|   | NAME |
|--------|------|

| 1. | The      name of the Company is Ossen Innovation Co.,      Ltd. |
|----|-----------------------------------------------------------------|

|   | TYPE      OF COMPANY |
|--------|----------------------|

| 2. | The      Company is a company limited byshares. |
|----|-------------------------------------------------|

|   | REGISTERED      OFFICE |
|--------|------------------------|

| 3. | The      first Registered Office of the Company is the offices of [name and address of registered      agent], the office of the first registered  agent. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | REGISTERED      AGENT |
|--------|-----------------------|

| 4. | The      first Registered Agent of the Company is [name and address of registered      agent]. |
|----|------------------------------------------------------------------------------------------------|

|   | ISSUED      SHARES |
|--------|--------------------|

| 5. | The      maximum number of shares that the Company is authorized to issue is      100,000,000. |
|----|------------------------------------------------------------------------------------------------|

|   | CLASSES,      NUMBER AND PAR VALUE OF SHARES |
|--------|----------------------------------------------|

| 6. | The      shares issued by the Company shall be made up of one class and one series      of shares, namely ordinary shares and each share may be issued with or      without a par value and any share issued with a par value may be issued in      any currency provided however that where the currency is not specified      upon issue the currency shall be that of the United States of      America. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | FRACTIONAL      SHARES |
|--------|------------------------|

| 7. | The      Company may issue fractions of a share and a fractional share shall have      the same corresponding fractional liabilities, limitations, preferences,      privileges, qualifications, restrictions, rights and other attributes of a      whole share of the same class or series of  shares. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | (1) | All      shares shall have; |
|----|-----|-----------------------------|

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

|   | (b) | the      right to an equal share in any distribution by way of dividend paid by the      Company; and |
|--------|-----|-------------------------------------------------------------------------------------------------------|

----

|   | (c) | the      right to an equal share in the distribution of the surplus assets of the      Company on its liquidation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (2) | The      directors may at their discretion by resolution of directors redeem,      purchase or otherwise acquire, for fair value, all or any of the shares in      the Company subject to the Articles |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | If      at any time the issued shares are divided into different classes or series      of shares, the rights attached to any class or series (unless otherwise      provided by the terms of issue of the shares of that class or series) may,      whether or not the Company is being wound up, be varied with the consent      in writing of the holders of not less than three-fourths of the issued      shares of that class or series and of the holders of not less than      three-fourths of the issued shares of any other class or series of shares      which may be affected by suchvariation. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | RIGHTS      NOT VARIED BY THE ISSUE OF SHARES PARIPASSU |
|--------|---------------------------------------------------------|

| 10. | The      rights conferred upon the holders of the shares of any class issued with      preferred or other rights shall not, unless otherwise expressly provided      by the terms of issue of the shares of that class, be deemed to be varied      by the creation or issue of further shares ranking pari passu      therewith. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Subject      to the Act, any other British Virgin Islands legislation and paragraph 12      below the Company has, irrespective of corporate  benefit: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (c) | full      powers to issue shares with pre-emptive rights, subject to the      Articles. |
|--------|-----|-----------------------------------------------------------------------------------------|

| 12. | For      the purposes of section 9(4)  of the Act the Company may      not; |
|-----|---------------------------------------------------------------------------------------|

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

|   | (b) | carry      on business as an insurance or reinsurance company, insurance agent or      insurance broker, unless it is licensed under the Insurance Act      1994; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | carry      on business of company management, unless it is licensed under the Company      Management Act, 1990; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (d) | carry      on the business of providing the registered office or the registered agent      for companies incorporated in the British Virgin  Islands; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | carry      on the business as a mutual fund, manager of mutual funds or administrator      of mutual funds unless it is recognized or licenced as the case may be      under the Mutual Funds Act 1996; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | carry      on any other business that gives rise to a licencing requirement under any      law for the time being in force in the British Virgin Islands unless it is      licenced, regulated, recognised or otherwise approved pursuant to such      law. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | REGISTERED      SHARES AND PROHIBITION ON ISSUE OF BEARERSHARES |
|--------|-----------------------------------------------------------------|

| 13. | Shares      in the Company may only be issued as registered shares. The issue of      shares to bearer is prohibited. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | PROHIBITION      ON EXCHANGE AND CONVERSION OF REGISTERED SHARES TO BEARER      SHARES |
|--------|----------------------------------------------------------------------------------------|

| 14. | The      exchange or conversion of registered shares to bearer shares is      prohibited. |
|-----|-------------------------------------------------------------------------------------------|

|   | TRANSFER      OF REGISTERED SHARES |
|--------|------------------------------------|

| 15. | Shares      in the Company may be transferred, subject to any limitations contained in      the Articles. |
|-----|-----------------------------------------------------------------------------------------------------------|

