----

| 1. | NAME |
|----|------|

| 2. | STATUS |
|----|--------|

| 3. | REGISTERED OFFICE AND REGISTERED AGENT |
|----|----------------------------------------|

----

| 4. | CAPACITY AND POWERS |
|----|---------------------|

|   | a. | full capacity to carry on or undertake any business or activity, do any act or enter into any transaction;  and |
|--------|----|---------------------------------------------------------------------------------------------------------------------------|

|   | b. | for the purposes of paragraph (a), full rights, powers and privileges. |
|--------|----|------------------------------------------------------------------------|

| 5. | NUMBER AND CLASSES OF SHARES |
|----|------------------------------|

| 6. | RIGHTS ATTACHING TO SHARES |
|----|----------------------------|

|   | a. | An Ordinary Share confers on the holder: |
|--------|----|------------------------------------------|

|   | i.    | the right to one vote at a meeting of the Members or on any Resolution of  Members; |
|--------|----------------------|-----------------------------------------------------------------------------------------------|

|   | ii.    | the right to an equal share in any Distribution paid by the Company; and |
|--------|-----------------------|--------------------------------------------------------------------------|

|   | iii.    | the right to an equal share in the distribution of the surplus assets of the Company on a winding up. |
|--------|------------------------|-------------------------------------------------------------------------------------------------------|

|   | b. | A Preferred Share confers on the holder: |
|--------|----|------------------------------------------|

|   | i.    | the right to one hundred (100) votes at a meeting of the Members or on any Resolution of  Members; |
|--------|----------------------|--------------------------------------------------------------------------------------------------------------|

|   | ii. | the right to an equal share in any Distribution paid by the Company; |
|--------|-----|----------------------------------------------------------------------|

----

|   | iii. | the right to an equal share in the distribution of the surplus assets of the Company on a winding up; and |
|--------|------|-----------------------------------------------------------------------------------------------------------|

|   | iv. | shall, subject to applicable law (including without limitation, the Act), be convertible, at the option of the holder thereof at any time, and without payment of additional consideration by the holder thereof, into an equal  number of Ordinary Shares. In the event of an optional conversion pursuant to this clause 6.b.iv, before any holder of Preferred Shares shall be entitled to convert the same into Ordinary Shares and to receive certificates therefor, such holder shall surrender the certificate or certificates therefor at the principal business or registered office of the Company or of any transfer agent for the Preferred Shares and shall give written notice to the Company at such principal business or registered office of the Company that the holder elects to convert the same.  The Company shall promptly issue and deliver to such holder, at the address of the holder listed on the share register, a certificate or certificates for the number of Ordinary Shares to which the holder shall be entitled as aforesaid.  Such conversion shall be effective as soon as the Register of Members of the Company has been updated.  The Directors may effect such conversion in any manner available under applicable law, including redeeming or repurchasing the Preferred Shares and applying the proceeds thereof towards payment for the new Ordinary Shares. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | VARIATION OF CLASS RIGHTS |
|----|---------------------------|

| 8. | RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU |
|----|-----------------------------------------------------|

----

| 9. | REGISTERED SHARES |
|----|-------------------|

| 10. | AMENDMENT OF MEMORANDUM AND ARTICLES OF ASSOCIATION |
|-----|-----------------------------------------------------|

|   | a. | to restrict the rights or powers of the Members to amend the Memorandum or Articles; |
|--------|----|--------------------------------------------------------------------------------------|

|   | b. | to change the percentage of Members required to pass a Resolution of Members to amend the Memorandum or Articles; |
|--------|----|-------------------------------------------------------------------------------------------------------------------|

|   | c. | in circumstances where the Memorandum or Articles cannot be amended by the Members; |
|--------|----|-------------------------------------------------------------------------------------|

|   | d. | to clauses 6, 7, 8 or this clause 10. |
|--------|----|---------------------------------------|

| 11. | DEFINITIONS |
|-----|-------------|

----

|                                 |
|---------------------------------|
| Sgd : Rexella D. Hodge          |
| Authorised Signatory            |
| OFFSHORE INCORPORATIONS LIMITED |

