----

----

| 1 | The      name of the Company is China Mass MediaCorp. |
|---|-------------------------------------------------------|

| 2 | The      Registered Office of the Company shall be at the offices of Maples      Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman,      KY1-1104 Cayman Islands or at such other place in the Cayman Islands as      the Board may from time to timedecide. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The      objects for which the Company is established are unrestricted and shall      include, but without limitation, thefollowing: |
|---|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to      carry on business as an investment company and as an investment holding      company and to acquire and hold shares, stocks, debenture stock, bonds,      mortgages, obligations and securities of any kind issued or guaranteed by      any company, corporation or undertaking of whatever nature and wherever      constituted or carrying on business, and shares, stock, debenture stock,      bonds, obligations and other securities issued or guaranteed by any      government, sovereign ruler, commissioners, trust, local authority or      other public body, and to vary, transpose, dispose of or otherwise deal      with from time to time as may be considered expedient any of the Company's      investments for the time being; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      subscribe for, conditionally or unconditionally, to underwrite, issue on      commission or otherwise, take, hold, deal in and convert stocks, shares      and securities of all kinds and to enter into partnership or into any      arrangement for sharing profits, reciprocal concessions or cooperation      with any person or company and to promote and aid in promoting, to      constitute, form or organise any company, joint venture, syndicate or      partnership of any kind, for the purpose of acquiring and undertaking any      property and liabilities of the Company or of advancing, directly or      indirectly, the objects of the Company or for any other purpose which the      Company may think expedient; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | to      exercise and enforce all rights and powers conferred by or incidental to      the ownership of any shares, stock, obligations or other securities      including without prejudice to the generality of the foregoing all such      powers of veto or control as may be conferred by virtue of the holding by      the Company of some special proportion of the issued or nominal amount      thereof, to provide managerial and other executive, supervisory and      consultant services for or in relation to any company in which the Company      is interested upon such terms as may be thought  fit; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to      stand surety for or to guarantee, indemnify, support or secure the      performance of all or any of the obligations of any person, firm or      company whether or not related or affiliated to the Company in any manner      and whether by personal covenant or by mortgage, charge or lien upon the      whole or any part of the undertaking, property and assets of the Company,      both present and future, including its uncalled capital or by any such      method and whether or not the Company shall receive valuable consideration      therefor; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | to      carry on the business of promoters and entrepreneurs and to carry on      business as financiers, capitalists, concessionaires, merchants, brokers,      traders, dealers, agents, importers and exporters and to undertake and      carry on and execute all kinds of investment, financial, commercial,      mercantile, trading and otheroperations; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | to      carry on whether as principals, agents or otherwise howsoever the business      of realtors, developers, consultants, estate agents or managers, builders,      contractors, engineers, manufacturers, dealers in or vendors of all types      of property including the provision of any  services; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | to      purchase or otherwise acquire, to sell, exchange, surrender, lease,      mortgage, charge, convert, turn to account, dispose of and deal with real      and personal property and rights of all kinds and, in particular,      mortgages, debentures, produce, concessions, options, contracts, patents,      annuities, licences, stocks, shares, bonds, policies, book debts, business      concerns, undertakings, claims, privileges and choses in action of all      kinds; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | to      engage in or carry on any other lawful trade, business or enterprise which      may at any time appear to the Directors capable of being conveniently      carried on in conjunction with any of the aforementioned businesses or      activities or which may appear to the Directors likely to be profitable to      the Company. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4 | Except      as prohibited or limited by the Companies Law (2009 Revision), the Company      shall have full power and authority to carry out any object not prohibited      by any law as provided by Section 7(4) of the Companies Law (2009      Revision) and shall have and be capable of from time to time and at all      times exercising any and all of the powers at any time or from time to      time exercisable by a natural person or body corporate, irrespective of      any question of corporate benefit, in doing in any part of the world      whether as principal, agent, contractor or otherwise whatever may be      considered by it necessary for the attainment of its objects and whatever      else may be considered by it as incidental or conducive thereto or      consequential thereon, including, but without in any way restricting the      generality of the foregoing, the power to make any alterations or      amendments to this Memorandum of Association and the Articles of      Association of the Company considered necessary or convenient in the      manner set out in the Articles of Association of the Company, and the      power to do any of the following acts or things, viz: to pay all expenses      of and incidental to the promotion, formation and incorporation of the      Company; to register the Company to do business in any other jurisdiction;      to sell, lease or dispose of any property of the Company; to draw, make,      accept, endorse, discount, execute and issue promissory notes, debentures,      debenture stock, loans, loan stock, loan notes, bonds, convertible bonds,      bills of exchange, bills of lading, warrants and other negotiable or      transferable instruments; to lend money or other assets and to act as      guarantors; to borrow or raise money on the security of the undertaking or      on all or any of the assets of the Company including uncalled capital or      without security; to invest monies of the Company in such manner as the      Directors determine; to promote other companies; to sell the undertaking      of the Company for cash or any other consideration; to distribute assets      in specie to members of the Company; to contract with persons for the      provision of advice, the management and custody of the Company's assets,      the listing of the Company's shares and its administration; to make      charitable or benevolent donations; to pay pensions or gratuities or      provide other benefits in cash or kind to Directors, officers, employees,      past or present and their families; to purchase Directors and officers      liability insurance; to carry on any trade or business and generally to do      all acts and things which, in the opinion of the Company or the Directors,      may be conveniently or profitably or usefully acquired and dealt with,      carried on, executed or done by the Company in connection with the      business aforesaid PROVIDED THAT the Company shall only carry on the      businesses for which a licence is required under the laws of the Cayman      Islands when so licensed under the terms of such  laws. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | The      liability of each member is limited to the amount from time to time unpaid      on such member's shares. |
|---|-------------------------------------------------------------------------------------------------------------------|

| 6 | The      share capital of the Company is US$3,000,000 divided into 3,000,000,000      shares of a nominal or par value of US$0.001 each with power for the      Company insofar as is permitted by law, to redeem or purchase any of its      shares and to increase or reduce the said capital subject to the      provisions of the Companies Law (2009 Revision) and the Articles of      Association and to issue any part of its capital, whether original,      redeemed or increased with or without any preference, priority or special      privilege or subject to any postponement of rights or to any conditions or      restrictions and so that unless the conditions of issue shall otherwise      expressly declare every issue of shares whether declared to be preference      or otherwise shall be subject to the powers hereinbefore      contained. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | If      the Company is registered as exempted, its operations will be carried on      subject to the provisions of Section 174 of the Companies Law (2009      Revision) and, subject to the provisions of the Companies Law (2009      Revision) and the Articles of Association, it shall have the power to      register by way of continuation as a body corporate limited by shares      under the laws of any jurisdiction outside the Cayman Islands and to be      deregistered in the Cayman Islands. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 1  | EXCLUSION      OF TABLE A                       | 2  |
|----|-------------------------------------------------|----|
| 2  | INTERPRETATION                                  | 2  |
| 3  | SHARE      CAPITAL AND MODIFICATION OF RIGHTS   | 7  |
| 4  | REGISTER      OF MEMBERS AND SHARE CERTIFICATES | 9  |
| 5  | LIEN                                            | 10 |
| 6  | CALLS      ON SHARES                            | 11 |
| 7  | TRANSFER      OF SHARES                         | 13 |
| 8  | TRANSMISSION      OF SHARES                     | 14 |
| 9  | FORFEITURE      OF SHARES                       | 15 |
| 10 | ALTERATION      OF CAPITAL                      | 16 |
| 11 | BORROWING      POWERS                           | 17 |
| 12 | GENERAL      MEETINGS                           | 18 |
| 13 | PROCEEDINGS      AT GENERAL MEETINGS            | 19 |
| 14 | VOTES      OF MEMBERS                           | 21 |
| 15 | REGISTERED      OFFICE                          | 23 |
| 16 | BOARD      OF DIRECTORS                         | 23 |
| 17 | MANAGING      DIRECTORS                         | 29 |
| 18 | MANAGEMENT                                      | 29 |
| 19 | MANAGERS                                        | 30 |
| 20 | PROCEEDINGS      OF DIRECTORS                   | 30 |
| 21 | SECRETARY                                       | 32 |
| 22 | GENERAL      MANAGEMENT AND USE OF THE SEAL     | 32 |
| 23 | CAPITALISATION      OF RESERVES                 | 34 |
| 24 | DIVIDENDS      AND RESERVES                     | 35 |
| 25 | UNTRACEABLE      MEMBERS                        | 39 |
| 26 | DOCUMENT      DESTRUCTION                       | 40 |
| 27 | ANNUAL      RETURNS AND FILINGS                 | 42 |
| 28 | ACCOUNTS                                        | 42 |
| 29 | AUDIT                                           | 43 |
| 30 | NOTICES                                         | 43 |
| 31 | INFORMATION                                     | 45 |
| 32 | WINDING      UP                                 | 45 |
| 33 | INDEMNITIES                                     | 46 |
| 34 | FINANCIAL      YEAR                             | 46 |
| 35 | AMENDMENT      OF MEMORANDUM AND ARTICLES       | 46 |

----

| 1 | Exclusion of Table      A |
|---|---------------------------|

| 2 | Interpretation |
|---|----------------|

| 2.1 | The      marginal notes to these Articles shall not affect the interpretation      hereof. |
|-----|--------------------------------------------------------------------------------------------|

| 2.2 | In      these Articles, unless there be something in the subject or context      inconsistent therewith: |
|-----|----------------------------------------------------------------------------------------------------------|

| “ADS” | shall      mean American Depositary Share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Articles"        | shall      mean these Articles of Association and all supplementary, amended or      substituted Articles for the time being in force.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "Associate"       | shall      mean, in relation to any Director: (i)           his spouse and any of his or his spouse's children or step-children,      natural or adopted, under the age of 18 (together, the "family      interests"); (ii)          the trustees, acting in their capacity as such trustees, of any      trust of which he or any of his family interests is a beneficiary or, in      the case of a discretionary trust, is (to his knowledge) a discretionary      object and any company (a "trustee-controlled      company") in the equity capital of which the trustees, acting in      their capacity as such trustees, are directly or indirectly interested so      as to exercise 30% (or such other amount as may from time to time be      specified in the HK Code on Takeovers and Mergers as being the level for      triggering a mandatory general offer) or more of the voting power at      general meetings, or to control the composition of a majority of the board      of directors and any other company which is its subsidiary (together, the      "trustee      interests"); |

----

|                       | (iii)         a holding company of a trustee-controlled company or a subsidiary of any      such holding company; (iv)          any company in the equity capital of which he, his family interests, any      of the trustees referred to in paragraph (ii) above, acting in their      capacity as such trustees, and/or any trustee interests taken together are      directly or indirectly interested (other than through their respective      interests in the capital of the Company) so as to exercise or control the      exercise of 30% (or such other amount as may from time to time be      specified in the HK Code on Takeovers and Mergers as being the level for      triggering a mandatory general offer) or more of the voting power at      general meetings, or to control the composition of a majority of the board      and any other company which is its subsidiary or holding company or a      fellow subsidiary of any such holding company; and (v)      any      other persons who would be deemed to be an "associate" of the Director      under the Hong Kong Listing Rules. |
|----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "Auditors"                 | shall      mean the persons appointed by the Company from time to time to perform the      duties of auditors of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "Board"                    | shall      mean the majority of the Directors present and voting at a meeting of      Directors at which a quorum is present.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "capital"                  | shall      mean the share capital from time to time of theCompany.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "Chairman"                 | shall      mean the Chairman presiding at any meeting of members or of the      Board.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “Commission”   | shall      mean Securities and Exchange Commission of the United States of America or      any other federal agency for the time being administering the US      Securities Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "Companies Law" or "Law"   | shall      mean the Companies Law (2009 Revision), Cap. 22 of the Cayman Islands and      any amendments thereto or re-enactments thereof for the time being in      force and includes every other law incorporated therewith or substituted      therefor.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "Companies      Ordinance" | shall      mean the Companies Ordinance (Cap. 32 of the Laws of Hong Kong) as in      force from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "Company"                  | shall      mean China Mass Media Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "Company's      Website"   | shall      mean the website of the Company, the address or domain name of which has      been notified to members.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "Director"                 | shall      mean any director from time to time of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| "dividend"                 | shall      include bonus dividends and distributions permitted by the Law to be      categorised as dividends.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

----

| "dollars" and "HK$"                            | shall      mean dollars legally current in Hong Kong.                                                                                                                                                                                                                                                                                                                                                                          |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "electronic"                                   | shall      have the meaning given to it in the Electronic Transactions      Law.                                                                                                                                                                                                                                                                                                                                               |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| “electronic      means”            | includes      sending or otherwise making available to the intended recipients of the      communication in electronic format.                                                                                                                                                                                                                                                                                                 |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Electronic      Signature"                    | shall      mean an electronic symbol or process attached to or logically associated      with an electronic communication and executed or adopted by a person with      the intent to sign the electronic communication.                                                                                                                                                                                                       |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| “Electronic Transactions      Law” | means      the Electronic Transactions Law (2003 Revision) of the Cayman Islands and      any amendment thereto or re-enactments thereof for the time being in force      and includes every other law incorporated therewith or substituted      therefor.                                                                                                                                                                    |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "HK Code on Takeovers and      Mergers"        | shall      mean the Code on Takeovers and Mergers issued by the Securities and      Futures Commission of Hong Kong as amended from time to    time.                                                                                                                                                                                                                                                                           |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "HKEX"                                         | shall      mean The Stock Exchange of Hong Kong Limited.                                                                                                                                                                                                                                                                                                                                                                       |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "Hong Kong Listing      Rules"                 | shall      mean the Rules Governing the Listing of Securities on the Exchange as      amended from time to time.                                                                                                                                                                                                                                                                                                               |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "holding      company"                         | shall      have the meaning attributed to such term in the Companies      Ordinance.                                                                                                                                                                                                                                                                                                                                           |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| “Independent      Directors”       | shall      mean a Director who meets the definition of independence set forth in the      NYSE Rules and Rule 10A-3 under the US Exchange Act.                                                                                                                                                                                                                                                                                 |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "members"                                      | shall      mean the persons who are duly registered as the holders from time to time      of shares in the register including persons who are jointly so      registered.                                                                                                                                                                                                                                                      |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "month"                                        | shall      mean a calendar month.                                                                                                                                                                                                                                                                                                                                                                                              |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| “NYSE”                             | shall      mean the New York Stock Exchange or NYSE Arca, Inc., as      applicable.                                                                                                                                                                                                                                                                                                                                            |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| “NYSE      Rules”                  | shall      mean the rules and regulations of the New York Stock Exchange or NYSE      Arca, Inc., as applicable.                                                                                                                                                                                                                                                                                                               |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "ordinary      resolution"                     | shall      mean a resolution passed by a simple majority of the votes of such members      of the Company as, being entitled to do so, vote in person or, where      proxies are allowed, by proxy or, in the case of corporations, by their      duly authorised representatives, at a general meeting held in accordance      with these Articles and includes an ordinary resolution passed pursuant to      Article 13.12. |