| 15A. | In      the case of uncertificated shares, and subject to the Act, a shareholder      shall be entitled to transfer his shares and other securities by means of      a relevant system and the operator of the relevant system shall act as      agent of the shareholders for the purposes of the transfer of shares or      other securities. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15B. | Any      provision in the Memorandum or Articles in relation to the shares shall      not apply to any uncertified shares to the extent that they are      inconsistent with the holding of any shares in uncertificated form, the      transfer of title to any shares by means of a relevant system and any      provision of the Regulations. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | AMENDMENT      OF MEMORANDUM AND ARTICLES OFASSOCIATION |
|--------|---------------------------------------------------------|

| 16.1 | No      article shall be rescinded, altered or amended and no new Article shall be      made until the same has been approved by a special resolution of the      Members.  A special resolution shall be required to alter the      provisions of the Memorandum of Association or to change the name of the      Company. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | No      amendment may be made to [Regulation 76] of the Articles unless approved      by an affirmative vote of the holders of 66 2/3      percent or more of the outstanding votes of the shares entitled to vote on      the resolution or by a resolution consented to in writing by holders of 66      2/3      percent or more of the outstanding votes of the shares entitled to vote      thereon. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | The      meanings of words in this Memorandum are as defined in the      Articles. |
|-----|------------------------------------------------------------------------------------|

|   | We,      [name and address of incorporator] for the purpose of incorporating a BVI      Business Company under the laws of the British Virgin Islands hereby sign      this Memorandum of Association the __ day of June,  2010. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Incorporator                            |   |   |
|-----------------------------------------|--------|--------|
|                                    |   |   |
|                               |   |   |
| [Name      and address of incorporator] |   |   |

----

| 1. | In      these Articles, if not inconsistent with the subject or context, the words      and expressions standing in the first column of the following table shall      bear the meanings set opposite them respectively in the second column      thereof. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Words                          | Meaning                                                                                                                                                                                                                                                                                                                                                    |
|--------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                           |                                                                                                                                                                                                                                                                                                                                                       |
|   | Act                            | the      BVI Business Companies Act, 2004 (No 16 of 2004.) including any      modification, extension, re-enactment or renewal thereof and any      regulations made thereunder.                                                                                                                                                                           |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       |
|   | Articles                       | these      Articles of Association as originally framed or as from time to time      amended.                                                                                                                                                                                                                                                              |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       |
|   | Designated      Stock Exchange | either      the Nasdaq National Stock Market, Inc. or such other exchange or quotation      bureau on which, the Company’s Securities are listed or traded; provided      that until the Securities are listed on any such “Exchange” the rules of      any such Designated Stock Exchange shall be inapplicable to these      Articles. |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       |
|   | Director                       | a      director of the Company.                                                                                                                                                                                                                                                                                                                            |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       |
|   | Distribution                   | in      relation to a distribution by a company to a member,  means                                                                                                                                                                                                                                                                                        |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       |   |   |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       | (i) | the      direct or indirect transfer of an asset, other than the Company’s own      shares, to or for the benefit of the member or |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       |   |   |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       | (ii) | 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 a purchase of      an asset, the purchase, redemption or other acquisition of shares, a      transfer of indebtedness or otherwise, and does not include a dividend      unless specifically indicated herein.                                                                        |
|   |                           |                                                                                                                                                                                                                                                                                                                                                       |
|   | Independent      Director      | a      person who meets the then current requirements for “independence” of the      applicable rules and regulations of the U.S. Securities and Exchange      Commission and the Designated StockExchange.                                                                                                                                    |

----

|   | member      or shareholder   | in      relation to the Company, means 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 framed or as from      time to time amended.                                                                                                                                                                                                                                       |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |
|   | person                       | An      individual, a corporation, a trust, trustee, the estate of a deceased      individual, a partnership or an unincorporated association of      persons.                                                                                                                                                                                     |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |
|   | Regulations                  | The      Uncertificated Securities Regulations 2001.                                                                                                                                                                                                                                                                                               |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |
|   | Related      Party           | (a)      any director, officer and employee of the Company; (b) any family member      of such director, officer and employee; and (c) any entity (e.g. a      corporation, partnership, or trust) controlled by or set up for the      benefit of a director, officer or employee, or a family member of such      director, officer or employee. |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |
|   | Relevant      System         | A      facility for the electronic transfer of uncertificated securities      administered by The Depository Trust Company or such other Person      regulated by the SEC.                                                                                                                                                                         |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |
|   | resolution      of directors | (a)                                                                                                                                                                                                                                                                                                                                                | A      resolution approved at a duly convened and constituted meeting of      directors of the Company or of a committee of directors of the Company by      the affirmative vote of a simple majority of the directors present at the      meeting who voted and did not abstain; or |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |   |
|   |                         | (b)                                                                                                                                                                                                                                                                                                                                                | a      resolution consented to in writing by a simple majority of the directors      or of all members of the committee, as the case may be; |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |   |
|   |                         |                                                                                                                                                                                                                                                                                                                                               | except      that where a director is given more than one vote, he shall be counted by      the number of votes he casts for the purpose of establishing a      majority. |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |
|   | resolution      of members   | Subject      to the provisions of the Memorandum and Articles means:                                                                                                                                                                                                                                                                               |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |   |
|   |                         | (a)                                                                                                                                                                                                                                                                                                                                                | A      resolution approved at a duly convened and constituted meeting of the      members of the Company by the affirmative vote of |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |   |
|   |                         |                                                                                                                                                                                                                                                                                                                                               | (i) | a      majority of in excess of 50% of the votes of the shares entitled to vote      and voting on the resolution, or |
|   |                         |                                                                                                                                                                                                                                                                                                                                               |   |
|   |                         |                                                                                                                                                                                                                                                                                                                                               | (ii) | a      majority of in excess of 50% of the votes of each class or series of      shares entitled to vote as a class or series and voting on the resolution      and a majority of in excess of 50% of the votes of the remaining shares      entitled to vote and voting on the resolution;  or |