----

----

| INTERPRETATION         |                    |   | 20.  | General Meetings   |                     |   | 45.  | Directors to Manage  |                       |
|------------------------|-------------------------|--------|-----------|-------------------------|--------------------------|--------|-----------|---------------------------|----------------------------|
|                   |                    |   |      | 21.                     | Location                 |   |      |                      | Business                   |   |
| 1.                     | Definitions             |   |      | 22.                     | Requisitioned General    |   |      | 46.                       | Committees of Directors    |   |
| SHARES                 |                    |   |      | Meetings                |                     |   | 47.       | Officers and Agents       |                       |
| 2.                     | Power to Issue Shares   |   |      | 23.                     | Notice                   |   |      | 48.                       | Removal of Officers and    |   |
| 3.                     | Power of the Company    |   |      | 24.                     | Giving Notice            |   |      |                      | Agents                     |   |
|                   | to Purchase its Shares  |   |      | 25.                     | Service of Notice        |   |      | 49.                       | Duties of Officers         |   |
| 4.                     | Treatment of Purchased, |   |      | 26.                     | Participating in         |   |      | 50.                       | Remuneration of            |   |
|                   | Redeemed or Acquired    |   |      |                    | Meetings by Telephone    |   |      |                      | Officers                   |   |
|                   | Shares                  |   |      | 27.                     | Quorum at General        |   |      | 51.                       | Standard of Care           |   |
| 5.                     | Treasury Shares         |   |      |                    | Meetings                 |   |      | 52.                       | Conflicts of Interest      |   |
| 6.                     | Consideration           |   |      | 28.                     | Chairman to Preside      |   |      | 53.                       | Indemnification and        |   |
| 7.                     | Forfeiture of Shares    |   |      | 29.                     | Voting on Resolutions    |   |      |                      | Exculpation                |   |
| 8.                     | Share Certificates      |   |      | 30.                     | Power to Demand a        |   |      | MEETINGS OF THE BOARD     |                       |
| 9.                     | Fractional Shares       |   |      |                    | Vote on a Poll           |   |      | OF DIRECTORS              |                       |
| REGISTRATION OF SHARES |                    |   | 31.       | Voting by Joint Holders |                     |   | 54.       | Board Meetings            |                       |
| 10.                    | Register of Members     |   |      |                    | of Shares                |   |      | 55.                       | Notice of Board            |   |
| 11.                    | Registered Holder       |   |      | 32.                     | Instrument of Proxy      |   |      |                      | Meetings                   |   |
|                   | Absolute Owner          |   |      | 33.                     | Representation of        |   |      | 56.                       | Participation in           |   |
| 12.                    | Transfer of             |   |      |                    | Members                  |   |      |                      | Meetings by Telephone      |   |
|                   | Registered Shares       |   |      | 34.                     | Adjournment of General   |   |      | 57.                       | Quorum at Board            |   |
| 13.                    | Transmission of         |   |      |                    | Meetings                 |   |      |                      | Meetings                   |   |
|                   | Registered Shares       |   |      | 35.                     | Business at Adjourned    |   |      | 58.                       | Board to Continue in       |   |
| ALTERATION OF SHARES   |                    |   |      | Meetings                |                     |   |      | the Event of Vacancy      |                       |
| 14.                    | Power to Alter Shares   |   |      | 36.                     | Directors Attendance at  |   |      | 59.                       | Chairman to Preside        |   |
| 15.                    | Restrictions on the     |   |      |                    | General Meetings         |   |      | 60.                       | Powers of Sole Director    |   |
|                   | Division of Shares      |   |      | DIRECTORS AND OFFICERS  |                     |   | 61.       | Proceedings if One        |                       |
| DISTRIBUTIONS          |                    |   | 37.       | Election of Directors   |                     |   |      | Director                  |                       |
| 16.                    | Distributions           |   |      | 38.                     | Number of Directors      |   |      | CORPORATE RECORDS         |                       |
| 17.                    | Power to Set Aside      |   |      | 39.                     | Term of Office of        |   |      | 62.                  | Documents to be Kept  |   |
|                   | Profits                 |   |      |                    | Directors                |   |      | 63.                  | Form and Use of Seal  |   |
| 18.                    | Unauthorised            |   |      | 40.                     | Alternate and Reserve    |   |      | ACCOUNTS                  |                       |
|                   | Distributions           |   |      |                    | Directors                |   |      | 64.                       | Books of Account      |   |
| 19.                    | Distributions to Joint  |   |      | 41.                     | Removal of Directors     |   |      | 65.                       | Form of Records       |   |
|                   | Holders of Shares       |   |      | 42.                     | Vacancy in the Office of |   |      | 66.                       | Financial Statements  |   |
| MEETINGS OF MEMBERS    |                    |   |      | Director                |                     |   | 67.  | Distribution of           |                       |
|                   |                    |   |      | 43.                     | Remuneration of          |   |      |                      | Accounts                   |   |
|                   |                    |   |      |                    | Directors                |   |      |                      |                       |
|                   |                    |   |      | 44.                     | Resignation of directors |   |      |                      |                       |

----

| AUDITS               |                          |
|----------------------|-------------------------------|
| 68.                  | Audit                         |   |
| 69.                  | Appointment ofAuditor         |   |
| 70.                  | Remuneration ofAuditor        |   |
| 71.                  | Duties of Auditor             |   |
| 72.                  | Access to Records             |   |
| 73.                  | Auditor Entitled toNotice     |   |
| VOLUNTARYLIQUIDATION |                          |
| 74.                  | Liquidation                   |   |
| FUNDAMENTAL CHANGES  |                          |
| 75.                  | Changes                       |   |
| 76.                  | Continuation underForeign Law |   |

----

| 1. | Definitions |
|----|-------------|

|   | 1.1 | In these Articles, the following words and expressions shall, where not inconsistent with the context, have the following meanings, respectively: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Act | BVI Business Companies Act, 2004, as from time to time amended or restated; |
|--------|-----|-----------------------------------------------------------------------------|

|   | Articles | these Articles of Association as originally registered or as from time to time amended or restated; |
|--------|----------|-----------------------------------------------------------------------------------------------------|

|   | Board | the board of directors appointed or elected pursuant to these Articles and acting by Resolution of Directors;Company GALAXY STRATEGY & COMMUNICATIONS INC.; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Distribution | (a)  the direct or indirect transfer of an asset, other than the Company’s own shares, to or for the benefit of a Member; or |
|--------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) the incurring of a debt to or for the benefit of a Member; |
|--------|----------------------------------------------------------------|

