      delivered to the courier.  Where a notice is sent by post,      service of the notice shall be deemed to be effected by properly      addressing, pre paying and posting a letter containing the notice, and      shall be deemed to have been received on the third day (not including      Saturdays or Sundays or public holidays) following the day on which the      notice was posted.  Where a notice is sent by cable, telex or      fax, service of the notice shall be deemed to be effected by properly      addressing and sending such notice and shall be deemed to have been      received on the same day that it was transmitted.  Where a      notice is given by e-mail service shall be deemed to be effected by      transmitting the e-mail to the e-mail address provided by the intended      recipient and shall be deemed to have been received on the same day that      it was sent, and it shall not be necessary for the receipt of the e-mail      to be acknowledged by therecipient. |
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| 19.4   | All      notice periods shall be counted from the date the notice is sent, not the      date the notice is received. |
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| 20   | Pension      and Superannuation Fund |
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| 20.1   | The directors may establish and      maintain or procure the establishment and maintenance of any non-contributory or      contributory pension or superannuation funds for the benefit of, and give      or procure the giving of donations, gratuities, pensions, allowances or      emoluments to any persons who are or were at any time in the employment or      service of the Company or any company which is a subsidiary of the Company      or is allied to or associated with the Company or with any such      subsidiary, or who are or were at any time directors or officers of the      Company or of any such other company as aforesaid or who hold or held any      salaried employment or office in the Company or such other company, or any      persons in whose welfare the Company or any such other company as      aforesaid is, or has been at any time, interested, and to the wives,      widows, families and dependents of any such persons, and make payments for      or towards the insurance of such persons as aforesaid, and may do any of      the matters aforesaid either alone or in conjunction with any such other      company as aforesaid.  A director holding any such employment or      office shall be entitled to participate in and retain for his own benefit      any such donation, gratuity, pension, allowance or      emolument. |
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| 21   | Winding      Up |
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| 22   | Amendment      to Articles |
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|   | Incorporator |
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|   | (Sgd.)      Clinton Hempel |
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|   | _______________________ |
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|   | Clinton      Hempel |
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|   | Authorised      SignatoryMaples Finance BVI Limited |
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