----

|   |                    | (b)                                                                                                                                                                                           | a      resolution consented to in writing by |
|--------|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|
|   |                    |                                                                                                                                                                                          |                                         |   |
|   |                    |                                                                                                                                                                                          | (i)                                          | an      absolute majority of the votes of shares entitled to vote thereon,      or |
|   |                    |                                                                                                                                                                                          |                                         |   |
|   |                    |                                                                                                                                                                                          | (ii)                                         | an      absolute majority of the votes of each class or series of shares entitled      to vote thereon as a class or series and of an absolute majority of the      votes of the remaining shares entitled to vote thereon. |
|   |                    |                                                                                                                                                                                          |
|   | Seal                    | Any      Seal which has been duly adopted as the common seal of the      Company.                                                                                                             |
|   |                    |                                                                                                                                                                                          |
|   | SEC                     | The      United States Securities and Exchange Commission.                                                                                                                                    |
|   |                    |                                                                                                                                                                                          |
|   | Securities              | shares  and  debt  obligations  of      every kind, and options, warrants and rights to acquire shares, or debt      obligations.                     |
|   |                    |                                                                                                                                                                                          |
|   | share                   | a      share issued or to be issued by the Company.                                                                                                                                           |
|   |                    |                                                                                                                                                                                          |
|   | solvency      test      | a      company satisfies the solvency test if;                                                                                                                                                |
|   |                    |                                                                                                                                                                                          |
|   | (i)                     | the      value of the company’s assets exceeds its liabilities,  and                                                                                                                    |
|   |                    |                                                                                                                                                                                          |
|   | (ii)                    | the      company is able to pay its debts as they fall due.                                                                                                                                   |
|   |                    |                                                                                                                                                                                          |
|   | Special      resolution | A      resolution shall be a special resolution when it meets the definition of a      “resolution of members”, except that the threshold shall be 66 2/3 % in      place of 50%. |
|   |                    |                                                                                                                                                                                          |
|   | treasury      shares    | shares      in the Company that were previously issued but were repurchased, redeemed      or otherwise acquired by the Company and not  cancelled.                                           |

| 2. | “Written”      or any term of like import includes words typewritten, printed, painted,      engraved, lithographed, photographed or represented or reproduced by any      mode of  reproducing words in a visible form, including telex,      facsimile, telegram, cable or other form of writing produced by electronic      communication. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Save      as aforesaid any words or expressions defined in the Act shall bear the      same meaning in these Articles. |
|----|------------------------------------------------------------------------------------------------------------------------|