|   | in relation to shares held by a Member and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of shares, a transfer of indebtedness or otherwise, and includes a dividend; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Founder Director | Mr. Qiang Wu; |
|--------|------------------|---------------|

|   | Member | a person whose name is entered in the register of members as the holder of one or more shares, or fractional shares,  in the Company; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Memorandum | the Memorandum of Association of the Company as originally registered or as from time to time amended or restated; |
|--------|------------|--------------------------------------------------------------------------------------------------------------------|

|   | Ordinary Shares | Ordinary shares of the Company, conferring on the holder the rights set out in the Memorandum; |
|--------|-----------------|------------------------------------------------------------------------------------------------|

|   | Preferred Shares | Preferred Shares of the Company, conferring on the holder the rights set out in the Memorandum; |
|--------|------------------|-------------------------------------------------------------------------------------------------|

----

|   | Resolution of Directors | (a)  a resolution approved at a duly constituted meeting of directors or of a committee of directors of the Company by the affirmative vote of a simple majority of the directors (including, in all cases, the affirmative vote of the Founder Director) present who voted and did not abstain; or |
|--------|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) a resolution consented to in writing by all of the directors or of all the members of the committee, as the case may be, (including, in all cases, the affirmative vote of the Founder Director) provided that for this paragraph (b) only, “director” shall not include an alternate; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Resolution of Members | (a)  a resolution approved at a duly constituted meeting of Members by (i) the affirmative vote of a simple majority of the votes of those Members present who, being entitled to vote, voted on the resolution and (ii) the affirmative vote of a simple majority of the outstanding Preferred Shares from time to time; or |
|--------|-----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)  a resolution consented to in writing by all of the Members entitled to vote thereon; |
|--------|-----------------------------------------------------------------------------------------------------|

|   | Seal | the common seal of the Company; |
|--------|------|---------------------------------|

|   | Secretary | the person appointed to perform any or all of the duties of secretary of the Company and includes any deputy or assistant secretary and any person appointed by the Board to perform any of the duties of the Secretary; |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | shares | collectively, Ordinary Shares and Preferred Shares, or either of such class of share, as the case may be; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | Treasury Share | a share of the Company that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled. |
|--------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2 | In these Articles, where not inconsistent with the context: |
|--------|-----|-------------------------------------------------------------|

|   | (a) | words denoting the plural number include the singular number and vice versa; |
|--------|-----|------------------------------------------------------------------------------|

|   | (b) | words denoting the masculine gender include the feminine and neuter genders; |
|--------|-----|------------------------------------------------------------------------------|

|   | (c) | words importing persons include companies, associations or bodies of persons whether corporate or not; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (d) | a reference to voting in relation to shares shall be construed as a reference to voting by Members holding the shares, except that it is the votes allocated to the shares that shall be counted and not the number of Members who actually voted and a reference to shares being present at a meeting shall be given a corresponding construction; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | a reference to money is unless otherwise stated a reference to the currency in which shares of the Company shall be issued; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the words:- |
|--------|-----|-------------|

|   | (i) | "may" shall be construed as permissive; and |
|--------|-----|---------------------------------------------|

|   | (ii) | "shall" shall be construed as imperative; and |
|--------|------|-----------------------------------------------|

|   | (g) | unless otherwise provided herein, words or expressions defined in the Act shall bear the same meaning in these Articles. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | 1.3 | In these Articles, expressions referring to writing or its cognates shall, unless the contrary intention appears, include facsimile, printing, lithography, photography, electronic mail and other modes of representing words in visible form. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4 | Headings used in these Articles are for convenience only and are not to be used or relied upon in the construction hereof. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

| 2. | Power to Issue Shares |
|----|-----------------------|

| 3. | Power of the Company to Purchase its Shares |
|----|---------------------------------------------|

| 4. | Treatment of Purchased, Redeemed or Acquired Shares |
|----|-----------------------------------------------------|

|   | 4.1 | Subject to Paragraph 4.2, a share that the Company purchases, redeems or otherwise acquires may be cancelled or held by the Company as a Treasury Share. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | The Company may only hold a share that has been purchased, redeemed or otherwise acquired as a Treasury Share if the number of shares purchased, redeemed or otherwise acquired, when aggregated with shares of the same class already held by the Company as Treasury Shares, does not exceed 50% of the shares of that class previously issued by the Company, excluding shares that have been cancelled. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | Treasury Shares |
|----|-----------------|

|   | 5.1 | Treasury Shares may be transferred by the Company and the provisions of the Act, the Memorandum and these Articles that apply to the issue of shares apply to the transfer of Treasury Shares. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2 | All the rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by or against the Company while it holds the share as a Treasury Share. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Consideration |
|----|---------------|

|   | 6.1 | A share may be issued for consideration in any form, including money, a promissory note or other written obligation to contribute money or property, real property, personal property (including goodwill and know-how), services rendered or a contract for future services. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2 | No share may be issued for a consideration other than money unless the directors pass a resolution stating: |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (a) | the amount to be credited for the issue of the share; |
|--------|-----|-------------------------------------------------------|

|   | (b) | their determination of the reasonable present cash value of the non-money consideration for the issue; and |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (c) | that, in their opinion, the present cash value of the non-money consideration for the issue is not less than the amount to be credited for the issue of the share. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3 | No share may be issued by the Company that: |
|--------|-----|---------------------------------------------|