----

| "principal      register"                    | shall      mean the register of members of the Company maintained at such place      within or outside the Cayman Islands as the Board shall determine from      time to time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "published in the      newspapers"           | shall      mean published as a paid advertisement in English in at least one English      language newspaper and in Chinese in at least one Chinese language      newspaper, being in each case a newspaper published daily and circulating      generally in Hong Kong in accordance with the Hong Kong Listing      Rules.                                                                                                                                                                                                                                                                                                                                               |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "published on the HKEX’s      website" | shall      mean published in English and Chinese on the HKEX’s website in accordance      with the Hong Kong Listing Rules;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "recognised clearing      house"             | shall      have the meaning ascribed thereto in Part I of Schedule 1 of the      Securities and Futures Ordinance of Hong Kong and any amendments thereto      or re-enactments thereof for the time being in force and includes every      other law incorporated therewith or substituted  therefor.                                                                                                                                                                                                                                                                                                                                                                     |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "register"                                   | shall      mean the principal register and any branch registers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "seal"                                       | shall      include the common seal of the Company, the securities seal or any      duplicate seal adopted by the Company pursuant to Article      22.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "Secretary"                                  | shall      mean the person appointed as company secretary by the Board from time to      time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "share"                                      | shall      mean a share in the capital of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "special      resolution"                    | shall      have the same meaning as ascribed thereto in the Law and shall include an      unanimous written resolution of all members: for this purpose, the      requisite majority shall be not less than three-fourths of the votes of      such members of the Company as, being entitled to do so, vote in person      or, where proxies are allowed, by proxy or, in the case of corporations,      by their duly authorised representatives, at a general meeting of which      notice specifying the intention to propose the resolution as a special      resolution has been duly given and includes a special resolution passed      pursuant to Article 13.12. |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "subsidiary"                                 | shall      have the meaning attributed to such term in the Companies Ordinance, but      interpreting the term "subsidiary" in accordance with the definition of      "subsidiary" under the Hong Kong Listing Rules.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "transfer      office"                       | shall      mean the place where the principal register is situate for the time      being.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| "US$"                                        | shall      mean dollars legally current in the United States of    America.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| “US      Exchange Act”           | shall      mean the Securities Exchange Act of 1934 of the United States of America,      as amended, or any similar federal statute and the rules and regulations      of the Commission thereunder, all as the same shall be in effect at the      time.                                                                                                                                                                                                                                                                                                                                                                                                                 |

----

| “US      Securities Act” | shall      mean the Securities Act of 1933 of the United States of America, as      amended, or any similar federal statute and the rules and regulations of      the Commission thereunder, all as the same shall be in effect at the      time. |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.3    | Subject      as aforesaid, any words defined in the Law shall, if not inconsistent with      the subject and/or context, bear the same meanings in these      Articles. |

| 2.4 | Words      importing either gender shall include the other gender and the neuter;      words importing persons and the neuter shall include companies and      corporations and vice versa; and words denoting the singular shall include      the plural and words denoting the plural shall include the      singular. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | "Writing" or "printing" shall include      writing, printing, lithograph, photograph, type-writing and every other      mode of representing words or figures in a legible and non-transitory form      and, only where used in connection with a notice served by the Company on      members or other persons entitled to receive notices hereunder, shall also      include a record maintained in an electronic medium which is accessible in      visible form so as to be useable for subsequent  reference. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | Section      8 of the Electronic Transactions Law shall not  apply. |
|-----|---------------------------------------------------------------------|

----

| 3 | Share Capital and Modification      of Rights |
|---|-----------------------------------------------|

| 3.1 | The      capital of the Company at the date of the adoption of these Articles is      US$3,000,000 divided into 3,000,000,000 shares of US$0.001      each. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Subject      to the provisions of these Articles and to any direction that may be given      by the Company in general meeting and without prejudice to any special      rights conferred on the holders of any existing shares or attaching to any      class of shares, any share may be issued with or have attached thereto      such preferred, deferred, qualified or other special rights or      restrictions, whether in regard to dividend, voting, return of capital or      otherwise, and to such persons at such times and for such consideration as      the Board may determine.  Subject to the Law, the NYSE Rules      and/or the Hong Kong Listing Rules and to any special rights conferred on      any members or attaching to any class of shares, any share may, with the      sanction of a special resolution, be issued on terms that it is, or at the      option of the Company or the holder thereof is, liable to be      redeemed.  No shares shall be issued to  bearer. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Subject      to the NYSE Rules and/or the Hong Kong Listing Rules, the Board may issue      warrants to subscribe for any class of shares or other securities of the      Company on such terms as it may from time to time determine.  No      warrants shall be issued to bearer for so long as a recognised clearing      house (in its capacity as such) is a member of the      Company.  Where warrants are issued to bearer, no new warrant      shall be issued to replace one that has been lost unless the Board is      satisfied beyond reasonable doubt that the original has been destroyed and      the Company has received an indemnity in such form as the Board shall      think fit with regard to the issue of any such new  warrant. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | If      at any time the share capital of the Company is divided into different      classes of shares, all or any of the rights attached to any class of      shares for the time being issued (unless otherwise provided for in the      terms of issue of the shares of that class) may, subject to the provisions      of the Law, be varied or abrogated only with the consent in writing of the      holders of not less than three-fourths in nominal value of the issued      shares of that class or with the sanction of a special resolution passed      at a separate general meeting of the holders of shares of that      class.  To every such separate meeting all the provisions of      these Articles relating to general meetings shall mutatis mutandis apply,      but so that the quorum for the purposes of any such separate meeting and      of any adjournment thereof shall be a person or persons together holding      (or representing by proxy or duly authorised representative) at the date      of the relevant meeting not less than one-third in nominal value of the      issued shares of that class. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | The      special rights conferred upon the holders of shares of any class shall      not, unless otherwise expressly provided in the rights attaching to or the      terms of issue of such shares, be deemed to be varied by the creation or      issue of further shares ranking pari passu  therewith. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6 | Subject      to the Law, or any other law or so far as not prohibited by any law and      subject to any rights conferred on the holders of any class of shares, the      Company shall have the power to purchase or otherwise acquire all or any      of its own shares (which expression as used in this Article includes      redeemable shares) provided that the manner of purchase has first been      authorised by a resolution of the members, and to purchase or otherwise      acquire warrants for the subscription or purchase of its own shares, and      shares and warrants for the subscription or purchase of any shares in any      company which is its holding company and may make payment therefor in any      manner authorised or not prohibited by law, including out of capital, or      to give, directly or indirectly, by means of a loan, a guarantee, a gift,      an indemnity, the provision of security or otherwise howsoever, financial      assistance for the purpose of or in connection with a purchase or other      acquisition made or to be made by any person of any shares or warrants in      the Company or any company which is a holding company of the Company and      should the Company purchase or otherwise acquire its own shares or      warrants neither the Company nor the Board shall be required to select the      shares or warrants to be purchased or otherwise acquired rateably or in      any other manner as between the holders of shares or warrants of the same      class or as between them and the holders of shares or warrants of any      other class or in accordance with the rights as to dividends or capital      conferred by any class of shares provided always that any such purchase or      other acquisition or financial assistance shall only be made in accordance      with any relevant code, rules or regulations issued by the HKEX or the      NYSE or the Securities and Futures Commission of Hong Kong or the      Commission from time to time inforce. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.7 | The      Company in general meeting may, from time to time, whether or not all the      shares for the time being authorised shall have been issued and whether or      not all the shares for the time being issued shall have been fully paid      up, by ordinary resolution, increase its share capital by the creation of      new shares, such new capital to be of such amount and to be divided into      shares of such respective amounts as the resolution shall      prescribe. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.8 | Subject      to the provisions of the Law and the Memorandum of Association of the      Company, and to any special rights conferred on the holders of any shares      or attaching to any class of shares, shares may be issued on the terms      that they may be, or at the option of the Company or the holders are,      liable to be redeemed on such terms and in such manner, including out of      capital, as the Board may deem fit. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.9 | Where      the Company purchases for redemption a redeemable share, purchases not      made through the market or by tender shall be limited to a maximum price,      and if purchases are by tender, tenders shall be available to all members      alike. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.10 | The      purchase or redemption of any share shall not be deemed to give rise to      the purchase or redemption of any othershare. |
|------|-------------------------------------------------------------------------------------------------------------------------------------|

| 3.11 | The      holder of the shares being purchased, surrendered or redeemed shall be      bound to deliver up to the Company at its principal place of business in      Hong Kong or such other place as the Board shall specify the      certificate(s) thereof for cancellation and thereupon the Company shall      pay to him the purchase or redemption monies in respect      thereof. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.12 | Subject      to the provisions of the Law, of the Memorandum of Association of the      Company, and of these Articles relating to new shares, the unissued shares      in the Company (whether forming part of its original or any increased      capital) shall be at the disposal of the Board, which may offer, allot,      grant options over or otherwise dispose of them to such persons, at such      times and for such consideration, and upon such terms, as the Board shall      determine. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.13 | The      Company may, unless prohibited by law, at any time pay a commission to any      person for subscribing or agreeing to subscribe (whether absolutely or      conditionally) for any shares in the Company or procuring or agreeing to      procure subscriptions (whether absolute or conditional) for any shares in      the Company, but so that the conditions and requirements of the Law shall      be observed and complied with, and in each case the commission shall not      exceed 10% of the price at which the shares are  issued. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.14 | Except      as otherwise expressly provided by these Articles or as required by law or      as ordered by a court of competent jurisdiction, 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 shares or any interest in any fractional part of a      share or any other rights in respect of any share except an absolute right      to the entirety thereof in the registered  holder. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4 | Register of Members and Share      Certificates |
|---|-------------------------------------------------|

| 4.1 | The      Board shall cause to be kept at such place within or outside the Cayman      Islands as it deems fit a principal register of the members and there      shall be entered therein the particulars of the members and the shares      issued to each of them and other particulars required under the      Law. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | If      the Board considers it necessary or appropriate, the Company may establish      and maintain a branch register or registers of members at such location or      locations within or outside the Cayman Islands as the Board thinks      fit.  The principal register and the branch register(s) shall      together be treated as the register for the purposes of these      Articles. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | The      Board may, in its absolute discretion, at any time transfer any share upon      the principal register to any branch register or any share on any branch      register to the principal register or any other branch      register. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Notwithstanding      anything contained in this Article, the Company shall as soon as      practicable and on a regular basis record in the principal register all      transfers of shares effected on any branch register and shall at all times      maintain the principal register in such manner as to show at all times the      members for the time being and the shares respectively held by them, in      all respects in accordance with the Companies  Law. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Except      when a register is closed and, if applicable, subject to the additional      provisions of Article 4.8, the principal register and any branch register      shall during business hours be kept open to the inspection of any member      without charge. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | The      reference to business hours in Article 4.5 is subject to such reasonable      restrictions as the Company in general meeting may impose, but so that not      less than two hours in each business day is to be allowed for      inspections. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.7 | The      register may, on 14 days' notice being given by advertisement published on      the HKEX’s website, or, subject to the NYSE Rules and/or the Hong Kong      Listing Rules and the Companies Ordinance, by electronic communication in      the manner in which notices may be served by the Company by electronic      means as herein provided or by advertisement published in the newspapers,      be closed at such times and for such periods as the Board may from time to      time determine, either generally or in respect of any class of shares,      provided that the register shall not be closed for more than 30 days in      any year (or such longer period as the members may by ordinary resolution      passed at a general meeting in that year determine provided that such      period shall not be extended beyond 60 days in any year).  The      Company shall, on demand, furnish any person seeking to inspect the      register or part thereof which is closed by virtue of these Articles with      a certificate under the hand of the Secretary stating the period for      which, and by whose authority, it isclosed. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.8 | Any      register held in Hong Kong shall during normal business hours (subject to      such reasonable restrictions as the Board may impose) be open to      inspection by a member without charge and any other person on payment of      such fee not exceeding HK$2.50 (or if required by the Companies Ordinance,      such lesser sum) as the Company may prescribe for each      inspection.  Any member may require a copy of the register, or      any part thereof, on payment of HK$0.25, or if required by the Companies      Ordinance, such lesser sum as the Company may prescribe.  The      Company shall cause any copy so required by any person to be sent to that      person within a period of 10 days commencing on the date next after the      day on which the requirement is received by the  Company. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.9 | Every      person whose name is entered as a member in the register shall be entitled      without payment to receive, within the relevant time limit as prescribed      in the Law or as the HKEX may from time to time determine, whichever is      shorter, after allotment or lodgment of transfer (or within such other      period as the conditions of issue shall provide), one certificate for all      his shares of each class or, if he shall so request, in a case where the      allotment or transfer is of a number of shares in excess of the number for      the time being forming an Exchange board lot, upon payment, in the case of      a transfer, of a sum equal to the relevant maximum amount as the HKEX may      from time to time determine for every certificate after the first or such      lesser sum as the Board shall from time to time determine, such numbers of      certificates for shares in Exchange board lots or multiples thereof as he      shall request and one for the balance (if any) of the shares in question,      provided that in respect of a share or shares held jointly by several      persons the Company shall not be bound to issue a certificate or      certificates to each such person, and the issue and delivery of a      certificate or certificates to one of several joint holders shall be      sufficient delivery to all such holders.  All certificates for      shares shall be delivered personally or sent through the post addressed to      the member entitled thereto at his registered address as appearing in the      register. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.10 | Every      certificate for shares or debentures or representing any other form of      security of the Company shall be issued under the seal of the Company,      which shall only be affixed with the authority of the Board, and where      applicable, shall bear legends required under the applicable laws,      including the US Securities Act. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.11 | Every      share certificate shall specify the number and class of shares in respect      of which it is issued and the amount paid thereon or the fact that they      are fully paid, as the case may be, and may otherwise be in such form as      the Board may from time to timeprescribe. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.12 | The      Company shall not be bound to register more than four persons as joint      holders of any share.  If any share shall stand in the names of      two or more persons, the person first named in the register shall be      deemed the sole holder thereof as regards service of notices and, subject      to the provisions of these Articles, all or any other matters connected      with the Company, except the transfer of the  share. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.13 | If      a share certificate is defaced, lost or destroyed, it may be replaced on      payment of such fee, if any, not exceeding such amount as may from time to      time be permitted under the Hong Kong Listing Rules or such lesser sum as      the Board may from time to time require) and on such terms and conditions,      if any, as to publication of notices, evidence and indemnity, as the Board      thinks fit and where it is defaced or worn out, after delivery up of the      old certificate to the Company forcancellation. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | Lien |
|---|------|

| 5.1 | The      Company shall have a first and paramount lien on every share (not being a      fully paid up share) for all moneys, whether presently payable or not,      called or payable at a fixed time in respect of such share; and the      Company shall also have a first and paramount lien and charge on all      shares (other than fully paid up shares) standing registered in the name      of a member (whether solely or jointly with others) for all the debts and      liabilities of such member or his estate to the Company and whether the      same shall have been incurred before or after notice to the Company of any      equitable or other interest of any person other than such member, and      whether the period for the payment or discharge of the same shall have      actually arrived or not, and notwithstanding that the same are joint debts      or liabilities of such member or his estate and any other person, whether      such person is a member of the Company ornot. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.2 | The      Company's lien (if any) on a share shall extend to all dividends and      bonuses declared in respect thereof.  The Board may resolve that      any share shall for some specified period be exempt wholly or partially      from the provisions of thisArticle. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | The      Company may sell in such manner as the Board thinks fit any shares on      which the Company has a lien, but no sale shall be made unless some sum in      respect of which the lien exists is presently payable or the liability or      engagement in respect of which such lien exists is liable to be presently      fulfilled or discharged, nor until the expiration of 14 days after a      notice in writing, stating and demanding payment of the sum presently      payable or specifying the liability or engagement and demanding fulfilment      or discharge thereof and giving notice of intention to sell in default,      shall have been given to the registered holder for the time being of the      shares or the person, of which the Company has notice, entitled to the      shares by reason of such holder's death, mental disorder or      bankruptcy. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | The      net proceeds of such sale by the Company after the payment of the costs of      such sale shall be applied in or towards payment or satisfaction of the      debt or liability or engagement in respect whereof the lien exists, so far      as the same is presently payable, and any residue shall (subject to a like      lien for debts or liabilities not presently payable as existed upon the      shares prior to the sale and upon surrender, if required by the Company,      for cancellation of the certificate for the share sold) be paid to the      holder immediately before such sale of the share.  For giving      effect to any such sale, the Board may authorise any person to transfer      the shares sold to the purchaser thereof and may enter the purchaser's      name in the register as holder of the shares, and the purchaser shall not      be bound to see to the application of the purchase money, nor shall his      title to the shares be affected by any irregularity or invalidity in the      proceedings in reference to thesale. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | Calls on      Shares |
|---|----------------------|