| 4. | Whenever      the singular or plural number, or the masculine, feminine or neuter gender      is used in these Articles, it shall equally, where the context admits,      include the others. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | A      reference in these Articles 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. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | A      reference to money in these Articles is, unless otherwise stated, a      reference to the currency in which shares in the Company shall be issued      according to the provisions of theMemorandum. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | Every      member holding registered shares in the Company shall be entitled to a      certificate signed by a director or officer of the Company or such other      person who may be authorised from time to time by resolution of directors      or under the Seal, with or without the signature of any director of the      Company, specifying the share or shares held by him and the signature of      the director or officer or person so authorised and the Seal may be      facsimiles. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | 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 any 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. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8A. | Subject      to the Act and the rules of the Designated Stock Exchange, the Board      without further consultation with the holders of any shares or securities      of the Company may resolve that any class or series of shares or other      securities of the Company from time to time in issue or to be issued      (including shares in issue at the date of the adoption of these Articles)      may be issued, held, registered, converted to, transferred or otherwise      dealt with in uncertificated form in accordance with the Regulations and      practices instituted by the operator of the relevant system, and no      provision of these Articles will apply to any uncertificated share or      other securities of the Company to the extent that they are inconsistent      with the holding of such shares or other securities in uncertificated form      or the transfer of title to any such shares or other securities by means      of a relevant system or any provision of the  Regulations. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8B. | Conversion      of shares held in certificated form into shares held in uncertificated      form, and vice versa, may be made in such manner as the Board may, in its      absolute discretion, think fit (subject always to the Regulations and the      requirements of the relevant system concerned).  The Company      shall enter on the register of members how many shares are held by each      shareholder in  uncertificated form and in certificated form and      shall maintain the register of members in each case as is required by the      Regulations and the relevant system concerned.  Notwithstanding      any provisions of these Articles, a class or series of shares shall not be      treated as two classes by virtue of that class or series comprising both      certificated shares and uncertificated shares or as a result of any      provision of these Articles or the Regulations which apply only in respect      of certificated or uncertificatedshares. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | If      several persons are registered as joint holders of any shares, any one of      such persons may give an effectual receipt for any distribution payable in      respect of such shares. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Nothing      in these Articles shall require title to any shares or other Securities to      be evidenced by a certificate if the Act and the rules of the Designated      Stock Exchange permit otherwise. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Subject      to the provisions of these Articles and, if applicable, the rules of the      Designated Stock Exchange, and any resolution of members, the directors of      the Company may, without limiting or affecting any rights previously      conferred on the holders of any existing shares or class or series of      shares, offer, allot, grant options over or otherwise dispose of shares to      such persons, at such times and upon such terms and conditions as the      Company may by resolution of directors determine. The directors shall not      issue more shares than the maximum number provided for in the      Memorandum. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | The      Company may issue fully paid, partly paid or nil paid shares as well as      bonus shares.  A partly paid or nil paid share or a share issued      for a promissory note or other written obligation for payment of a debt      may be issued subject to forfeiture in the manner prescribed in these      Articles. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13. | Shares      in the Company may be issued for consideration in any form, including      money, a promissory note or other obligation to contribute money or      property, real property, personal property (including goodwill and      know-how) services rendered or a contract for future      services  and the amount of such consideration shall be      determined by resolution of directors, except that in the case of shares      with par value, the amount shall not be less than the par value, and in      the absence of fraud the decision of the directors as to the value of the      consideration received by the Company in respect of the issue is      conclusive unless a question of law isinvolved. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | Before      issuing shares for a consideration other than money, the directors shall      pass a resolution stating; |
|-----|----------------------------------------------------------------------------------------------------------------------|

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

|   | (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 shares. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | A      share issued by the Company upon conversion of, or in exchange for,      another share or a debt obligation or other security in the Company, shall      be treated for all purposes as having been issued for money equal to the      consideration received or deemed to have been received by the Company in      respect of the other share, debt obligation or  security. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | Treasury      shares may be disposed of by the Company on such terms and conditions (not      otherwise inconsistent with these Articles) as the Company may by      resolution of directors determine. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | Subject      to these Articles, the Company may purchase, redeem or otherwise acquire      and hold its own shares save that the Company may not purchase, redeem or      otherwise acquire its own shares without the consent of the member whose      shares are to be purchased, redeemed or otherwise acquired unless the      Company is permitted by the Act or any other provision in the Memorandum      or Articles to purchase, redeem or otherwise acquire the shares without      their consent. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | No      purchase, redemption or other acquisition of shares shall be made unless      the directors determine by resolution of the directors that immediately      after the purchase, redemption or other acquisition the value of      the  Company’s assets will exceed its liabilities and the      Company will be able to pay its debts as they fall  due. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | Sections      60 (Process for acquisition of own shares), 61 (Offer to one or more      shareholders) and 62 (Shares redeemed otherwise than at the option of      company) of the Act shall not apply to the  Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20. | A      determination by the directors under Article 18 is not      required; |
|-----|------------------------------------------------------------------------------|

|   | (a) | the      Company redeems a share or shares pursuant      to  a  right  of  a member to have      his shares redeemed or to have his shares exchanged for money or other      property of the Company; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | by      virtue of the provisions of Section 179 of the  Act. |
|--------|-----|--------------------------------------------------------------|

| 21. | Shares      that the Company purchases, redeems or otherwise acquires pursuant to      Article 17 may be cancelled or held as treasury shares except to the      extent that such shares are in excess of 80 percent of the issued shares      of the Company in which case they shall be cancelled but they shall be      available for reissue. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22. | Shares      in the Company shall only be held as treasury shares where the directors      of the Company resolve as such and the number of shares 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. All 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. Treasury shares may be reissued by      the Company as new shares. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23. | The      Company shall keep a register of members  containing; |
|-----|----------------------------------------------------------------|

|   | (a) | the      names and addresses of the persons who hold registered shares in the      Company; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (b) | the      number of each class and series of registered shares held by each      member; |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (c) | the      date on which the name of each member was entered in the register of      members; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (d) | the      date on which any person ceased to be a member;  and |
|--------|-----|---------------------------------------------------------------|

|   | (e) | such      other information as may be prescribed pursuant to the  Act. |
|--------|-----|------------------------------------------------------------------------|

| 24. | The      register of members may be in any 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. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25. | The      original or a copy of the register of members shall be kept at the      registered office of the Company or at the office of the registered agent      of the Company. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26. | A      share is deemed to be issued when the name of the member is entered in the      register of members. |
|-----|-------------------------------------------------------------------------------------------------------------|