|   | (a) | increases the liability of a person to the Company; or |
|--------|-----|--------------------------------------------------------|

|   | (b) | imposes a new liability on a person to the Company, |
|--------|-----|-----------------------------------------------------|

|   | 6.4 | The consideration for a share with par value shall not be less than the par value of the share. |
|--------|-----|-------------------------------------------------------------------------------------------------|

| 7. | Forfeiture of Shares |
|----|----------------------|

|   | 7.1 | Where a share is not fully paid for on issue, the directors may, subject to the terms on which the share was issued, at any time serve upon the Member a written notice of call specifying a date for payment to be made. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2 | The written notice of call shall name a further date not earlier than the expiration of fourteen days from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice, the share will be liable to be forfeited. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7.3 | Where a notice complying with the foregoing provisions has been issued and the requirements of the notice have not been complied with, the directors by Resolution of Directors may, at any time before tender of payment forfeit and cancel the share to which the notice relates. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.4 | Upon forfeiture and cancellation pursuant to Paragraph 7.3, the Company shall be under no obligation to refund any moneys to that Member and that Member shall be discharged from any further obligation to the Company as regards the forfeited share. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Share Certificates |
|----|--------------------|

|   | 8.1 | The Company shall not be required to issue certificates in respect of its shares to a Member, but may elect to do so by Resolution of Directors upon the request and at the expense of the Member. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2 | If the Company issues share certificates, the certificates shall be signed by at least one director or such other person who may be authorised by Resolution of Directors to sign share certificates, or shall be under the common seal of the Company, with or without the signature of any director, and the signatures and common seal may be facsimiles. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.3 | Any Member receiving a share certificate for registered shares shall indemnify and hold the Company and its directors and officers harmless from any loss or liability which it or they may incur by reason of wrongful or fraudulent use or representation made by any person by virtue of the possession thereof.  If a share certificate for registered shares is worn out or lost it may be renewed on production of the worn out certificate or on satisfactory proof of its loss together with such indemnity as may be required by a Resolution of Directors. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Fractional Shares |
|----|-------------------|

| 10. | Register of Members |
|-----|---------------------|

|   | 10.1 | The directors shall cause there to be kept a register of members in which there shall be recorded the name and address of each Member, the number of each class and series of shares held by each Member, the date on which the name of each Member was entered in the register of members and the date upon which any person ceased to be a Member. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 | The register of members may be in such form as the directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents.  Unless the directors otherwise determine, the magnetic, electronic or other data storage form shall be the original register of members. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11. | Registered Holder Absolute Owner |
|-----|----------------------------------|

|   | 11.1 | The entry of the name of a person in the register of members as a holder of a share in the Company is prima facie evidence that legal title in the share vests in that person. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.2 | The Company may treat the holder of a registered share as the only person entitled to: |
|--------|------|----------------------------------------------------------------------------------------|

|   | (a) | exercise any voting rights attaching to the share; |
|--------|-----|----------------------------------------------------|

|   | (b) | receive notices; |
|--------|-----|------------------|

|   | (c) | receive a distribution in respect of the share; and |
|--------|-----|-----------------------------------------------------|

|   | (d) | exercise other rights and powers attaching to the share. |
|--------|-----|----------------------------------------------------------|

| 12. | Transfer of Registered Shares |
|-----|-------------------------------|

|   | 12.1 | Registered shares in the Company shall only be transferred by a written instrument of transfer signed by the transferor and containing the name and address of the transferee. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.2 | The instrument of transfer shall also be signed by the transferee if registration as a holder of the share imposes a liability to the Company on the transferee. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.3 | The instrument of transfer shall be sent to the Company for registration. |
|--------|------|---------------------------------------------------------------------------|

|   | 12.4 | The Company shall, on receipt of an instrument of transfer, enter the name and address of the transferee of the share in the register of members unless the directors resolve to refuse or delay the registration of the transfer for reasons that shall be specified in the resolution. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.5 | The directors are permitted to pass a Resolution of Directors refusing or delaying the registration of a transfer where they reasonably determine that it is in the best interest of the Company to do so.  Without limiting the generality of the foregoing, the directors may refuse or delay the registration of a transfer of shares if the transferor has failed to pay an amount due in respect of those shares. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.6 | Where the directors pass a resolution to refuse or delay the registration of a transfer, the Company shall, as soon as practicable, send the transferor and the transferee a notice of the refusal or delay. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.7 | The transfer of a share is effective when the name of the transferee is entered in the register of members and the Company shall not be required to treat a transferee of a share in the Company as a Member until the transferee’s name has been entered in the register of members. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.8 | If the directors are satisfied that an instrument of transfer has been signed but that the instrument has been lost or destroyed, they may resolve: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to accept such evidence of the transfer of the shares as they consider appropriate; and |
|--------|-----|-----------------------------------------------------------------------------------------|