| 6.1 | The      Board may from time to time make such calls as it may think fit upon the      members in respect of any monies unpaid on the shares held by them      respectively (whether on account of the nominal amount of the shares or by      way of premium or otherwise) and not by the conditions of allotment      thereof made payable at fixed times.  A call may be made payable      either in one sum or by instalments.  A call may be revoked or      postponed as the Board maydetermine. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | At      least 14 days' notice of any call shall be given to each member specifying      the time and place of payment and to whom such payment shall be      made. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | A      copy of the notice referred to in Article 6.2 shall be sent in the manner      in which notices may be sent to members by the Company as herein      provided. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4 | Every      member upon whom a call is made shall pay the amount of every call so made      on him to the person and at the time or times and place or places as the      Board shall specify.  A person upon whom a call is made shall      remain liable on such call notwithstanding the subsequent transfer of the      shares in respect of which the call wasmade. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.5 | In      addition to the giving of notice in accordance with Article 6.3, notice of      the person appointed to receive payment of every call and of the times and      places appointed for payment may be given to the members effected by      notice published on the HKEX’s website, or, subject to the NYSE Rules      and/or the Hong Kong Listing Rules, by electronic communication in the      manner in which notices may be served by the Company by electronic means      as herein provided or by advertisement published in the      newspapers. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6 | A      call shall be deemed to have been made at the time when the resolution of      the Board authorising such call waspassed. |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

| 6.7 | The      joint holders of a share shall be severally as well as jointly liable for      the payment of all calls and instalments due in respect of such share or      other moneys due in respectthereof. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.8 | The      Board may from time to time at its discretion extend the time fixed for      any call, and may extend such time as to all or any of the members, whom      by reason of residence outside Hong Kong or other cause the Board      considers it reasonable to grant an extension to, but no member shall be      entitled to any such extension as a matter of grace and      favour. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.9 | If      the sum or any instalment payable in respect of any call is unpaid on or      before the day appointed for payment thereof, the person or persons from      whom the sum is due shall pay interest on the same at such rate not      exceeding 15% per annum as the Board shall determine from the day      appointed for the payment thereof to the time of actual payment, but the      Board may waive payment of such interest wholly or in  part. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.10 | No      member shall be entitled to receive any dividend or bonus or to be present      and vote (save as proxy for another member) at any general meeting, either      personally or by proxy, or be reckoned in a quorum, or to exercise any      other privilege as a member until all sums or instalments due from him to      the Company in respect of any call, whether alone or jointly with any      other person, together with interest and expenses (if any) shall have been      paid. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.11 | At      the trial or hearing of any action or other proceedings for the recovery      of any money due for any call, it shall be sufficient to prove that the      name of the member sued is entered in the register as the holder, or one      of the holders, of the shares in respect of which such debt accrued; that      the resolution making the call is duly recorded in the minute book; and      that notice of such call was duly given to the member sued, in pursuance      of these Articles; and it shall not be necessary to prove the appointment      of the Directors who made such call, nor any other matters whatsoever, and      the proof of the matters aforesaid shall be conclusive evidence of the      debt. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.12 | Any      sum which by the terms of allotment of a share is made payable upon      allotment or at any fixed date, whether on account of the nominal value of      the share and/or by way of premium or otherwise, shall for all purposes of      these Articles be deemed to be a call duly made and payable on the date      fixed for payment, and in case of non-payment, all the relevant provisions      of these Articles as to payment of interest and expenses, liabilities of      joint holders, forfeiture and the like, shall apply as if such sum had      become payable by virtue of a call duly made and  notified. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.13 | The      Board may, if it thinks fit, receive from any member willing to advance      the same, and either in money or money's worth, all or any part of the      money uncalled and unpaid or instalments payable upon any shares held by      him, and upon all or  any of the moneys so advanced the Company      may pay interest at such rate (if any) as the Board may      decide.  The Board may at any time repay the amount so advanced      upon giving to such member not less than one month's notice in writing of      its intention in that behalf, unless before the expiration of such notice      the amount so advanced shall have been called up on the shares in respect      of which it was advanced.  No such sum paid in advance of calls      shall entitle the member paying such sum to any portion of a dividend      declared in respect of any period prior to the date upon which such sum      would, but for such payment, become presently  payable. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | Transfer of      Shares |
|---|-------------------------|

| 7.1 | Transfers      of shares may be effected by an instrument of transfer in the usual common      form or in such other form as the Board may approve, which is consistent      with the standard form of transfer as prescribed by the HKEX and approved      by the Board.  All instruments of transfer must be left at the      registered office of the Company or at such other place as the Board may      appoint and all such instruments of transfer shall be retained by the      Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | The      instrument of transfer shall be executed by or on behalf of the transferor      and by or on behalf of the transferee PROVIDED that the Board may dispense      with the execution of the instrument of transfer by the transferee in any      case which it thinks fit in its discretion to do so.  The      instrument of transfer of any share shall be in writing and shall be      executed with a manual signature or facsimile signature (which may be      machine imprinted or otherwise) by or on behalf of the transferor and      transferee PROVIDED that in the case of execution by facsimile signature      by or on behalf of a transferor or transferee, the Board shall have      previously been provided with a list of specimen signatures of the      authorised signatories of such transferor or transferee and the Board      shall be reasonably satisfied that such facsimile signature corresponds to      one of those specimen signatures.  The transferor shall be      deemed to remain the holder of a share until the name of the transferee is      entered in the register in respectthereof. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | The      Board may, in its absolute discretion, and without assigning any reason,      refuse to register a transfer of any share which is not fully paid up or      on which the Company has a lien. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4 | If      the Board shall refuse to register a transfer of any share, it shall,      within two months after the date on which the transfer was lodged with the      Company, send to each of the transferor and the transferee notice of such      refusal. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.5 | The      Board may also decline to register any transfer of any shares      unless: |
|-----|-------------------------------------------------------------------------------------|

|   | (a) | the      instrument of transfer is lodged with the Company accompanied by the      certificate for the shares to which it relates (which shall upon      registration of the transfer be cancelled) and such other evidence as the      Board may reasonably require to show the right of the transferor to make      the transfer; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | the      instrument of transfer is in respect of only one class of      shares; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (c) | the      instrument of transfer is properly stamped (in circumstances where      stamping is required); |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (d) | in      the case of a transfer to joint holders, the number of joint holders to      which the share is to be transferred does not exceed  four; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the      shares concerned are free of any lien in favour of the Company;      and |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (f) | a      fee of such maximum as the HKEX and/or the NYSE may from time to time      determine to be payable (or such lesser sum as the Board may from time to      time require) is paid to the Company in respect  thereof. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.6 | No      transfer shall be made to an infant or to a person in respect of whom an      order has been made by any competent court or official on the grounds that      he is or may be suffering from mental disorder or is otherwise incapable      of managing his affairs or under other legal  disability. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.7 | Upon      every transfer of shares the certificate held by the transferor shall be      given up to be cancelled, and shall forthwith be cancelled accordingly,      and a new certificate shall be issued without charge to the transferee in      respect of the shares transferred to him, and if any of the shares      included in the certificate so given up shall be retained by the      transferor, a new certificate in respect thereof shall be issued to him      without charge.  The Company shall also retain the instrument(s)      of transfer. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.8 | The      registration of transfers may, on 14 days' notice being given by      advertisement published on the HKEX’s website, or, subject to the Hong      Kong Listing Rules and/or the requirements of the NYSE, by electronic      communication in the manner in which notices may be served by the Company      by electronic means as herein provided or by advertisement published in      the newspapers, be suspended and the register closed at such times for      such periods as the Board may from time to time determine, provided always      that such registration shall not be suspended or the register closed for      more than 30 days in any year (or such longer period as the members may by      ordinary resolution determine provided that such period shall not be      extended beyond 60 days in anyyear). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | Transmission of      Shares |
|---|-----------------------------|

| 8.1 | In      the case of the death of a member, the survivor or survivors where the      deceased was a joint holder, and the legal personal representatives of the      deceased where he was a sole holder, shall be the only persons recognised      by the Company as having any title to his interest in the shares; but      nothing herein contained shall release the estate of a deceased holder      (whether sole or joint) from any liability in respect of any share solely      or jointly held by him. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Any      person becoming entitled to a share in consequence of the death or      bankruptcy or winding-up of a member may, upon such evidence as to his      title being produced as may from time to time be required by the Board and      subject as hereinafter provided, either be registered himself as holder of      the share or elect to have some other person nominated by him registered      as the transferee thereof. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.3 | If      the person so becoming entitled shall elect to be registered himself, he      shall deliver or send to the Company a notice in writing signed by him      stating that he so elects.  If he shall elect to have his      nominee registered he shall testify his election by executing in favour of      his nominee a transfer of such share.  All the limitations,      restrictions and provisions of these Articles relating to the right to      transfer and the registration of transfers of shares shall be applicable      to any such notice or transfer as aforesaid as if the death or bankruptcy      or winding-up of the member had not occurred and the notice or transfer      were a transfer executed by suchmember. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4 | A      person becoming entitled to a share by reason of the death or bankruptcy      or winding-up of the holder shall be entitled to the same dividends and      other advantages to which he would be entitled if he were the registered      holder of the share.  However, the Board may, if it thinks fit,      withhold the payment of any dividend payable or other advantages in      respect of such share until such person shall become the registered holder      of the share or shall have effectually transferred such share, but,      subject to the requirements of Article 14.3 being met, such a person may      vote at meetings. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | Forfeiture of      Shares |
|---|---------------------------|

| 9.1 | If      a member fails to pay any call or instalment of a call on the day      appointed for payment thereof, the Board may, at any time during such time      as any part thereof remains unpaid, without prejudice to the provisions of      Article 6.10, serve a notice on him requiring payment of so much of the      call or instalment as is unpaid, together with any interest which may have      accrued and which may still accrue up to the date of actual      payment. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | The      notice shall name a further day (not earlier than the expiration of 14      days from the date of service of the notice) on or before which, and the      place where, the payment required by the notice is to be made, and shall      state that in the event of non-payment at or before the time and at the      place appointed, the shares in respect of which the call was made or      instalment is unpaid will be liable to be forfeited.  The Board      may accept a surrender of any share liable to be forfeited hereunder and      in such case, references in these Articles to forfeiture shall include      surrender. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | If      the requirements of any such notice as aforesaid are not complied with,      any share in respect of which the notice has been given may at any time      thereafter, before the payment required by the notice has been made, be      forfeited by a resolution of the Board to that effect.  Such      forfeiture shall include all dividends and bonuses declared in respect of      the forfeited share, and not actually paid before the      forfeiture. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4 | Any      share so forfeited shall be deemed to be the property of the Company, and      may be re-allotted sold or otherwise disposed of on such terms and in such      manner as the Board thinks fit and at any time before a re-allotment, sale      or disposition the forfeiture may be cancelled by the Board on such terms      as it thinks fit. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.5 | A      person whose shares have been forfeited shall cease to be a member in      respect of the forfeited shares but shall, notwithstanding, remain liable      to pay to the Company all moneys which, at the date of forfeiture, were      payable by him to the Company in respect of the shares, together with (if      the Board shall in its discretion so require) interest thereon from the      date of forfeiture until payment at such rate not exceeding 15% per annum      as the Board may prescribe, and the Board may enforce the payment thereof      if it thinks fit, and without any deduction or allowance for the value of      the shares forfeited, at the date of forfeiture.  For the      purposes of this Article any sum which, by the terms of issue of a share,      is payable thereon at a fixed time which is subsequent to the date of      forfeiture, whether on account of the nominal value of the share or by way      of premium, shall notwithstanding that time has not yet arrived, be deemed      to be payable at the date of forfeiture, and the same shall become due and      payable immediately upon the forfeiture, but interest thereon shall only      be payable in respect of any period between the said fixed time and the      date of actual payment. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.6 | A      statutory declaration in writing that the declarant is a Director or      Secretary, and that a share in the Company has been duly forfeited on a      date stated in the declaration, shall be conclusive evidence of the facts      therein stated as against all persons claiming to be entitled to the      share.  The Company may receive the consideration, if any, given      for the share on any re-allotment, sale or disposition thereof and the      Board may authorise any person to execute a letter of re-allotment or      transfer the share in favour of the person to whom the share is      re-allotted, sold or disposed of and he shall thereupon be registered as      the holder of the share, and shall not be bound to see to the application      of the subscription or purchase money, if any, nor shall his title to the      share be affected by any irregularity or invalidity  in the      proceedings in reference to the forfeiture, re-allotment, sale or other      disposal of the share. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.7 | When      any share shall have been forfeited, notice of the forfeiture shall be      given to the member in whose name it stood immediately prior to the      forfeiture, and an entry of the forfeiture, with the date thereof, shall      forthwith be made in the register.  Notwithstanding the above,      no forfeiture shall be in any manner invalidated by any omission or      neglect to give such notice asaforesaid. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.8 | Notwithstanding      any such forfeiture as aforesaid, the Board may at any time, before any      share so forfeited shall have been re-allotted, sold, or otherwise      disposed of, permit the share forfeited to be redeemed upon the terms of      payment of all calls and interest due upon and expenses incurred in      respect of the share, and upon such further terms (if any) as it thinks      fit. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.9 | The      forfeiture of a share shall not prejudice the right of the Company to any      call already made or instalment payablethereon. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 9.10 | The      provisions of these Articles as to forfeiture shall apply in the case of      non-payment of any sum which, by the terms of issue of a share, becomes      payable at a fixed time, whether on account of the nominal value of the      share or by way of premium, as if the same had been payable by virtue of a      call duly made and notified. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | Alteration of      Capital |
|----|----------------------------|

| 10.1 | The      Company may from time to time by ordinary  resolution: |
|------|-----------------------------------------------------------------|

|   | (a) | consolidate      and divide all or any of its share capital into shares of larger amount      than its existing shares.  On any consolidation of fully paid      shares and division into shares of larger amount, the Board may settle any      difficulty which may arise as it thinks expedient and in particular (but      without prejudice to the generality of the foregoing) may as between the      holders of shares to be consolidated determine which particular shares are      to be consolidated into each consolidated share, and if it shall happen      that any person shall become entitled to fractions of a consolidated share      or shares, such fractions may be sold by some person appointed by the      Board for that purpose and the person so appointed may transfer the shares      so sold to the purchaser thereof and the validity of such transfer shall      not be questioned, and so that the net proceeds of such sale (after      deduction of the expenses of such sale) may either be distributed among      the persons who would otherwise be entitled to a fraction or fractions of      a consolidated share or shares rateably in accordance with their rights      and interests or may be paid to the Company for the Company's      benefit; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | cancel      any shares which at the date of the passing of the resolution have not      been taken or agreed to be taken by any person, and diminish the amount of      its share capital by the amount of the shares so cancelled subject to the      provisions of the Law; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | sub-divide      its shares or any of them into shares of smaller amount than is fixed by      the Memorandum of Association of the Company, subject nevertheless to the      provisions of the Law, and so that the resolution whereby any share is      sub-divided may determine that, as between the holders of the shares      resulting from such sub-division, one or more of the shares may have any      such preferred or other special rights, over, or may have such deferred      rights or be subject to any such restrictions as compared with the others      as the Company has power to attach to unissued or new    shares. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | The      Company may by special resolution reduce its share capital or any capital      redemption reserve in any manner authorised and subject to any conditions      prescribed by the Law. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | Borrowing      Powers |
|----|-----------------------|