| 27. | Subject      to the Act and the rules of the Designated Stock Exchange, the board of      directors without further consultation with the holders of any shares or      Securities may resolve that any class or series of shares or other      Securities from time to time in issue or to be issued (including shares in      issue at the date of the adoption of these Articles) may be issued, held,      registered and converted to uncertificatedform. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28. | Conversion      of shares held in certificated form into shares held in uncertificated      form, and vice versa, may be made in such manner as the board of      directors, in its absolute discretion, may think fit.  The      Company or any duly authorised transfer agent (a “Transfer Agent”) shall      enter on the register of members how many shares are held by each member      in uncertificated form and in certificated form and shall maintain the      register of members. Notwithstanding any provision of these Articles, a      class or series of shares shall not be treated as two classes by virtue      only of that class or series comprising both certificated shares and      uncertificated Shares or as a result of any provision of these Articles      which apply only in respect of certificated or uncertificated      shares. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29. | Members      may mortgage or charge their registered shares in the Company with such      mortgage or charge being evidenced in writing and signed by, or with the      authority of the registered holder of a registered share to which the      mortgage or charge relates.  The Company shall give effect to      the terms of any valid mortgage or charge except insofar as it may      conflict with any requirements herein contained for consent to the      transfer of shares. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30. | In      the case of the mortgage or charge of registered shares there may be      entered in the share register of the Company at the request of the      registered holder of such shares |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | a      statement that the shares are mortgaged or  charged; |
|--------|-----|-------------------------------------------------------------|

|   | (b) | the      name of the mortgagee or chargee;and |
|--------|-----|-----------------------------------------------|

|   | (c) | the      date on which the aforesaid particulars are entered in the share      register. |
|--------|-----|------------------------------------------------------------------------------------------|

----

| 31. | Where      particulars of a mortgage or charge are entered in the register of      members, such particulars shall becancelled |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | with      the written consent of the named mortgagee or chargee or anyone authorized      to act on his behalf; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (b) | upon      evidence satisfactory to the directors of the discharge of the liability      secured by the mortgage or charge and the issue of such indemnities as the      directors shall consider necessary ordesirable. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32. | Whilst      particulars of a mortgage or charge over registered shares are entered in      the register of members pursuant to the preceding articles no transfer of      any share comprised therein shall be effected without the written consent      of the named mortgagee or chargee or anyone authorized to act on his      behalf. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33. | When      shares not fully paid on issue or issued for a promissory note or other      written obligation for payment of a debt have been issued subject to      forfeiture, the following provisions shall  apply. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34. | Written      notice specifying a date for payment to be made and the shares in respect      of which payment is to be made shall be served on the member who defaults      in making payment pursuant to a promissory note or other written      obligations to pay a debt. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 35. | The      written notice specifying a date for payment  shall |
|-----|--------------------------------------------------------------|