----

|   | (b) | that the transferee’s name should be entered in the register of members. |
|--------|-----|--------------------------------------------------------------------------------|

| 13. | Transmission of Registered Shares |
|-----|-----------------------------------|

|   | 13.1 | The personal representative of a deceased Member, the guardian of an incompetent Member or the trustee of a bankrupt Member shall be the only person recognised by the Company as having any title to the Member’s share. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13.2 | Any person becoming entitled by operation of law or otherwise to a share in consequence of the death, incompetence or bankruptcy of any Member may be registered as a Member upon such evidence being produced as may reasonably be required by the directors.  An application by any such person to be registered as a Member shall for all purposes be deemed to be a transfer of the  share of the deceased, incompetent or bankrupt Member and the directors shall treat it as such. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13.3 | Any person who has become entitled to a share or shares in consequence of the death, incompetence or bankruptcy of any Member may, instead of being registered himself, request in writing that some person to be named by him be registered as the transferee of such share and such request shall likewise be treated as if it were a transfer. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | Power to Alter Shares |
|-----|-----------------------|

|   | 14.1 | The Company may amend the Memorandum to increase or reduce the maximum number of shares that the Company is authorised to issue, or to authorise the Company to issue an unlimited number of shares. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.2 | Subject to the Memorandum and these Articles, the Company may: |
|--------|------|----------------------------------------------------------------|

|   | (a) | divide its shares, including issued shares, into a larger number of shares; or |
|--------|-----|--------------------------------------------------------------------------------|

|   | (b) | combine its shares, including issued shares, into a smaller number of shares; |
|--------|-----|-------------------------------------------------------------------------------|

|   | 14.3 | A division or combination of shares, including issued shares, of a class or series shall be for a larger or smaller number, as the case may be, of shares in the same class or series. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | Restrictions on the Division of Shares |
|-----|----------------------------------------|

----

| 16. | Distributions |
|-----|---------------|

|   | 16.1 | The directors may, by Resolution of Directors, authorise a Distribution by the Company to Members at such time and of such an amount as they think fit if they are satisfied, on reasonable grounds, that immediately after the Distribution, the value of the Company’s assets exceeds its liabilities and the Company is able to pay its debts as they fall due.  The resolution shall include a statement to that effect. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2 | Notice of any Distribution that may have been authorised shall be given to each Member entitled to the Distribution in the manner provided in Article 24 and all Distributions unclaimed for three years after having been authorised may be forfeited by Resolution of Directors for the benefit of the Company. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | Power to Set Aside Profits |
|-----|----------------------------|

| 18. | Unauthorised Distributions |
|-----|----------------------------|

|   | 18.1 | If, after a Distribution is authorised and before it is made, the directors cease to be satisfied on reasonable grounds that immediately after the Distribution the value of the Company’s assets exceeds its liabilities and the Company is able to pay its debts as they fall due, such Distribution is deemed not to have been authorised. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 18.2 | A Distribution made to a Member at a time when, immediately after the Distribution, the value of the Company’s assets did not exceed its liabilities and the Company was not able to pay its debts as they fell due, is subject to recovery in accordance with the provisions of the Act. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | Distributions to Joint Holders of Shares |
|-----|------------------------------------------|

| 20. | General Meetings |
|-----|------------------|

----

| 21. | Location |
|-----|----------|

| 22. | Requisitioned General Meetings |
|-----|--------------------------------|

| 23. | Notice |
|-----|--------|

|   | 23.1 | The directors shall give not less than seven days notice of meetings of Members to those persons whose names, on the date the notice is given, appear as Members in the register of members of the Company and are entitled to vote at the meeting. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.2 | A meeting of Members held in contravention of the requirement in Paragraph 23.1 is valid if Members holding a ninety percent majority of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a Member at the meeting shall be deemed to constitute waiver on his part. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.3 | The inadvertent failure of the directors to give notice of a meeting to a Member, or the fact that a Member has not received notice, does not invalidate the meeting. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24. | Giving Notice |
|-----|---------------|

|   | 24.1 | A notice may be given by the Company to any Member either by delivering it to such Member in person or by sending it to such Member's address (including any e-mail address) in the register of members or to such other address given for the purpose.  Notice may be sent by mail, courier service, cable, telex, telecopier, facsimile or e-mail or other mode of representing words in a legible form. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 24.2 | Any notice required to be given to a Member shall, with respect to any shares held jointly by two or more persons, be given to whichever of such persons is named first in the register of members and notice so given shall be sufficient notice to all the holders of such shares. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25. | Service of Notice |
|-----|-------------------|

| 26. | Participating in Meetings by Telephone |
|-----|----------------------------------------|

| 27. | Quorum at General Meetings |
|-----|----------------------------|

|   | 27.1 | A meeting of Members is properly constituted if at the commencement of the meeting there are present in person or by proxy not less than 2 Members holding not less than a majority of the votes of the outstanding Preferred Shares from time to time entitled to vote on Resolutions of Members to be considered at the meeting. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 27.2 | If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of Members, shall be dissolved; in any other case it shall stand adjourned to the next business day at the same time and place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less than 1 Member holding shares or any class or series of shares entitled to vote on the resolutions to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 27.3 | If a quorum is present, notwithstanding the fact that such quorum may be represented by only one person then such person may resolve any matter and a certificate signed by such person accompanied where such person be a proxy by a copy of the proxy form shall constitute a valid Resolution of Members. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28. | Chairman to Preside |
|-----|---------------------|

| 29. | Voting on Resolutions |
|-----|-----------------------|

----

| 30. | Power to Demand a Vote on a Poll |
|-----|----------------------------------|

| 31. | Voting by Joint Holders of Shares |
|-----|-----------------------------------|