| 11.1 | The      Board may from time to time at its discretion exercise all the powers of      the Company to raise or borrow or to secure the payment of any sum or sums      of money for the purposes of the Company and to mortgage or charge its      undertaking, property and assets (present and future) and uncalled capital      or any part thereof. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | The      Board may raise or secure the payment or repayment of such sum or sums in      such manner and upon such terms and conditions in all respects as it      thinks fit and, in particular, by the issue of debentures, debenture      stock, bonds or other securities of the Company, whether outright or as      collateral security for any debts, liability or obligations of the Company      or of any third party. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | Debentures,      debenture stock, bonds and other securities may be made assignable free      from any equities between the Company and the person to whom the same may      be issued. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.4 | Any      debentures, debenture stock, bonds or other securities may be issued at a      discount, premium or otherwise and with any special privileges as to      redemption, surrender, drawings, allotment of shares, attending and voting      at general meetings of the Company, appointment of Directors and      otherwise. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | The      Board shall cause a proper register to be kept, in accordance with the      provisions of the Law, of all mortgages and charges specifically affecting      the property of the Company and shall duly comply with the requirements of      the Law in regard to the registration of mortgages and charges therein      specified and otherwise. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.6 | If      the Company issues debentures or debenture stock (whether as part of a      series or as individual instruments) not transferable by delivery, the      Board shall cause a proper register to be kept of the holders of such      debentures. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.7 | Where      any uncalled capital of the Company is charged, all persons taking any      subsequent charge thereon shall take the same subject to such prior      charge, and shall not be entitled, by notice to the members or otherwise,      to obtain priority over such priorcharge. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12 | General      Meetings |
|----|-----------------------|

| 12.1 | The      Company shall in each year hold a general meeting as its annual general      meeting in addition to any other meeting in that year and shall specify      the meeting as such in the notices calling it; and not more than 15 months      shall elapse (or such longer period as the HKEX and the NYSE may      authorise) between the date of one annual general meeting of the Company      and that of the next.  So long as the first annual general      meeting of the Company is held within 18 months of its incorporation, it      need not be held in the year of its incorporation or in the following      year.  The annual general meeting shall be held at such time and      place as the Board shall appoint. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | All      general meetings other than annual general meetings shall be called      extraordinary general meetings. |
|------|-------------------------------------------------------------------------------------------------------------------|

| 12.3 | The      Board may, whenever it thinks fit, convene an extraordinary general      meeting.  General meetings shall also be convened on the written      requisition of any two or more members of the Company deposited at the      principal office of the Company in Hong Kong or, in the event the Company      ceases to have such a principal office, the registered office specifying      the objects of the meeting and signed by the requisitionists, provided      that such requisitionists held as at the date of deposit of the      requisition not less than one-tenth of the paid up capital of the Company      which carries the right of voting at general meetings of the      Company.  General meetings may also be convened on the written      requisition of any one member of the Company which is a recognised      clearing house (or its nominee(s)) deposited at the principal office of      the Company in Hong Kong or, in the event the Company ceases to have such      a principal office, the registered office specifying the objects of the      meeting and signed by the requisitionist, provided that such      requisitionist held as at the date of deposit of the requisition not less      than one-tenth of the paid up capital of the Company which carries the      right of voting at general meetings of the Company.  If the      Board does not within 21 days from the date of deposit of the requisition      proceed duly to convene the meeting to be held within a further 21 days,      the requisitionist(s) themselves or any of them representing more than      one-half of the total voting rights of all of them, may convene the      general meeting in the same manner, as nearly as possible, as that in      which meetings may be convened by the Board provided that any meeting so      convened shall not be held after the expiration of three months from the      date of deposit of the requisition, and all reasonable expenses incurred      by the requisitionist(s) as a result of the failure of the Board shall be      reimbursed to them by the Company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4 | An      annual general meeting and any extraordinary general meeting called for      the passing of a special resolution shall be called by not less than 21      days' notice in writing and any other extraordinary general meeting shall      be called by not less than 14 days' notice in writing.  Subject      to the requirement under the Hong Kong Listing Rules and/or the NYSE      Rules, the notice shall be inclusive of the day on which it is served or      deemed to be served and of the day for which it is given, and shall      specify the time, place, and agenda of the meeting, particulars of the      resolutions to be considered at the meeting and in the case of special      business (as defined in Article 13.1) the general nature of that      business.  The notice convening an annual general meeting shall      specify the meeting as such, and the notice convening a meeting to pass a      special resolution shall specify the intention to propose the resolution      as a special resolution.  Notice of every general meeting shall      be given to the Auditors and to all members other than such as, under the      provisions hereof or the terms of issue of the shares they hold, are not      entitled to receive such notice from the  Company. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.5 | Notwithstanding      that a meeting of the Company is called by shorter notice than that      referred to in Article 12.4, it shall be deemed to have been duly called      if it is so agreed: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      the case of a meeting called as an annual general meeting, by all the      members of the Company entitled to attend and vote thereat or their      proxies; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in      the case of any other meeting, by a majority in number of the members      having a right to attend and vote at the meeting, being a majority      together holding not less than 95% in nominal value of the shares giving      that right. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.6 | There      shall appear with reasonable prominence in every notice of general      meetings of the Company a statement that a member entitled to attend and      vote is entitled to appoint a proxy to attend and vote instead of him and      that a proxy need not be a member of the  Company. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.7 | The      accidental omission to give any such notice to, or the non-receipt of any      such notice by, any person entitled to receive notice shall not invalidate      any resolution passed or any proceeding at any such    meeting. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.8 | In      cases where instruments of proxy are sent out with notices, the accidental      omission to send such instrument of proxy to, or the non-receipt of such      instrument of proxy by, any person entitled to receive notice shall not      invalidate any resolution passed or any proceeding at any such      meeting. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13 | Proceedings at General      Meetings |
|----|--------------------------------------|

| 13.1 | All      business shall be deemed special that is transacted at an extraordinary      general meeting and also all business shall be deemed special that is      transacted at an annual general meeting with the exception of the      following, which shall be deemed ordinary  business: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      declaration and sanctioning ofdividends; |
|--------|-----|---------------------------------------------------|

|   | (b) | the      consideration and adoption of the accounts and balance sheets and the      reports of the Directors and Auditors and other documents required to be      annexed to the balance sheet; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      election of Directors in place of those  retiring; |
|--------|-----|-------------------------------------------------------------|

|   | (d) | the      appointment of Auditors; |
|--------|-----|-----------------------------------|

|   | (e) | the      fixing of, or the determining of the method of fixing of, the remuneration      of the Directors and of theAuditors; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the      granting of any mandate or authority to the Directors to offer, allot,      grant options over, or otherwise dispose of the unissued shares of the      Company representing not more than 20% (or such other percentage as may      from time to time be specified in the Hong Kong Listing Rules) in nominal      value of its then existing issued share capital and the number of any      securities repurchased pursuant to Article 13.1(g);  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      granting of any mandate or authority to the Directors to repurchase      securities of the Company. |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

----

| 13.2 | For      all purposes the quorum for a general meeting shall be two members present      in person (or in the case of a corporation, by its duly authorised      representative) or by proxy provided always that if the Company has only      one member of record the quorum shall be that one member present in person      or by proxy.  No business (except the appointment of a Chairman)      shall be transacted at any general meeting unless the requisite quorum      shall be present at the commencement of the  business. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | If      within 15 minutes from the time appointed for the meeting a quorum is not      present, the meeting, if convened upon the requisition of members, shall      be dissolved, but in any other case it shall stand adjourned to the same      day in the next week and at such time and place as shall be decided by the      Board, and if at such adjourned meeting a quorum is not present within 15      minutes from the time appointed for holding the meeting, the member or      members present in person (or in the case of a corporation, by its duly      authorised representative) or by proxy shall be a quorum and may transact      the business for which the meeting wascalled. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4 | The      Chairman shall take the chair at every general meeting, or, if there be no      such Chairman or, if at any general meeting such Chairman shall not be      present within 15 minutes after the time appointed for holding such      meeting or is unwilling to act, the Directors present shall choose another      Director as Chairman, and if no Director be present, or if all the      Directors present decline to take the chair, or if the Chairman chosen      shall retire from the chair, then the members present (whether in person      or represented by proxy or duly authorised representative) shall choose      one of their own number to beChairman. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.5 | The      Chairman may, with the consent of any general meeting at which a quorum is      present, and shall, if so directed by the meeting, adjourn any meeting      from time to time and from place to place as the meeting shall      determine.  Whenever a meeting is adjourned for 14 days or more,      at least seven clear days' notice, specifying the place, the day and the      hour of the adjourned meeting shall be given in the same manner as in the      case of an original meeting but it shall not be necessary to specify in      such notice the nature of the business to be transacted at the adjourned      meeting.  Save as aforesaid, no member shall be entitled to any      notice of an adjournment or of the business to be transacted at any      adjourned meeting.  No business shall be transacted at any      adjourned meeting other than the business which might have been transacted      at the meeting from which the adjournment took  place. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.6 | At      any general meeting a resolution put to the vote of the meeting shall be      decided on a poll. |
|------|----------------------------------------------------------------------------------------------------------|

| 13.7 | [Intentionally      left blank] |
|------|---------------------------------|

| 13.8 | A      poll shall (subject as provided in Article 13.10) be taken in such manner      (including the use of ballot or voting papers or tickets) and at such time      and place, not being more than 30 days from the date of the meeting or      adjourned meeting at which the poll was taken as the Chairman      directs.  No notice need be given of a poll not taken      immediately.  The result of the poll shall be deemed to be the      resolution of the meeting at which the poll was  taken. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.9 | [Intentionally      left blank] |
|------|---------------------------------|

| 13.10 | Any      poll on the election of a Chairman of a meeting or any question of      adjournment shall be taken at the meeting and without      adjournment. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.11 | In      the case of an equality of votes, the Chairman of the meeting at which the      poll is taken shall be entitled to a second or casting    vote. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.12 | A      resolution in writing (in one or more counterparts), including a special      resolution, signed by all members for the time being entitled to receive      notice of and to attend and vote at general meetings (or being      corporations by their duly appointed representatives) shall be as valid      and effective as if the same had been passed at a general meeting of the      Company duly convened and held.  Any such resolution shall be      deemed to have been passed at a meeting held on the date on which it was      signed by the last member to sign. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | Votes of      Members |
|----|-----------------------|

| 14.1 | Subject      to any special rights, privileges or restrictions as to voting for the      time being attached to any class or classes of shares, at any general      meeting every member present in person (or, in the case of a member being      a corporation, by its duly authorised representative) or by proxy shall      have one vote for each share registered in his name in the      register.  A member entitled to more than one vote is under no      obligation to cast all his votes in the same way.  For the      avoidance of doubt, where more than one proxy is appointed by a recognised      clearing house (or its nominee(s), each such proxy is under no obligation      to cast all his votes in the sameway. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | Where      any member is, under the Hong Kong Listing Rules, required to abstain from      voting on any particular resolution or restricted to voting only for or      only against any particular resolution, any votes cast by or on behalf of      such member in contravention of such requirement or restriction shall not      be counted. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | Any      person entitled under Article 8.2 to be registered as a member may vote at      any general meeting in respect thereof in the same manner as if he were      the registered holder of such shares, provided that at least 48 hours      before the time of the holding of the meeting or adjourned meeting (as the      case may be) at which he proposed to vote, he shall satisfy the Board of      his right to be registered as the holder of such shares or the Board shall      have previously admitted his right to vote at such meeting in respect      thereof. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4 | Where      there are joint registered holders of any share, any one of such persons      may vote at any meeting, either personally or by proxy, in respect of such      share as if he were solely entitled thereto; but if more than one of such      joint holders be present at any meeting personally or by proxy, that one      of the said persons so present being the most or, as the case may be, the      more senior shall alone be entitled to vote in respect of the relevant      joint holding and, for this purpose, seniority shall be determined by      reference to the order in which the names of the joint holders stand on      the register in respect of the relevant joint holding. Several executors      or administrators of a deceased member in whose name any share stands      shall for the purposes of this Article be deemed joint holders      thereof. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.5 | A      member in respect of whom an order has been made by any competent court or      official on the grounds that he is or may be suffering from mental      disorder or is otherwise incapable of managing his affairs may vote by any      person authorised in such circumstances to do so, and such person may vote      by proxy. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.6 | Save      as expressly provided in these Articles or as otherwise determined by the      Board, no person other than a member duly registered and who shall have      paid all sums for the time being due from him payable to the Company in      respect of his shares shall be entitled to be present or to vote (save as      proxy for another member), or to be reckoned in a quorum, either      personally or by proxy at any generalmeeting. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.7 | No      objection shall be raised as to the qualification of any person exercising      or purporting to exercise any vote or to the admissibility of any vote      except at the meeting or adjourned meeting at which the person exercising      or purporting to exercise his vote or the vote objected to is given or      tendered, and every vote not disallowed at such meeting shall be valid for      all purposes.  In the case of any dispute as to the admission or      rejection of any vote, the Chairman of the meeting shall determine the      same and such determination shall be final and  conclusive. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.8 | Any      member of the Company entitled to attend and vote at a meeting of the      Company shall be entitled to appoint another person (who must be an      individual) as his proxy to attend and vote instead of him and a proxy so      appointed shall have the same right as the member to speak at the      meeting.  Votes may be given either personally or by      proxy.  A proxy need not be a member of the      Company.  A member may appoint any number of proxies to attend      in his stead at any one general meeting (or at any one class      meeting). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.9 | The      instrument appointing a proxy shall be in writing under the hand of the      appointor or of his attorney authorised in writing, or if the appointor is      a corporation, either under its seal or under the hand of an officer,      attorney or other person duly authorised to sign the  same. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.10 | The      instrument appointing a proxy and (if required by the Board) the power of      attorney or other authority, (if any) under which it is signed, or a      notarially certified copy of such power or authority, shall be delivered      at the registered office of the Company (or at such other place as may be      specified in the notice convening the meeting or in any notice of any      adjournment or, in either case, in any document sent therewith) not less      than 48 hours before the time appointed for holding the meeting or      adjourned meeting at which the person named in the instrument proposes to      vote, or, in the case of a poll taken subsequently to the date of a      meeting or adjourned meeting, not less than 48 hours before the time      appointed for the taking of the poll, and in default the instrument of      proxy shall not be treated as valid provided always that the Chairman of      the meeting may at his discretion direct that an instrument of proxy shall      be deemed to have been duly deposited upon receipt of telex or cable or      facsimile confirmation from the appointor that the instrument of proxy      duly signed is in the course of transmission to the Company.  No      instrument appointing a proxy shall be valid after the expiration of 12      months from the date named in it as the date of its      execution.  Delivery of any instrument appointing a proxy shall      not preclude a member from attending and voting in person at the meeting      or poll concerned and, in such event, the instrument appointing a proxy      shall be deemed to be revoked. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.11 | Every      instrument of proxy, whether for a specified meeting or otherwise, shall      be in common form or such other form that complies with the Hong Kong      Listing Rules as the Board may from time to time approve, provided that it      shall enable a member, according to his intention, to instruct his proxy      to vote in favour of or against (or in default of instructions or in the      event of conflicting instructions, to exercise his discretion in respect      of) each resolution to be proposed at the meeting to which the form of      proxy relates. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.12 | The      instrument appointing a proxy to vote at a general meeting shall: (a) be      deemed to confer authority to vote on any amendment of a resolution put to      the meeting for which it is given as the proxy thinks fit; and (b) unless      the contrary is stated therein, be valid as well for any adjournment of      the meeting as for the meeting to which it relates, provided that the      meeting was originally held within 12 months from such    date. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.13 | A      vote given in accordance with the terms of an instrument of proxy or      resolution of a member shall be valid notwithstanding the previous death      or insanity of the principal or revocation of the proxy or power of      attorney or other authority under which the proxy or resolution of a      member was executed or revocation of the relevant resolution or the      transfer of the share in respect of which the proxy was given, provided      that no intimation in writing of such death, insanity, revocation or      transfer as aforesaid shall have been received by the Company at its      registered office, or at such other place as is referred to in Article      14.10, at least two hours before the  commencement of the      meeting or adjourned meeting at which the proxy is  used. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.14 | Any      corporation which is a member of the Company may, by resolution of its      directors or other governing body or by power of attorney, authorise such      person as it thinks fit to act as its representative at any meeting of the      Company or of members of any class of shares of the Company and the person      so authorised shall be entitled to exercise the same powers on behalf of      the corporation which he represents as that corporation could exercise if      it were an individual member of the Company and where a corporation is so      represented, it shall be treated as being present at any meeting in      person. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.15 | If      a recognised clearing house (or its nominee(s)) is a member of the Company      it may authorise such person or persons as it thinks fit to act as its      representative(s) at any general meeting of the Company or at any general      meeting of any class of members of the Company provided that, if more than      one person is so authorised, the authorisation shall specify the number      and class of shares in respect of which each such person is so authorised.      The person so authorised will be deemed to have been duly authorised      without the need of producing any documents of title, notarised      authorisation and/or further evidence for substantiating the facts that it      is duly authorised.  A person so authorised pursuant to this      provision shall be entitled to exercise the same rights and powers on      behalf of the recognised clearing house (or its nominee(s)) which he      represents as that recognised clearing house (or its nominee(s)) could      exercise as if such person were an individual member of the Company      holding the number and class of shares specified in such authorisation,      notwithstanding any contrary provision contained in these      Articles. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15 | Registered      Office |
|----|------------------------|