|   | (a) | name      a further date not earlier than the expiration of 14 days from the date of      service of the notice on or before which payment required by the notice is      to be made; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | contain      a statement that in the event of non-payment at or before the time named      in the notice the shares, or any of them, in respect of which payment is      not made will be liable to beforfeited. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36. | Where      a written notice has been issued and the requirements of the notice have      not been complied with within the prescribed time, the directors may at      any time before tender of payment forfeit and cancel the shares to which      the notice relates. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37. | The      Company is under no obligation to refund any moneys to the member whose      shares have been forfeited and cancelled pursuant to these      provisions.  Upon forfeiture and cancellation of the shares the      member is discharged from any further obligation to the Company with      respect to the shares forfeited andcancelled. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 38. | The      Company shall have a first and paramount lien on every share issued for a      promissory note or for any other binding obligation to contribute money or      property or any combination thereof to the Company, and the Company shall      also have a first and paramount lien on every share standing registered in      the name of a member, whether singly or jointly with any other person or      persons, for all the debts and liabilities of such member or his estate to      the Company, whether the same shall have been incurred before or after      notice to the Company of any interest of any person other than such      member, and whether the time for the payment or discharge of the same      shall have actually arrived or not, and      notwithstanding  that  the  same are joint      debts or liabilities of such member or his estate and any other person,      whether a member of the Company or not.  The Company’s lien on a      share shall extend to all distributions payable thereon.  The      directors may at any time either generally, or in any particular case,      waive any lien that has arisen or declare any share to be wholly or in      part exempt from the provisions of thisArticle. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39. | In      the absence of express provisions regarding sale in the promissory note or      other binding obligation to contribute money or property, the Company may      sell, in such manner as the directors may by resolution of directors      determine, any share on which the Company has a  lien, but no      sale shall be made unless some sum in respect of which the lien exists is      presently payable nor until the expiration of twenty-one days after a      notice in writing, stating and demanding payment of the sum presently      payable and giving notice of the intention to sell in default of such      payment, has been served on the holder for the time being of the      share. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 40. | The      net proceeds of the sale by the Company of any shares on which it has a      lien shall be applied in or towards payment of discharge of the promissory      note or other binding obligation to contribute money or property or any      combination thereof in respect of which the lien exists so far as the same      is presently payable and any residue shall (subject to a like lien for      debts or liabilities not presently payable as existed upon the share prior      to the sale) be paid to the holder of the share immediately before such      sale.  For giving effect to any such sale the directors may      authorize some person to transfer the share sold to the purchaser      thereof.  The purchaser shall be registered as the holder of the      share and he shall not be bound to see to the application of the purchase      money, nor shall his title to the share be affected by any irregularity or      invalidity in the proceedings in reference to the  sale. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 41. | Registered      shares in the Company are transferred by a written instrument of transfer      signed by the transferor and containing the name and address of the      transferee. The instrument of transfer shall be signed by the transferee      if registration as a holder of the share shall impose a liability to the      Company on the transferee. The instrument of transfer of a registered      share shall be sent to the Company for  registration. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42. | The      board of directors may resolve that interests in shares in the form of      depositary receipts may be transferred or otherwise dealt with in      accordance with the regulations and practices instituted by the operator      of the Relevant System and any  holder of interests in shares      shall be entitled to transfer such interests by means of such Relevant      System and the operator of the Relevant System shall act as agent of the      holders of such interests for the purposes of the transfer of those      interests. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 43. | The      register of members may be closed at such times and for such periods as      the board of directors may from time to time determine, upon notice being      given by advertisement in such newspapers as may be required by the Act      and the practice of the Designated Stock  Exchange. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 44. | The      transfer of a registered share is effective when the name of the      transferee is entered on the register of  members. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| 45. | If      the directors of the Company are satisfied that an instrument of transfer      relating to shares 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      notwithstanding the absence of the instrument of  transfer. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 46. | The      Company must on the receipt of an instrument of transfer from the      transferor or transferee of a registered share in the Company enter the      name of the transferee of the share in the register or members unless the      directors, if permitted by the Memorandum or these Articles, resolve by      resolution of directors to refuse or delay the registration of the      transfer for reasons that shall be specified in the resolution of      directors. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 47. | The      personal representative of a deceased member may transfer a share even      though the personal representative is not a member at the time of the      transfer. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 48. | The      personal representative, executor or administrator of a deceased member,      the guardian of an incompetent member or the trustee of a bankrupt member      shall be the only person recognized by the Company as having any title to      his share but they shall not be entitled to exercise any rights as a      member of the Company until they have proceeded as set forth in the next      following three Articles. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 49. | The      production to the Company of any document which is evidence of probate of      the will, or letters of administration of the estate, or confirmation as      executor, of a deceased member or of the appointment of a guardian of an      incompetent member or the trustee of a bankrupt member shall be accepted      by the Company    even if the deceased, incompetent or      bankrupt member is domiciled outside      the  British  Virgin Islands if the document      evidencing the grant of probate or letters of administration, confirmation      as executor, appointment as guardian or trustee in bankruptcy is issued by      a foreign court which had competent jurisdiction in the      matter.  For the purpose of establishing whether or not a      foreign court had competent jurisdiction in such a matter the directors      may obtain appropriate legal advice.  The directors may also      require an indemnity to be given by the executor, administrator, guardian      or trustee in bankruptcy. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 50. | The      Company may enter in the register of members the name of any person      becoming entitled by operation of law or otherwise to a share or shares in      consequence of the death, incompetence or bankruptcy upon such evidence      being produced as may reasonably be required by the    directors. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51. | Any      person who has become entitled to a share or shares in consequence of the      death, incompetence or bankruptcy of any member may, instead of being      registered himself, request in writing that some person to be named by him      be registered as the transferee of such share or shares and such request      shall likewise be treated as if it were a  transfer. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 52. | What      amounts to incompetence on the part of a person is a matter to be      determined by the court having regard to all the relevant evidence and the      circumstances of the case. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 53. | The      Company may amend the Memorandum to increase or reduce the maximum number      of shares the Company is authorised to issue and may in respect of any      unissued shares increase or reduce the number of such shares, or effect      any combination of the foregoing. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 54. | The      Company may |
|-----|----------------------|

|   | (2) | 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. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | A      company shall not divide its shares under subsection (1)(a) or (2) if it      would cause the maximum number of shares that the Company is authorised to      issue by its memorandum to beexceeded. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Where      shares are divided or combined under this article, the aggregate par value      of the new shares must be equal to the aggregate par value of the original      shares. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 55. | The      directors of the Company may convene meetings of the members of the      Company at such times and in such manner and places within or outside the      British Virgin Islands as the directors consider necessary or desirable.      The Company may hold an annual general meeting, but shall not (unless      required by the applicable rules of the Designated Stock Exchange for so      long as the Company’s Securities are listed or traded on the Designated      Stock Exchange) be obliged to hold an annual general    meeting. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 56. | Upon      the written request of members holding 30 percent or more of the      outstanding voting shares in the Company the directors shall convene a      meeting of members. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 57. | The      directors shall give not less than 7 days notice of meetings of members to      those persons whose names on the date the notice is given appear as      members in the share register of the Company and are entitled to vote at      the meeting. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 58. | The      directors may fix the date notice is given of a meeting of members as the      record date for determining those shares that are entitled to vote at the      meeting. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 59. | A      meeting of members may be called on short  notice: |
|-----|-----------------------------------------------------------|