| 32. | Instrument of Proxy |
|-----|---------------------|

|   | 32.1 | A Member may be represented at a meeting of Members by a proxy (who need not be a Member) who may speak and vote on behalf of the Member. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | An instrument appointing a proxy shall be in such form as the directors may from time to time determine or such other form as the chairman of the meeting shall accept as properly evidencing the wishes of the member appointing the proxy. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.3 | The chairman of any meeting at which a vote is cast by proxy or on behalf of any person other than an individual may call for a notarially certified copy of such proxy or authority which shall be produced within seven days of being so requested or the votes cast by such proxy or on behalf of such person shall be disregarded. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.4 | The instrument appointing a proxy shall be produced at the place appointed for the meeting before the time for holding the meeting at which the person named in such instrument proposes to vote. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33. | Representation of Members |
|-----|---------------------------|

|   | 33.1 | Any person other than an individual which is a Member may by resolution in writing (certified or signed by a duly authorised person) of its directors or other governing body authorise such person as it thinks fit to act as its representative (in this Article, “Representative”) at any meeting of the Members or at the meeting of the Members of any class or series of shares and the Representative shall be entitled to exercise the same powers on behalf of the Member which he represents as that Member could exercise if it were an individual. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 33.2 | The right of a Representative shall be determined by the law of the jurisdiction where, and by the documents by which, the Member is constituted or derives its existence.  In case of doubt, the directors may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the directors may rely and act upon such advice without incurring any liability to any Member. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 34. | Adjournment of General Meetings |
|-----|---------------------------------|

| 35. | Business at Adjourned Meetings |
|-----|--------------------------------|

| 36. | Directors Attendance at General Meetings |
|-----|------------------------------------------|

| 37. | Election of Directors |
|-----|-----------------------|

|   | 37.1 | The first registered agent of the Company shall, within six months of the date of incorporation of the Company, appoint one or more persons as the first director or directors of the Company.  The first director or directors may at the first meeting of directors elect any number of additional directors as it or they may determine up to the maximum number set by Article 38.  Thereafter, new directors can be nominated by any director or shareholder and the appointment of new directors shall be approved  by a Resolution of Directors.. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 37.2 | No person shall be appointed as a director or nominated as a reserve director unless he has consented in writing to act as a director or to be nominated as a reserve director. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 37.3 | A director shall not require a share qualification, and may be an individual or a company. |
|--------|------|--------------------------------------------------------------------------------------------|

|   | 37.4 | Any director which is a body corporate may appoint any person its duly authorised representative for the purpose of representing it at meetings of the Board or with respect to unanimous written consents. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 38. | Number of Directors |
|-----|---------------------|

| 39. | Term of Office of Directors |
|-----|-----------------------------|

----

| 40. | Alternate and Reserve Directors |
|-----|---------------------------------|

|   | 40.1 | A director may by a written instrument appoint an alternate who need not be a director and an alternate is entitled to attend meetings in the absence of the director who appointed him and to vote in place of the director. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 40.2 | Where the Company has only one Member who is an individual and that Member is also the sole director, the sole member/director may, by instrument in writing, nominate a person who is not disqualified from being a director under the Act as a reserve director in the event of his death. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 40.3 | The nomination of a person as a reserve director ceases to have effect if: (a) before the death of the sole Member/director who nominated him he resigns as reserve director, or the sole Member/director revokes the nomination in writing, or (b) the sole Member/director who nominated him ceases to be the sole Member/director for any reason other than his death. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 41. | Removal of Directors |
|-----|----------------------|

|   | 41.1 | A director may be removed from office, with or without cause: |
|--------|------|---------------------------------------------------------------|

|   | (a) | by a Resolution of Members at a meeting of the Members called for the purpose of removing the director or for purposes including the removal of the director; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | by a Resolution of Members consented to in writing by all of the Members entitled to vote thereon; or |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (c) | by a Resolution of Directors at a meeting of the Directors called for the purpose of removing the director or for purposes including the removal of the director. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 41.2 | Notice of a meeting called under Paragraph 41.1(a) or 41.1(c) shall state that the purpose of the meeting is, or the purposes of the meeting include, the removal of a director. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42. | Vacancy in the Office of Director |
|-----|-----------------------------------|

|   | 42.1 | Notwithstanding Article 37, the directors may appoint one or more directors to fill a vacancy on the Board. |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | 42.2 | For the purposes of this Article, there is a vacancy on the Board if a director dies or otherwise ceases to hold office as a director prior to the expiration of his term of office or there is otherwise a vacancy in the number of directors as fixed pursuant to Article 38. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 42.3 | The term of any appointment under this Article may not exceed the term that remained when the person who has ceased to be a director left or otherwise ceased to hold office. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 43. | Remuneration of Directors |
|-----|---------------------------|