| 16 | Board of      Directors |
|----|-------------------------|

| 16.1 | The      number of Directors shall not be less than two and not more than 9      Directors, including such number of Independent Directors as may be      required by applicable NYSE Rules so long as the ADSs representing      Ordinary Shares are listed on the NYSE.  The Board of Directors      shall have a Chairman of the Board of Directors (the “Chairman”) elected and      appointed by a majority of the Directors then in office. The Directors may      also elect a Co-Chairman or a Vice-Chairman of the Board of Directors (the      “Co-Chairman”).      The Chairman shall preside as chairman at every meeting of the Board of      Directors. To the extent the Chairman is not present at a meeting of the      Board of Directors, the Co-Chairman, or in his absence, the attending      Directors may choose one Director to be the chairman of the meeting. The      Chairman’s voting right as to the matters to be decided by the Board of      Directors shall be the same as otherDirectors. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | The      Board shall have power from time to time and at any time to appoint any      person as a Director either to fill a casual vacancy or as an addition to      the Board.  Any Director so appointed shall hold office only      until the next following annual general meeting of the Company and shall      then be eligible for re-election at that  meeting. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.3 | The      Company may from time to time in general meeting by ordinary resolution      increase or reduce the number of Directors but so that the number of      Directors shall not be less than two.  Subject to the provisions      of these Articles and the Law, the Company may by ordinary resolution      elect any person to be a Director either to fill a casual vacancy or as an      addition to the existing Directors.  Any Director so appointed      shall hold office only until the next following annual  general      meeting of the Company and shall then be eligible for      re-election. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4 | No      person shall, unless recommended by the Board, be eligible for election to      the office of Director at any general meeting unless during the period,      which shall be at least seven days, commencing no earlier than the day      after the despatch of the notice of the meeting appointed for such      election and ending no later than seven days prior to the date of such      meeting, there has been given to the Secretary notice in writing by a      member of the Company (not being the person to be proposed), entitled to      attend and vote at the meeting for which such notice is given, of his      intention to propose such person for election and also notice in writing      signed by the person to be proposed of his willingness to be      elected. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5 | The      Company shall keep at its office a register of directors and officers      containing their names and addresses and occupations and any other      particulars required by the Law and shall send to the Registrar of      Companies of the Cayman Islands a copy of such register and shall from      time to time notify to the Registrar of Companies of the Cayman Islands      any change that takes place in relation to such Directors as required by      the Law. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.6 | The      Company may by ordinary resolution at any time remove any Director      (including a managing director or other executive Director) before the      expiration of his period of office notwithstanding anything in these      Articles or in any agreement between the Company and such Director and may      by ordinary resolution elect another person in his stead.  Any      person so elected shall hold office during such time only as the Director      in whose place he is elected would have held the same if he had not been      removed.   Nothing in this Article should be taken as      depriving a Director removed under any provisions of this Article of      compensation or damages payable to him in respect of the termination of      his appointment as Director or of any other appointment or office as a      result of the termination of his appointment as Director or as derogatory      from any power to remove a Director which may exist apart from the      provision of this Article. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7 | A      Director may at any time by notice in writing delivered to the registered      office of the Company or at a meeting of the Board, appoint any person      (including another Director) to be his alternate Director in his place      during his absence and may in like manner at any time determine such      appointment.  Such appointment, unless previously approved by      the Board, shall have effect only upon and subject to being so approved,      provided that the Board may not withhold approval of any such appointment      where the proposed appointee is aDirector. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.8 | The      appointment of an alternate Director shall determine on the happening of      any event which, were he a Director, would cause him to vacate such office      or if his appointor ceases to be aDirector. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.9 | An      alternate Director shall (except when absent from Hong Kong), be entitled      to receive and waive (in lieu of his appointor) notices of meetings of the      Directors and shall be entitled to attend and vote as a Director and be      counted in the quorum at any such meeting at which the Director appointing      him is not personally present and generally at such meeting to perform all      the functions of his appointor as a Director and for the purposes of the      proceedings at such meeting the provisions of these Articles shall apply      as if he (instead of his appointor) were a Director.  If he      shall be himself a Director or shall attend any such meeting as an      alternate for more than one Director his voting rights shall be cumulative      and he need not use all his votes or cast all the votes he uses in the      same way.  If his appointor is for the time being absent from      Hong Kong or otherwise not available or unable to act (as to which a      certificate by the alternate shall in the absence of actual notice to the      contrary to other Directors be conclusive), his signature to any      resolution in writing of the Directors shall be as effective as the      signature of his appointor.  To such extent as the Board may      from time to time determine in relation to any committee of the Board, the      provisions of this Article shall also apply mutatis mutandis to any      meeting of any such committee of which his appointor is a      member.  An alternate Director shall not, save as aforesaid,      have power to act as a Director nor shall he be deemed to be a Director      for the purposes of these Articles. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.10 | An      alternate Director shall be entitled to contract and be interested in and      benefit from contracts or arrangements or transactions and to be repaid      expenses and to be indemnified to the same extent mutatis mutandis as if      he were a Director, but he shall not be entitled to receive from the      Company in respect of his appointment as alternate Director any      remuneration except only such part (if any) of the remuneration otherwise      payable to his appointor as such appointor may by notice in writing to the      Company from time to time direct. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.11 | In      addition to the provisions of Articles 16.7 to 16.10, a Director may be      represented at any meeting of the Board (or of any committee of the Board)      by a proxy appointed by him, in which event the presence or vote of the      proxy shall for all purposes be deemed to be that of the      Director.  A proxy need not himself be a Director and the      provisions of Articles 14.8 to 14.13 shall apply mutatis mutandis to the      appointment of proxies by Directors save that an instrument appointing a      proxy shall not become invalid after the expiration of twelve months from      its date of execution but shall remain valid for such period as the      instrument shall provide or, if no such provision is made in the      instrument, until revoked in writing and save also that a Director may      appoint any number of proxies although only one such proxy may attend in      his stead at meetings of the Board (or of any committee of the      Board). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.12 | A      Director need not hold any qualification shares.  No Director      shall be required to vacate office or be ineligible for re-election or      re-appointment as a Director and no person shall be ineligible for      appointment as a Director by reason only of his having attained any      particular age. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.13 | The      Directors shall be entitled to receive by way of remuneration for their      services such sum as shall from time to time be determined by the Company      in general meeting or by the Board, as the case may be, such sum (unless      otherwise directed by the resolution by which it is determined) to be      divided amongst the Directors in such proportions and in such manner as      they may agree, or failing agreement, equally, except that in such event      any Director holding office for less than the whole of the relevant period      in respect of which the remuneration is paid shall only rank in such      division in proportion to the time during such period for which he has      held office.  Such remuneration shall be in addition to any      other remuneration to which a Director who holds any salaried employment      or office in the Company may be entitled by reason of such employment or      office. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.14 | Payment      to any Director or past Director of any sum by way of compensation for      loss of office or as consideration for or in connection with his      retirement from office (not being a payment to which the Director is      contractually entitled) must first be approved by the Company in general      meeting. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.15 | The      Directors shall be entitled to be paid all expenses, including travel      expenses, reasonably incurred by them in or in connection with the      performance of their duties as Directors including their expenses of      travelling to and from Board meetings, committee meetings or general      meetings or otherwise incurred whilst engaged on the business of the      Company or in the discharge of their duties as  Directors. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.16 | The      Board may grant special remuneration to any Director, who shall perform      any special or extra services at the request of the      Company.  Such special remuneration may be made payable to such      Director in addition to or in substitution for his ordinary remuneration      as a Director, and may be made payable by way of salary, commission or      participation in profits or otherwise as may be  agreed. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.17 | The      remuneration of an Executive Director (as appointed according to Article      17.1) or a Director appointed to any other office in the management of the      Company shall from time to time be fixed by the Board and may be by way of      salary, commission, or participation in profits or otherwise or by all or      any of those modes and with such other benefits (including share option      and/or pension and/or gratuity and/or other benefits on retirement) and      allowances as the Board may from time to time decide.  Such      remuneration shall be in addition to such remuneration as the recipient      may be entitled to receive as aDirector. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.18 | The      office of a Director shall bevacated: |
|-------|------------------------------------------------|

|   | (a) | if      he resigns his office by notice in writing to the Company at its      registered office or its principal office in Hong  Kong; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      an order is made by any competent court or official on the grounds that he      is or may be suffering from mental disorder or is otherwise incapable of      managing his affairs and the Board resolves that his office be      vacated; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if,      without leave, he is absent from meetings of the Board (unless an      alternate Director appointed by him attends in his place) for a continuous      period of 12 months, and the Board resolves that his office be      vacated; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if      he becomes bankrupt or has a receiving order made against him or suspends      payment or compounds with his creditors  generally; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | if      he ceases to be or is prohibited from being a Director by law or by virtue      of any provisions in theseArticles; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (f) | if      he shall be removed from office by notice in writing served upon him      signed by not less than three-fourths in number (or, if that is not a      round number, the nearest lower round number) of the Directors (including      himself) then in office; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | if      he shall be removed from office by an ordinary resolution of the members      of the Company under Article 16.6. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

| 16.19 | No      Director or proposed Director shall be disqualified by his office from      contracting with the Company either as vendor, purchaser or otherwise nor      shall any such contract or any contract or arrangement entered into by or      on behalf of the Company with any person, company or partnership of or in      which any Director shall be a member or otherwise interested be capable on      that account of being avoided, nor shall any Director so contracting or      being any member or so interested be liable to account to the Company for      any profit so realised by any such contract or arrangement by reason only      of such Director holding that office or the fiduciary relationship thereby      established, provided that such Director shall, if his interest in such      contract or arrangement is material, declare the nature of his interest at      the earliest meeting of the Board at which it is practicable for him to do      so, either specifically or by way of a general notice stating that, by      reason of the facts specified in the notice, he is to be regarded as      interested in any contracts of a specified description which may      subsequently be made by theCompany. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.20 | Any      Director may continue to be or become a director, managing director, joint      managing director, deputy managing director, executive director, manager      or other officer or member of any other company in which the Company may      be interested and (unless otherwise agreed between the Company and the      Director) no such Director shall be liable to account to the Company or      the members for any remuneration or other benefits received by him as a      director, managing director, joint managing director, deputy managing      director, executive director, manager or other officer or member of any      such other company.  The Directors may exercise the voting      powers conferred by the shares in any other company held or owned by the      Company, or exercisable by them as directors of such other company in such      manner in all respects as they think fit (including the exercise thereof      in favour of any resolution appointing themselves or any of them      directors, managing directors, joint managing directors, deputy managing      directors, executive directors, managers or other officers of such      company) and any Director may vote in favour of the exercise of such      voting rights in manner aforesaid notwithstanding that he may be, or is      about to be, appointed a director, managing director, joint managing      director, deputy managing director, executive director, manager or other      officer of such a company, and that as such he is or may become interested      in the exercise of such voting rights in the manner    aforesaid. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.21 | A      Director may hold any other office or place of profit with the Company      (except that of Auditor) in conjunction with his office of Director for      such period and upon such terms as the Board may determine, and may be      paid such extra remuneration therefor (whether by way of salary,      commission, participation in profit or otherwise) as the Board may      determine, and such extra remuneration shall be in addition to any      remuneration provided for by or pursuant to any other    Article. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.22 | A      Director shall not be entitled to vote on (nor shall be counted in the      quorum in relation to) any resolution of the Board in respect of any      contract or arrangement or any other proposal whatsoever in which he or      any of his Associates has any material interest, and if he shall do so his      vote shall not be counted (nor is he to be counted in the quorum for the      resolution), but this prohibition shall not apply to any of the following      matters, namely: |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      giving of any security or indemnityeither: |
|--------|-----|-----------------------------------------------------|

|   | (i) | to      the Director or any of his Associates in respect of money lent or      obligations incurred or undertaken by him or any of them at the request of      or for the benefit of the Company or any of its subsidiaries;      or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      a third party in respect of a debt or obligation of the Company or any of      its subsidiaries for which the Director or any of his Associates has      himself/themselves assumed responsibility in whole or in part and whether      alone or jointly under a guarantee or indemnity or by the giving of      security; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any      proposal concerning an offer of shares or debentures or other securities      of or by the Company or any other company which the Company may promote or      be interested in for subscription or purchase where the Director or any of      his Associates is/are or is/are to be interested as a participant in the      underwriting or sub-underwriting of theoffer; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | any      proposal concerning any other company in which the Director or any of his      Associates is/are interested only, whether directly or indirectly, as an      officer or executive or shareholder or in which the Director or any of his      Associates is/are beneficially interested in the shares of that company,      provided that, the Director and any of his Associates is/are not, in      aggregate, beneficially interested in 5% or more of the issued shares of      any class of such company (or of any third company through which his      interest or that of any of his Associates is derived) or of the voting      rights; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any      proposal or arrangement concerning the benefit of employees of the Company      or any of its subsidiariesincluding: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      adoption, modification or operation of any employees' share scheme or any      share incentive scheme or share option scheme under which the Director or      any of his Associates may benefit;or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      adoption, modification or operation of a pension or provident fund or      retirement, death or disability benefits scheme which relates both to      Directors, their Associates and employees of the Company or any of its      subsidiaries and does not provide in respect of any Director or any of his      Associates as such any privilege or advantage not generally accorded to      the class of persons to which such scheme or fund relates;    and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | any      contract or arrangement in which the Director or any of his Associates      is/are interested in the same manner as other holders of shares or      debentures or other securities of the Company by virtue only of his/their      interest in shares or debentures or other securities of the      Company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.23 | Where      proposals are under consideration concerning the appointment (including      fixing or varying the terms of or terminating the appointment) of two or      more Directors to offices or employments with the Company or any company      in which the Company is interested, such proposals shall be divided and      considered in relation to each Director separately and in such case each      of the Directors concerned (if not prohibited from voting under Article      16.22(a) shall be entitled to vote (and be counted in the quorum) in      respect of each resolution except that concerning his own      appointment. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.24 | If      any question shall arise at any meeting of the Board as to the materiality      of a Director's interest or the significance of a contract, arrangement or      transaction or proposed contract, arrangement or transaction or as to the      entitlement of any Director to vote or form part of a quorum and such      question is not resolved by his voluntarily agreeing to abstain from      voting or not to be counted in the quorum, such question shall be referred      to the Chairman of the meeting (or, where question relates to the interest      of the Chairman, to the other Directors at the meeting) and his ruling      (or, as appropriate, the ruling of the other Directors) in relation to any      other Director (or, as appropriate, the Chairman) shall be final and      conclusive except in a case where the nature or extent of the interests of      the Director concerned (or, as appropriate, the Chairman) as known to such      Director (or, as appropriate, the Chairman) has not been fairly disclosed      to the Board. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.25 | The      Board may, from time to time, and except as required by applicable law or      the NYSE Rules or automated quotation system where the Company’s      securities are traded, adopt, institute, amend, modify or revoke the      corporate governance policies or initiatives, which shall be intended to      set forth the policies of the Company and the Board on various corporate      governance related matters as the Board shall determine by resolution from      time to time. |
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----