|   | (a) | if      members holding not less than 90 percent of the total number of shares      entitled to vote on all matters to be considered at the meeting, or 90      percent of the votes of each class or series of shares where members are      entitled to vote thereon as a class or series together with not less than      a 90 percent majority of the remaining votes, have agreed to short notice      of the meeting, or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      all members holding shares entitled to vote on all or any matters to be      considered at the meeting have waived notice of the meeting and for this      purpose presence at the meeting shall be deemed to constitute      waiver. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 60. | 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 61. | A      member may be represented at a meeting of members by a proxy who may speak      and vote on behalf of the member. |
|-----|--------------------------------------------------------------------------------------------------------------------------|

| 62. | The      instrument appointing a proxy shall be produced at the place appointed for      the meeting before the time for holding the meeting at which the person      named in such instrument proposes tovote. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 63. | An      instrument appointing a proxy shall be in substantially the following form      or such other form as the Chairman of the meeting shall accept as properly      evidencing the wishes of the member appointing the  proxy. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| I/We              | being      a member of the above                                                                                                                                                  |
|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Company      with | shares      HEREBY APPOINT                                                                                                                                                        |
| of                | or      failing him                                                                                                                                                               |
| of                | to      be my/our proxy to vote for me/us at the meeting of members to be held on      the              day |
| of                | and      at any adjournment thereof.                                                                                                                                              |
|              |                                                                                                                                                                              |

| Signed      this            day      of |   |
|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                |   |
| Member                                                                                              |   |

| 64. | The      following shall apply in respect of joint ownership of    shares: |
|-----|----------------------------------------------------------------------------|

|   | (a) | if      two or more persons hold shares jointly each of them may be present in      person or by proxy at a meeting of members and may speak as a      member; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | if      only one of the joint owners is present in person or by proxy he may vote      on behalf of all joint owners, and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | if      two or more of the joint owners are present in person or by proxy they      must vote as one. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

| 65. | A      member shall be deemed to be present at a meeting of members if he      participates by telephone or other electronic means and all members      participating in the meeting are able to hear each  other. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 66. | A      meeting of members is duly constituted if, at the commencement of the      meeting, there are present in person or by proxy not less than 50 percent      of the votes of the shares or class or series of shares entitled to vote      on resolutions of members to be considered at the meeting.  If a      quorum be 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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 67. | 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 one third of the votes of the  shares      or each 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 bedissolved. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 68. | At      every meeting of members, the Chairman of the Board of Directors shall      preside as chairman of the meeting.  If there is no Chairman of      the Board of Directors or if the Chairman of the Board of Directors is not      present at the meeting, the members present shall choose some one of their      number to be the chairman.  If the members are unable to choose      a chairman for any reason, then the person representing the greatest      number of voting shares present in person or by prescribed form of proxy      at the meeting shall preside as chairman failing which the oldest      individual member or representative of a member present shall take the      chair. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 69. | The      chairman may, with the consent of the meeting, adjourn any meeting from      time to time, and from place to place, but no business shall be transacted      at any adjourned meeting other than the business left unfinished at the      meeting from which the adjournment tookplace. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 70. | At      any meeting of the members the chairman shall be responsible for deciding      in such manner as he shall consider appropriate whether any resolution has      been carried or not and the result of his decision shall be announced to      the meeting and recorded in the minutes thereof.  If the      chairman shall have any doubt as to the outcome of any resolution put to      the vote, he shall cause a poll to be taken of all votes cast upon such      resolution, but if the chairman shall fail to take a poll then any member      present in person or by proxy who disputes the announcement by the      chairman of the result of any vote may immediately following such      announcement demand that a poll be taken and the chairman shall thereupon      cause a poll to be taken.  If a poll is taken at any meeting,      the result thereof shall be duly recorded in the minutes of that meeting      by the chairman. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 71. | Any      person other than an individual shall be regarded as one member and      subject to the specific provisions hereinafter contained for the      appointment of representatives of such persons the right of any individual      to speak for or represent such member shall be determined by the law of      the jurisdiction where, and by the documents by which, the person 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. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 72. | Any      person other than an individual which is a member of the Company may by      resolution of its directors or other governing body authorize such person      as it thinks fit to act as its representative at any meeting of the      Company or of any class of members of the Company, and the person so      authorized shall be entitled to exercise the same powers on behalf of the      person which he represents as that person could exercise if it were an      individual member of the Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 73. | 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 7 days of      being so requested or the votes cast by such proxy or on behalf of such      person shall be disregarded. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 74. | Directors      of the Company may attend and speak at any meeting of members of the      Company and at any separate meeting of the holders of any class or series      of shares in the Company. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 75. | An      action that may be taken by the members at a meeting may also be taken by      a resolution of members consented to in writing or by telex, telegram,      cable, facsimile or other written electronic communication, without the      need for any notice, but if any resolution of members is adopted otherwise      than by the unanimous written consent of all members, a copy of such      resolution shall forthwith be sent to all members not consenting to such      resolution.  The consent may be in the form of counterparts,      each counterpart being signed by one or more  members. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 76. | The      first directors of the Company shall be appointed by the first registered      agent of the Company and thereafter the directors shall be appointed by      resolution of members, subject to Article 78, for such term as the members      determine.  A person shall not be appointed as a director unless      he has consented in writing to be adirector. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 77. | The      minimum number of directors shall be one and the maximum number shall be      20. Unless otherwise determined by the Company in a meeting of      shareholders and subject to the requirements of the Memorandum, the      directors may by a Resolution of Directors, amend this Regulation 77 to      change the number of directors. For as long as Securities of the Company      are listed or traded on the Designated Stock Exchange, the directors shall      include such number of Independent Directors as applicable law, rules or      regulations of the Designated Stock Exchange may require for a foreign      private issuer as long as the Company is a foreign private      issuer. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 78. | Each      director shall hold office for the term, if any, fixed by resolution of      members or until his earlier death, resignation or  removal. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 79. | Where      the Company has only one member who is an individual and that member is      also the sole director of the Company, that sole member/director may, by      instrument in writing, nominate a person who is not disqualified from      being a director of the Company under section 111(1) of the Act as a      reserve director of the Company to act in the place of the sole director      in the event of his death. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 80. | The      nomination of a person as a reserve director of the Company ceases to have      effect if; |
|-----|-----------------------------------------------------------------------------------------------------|