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| 44. | Resignation of directors |
|-----|--------------------------|

| 45. | Directors to Manage Business |
|-----|------------------------------|

|   | 45.1 | The business and affairs of the Company shall be managed by, or under the direction or supervision of, the Board. |
|--------|------|-------------------------------------------------------------------------------------------------------------------|

|   | 45.2 | The Board has all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

|   | 45.3 | The Board may, by a Resolution of Directors, authorise the payment of all expenses incurred preliminary to and in connection with the formation and registration of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or these Articles required to be exercised by the Members of the Company, subject to any delegation of such powers as may be authorised by these Articles and to such requirements as may be prescribed by a Resolution of Members; but no requirement made by a Resolution of Members shall prevail if it is inconsistent with these Articles nor shall such requirement invalidate any prior act of the directors which would have been valid if such requirement had not been made. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 45.4 | Subject to the provisions of the Act, all cheques, promissory notes, draft, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company, shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 46. | Committees of Directors |
|-----|-------------------------|

|   | 46.1 | The directors may, by a Resolution of Directors, designate one or more committees of directors, each consisting of one or more directors. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | 46.2 | Each committee of directors has such powers and authorities of the directors, including the power and authority to affix the Seal, as are set forth in these Articles or the Resolution of Directors establishing the committee, except that the directors have no power to delegate the following powers to a committee of directors: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to amend the Memorandum or these Articles; |
|--------|-----|--------------------------------------------|

|   | (b) | to designate committees of directors; |
|--------|-----|---------------------------------------|

|   | (c) | to delegate powers to a committee of directors; |
|--------|-----|-------------------------------------------------|

|   | (d) | to appoint or remove directors; |
|--------|-----|---------------------------------|

|   | (e) | to appoint or remove an agent; |
|--------|-----|--------------------------------|

----

|   | (f) | to approve a plan of merger, consolidation or arrangement; |
|--------|-----|------------------------------------------------------------|

|   | (g) | to make a declaration of solvency or approve a liquidation plan; or |
|--------|-----|---------------------------------------------------------------------|

|   | (h) | to make a determination that the company will, immediately after a proposed distribution, meet the solvency test set out in the Act. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | 46.3 | A committee of directors, where authorised by the directors, may appoint a sub-committee. |
|--------|------|-------------------------------------------------------------------------------------------|

|   | 46.4 | The meetings and proceedings of each committee of directors consisting of two or more directors shall be governed mutatis mutandis by the provisions of these Articles regulating the proceedings of directors so far as the same are not superseded by any provisions in the resolution establishing the committee. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 47. | Officers and Agents |
|-----|---------------------|

|   | 47.1 | The directors may, by a Resolution of Directors, appoint any person, including a person who is a director, to be an officer or agent of the Company.  Such officers may consist of a chairman of the Board, a vice chairman of the Board, a president and one or more vice presidents, secretaries and treasurers and such other officers as may from time to time be deemed desirable.  Any number of offices may be held by the same person. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 47.2 | Each officer or agent has such powers and authorities of the directors, including the power and authority to affix the Seal, as are set forth in these Articles or the Resolution of Directors appointing the officer or agent, except that no officer or agent has any power or authority with respect to the following: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to amend the Memorandum or these Articles; |
|--------|-----|--------------------------------------------|

|   | (b) | to change the registered office or agent; |
|--------|-----|-------------------------------------------|

|   | (c) | to designate committees of directors; |
|--------|-----|---------------------------------------|

|   | (d) | to delegate powers to a committee of directors; |
|--------|-----|-------------------------------------------------|

|   | (e) | to appoint or remove directors; |
|--------|-----|---------------------------------|

|   | (f) | to appoint or remove an agent; |
|--------|-----|--------------------------------|

|   | (g) | to fix emoluments of directors; |
|--------|-----|---------------------------------|

|   | (h) | to approve a plan of merger, consolidation or arrangement; |
|--------|-----|------------------------------------------------------------|

|   | (i) | to make a declaration of solvency or approve a liquidation plan; |
|--------|-----|------------------------------------------------------------------|

|   | (j) | to make a determination that the company will, immediately after a proposed distribution, meet the solvency test set out in the Act; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | to authorise the Company to continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

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| 48. | Removal of Officers and Agents |
|-----|--------------------------------|

| 49. | Duties of Officers |
|-----|--------------------|

| 50. | Remuneration of Officers |
|-----|--------------------------|

| 51. | Standard of Care |
|-----|------------------|

| 52. | Conflicts of Interest |
|-----|-----------------------|

|   | 52.1 | A director shall, forthwith after becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the Company, disclose the interest to the Board, unless the transaction or proposed transaction (a) is between the director and the Company and (b) is to be entered into in the ordinary course of the Company’s business and on usual terms and conditions. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 52.2 | A transaction entered into by the Company in respect of which a director is interested is voidable by the Company unless the director complies with Paragraph 52.1 or (a) the material facts of the interest of the director in the transaction are known by the Members entitled to vote at a meeting of Members and the transaction is approved or ratified by a Resolution of Members or (b) the Company received fair value for the transaction. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 52.3 | For the purposes of this Article, a disclosure is not made to the Board unless it is made or brought to the attention of every director on the Board. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 52.4 | A director who is interested in a transaction entered into or to be entered into by the Company may vote on a matter relating to the transaction, attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a quorum and sign a document on behalf of the Company, or do any other thing in his capacity as director that relates to the transaction. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 53. | Indemnification and Exculpation |
|-----|---------------------------------|