| 17 | Managing      Directors |
|----|-------------------------|

| 17.1 | The      Board may from time to time appoint any one or more of its body to the      office of Managing Director, Joint Managing Director, Deputy Managing      Director, or other Executive Director and/or such other employment or      executive office in the management of the business of the Company as it      may decide for such period and upon such terms as it thinks fit and upon      such terms as to remuneration as it may decide in accordance with Article      16.17. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2 | Every      Director appointed to an office under Article 17.1 hereof shall, without      prejudice to any claim for damages that such Director may have against the      Company or the Company may have against such Director for any breach of      any contract of service between him and the Company, be liable to be      dismissed or removed therefrom by theBoard. |
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| 17.3 | A      Director appointed to an office under Article 17.1 shall be subject to the      same provisions as to removal as the other Directors, and he shall,      without prejudice to any claim for damages that such Director may have      against the Company or the Company may have against such Director for any      breach of any contract of service between him and the Company, ipso facto      and immediately cease to hold such office if he shall cease to hold the      office of Director for any cause. |
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| 17.4 | The      Board may from time to time entrust to and confer upon a Managing      Director, Joint Managing Director, Deputy Managing Director or Executive      Director all or any of the powers of the Board that it may think      fit.  But the exercise of all powers by such Director shall be      subject to such regulations and restrictions as the Board may from time to      time make and impose, and the said powers may at any time be withdrawn,      revoked or varied but no person dealing in good faith and without notice      of such withdrawal, revocation or variation shall be affected      thereby. |
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| 18 | Management |
|----|------------|

| 18.1 | Subject      to any exercise by the Board of the powers conferred by Articles 19.1 to      19.3, the management of the business of the Company shall be vested in the      Board which, in addition to the powers and authorities by these Articles      expressly conferred upon it, may exercise all such powers and do all such      acts and things as may be exercised or done or approved by the Company and      are not hereby or by the Law expressly directed or required to be      exercised or done by the Company in general meeting, but subject      nevertheless to the provisions of the Law and of these Articles and to any      regulation from time to time made by the Company in general meeting not      being inconsistent with such provisions or these Articles, provided that      no regulation so made shall invalidate any prior act of the Board which      would have been valid if such regulation had not been  made. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2 | Without      prejudice to the general powers conferred by these Articles, it is hereby      expressly declared that the Board shall have the following      powers: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to      give to any person the right or option of requiring at a future date that      an allotment shall be made to him of any share at par or at such premium      as may be agreed; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      give to any Directors, officers or employees of the Company an interest in      any particular business or transaction or participation in the profits      thereof or in the general profits of the Company either in addition to or      in substitution for a salary or other  remuneration. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.3 | Except      in the circumstances as would, if the Company were a company incorporated      in Hong Kong, be permitted by Section 157H of the Companies Ordinance as      in force at the date of adoption of these Articles, and except as      permitted under the Companies Law, the Company shall not directly or      indirectly: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | make      a loan to a Director or his Associates or a director of any holding      company of the Company; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (b) | enter      into any guarantee or provide any security in connection with a loan made      by any person to a Director or such a director;  or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      any one or more of the Directors hold (jointly or severally or directly or      indirectly) a controlling interest in another company, make a loan to that      other company or enter into any guarantee or provide any security in      connection with a loan made by any person to that other      company. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19 | Managers |
|----|----------|

| 19.1 | The      Board may from time to time appoint a general manager, manager or managers      of the Company and may fix his or their remuneration either by way of      salary or commission or by conferring the right to participation in the      profits of the Company or by a combination of two or more of these modes      and pay the working expenses of any of the staff of the general manager,      manager or managers who may be employed by him or them in connection with      the conduct of the business of theCompany. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | The      appointment of such general manager, manager or managers may be for such      period as the Board may decide and the Board may confer upon him or them      all or any of the powers of the Board as it may think  fit. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3 | The      Board may enter into such agreement or agreements with any such general      manager, manager or managers upon such terms and conditions in all      respects as the Board may in its absolute discretion think fit, including      a power for such general manager, manager or managers to appoint an      assistant manager or managers or other employees whatsoever under them for      the purpose of carrying on the business of the  Company. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20 | Proceedings of      Directors |
|----|-------------------------------|

| 20.1 | The      Board may meet together for the despatch of business, adjourn and      otherwise regulate its meetings and proceedings as it thinks fit in any      part of the world and may determine the quorum necessary for the      transaction of business.  Unless otherwise determined two Directors      shall be a quorum.  For the purposes of this Article an alternate      Director shall be counted in a quorum in place of the Director who      appointed him and an alternate Director who is an alternate for more than      one Director shall for quorum purposes be counted separately in respect of      himself (if he is a Director) and in respect of each Director for whom he      is an alternate (but so that nothing in this provision shall be construed      as authorising a meeting to be constituted when only one person is      physically present).  A meeting of the Board or any committee of the      Board may be held by means of a telephone or tele-conferencing or any      other telecommunications facility provided that all participants are      thereby able to communicate contemporaneously by voice with all other      participants and participation in a meeting pursuant to this provision      shall constitute presence in person at such  meeting. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.2 | A      Director may, and on request of a Director the Secretary shall, at any      time summon a meeting of the Board.  Failing any determination by the      Board, not less than 48 hours notice thereof shall be given to each      Director either in writing or by telephone or by facsimile, telex or      telegram at the address or telephone, facsimile or telex number from time      to time notified to the Company by such Director or in such other manner      as the Board may from time to timedetermine. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20.3 | Subject      to Articles 16.19 to 16.24, questions arising at any meeting of the Board      shall be decided by a majority of votes, and in case of an equality of      votes the Chairman shall have a second or casting  vote. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.4 | The      Board may elect a Chairman of its meetings and determine the      period  for which he is to hold office; but if no such Chairman      is elected, or if at any meeting the Chairman is not present within 15      minutes after the time appointed for holding the same, the Directors      present may choose one of their number to be Chairman of the      meeting. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.5 | A      meeting of the Board for the time being at which a quorum is present shall      be competent to exercise all or any of the authorities, powers and      discretions by or under these Articles for the time being vested in or      exercisable by the Board generally. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.6 | The      Board may delegate any of its powers to committees consisting of such      member or members of the Board (including alternate Directors in the      absence of their appointers) as the Board thinks fit, and it may from time      to time revoke such delegation or revoke the appointment of and discharge      any committees either wholly or in part, and either as to persons or      purposes, but every committee so formed shall in the exercise of the      powers so delegated conform to any regulations that may from time to time      be imposed upon it by the Board. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.7 | All      acts done by any such committee in conformity with such regulations and in      fulfilment of the purposes for which it is appointed, but not otherwise,      shall have the like force and effect as if done by the Board, and the      Board shall have power, with the consent of the Company in general      meeting, to remunerate the members of any such committee, and charge such      remuneration to the current expenses of the  Company. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.8 | The      meetings and proceedings of any such committee consisting of two or more      members of the Board shall be governed by the provisions herein contained      for regulating the meetings and proceedings of the Board so far as the      same are applicable thereto and are not replaced by any regulations      imposed by the Board pursuant to Article20.6. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.9 | The      Board shall cause minutes to be madeof: |
|------|--------------------------------------------------|

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

|   | (b) | the      names of the Directors present at each meeting of the Board and of      committees appointed pursuant to Article20.6; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | all      declarations made or notices given by any Director of his interest in any      contract or proposed contract or of his holding of any office or property      whereby any conflict of duty or interest may arise;  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | all      resolutions and proceedings at all meetings of the Company and of the      Board and of such committees. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

| 20.10 | Any      such minutes shall be conclusive evidence of any such proceedings if they      purport to be signed by the chairman of the meeting or by the chairman of      the succeeding meeting. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.11 | All      acts bona fide done by any meeting of the Board or by a committee of      Directors or by any person acting as Director shall, notwithstanding that      it shall be afterwards discovered that there was some defect in the      appointment of such Director or persons acting as aforesaid or that they      or any of them were disqualified, be as valid as if every such person had      been duly appointed and was qualified to be a Director or member of such      committee as the case may be. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20.12 | The      continuing Directors may act notwithstanding any vacancy in their body,      but, if and so long as their number is reduced below the number fixed by      or pursuant to these Articles as the necessary quorum of Directors, the      continuing Director or Directors may act for the purpose of increasing the      number of Directors to that number or of summoning a general meeting of      the Company but for no otherpurpose. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.13 | Unless      required otherwise by the NYSE Rules and/or the Hong Kong Listing Rules, a      resolution in writing signed by each and every one of the Directors (or      their respective alternates pursuant to Article 16.9) shall be as valid      and effectual as if it had been passed at a meeting of the Board duly      convened and held and may consist of several documents in like form each      signed by one or more of the Directors or alternate    Directors. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21 | Secretary |
|----|-----------|

| 21.1 | The      Secretary shall be appointed by the Board for such term, at such      remuneration and upon such conditions as it may think fit, and any      Secretary so appointed may be removed by the Board.  Anything by the      Law or these Articles required or authorised to be done by or to the      Secretary, if the office is vacant or there is for any other reason no      Secretary capable of acting, may be done by or to any assistant or deputy      Secretary appointed by the Board, or if there is no assistant or deputy      Secretary capable of acting, by or to any officer of the Company      authorised generally or specifically in that behalf by the      Board. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.2 | A      provision of the Law or of these Articles requiring or authorising a thing      to be done by or to a Director and the Secretary shall not be satisfied by      its being done by or to the same person acting both as Director and as or      in place of the Secretary. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22 | General Management and Use of      the Seal |
|----|---------------------------------------------|

| 22.1 | The      Board shall provide for the safe custody of the seal which shall only be      used by the authority of the Board or of a committee of the Board      authorised by the Board in that behalf, and every instrument to which such      seal shall be affixed shall be signed by a Director and shall be      countersigned by the Secretary or by a second Director or by some other      person appointed by the Board for the purpose.  The securities seal      which shall be a facsimile of the common seal with the word "Securities"      engraved thereon shall be used exclusively for sealing securities issued      by the Company and for sealing documents creating or evidencing securities      so issued.  The Board may either generally or in any particular case      resolve that the securities seal or any signatures or any of them may be      affixed to certificates for shares, warrants, debentures or any other form      of security by facsimile or other mechanical means specified in such      authority or that any such certificates sealed with the securities seal      need not be signed by any person.  Every instrument to which the seal      is affixed as aforesaid shall, as regards all persons dealing in good      faith with the Company, be deemed to have been affixed to that instrument      with the authority of the Directors previously  given. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.2 | The      Company may have a duplicate seal for use outside of the Cayman Islands as      and where the Board shall determine, and the Company may by writing under      the seal appoint any agents or agent, committees or committee abroad to be      the agents of the Company for the purpose of affixing and using such      duplicate seal and they may impose such restrictions on the use thereof as      may be thought fit.  Wherever in these Articles reference is made to      the seal, the reference shall, when and so far as may be applicable, be      deemed to include any such duplicate seal as  aforesaid. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22.3 | All      cheques, promissory notes, drafts, bills of exchange and other negotiable      instruments, and all receipts for moneys paid to the Company shall be      signed, drawn, accepted, indorsed or otherwise executed, as the case may      be, in such manner as the Board shall from time to time by resolution      determine.  The Company's banking accounts shall be kept with such      banker or bankers as the Board shall from time to time      determine. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.4 | The      Board may from time to time and at any time, by power of attorney under      the seal, appoint any company, firm or person or any fluctuating body of      persons, whether nominated directly or indirectly by the Board, to be the      attorney or attorneys of the Company for such purposes and with such      powers, authorities and discretions (not exceeding those vested in or      exercisable by the Board under these Articles) and for such period and      subject to such conditions as it may think fit, and any such power of      attorney may contain such provisions for the protection and convenience of      persons dealing with any such attorney as the Board may think fit, and may      also authorise any such attorney to sub-delegate all or any of the powers,      authorities and discretions vested inhim. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.5 | The      Company may, by writing under its seal, empower any person, either      generally or in respect of any specified matter, as its attorney to      execute deeds and instruments on its behalf in any part of the world and      to enter into contracts and sign the same on its behalf and every deed      signed by such attorney on behalf of the Company and under his seal shall      bind the Company and have the same effect as if it were under the seal of      the Company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.6 | The      Board may establish any committees, regional or local boards or agencies      for managing any of the affairs of the Company, either in the Cayman      Islands, Hong Kong, the People's Republic of China or elsewhere, and may      appoint any persons to be members of such committees, regional or local      boards or agencies and may fix their remuneration, and may delegate to any      committee, regional or local board or agent any of the powers, authorities      and discretions vested in the Board (other than its powers to make calls      and forfeit shares), with power to sub-delegate, and may authorise the      members of any local board or any of them to fill any vacancies therein      and to act notwithstanding vacancies, and any such appointment or      delegation may be upon such terms and subject to such conditions as the      Board may think fit, and the Board may remove any person so appointed and      may annul or vary any such delegation, but no person dealing in good faith      and without notice of any such annulment or variation shall be affected      thereby. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.7 | The      Board may establish and maintain or procure the establishment and      maintenance of any contributory or non-contributory pension or provident      or superannuation funds or (with the sanction of an ordinary resolution)      employee or executive share option schemes for the benefit of, or 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 of any company which is a subsidiary of the      Company, or is allied or associated with the Company or with any such      subsidiary company, or who are or were at any time directors or officers      of the Company or of any such other company as aforesaid, and holding or      who have held any salaried employment or office in the Company or such      other company, and the wives, widows, families and dependents of any such      persons.  The Board may also establish and subsidise or subscribe to      any institutions, associations, clubs or funds calculated to be for the      benefit of or to advance the interests and well-being of the Company or of      any such other company as aforesaid, and may make payments for or towards      the insurance of any such persons as aforesaid, and subscribe or guarantee      money for charitable or benevolent objects or for any exhibition or for      any public, general or useful object.  The Board may do any of the      matters aforesaid, either alone or in conjunction with any such other      company as aforesaid.  Any 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. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23 | Capitalisation of      Reserves |
|----|---------------------------------|