|   | 53.1 | Subject to Paragraph 53.2 the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | 53.2 | Paragraph 53.1 does not apply to a person referred to in that Paragraph unless the person acted honestly and in good faith and in what he believed to be the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 53.3 | The decision of the directors as to whether the person acted honestly and in good faith and in what he believed to be the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of these Articles, unless a question of law is involved. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 53.4 | The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct was unlawful. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 53.5 | If a person referred to in this Article has been successful in defence of any proceedings referred to therein, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 53.6 | Expenses, including legal fees, incurred by a Director (or former Director) in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the Director (or former Director, as the case may be) to repay the amount if it shall ultimately be determined that the Director (or former Director, as the case may be) is not entitled to be indemnified by the Company. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 53.7 | The indemnification and advancement of expenses provided by, or granted under these Articles are not exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under any agreement, resolution of members, resolution of disinterested directors or otherwise, both as to acting in the person’s official capacity and as to acting in another capacity while serving as a Director of the Company. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 53.8 | The Company may purchase and maintain insurance in relation to any person who is or was a director, an officer or a liquidator of the Company, or who at the request of the Company is or was serving as a director, an officer or a liquidator of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability under Paragraph 53.1. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 54. | Board Meetings |
|-----|----------------|

| 55. | Notice of Board Meetings |
|-----|--------------------------|

| 56. | Participation in Meetings by Telephone |
|-----|----------------------------------------|

| 57. | Quorum at Board Meetings |
|-----|--------------------------|

| 58. | Board to Continue in the Event of Vacancy |
|-----|-------------------------------------------|

----

| 59. | Chairman to Preside |
|-----|---------------------|

| 60. | Powers of Sole Director |
|-----|-------------------------|

| 61. | Proceedings if One Director |
|-----|-----------------------------|

| 62. | Documents to be Kept |
|-----|----------------------|

|   | 62.1 | The Company shall keep the following documents at the office of its registered agent: |
|--------|------|---------------------------------------------------------------------------------------|

|   | (a) | the Memorandum and these Articles; |
|--------|-----|------------------------------------|

|   | (b) | the register of members or a copy of the register of members; |
|--------|-----|---------------------------------------------------------------|

|   | (c) | the register of directors or a copy of the register of directors; |
|--------|-----|-------------------------------------------------------------------|

|   | (d) | the register of charges or a copy of the register of charges; |
|--------|-----|---------------------------------------------------------------|

|   | (e) | copies of all notices and other documents filed by the Company in the previous ten years. |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | 62.2 | Where the Company keeps a copy of its register of members or register of directors at the office of its registered agent, it shall within 15 days of any change in the register, notify the registered agent, in writing, of the change, and it shall provide the registered agent with a written record of the physical address of the place or places at which the original register of members or the original register of directors is kept. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 62.3 | Where the place at which the original register of members or the original register of directors is changed, the company shall provide the registered agent with the physical address of the new location of the records within 14 days of the change of location. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 62.4 | The Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the directors may determine: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the minutes of meetings and Resolutions of Members and of classes of Members; and |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (b) | the minutes of meetings and Resolutions of Directors and committees of directors. |
|--------|-----|-----------------------------------------------------------------------------------|

|   | 62.5 | Where any of the minutes or resolutions described in the previous paragraph are kept at a place other than at the office of the Company’s registered agent, the Company shall provide the registered agent with a written record of the physical address of the place or places at which the records are kept. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 62.6 | Where the place at which any of the records described in Paragraph 62.4 is changed, the Company shall provide the registered agent with the physical address of the new location of the records within 14 days of the change of location. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 62.7 | The Company’s records shall be kept in written form or either wholly or partly as electronic records. |
|--------|------|-------------------------------------------------------------------------------------------------------------|

| 63. | Form and Use of Seal |
|-----|----------------------|

| 64. | Books of Account |
|-----|------------------|

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

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

| 65. | Form of Records |
|-----|-----------------|

----

| 66. | Financial Statements |
|-----|----------------------|

|   | 66.1 | If required by a Resolution of Members, the directors shall cause to be made out and served on the Members or laid before a meeting of Members a profit and loss account and balance sheet of the Company for such period and on such recurring basis as the Members think fit. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 66.2 | The Company's profit and loss account and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit or loss of the Company for that financial period, and a true and fair view of the state of affairs of the Company as at the end of that financial period. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 67. | Distribution of Accounts |
|-----|--------------------------|

| 68. | Audit |
|-----|-------|

| 69. | Appointment of Auditor |
|-----|------------------------|

|   | 69.1 | The auditor shall be appointed by a Resolution of Directors. |
|--------|------|--------------------------------------------------------------|

|   | 69.2 | The auditor may be a Member of the Company but no director or other officer shall be eligible to be an auditor of the Company during his continuance in office. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 70. | Remuneration of Auditor |
|-----|-------------------------|

| 71. | Duties of Auditor |
|-----|-------------------|

|   | (a) | in their opinion the profit and loss account and balance sheet give a true and fair view respectively of the profit and loss for the period covered by the accounts, and of the state of affairs of the Company at the end of that period; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all the information and explanations required by the auditor have been obtained. |
|--------|-----|----------------------------------------------------------------------------------|

----

| 72. | Access to Records |
|-----|-------------------|

|   | Every auditor of the Company shall have right of access at all times to the books of account of the Company, and shall be entitled to require from the directors and officers of the Company such information and explanations as he thinks necessary for the performance of the duties of the auditor. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 73. | Auditor Entitled to Notice |
|-----|----------------------------|

| 74. | Liquidation |
|-----|-------------|

| 75. | Changes |
|-----|---------|

| 76. | Continuation under Foreign Law |
|-----|--------------------------------|

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|                            |
|---------------------------------|
| Sgd : Rexella D. Hodge          |
| Authorised Signatory            |
| OFFSHORE INCORPORATIONS LIMITED |

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