| 23.1 | The      Company in general meeting may upon the recommendation of the Board by      ordinary resolution resolve that it is desirable to capitalise all or any      part of the amount for the time being standing to the credit of any of the      Company's reserve accounts or funds or to the credit of the profit and      loss account or otherwise available for distribution (and not required for      the payment or provision of dividend on any shares with a preferential      right to dividend) and accordingly that such sums be set free for      distribution amongst the members who would have been entitled thereto if      distributed by way of dividend and in the same proportion on condition      that the same be not paid in cash but be applied either in or towards      paying up any amounts for the time being unpaid on any shares held by such      members respectively or paying up in full unissued shares, debentures or      other securities of the Company to be allotted and distributed credited as      fully paid up to and amongst such members in proportion aforesaid or      partly in one way and partly in the other, and the Board shall give effect      to such resolution, provided that a share premium account and a capital      redemption reserve and any reserve or fund representing unrealised profits      may, for the purposes of this Article, only be applied in paying up      unissued shares to be issued to members of the Company as fully paid up      shares or paying up calls or instalments due or payable on partly paid      securities of the Company subject always to the provisions of the      Law. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | Wherever      such a resolution as referred to in Article 23.1 shall have been passed      the Board shall make all appropriations and applications of the undivided      profits resolved to be capitalised thereby, and all allotments and issues      of fully paid up shares, debentures or other securities, if any, and      generally shall do all acts and things required to give effect thereto,      with full power to the Board: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to      make such provision by the issue of fractional certificates or by payment      in cash or otherwise (including provisions whereby, in whole or in part,      fractional entitlements are aggregated and sold and the net proceeds      distributed to those entitled, or are disregarded or rounded up or down or      whereby the benefit of fractional entitlements accrues to the Company      rather than to the members concerned) as they think fit in cases where      shares, debentures or other securities become distributable in      fractions; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | to      exclude the right of participation or entitlement of any member with a      registered address outside any territory where in the absence of a      registration statement or other special or onerous formalities the      circulation of an offer of such right or entitlement would or might be      unlawful or where the Board consider the costs, expense or possible delays      in ascertaining the existence or extent of the legal and other      requirements applicable to such offer or the acceptance of such offer out      of proportion to the benefits of the Company;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to      authorise any person to enter on behalf of all members entitled thereto      into an agreement with the Company providing for the allotment to them      respectively, credited as fully paid up, of any further shares, debentures      or other securities to which they may be entitled upon such      capitalisation, or, as the case may require, for the payment up by the      Company on their behalf, by the application thereto of their respective      proportions of the profits resolved to be capitalised, of the amounts or      any part of the amounts remaining unpaid on their existing shares, and any      agreement made under such authority shall be effective and binding on all      such members. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.3 | The      Board may, in relation to any capitalisation sanctioned under Article 23.2      in its absolute discretion specify that, and in such circumstances and if      directed so to do by a member or members entitled to an allotment and      distribution credited as fully paid up of unissued shares or debentures in      the Company pursuant to such capitalisation, the unissued shares,      debentures or other securities to which that member is entitled shall be      allotted and distributed credited as fully paid up to such person or      persons as that member may nominate by notice in writing to the Company,      such notice to be received not later than the day for which the general      meeting of the Company to sanction the capitalisation is      convened. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24 | Dividends and      Reserves |
|----|-----------------------------|

| 24.1 | Subject      to the Law and these Articles, the Company in general meeting may declare      dividends in any currency but no dividends shall exceed the amount      recommended by the Board. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.2 | The      dividends, interest and bonuses and any other benefits and advantages in      the nature of income receivable in respect of the Company's investments,      and any commissions, trusteeship, agency, transfer and other fees and      current receipts of the Company shall, subject to the payment thereout of      the expenses of management, interest upon borrowed money and other      expenses which in the opinion of the Board are of a revenue nature,      constitute the profits of the Company available for      distribution. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.3 | The      Board may from time to time pay to the members such interim dividends as      appear to the Board to be justified by the profits of the Company and, in      particular (but without prejudice to the generality of the foregoing), if      at any time the share capital of the Company is divided into different      classes, the Board may pay such interim dividends in respect of those      shares in the capital of the Company which confer on the holders thereof      deferred or non-preferential rights as well as in respect of those shares      which confer on the holders thereof preferential rights with regard to      dividend and provided that the Board acts bona fide, the Board shall not      incur any responsibility to the holders of shares conferring any      preferential rights. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.4 | The      Board may also pay half-yearly or at other intervals to be selected by it      any dividend which may be payable at a fixed rate if the Board is of the      opinion that the profits available for distribution justify the      payment. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.5 | The      Board may in addition from time to time declare and pay special dividends      on shares of any class of such amounts and on such dates as they think      fit, and the provisions of Article 24.3 as regards the powers and the      exemption from liability of the Board as relate to declaration and payment      of interim dividends shall apply, mutatis mutandis, to the declaration and      payment of any such specialdividends. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.6 | No      dividend shall be declared or payable except out of the profits and      reserves of the Company lawfully available for distribution including      share premium.  No dividend shall carry interest against the      Company. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.7 | Whenever      the Board or the Company in general meeting has resolved that a dividend      be paid or declared on the share capital of the Company, the Board may      further resolve: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | that      such dividend be satisfied wholly or in part in the form of an allotment      of shares credited as fully paid up, provided that the members entitled      thereto will be entitled to elect to receive such dividend (or part      thereof) in cash in lieu of such allotment.  In such case, the      following provisions shall apply: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      basis of any such allotment shall be determined by the    Board; |
|--------|-----|---------------------------------------------------------------------------|

----

|   | (ii) | the      Board, after determining the basis of allotment, shall give not less than      two weeks' notice in writing to the members of the right of election      accorded to them and shall send with such notice forms of election and      specify the procedure to be followed and the place at which and the latest      date and time by which duly completed forms of election must be lodged in      order to be effective; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      right of election may be exercised in respect of the whole or part of that      portion of the dividend in respect of which the right of election has been      accorded; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      dividend (or that part of the dividend to be satisfied by the allotment of      shares as aforesaid) shall not be payable in cash on shares in respect      whereof the cash election has not been duly exercised (the "non-elected shares") and      in satisfaction thereof shares shall be allotted credited as fully paid to      the holders of the non-elected shares on the basis of allotment determined      as aforesaid and for such purpose the Board shall capitalise and apply out      of any part of the undivided profits of the Company or any part of any of      the Company's reserve accounts (including any special account, share      premium account and capital redemption reserve (if there be any such      reserve)) or profit or loss account or amounts otherwise available for      distribution as the Board may determine, a sum equal to the aggregate      nominal amount of the shares to be allotted on such basis and apply the      same in paying up in full the appropriate number of shares for allotment      and distribution to and amongst the holders of the non-elected shares on      such basis; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that      members entitled to such dividend shall be entitled to elect to receive an      allotment of shares credited as fully paid up in lieu of the whole or such      part of the dividend as the Board may think fit.  In such case, the      following provisions shallapply: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      basis of any such allotment shall be determined by the    Board; |
|--------|-----|---------------------------------------------------------------------------|

|   | (ii) | the      Board, after determining the basis of allotment, shall give not less than      two weeks' notice in writing to members of the right of election accorded      to them and shall send with such notice forms of election and specify the      procedure to be followed and the place at which and the latest date and      time by which duly completed forms of election must be lodged in order to      be effective; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the      right of election may be exercised in respect of the whole or part of that      portion of the dividend in respect of which the right of election has been      accorded; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      dividend (or that part of the dividend in respect of which a right of      election has been accorded) shall not be payable on shares in respect      whereof the share election has been duly exercised (the "elected shares") and in      lieu thereof shares shall be allotted credited as fully paid to the      holders of the elected shares on the basis of allotment determined as      aforesaid and for such purpose the Board shall capitalise and apply out of      any part of the undivided profits of the Company's reserve accounts      (including any special account, share premium account and capital      redemption reserve (if there be any such reserve)) or profit and loss      account or amounts otherwise available for distribution as the Board may      determine, a sum equal to the aggregate nominal amount of the shares to be      allotted on such basis and apply the same in paying up in full the      appropriate number of shares for allotment and distribution to and amongst      the holders of the elected shares on suchbasis. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24.8 | The      shares allotted pursuant to the provisions of Article 24.7 shall be of the      same class as the class of, and shall rank pari passu in all respects with      the shares then held by the respective allottees save only as regards      participation: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      the relevant dividend (or share or cash election in lieu thereof as      aforesaid); or |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (b) | in      any other distributions, bonuses or rights paid, made, declared or      announced prior to or contemporaneously with the payment or declaration of      the relevant dividend, unless contemporaneously with the announcement by      the Board of its proposal to apply the provisions of Article 24.7(a) or      24.7(b) in relation to the relevant dividend or contemporaneously with its      announcement of the distribution, bonus or rights in question, the Board      shall specify that the shares to be allotted pursuant to the provisions of      Article 24.7 shall rank for participation in such distributions, bonuses      or rights. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.9 | The      Board may do all acts and things considered necessary or expedient to give      effect to any capitalisation pursuant to the provisions of Article 24.8      with full power to the Board to make such provisions as it thinks fit in      the case of shares becoming distributable in fractions (including      provisions whereby, in whole or in part, fractional entitlements are      aggregated and sold and the net proceeds distributed to those entitled, or      are disregarded or rounded up or down or whereby the benefit of fractional      entitlements accrues to the Company rather than to the members      concerned).  The Board may authorise any person to enter into on      behalf of all members interested, an agreement with the Company providing      for such capitalisation and matters incidental thereto and any agreement      made pursuant to such authority shall be effective and binding on all      concerned. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.10 | The      Company may upon the recommendation of the Board by ordinary resolution      resolve in respect of any one particular dividend of the Company that      notwithstanding the provisions of Article 24.7 a dividend may be satisfied      wholly in the form of an allotment of shares credited as fully paid      without offering any right to members to elect to receive such dividend in      cash in lieu of such allotment. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.11 | The      Board may on any occasion determine that rights of election and the      allotment of shares under Article 24.7 shall not be made available or made      to any members with registered addresses in any territory where in the      absence of a registration statement or other special formalities the      circulation of an offer of such rights of election or the allotment of      shares would or might be unlawful, or where the Board considers the costs,      expenses or possible delays in ascertaining the existence or extent of the      legal and other requirements applicable to such offer or the acceptance of      such offer out of proportion to the benefit of the Company, and in any      such case the provisions aforesaid shall be read and construed subject to      such determination. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.12 | The      Board shall establish an account to be called the share premium account      and shall carry to the credit of such account from time to time a sum      equal to the amount or value of the premium paid on the issue of any share      in the Company.  The Company may apply the share premium account in      any manner permitted by the Companies Law.  The Company shall at all      times comply with the provisions of the Companies Law in relation to the      share premium account. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.13 | The      Board may, before recommending any dividend, set aside out of the profits      of the Company such sums as it thinks fit as a reserve or reserves which      shall, at the discretion of the Board, be applicable for meeting claims on      or liabilities of the Company or contingencies or for paying off any loan      capital or for equalising dividends or for any other purpose to which the      profits of the Company may be properly applied, and pending such      application may, at the like discretion, either be employed in the      business of the Company or be invested in such investments (including      shares, warrants and other securities of the Company) as the Board may      from time to time think fit, and so that it shall not be necessary to keep      any reserves separate or distinct from any other investments of the      Company.  The Board may also without placing the same to reserve      carry forward any profits which it may think prudent not to distribute by      way of dividend. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24.14 | Unless      and to the extent that the rights attached to any shares or the terms of      issue thereof otherwise provide, all dividends shall (as regards any      shares not fully paid throughout the period in respect of which the      dividend is paid) be apportioned and paid pro rata according to the      amounts paid up on the shares during any portion or portions of the period      in respect of which the dividend is paid.  For the purpose of this      Article no amount paid up on a share in advance of calls shall be treated      as paid up on the share. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.15 | The      Board may retain any dividends or other moneys payable on or in respect of      a share upon which the Company has a lien, and may apply the same in or      towards satisfaction of the debts, liabilities or engagements in respect      of which the lien exists. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.16 | The      Board may retain any dividends or other monies payable upon shares in      respect of which any person is, under the provisions as to the      transmission of shares hereinbefore contained, entitled to become a      member, or in respect of which any person is under those provisions      entitled to transfer, until such person shall become a member in respect      of such shares or shall transfer thesame. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.17 | The      Board may deduct from any dividend or other monies payable to any member      all sums of money (if any) presently payable by him to the Company on      account of calls, instalments orotherwise. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.18 | Any      general meeting sanctioning a dividend may make a call on the members of      such amount as the meeting resolves, but so that the call on each member      shall not exceed the dividend payable to him, and so that the call be made      payable at the same time as the dividend, and the dividend may, if so      arranged between the Company and the member, be set off against the      call. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.19 | The      Board, with the sanction of the members in general meeting, may direct      that any dividend be satisfied wholly or in part by the distribution of      specific assets of any kind and in particular of paid up shares,      debentures or warrants to subscribe securities of any other company, or in      any one or more of such ways, and where any difficulty arises in regard to      the distribution the Board may settle the same as it thinks expedient, and      in particular may disregard fractional entitlements, round the same up or      down or provide that the same shall accrue to the benefit of the Company,      and may fix the value for distribution of such specific assets, or any      part thereof, and may determine that cash payments shall be made to any      members upon the footing of the value so fixed in order to adjust the      rights of all parties, and may vest any such specific assets in trustees      as may seem expedient to the Board and may appoint any person to sign any      requisite instruments of transfer and other documents on behalf of the      persons entitled to the dividend and such appointment shall be      effective.  Where required, a contract shall be filed in accordance      with the provisions of the Law and the Board may appoint any person to      sign such contract on behalf of the persons entitled to the dividend and      such appointment shall beeffective. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.20 | A      transfer of shares shall not pass therewith the right to any dividend or      bonus declared thereon before the registration of the      transfer. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24.21 | Any      resolution declaring or resolving upon the payment of a dividend or other      distribution on shares of any class, whether a resolution of the Company      in general meeting or a resolution of the Board, may specify that the same      shall be payable or made to the persons registered as the holders of such      shares at the close of business on a particular date, notwithstanding that      it may be a date prior to that on which the resolution is passed, and      thereupon the dividend or other distribution shall be payable or made to      them in accordance with their respective holdings so registered, but      without prejudice to the rights inter se in respect of such dividend of      transferors and transferees of any suchshares. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.22 | If      two or more persons are registered as joint holders of any shares, any one      of such persons may give effectual receipts for any dividends, interim and      special dividends or bonuses and other moneys payable or rights or      property distributable in respect of such  shares. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.23 | Unless      otherwise directed by the Board, any dividend, interest or other sum      payable in cash to a holder of shares may be paid by cheque or warrant      sent through the post to the registered address of the member entitled,      or, in case of joint holders, to the registered address of the person      whose name stands first in the register in respect of the joint holding or      to such person and to such address as the holder or joint holders may in      writing direct.  Every cheque or warrant so sent shall be made      payable to the order of the holder or, in the case of joint holders, to      the order of the holder whose name stands first on the register in respect      of such shares and shall be sent at his or their risk, and the payment of      any such cheque or warrant by the bank on which it is drawn shall operate      as a good discharge to the Company in respect of the dividend and/or bonus      represented thereby, notwithstanding that it may subsequently appear that      the same has been stolen or that any endorsement thereon has been      forged. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.24 | The      Company may cease sending such cheques for dividend entitlements or      dividend warrants by post if such cheques or warrants have been left      uncashed on two consecutive occasions.  However, the Company may      exercise its power to cease sending cheques for dividend entitlements or      dividend warrants after the first occasion on which such a cheque or      warrant is returned undelivered. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.25 | All      dividends or bonuses unclaimed for one year after having been declared may      be invested or otherwise made use of by the Board for the exclusive      benefit of the Company until claimed and the Company shall not be      constituted a trustee in respect thereof or be required to account for any      money earned thereon.  All dividends or bonuses unclaimed for six      years after having been declared may be forfeited by the Board and shall      revert to the Company and after such forfeiture no member or other person      shall have any right to or claim in respect of such dividends or      bonuses. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25 | Untraceable      Members |
|----|--------------------------|

| 25.1 | The      Company shall be entitled to sell any shares of a member or the shares to      which a person is entitled by virtue of transmission on death or      bankruptcy or operation of law if and provided  that: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all      cheques or warrants, not being less than three in number, for any sums      payable in cash to the holder of such shares have remained uncashed for a      period of 12 years; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Company has not during that time or before the expiry of the three month      period referred to in Article 25.1(d) below received any indication of the      whereabouts or existence of the member or person entitled to such shares      by death, bankruptcy or operation oflaw; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | during      the 12-year period, at least three dividends in respect of the shares in      question have become payable and no dividend during that period has been      claimed by the member; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | upon      expiry of the 12-year period, the Company has caused an advertisement to      be published in the newspapers, or, subject to the NYSE Rules and the Hong      Kong Listing Rules, by electronic communication in the manner in which      notices may be served by the Company by electronic means as herein      provided, giving notice of its intention to sell such shares, and a period      of three months has elapsed since such advertisement and the HKEX has been      notified of such intention. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.2 | To      give effect to any sale contemplated by Article 25.1 the Company may      appoint any person to execute as transferor an instrument of transfer of      the said shares and such other documents as are necessary to effect the      transfer, and such documents shall be as effective as if it had been      executed by the registered holder of or person entitled by transmission to      such shares and the title of the transferee shall not be affected by any      irregularity or invalidity in the proceedings relating thereto.  The      net proceeds of sale shall belong to the Company which shall be obliged to      account to the former member or other person previously entitled as      aforesaid for an amount equal to such proceeds and shall enter the name of      such former member or other person in the books of the Company as a      creditor for such amount.  No trust shall be created in respect of      the debt, no interest shall be payable in respect of the same and the      Company shall not be required to account for any money earned on the net      proceeds, which may be employed in the business of the Company or invested      in such investments (other than shares or other securities in or of the      Company or its holding company if any) or as the Board may from time to      time think fit. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26 | Document      Destruction |
|----|---------------------------|

| 26.1 | The      Company shall be entitled to destroy all instruments of transfer, probate,      letters of administration, stop notices, powers of attorney, certificates      of marriage or death and other documents relating to or affecting title to      securities in or of the Company ("Registrable Documents")      which have been registered at any time after the expiration of six years      from the date of registration thereof and all dividend mandates and      notifications of change of address at any time after the expiration of two      years from the date of recording thereof and all share certificates which      have been cancelled at any time after the expiration of one year from the      date of the cancellation thereof and it shall conclusively be presumed in      favour of the Company that every entry in the register if purporting to      have been made on the basis of an instrument of transfer or Registrable      Document so destroyed was duly and properly made and every instrument of      transfer or Registrable Document so destroyed was a valid and effective      instrument or document duly and properly registered and every share      certificate so destroyed was a valid and effective certificate duly and      properly cancelled and every other document hereinbefore mentioned so      destroyed was a valid and effective document in accordance with the      recorded particulars thereof in the books or records of the Company,      provided always that: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      provisions aforesaid shall apply only to the destruction of a document in      good faith and without express notice of the Company of any claim      (regardless of the parties thereto) to which the document might be      relevant; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | nothing      herein contained shall be construed as imposing upon the Company any      liability in respect of the destruction of any such document earlier than      as aforesaid or in any other circumstances which would not attach to the      Company in the absence of this Article;and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | references      herein to the destruction of any document include references to the      disposal thereof in any manner. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

----

| 27 | Annual Returns and      Filings |
|----|---------------------------------|

| 28 | Accounts |
|----|----------|

| 28.1 | The      Board shall cause to be kept such books of account as are necessary to      give a true and fair view of the state of the Company's affairs and to      show and explain its transactions and otherwise in accordance with the      Law. |
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| 28.2 | The      books of account shall be kept at the Company's principal place of      business in Hong Kong or, subject to the provisions of the Law, at such      other place or places as the Board thinks fit and shall always be open to      the inspection of the Directors. |
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| 28.3 | The      Board shall from time to time determine whether, to what extent, at what      times and places and under what conditions or regulations, the accounts      and books of the Company, or any of them, shall be open to the inspection      of the members (other than officers of the Company) and no member shall      have any right of inspecting any accounts or books or documents of the      Company except as conferred by the Law or any other relevant law or      regulation or as authorised by the Board or by the Company in general      meeting. |
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| 28.4 | The      Board shall, commencing with the first annual general meeting cause to be      prepared and to be laid before the members of the Company at every annual      general meeting a profit and loss account for the period, in the case of      the first account, since the incorporation of the Company and, in any      other case, since the preceding account, together with a balance sheet as      at the date to which the profit and loss account is made up and a      Directors' report with respect to the profit or loss of the Company for      the period covered by the profit and loss account and the state of the      Company's affairs as at the end of such period, an Auditors' report on      such accounts prepared pursuant to Article 29.1 and such other reports and      accounts as may be required by law. |
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| 28.5 | Copies      of those documents to be laid before the members of the Company at an      annual general meeting shall not less than 21 days before the date of the      meeting be sent in the manner in which notices may be served by the      Company as provided herein to every member of the Company and every holder      of debentures of the Company, provided that the Company shall not be      required to send copies of those documents to any person of whose address      the Company is not aware or to more than one  of the joint      holders of any shares ordebentures. |
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| 28.6 | To      the extent permitted by and subject to due compliance with these Articles,      the Law and all applicable rules and regulations, including, without      limitation, the rules of the HKEX and NYSE, and to obtaining all necessary      consents, if any, required thereunder, the requirements of Article 28.5      shall be deemed satisfied in relation to any member or any holder of      debentures of the Company by sending to such person instead of such      copies, not less than 21 days before the date of the annual general      meeting, in any manner not prohibited by these Articles and the Law, a      summary financial statement derived from the Company's annual accounts,      together with the Directors' report and the Auditors' report on such      accounts, which shall be in the form and containing the information      required by these Articles, the Law and all applicable laws and      regulations, provided that any person who is otherwise entitled to the      annual accounts of the Company, together with the Director's report and      the Auditor's report thereon may, if he so requires, by notice in writing      served on the Company, demand that the Company sends to him, in addition      to the summary financial statement, a complete printed copy of the      Company's annual accounts, together with the Directors' report and the      Auditor's report thereon. |
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| 29 | Audit |
|----|-------|

| 29.1 | The      Auditors shall audit the profit and loss account and balance sheet of the      Company in each year and shall prepare a report thereon to be annexed      thereto.  Such report shall be laid before the Company at its annual      general meeting in each year and shall be open to inspection by any      member.  The Auditors shall at the next annual general meeting      following their appointment and at any other time during their term of      office, upon request of the Board or any general meeting of the members,      make a report on the accounts of the Company in general meeting during      their tenure of office. |
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| 29.2 | The      Company shall at any annual general meeting appoint an auditor or auditors      of the Company who shall hold office until the next annual general      meeting.  The remuneration of the Auditors shall be fixed by the      Company at the annual general meeting at which they are appointed provided      that in respect of any particular year the Company in general meeting may      delegate the fixing of such remuneration to the Board.  No person may      be appointed as the, or an, Auditor, unless he is independent of the      Company.  The Board may before the first annual general meeting      appoint an auditor or auditors of the Company who shall hold office until      the first annual general meeting unless previously removed by an ordinary      resolution of the members in general meeting in which case the members at      that meeting may appoint Auditors.  The Board may fill any casual      vacancy in the office of Auditor but while any such vacancy continues the      surviving or continuing Auditor or Auditors, if any, may act.  The      remuneration of any Auditor appointed by the Board under this Article may      be fixed by the Board. |
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| 29.3 | Every      statement of accounts audited by the Auditors and presented by the Board      at an annual general meeting shall after approval at such meeting be      conclusive except as regards any error discovered therein within three      months of the approval thereof.  Whenever any such error is      discovered within that period, it shall forthwith be corrected, and the      statement of account amended in respect of the error shall be      conclusive. |
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| 30 | Notices |
|----|---------|

| 30.1 | Except      as otherwise provided in these Articles, any notice or document may be      served by the Company and any notices may be served by the Board on any      member either personally or by sending it through the post in a prepaid      letter addressed to such member at his registered address as appearing in      the register or, to the extent permitted by the NYSE Rules and/or the Hong      Kong Listing Rules and all applicable laws and regulations, by electronic      means by transmitting it to any electronic number or address or website      supplied by the member to the Company or by placing it on the Company's      Website provided that the Company has obtained either (a) the member's      prior express positive confirmation in writing or (b) the member’s deemed      consent, in the manner specified in the NYSE Rules and/or the Hong Kong      Listing Rules to receive or otherwise have made available to him notices      and documents to be given or issued to him by the Company by such      electronic means, or (in the case of notice) by advertisement published in      the manner prescribed under the NYSE Rules and/or the Hong Kong Listing      Rules.  In the case of joint holders of a share, all notices shall be      given to that holder for the time being whose name stands first in the      register and notice so given shall be sufficient notice to all the joint      holders. |
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| 30.2 | Notice      of every general meeting shall be given in any manner hereinbefore      authorised to: |
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|   | (a) | every      person shown as a member in the register of members as of the record date      for such meeting except that in the case of joint holders the notice shall      be sufficient if given to the joint holder first named in the register of      members; |
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|   | (b) | every      person upon whom the ownership of a share devolves by reason of his being      a legal personal representative or a trustee in bankruptcy of a member of      record where the member of record but for his death or bankruptcy would be      entitled to receive notice of themeeting; |
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|   | (c) | the      Auditors; |
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|   | (d) | each      Director and alternate Director; |
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|   | (e) | the      HKEX; and |
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|   | (f) | such      other person to whom such notice is required to be given in accordance      with the Hong Kong Listing Rules. |
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| 30.3 | No      other person shall be entitled to receive notices of general      meetings. |
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| 30.4 | A      member shall be entitled to have notice served on him at any address      within Hong Kong.  Any member who has not given an express      positive confirmation in writing to the Company in the manner specified in      the Hong Kong Listing Rules to receive or otherwise have made available to      him notices and documents to be given or issued to him by the Company by      electronic means and whose registered address is outside Hong Kong may      notify the Company in writing of an address in Hong Kong which for the      purpose of service of notice shall be deemed to be his registered      address.  A member who has no registered address in Hong Kong      shall be deemed to have received any notice which shall have been      displayed at the transfer office and shall have remained there for a      period of 24 hours and such notice shall be deemed to have been received      by such member on the day following that on which it shall have been first      so displayed, provided that, without prejudice to the other provisions of      these Articles, nothing in this Article shall be construed as prohibiting      the Company from sending, or entitling the Company not to send, notices or      other documents of the Company to any member whose registered address is      outside Hong Kong. |
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| 30.5 | Any      notice or document sent by post shall be deemed to have been served on the      day following that on which it is put into a post office situated within      Hong Kong and in proving such service it shall be sufficient to prove that      the envelope or wrapper containing the notice or document was properly      prepaid, addressed and put into such post office and a certificate in      writing signed by the Secretary or other person appointed by the Board      that the envelope or wrapper containing the notice or document was so      addressed and put into such post office shall be conclusive evidence      thereof. |
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| 30.6 | Any      notice or other document delivered or left at a registered address      otherwise than by post shall be deemed to have been served or delivered on      the day it was so delivered orleft. |
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| 30.7 | Any      notice served by advertisement shall be deemed to have been served on the      day of issue of the official publication and/or newspaper(s) in which the      advertisement is published (or on the last day of issue if the publication      and/or newspaper(s) are published on different  dates). |
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| 30.8 | Any      notice given by electronic means as provided herein shall be deemed to      have been served and delivered on the day following that on which it is      successfully transmitted or at such later time as may be prescribed by the      NYSE Rules and/or the Hong Kong Listing Rules or any applicable laws or      regulations. |
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| 30.9 | A      notice may be given by the Company to the person or persons entitled to a      share in consequence of the death, mental disorder or bankruptcy of a      member by sending it through the post in a prepaid letter addressed to him      or them by name, or by the title of representative of the deceased, or      trustee of the bankrupt, or by any like description, at the address, if      any, within Hong Kong supplied for the purpose by the person claiming to      be so entitled, or (until such an address has been so supplied) by giving      the notice in any manner in which the same might have been given if the      death, mental disorder or bankruptcy had not  occurred. |
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| 30.10 | Any      person who by operation of law, transfer or other means whatsoever shall      become entitled to any share shall be bound by every notice in respect of      such share which prior to his name and address being entered on the      register shall have been duly given to the person from whom he derives his      title to such share. |
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| 30.11 | Any      notice or document delivered or sent to any member in pursuance of these      Articles, shall notwithstanding that such member be then deceased and      whether or not the Company has notice of his death be deemed to have been      duly served in respect of any registered shares whether held solely or      jointly with other persons by such member until some other person be      registered in his stead as the holder or joint holder thereof, and such      service shall for all purposes of these Articles be deemed a sufficient      service of such notice or document on his personal representatives and all      persons (if any) jointly interested with him in any such      shares. |
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| 30.12 | The      signature to any notice to be given by the Company may be written or      printed by means of facsimile or, where relevant, by Electronic      Signature. |
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| 31 | Information |
|----|-------------|

| 31.1 | No      member shall be entitled to require discovery of or any information in      respect of any detail of the Company's trading or any matter which is or      may be in the nature of a trade secret or secret process which may relate      to the conduct of the business of the Company and which in the opinion of      the Board would not be in the interests of the members or the Company to      communicate to the public. |
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| 31.2 | The      Board shall be entitled to release or disclose any information in its      possession, custody or control regarding the Company or its affairs to any      of its members including, without limitation, information contained in the      register of members and transfer books of the  Company. |
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| 32 | Winding    Up |
|----|---------------|

| 32.1 | If      the Company shall be wound up (whether the liquidation is voluntary, under      supervision or by the court) the liquidator may, with the authority of a      special resolution of the Company and any other sanction required by the      Law divide among the members in specie or kind the      whole or any part of the assets of the Company (whether the assets shall      consist of property of one kind or shall consist of properties of      different kinds) and may for such purpose set such value as he deems fair      upon any property to be divided and may determine how such division shall      be carried out as between the members or different classes of      members.  The liquidator may, with the like authority or      sanction vest the whole or any part of such assets in trustees upon such      trusts for the benefit of the members as the liquidator, with the like      authority or sanction and subject to the Law, shall think fit, and the      liquidation of the Company may be closed and the Company dissolved, but so      that no member shall be compelled to accept any assets, shares or other      securities in respect of which there is a  liability. |
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| 32.2 | If      the Company shall be wound up, and the assets available for distribution      amongst the members as such shall be insufficient to repay the whole of      the paid-up capital, such assets shall be distributed so that, as nearly      as may be, the losses shall be borne by the members in proportion to the      capital paid up, or which ought to have been paid up, at the commencement      of the winding up on the shares held by them respectively.  And      if in a winding up the assets available for distribution amongst the      members shall be more than sufficient to repay the whole of the capital      paid up at the commencement of the winding up, the excess shall be      distributed amongst the members in proportion to the capital paid up at      the commencement of the winding up on the shares held by them      respectively.  This Article is to be without prejudice to the      rights of the holders of shares issued upon special terms and      conditions. |
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| 32.3 | In      the event of a winding-up of the Company in Hong Kong, every member of the      Company who is not for the time being in Hong Kong shall be bound, within      14 days after the passing of an effective resolution to wind up the      Company voluntarily, or the making of an order for the winding-up of the      Company, to serve notice in writing on the Company appointing some person      resident in Hong Kong and stating that person's full name, address and      occupation upon whom all summonses, notices, process, orders and judgments      in relation to or under the winding-up of the Company may be served, and      in default of such nomination the liquidator of the Company shall be at      liberty on behalf of such member to appoint some such person, and service      upon any such appointee, whether appointed by the member or the      liquidator, shall be deemed to be good personal service on such member for      all purposes, and, where the liquidator makes any such appointment, he      shall with all convenient speed give notice thereof to such member by      advertisement as he shall deem appropriate or by a registered letter sent      through the post and addressed to such member at his address as appearing      in the register, and such notice shall be deemed to be service on the day      following that on which the advertisement first appears or the letter is      posted. |
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| 33 | Indemnities |
|----|-------------|

| 33.1 | Every      Director, Auditor or other officer of the Company shall be entitled to be      indemnified out of the assets of the Company against all losses or      liabilities incurred or sustained by him as a Director, Auditor or other      officer of the Company in defending any proceedings, whether civil or      criminal, in which judgment is given in his favour, or in which he is      acquitted. |
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| 33.2 | Subject      to the Companies Law, if any Director or other person shall become      personally liable for the payment of any sum primarily due from the      Company, the Board may execute or cause to be executed any mortgage,      charge, or security over or affecting the whole or any part of the assets      of the Company by way of indemnity to secure the Director or person so      becoming liable as aforesaid from any loss in respect of such      liability. |
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| 34 | Financial      Year |
|----|---------------------|

| 35 | Amendment of Memorandum and      Articles |
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