|   | (a) | before      the death of the sole member/director who nominated  him; |
|--------|-----|-----------------------------------------------------------------------|

|   | (i) | he      resigns as reserve director, or |
|--------|-----|-----------------------------------------|

|   | (ii) | 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 of the Company for any reason other than his      death. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 81. | A      director may be removed from office, with or without cause, by a      resolution of directors or a resolution of members. For the purposes of      this Regulation 76, “cause” means the willful and continuous failure by a      director to substantially perform his duties to the Company (other than      any such failure resulting from incapacity due to physical or mental      illness) or the willful engaging by the director in gross misconduct      materially and demonstrably injurious to the Company. If a director is      removed from office without cause by a resolution of the members, for the      purposes of this Regulation, the resolution of members will require the      affirmative vote of the holders of 66 2/3      percent or more of the outstanding votes of the shares entitled to vote      thereon. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 82. | A      director may resign his office by giving written notice of his resignation      to the Company and the resignation shall have effect from the date the      notice is received by the Company or from such later date as may be      specified in the notice. A director of the Company shall resign forthwith      if he is, or becomes, disqualified to act as a director under the      Act. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 83. | The      directors may at any time by resolution of directors appoint any person to      be a director to fill a vacancy.  There is a vacancy if a      director dies or otherwise ceases to hold office as a director prior to      the expiration of his term of office, where his term of office was fixed      upon his appointment. The directors may not appoint a director to fill a      vacancy for a term exceeding the term that remained when the person who      has ceased to be a director left or otherwise ceased to hold      office. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 84. | The      Company shall keep a register of directors  containing: |
|-----|------------------------------------------------------------------|

|   | (a) | the      names and addresses of the persons who are directors of the Company or who      have been nominated as reserve directors of the  Company; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      date on which each person whose name is entered in the register was      appointed as a director of the Company or nominated as a reserve director      of the Company; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the      date on which each person named as a director ceased to be a director of      the Company; |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (d) | the      date on which the nomination of any person nominated as a reserve director      ceased to have effect; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (e) | such      other information as may be prescribed pursuant to the  Act. |
|--------|-----|------------------------------------------------------------------------|

| 85. | The      original or a copy of any register of directors shall be kept at the      office of the registered agent of theCompany. |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

| 86. | The      register of directors may be in any 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. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 87. | With      the prior or subsequent approval by a resolution of members, the directors      may, by a resolution of directors, fix the emoluments of directors with      respect to services to be rendered in any capacity to the      Company. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 88. | A      director shall not require a share qualification and may be an individual      or a company. |
|-----|-----------------------------------------------------------------------------------------------------|

| 89. | The      business and affairs of the Company shall be managed by the directors who      may pay all expenses incurred preliminary to and in connection with the      formation and registration of the Company and may exercise all such powers      of the Company 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 authorized 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 be      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. Notwithstanding anything in Section 175 of the Act the      directors shall have the power to sell, transfer, lease, exchange or      otherwise dispose of more than fifty percent of the assets of the Company      without submitting a proposal to or obtaining the consent of the members      of the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 90. | If      the Company is a wholly-owned subsidiary of a holding company a director      may when exercising powers or performing duties as a director act in a      manner which he believes is in the best interests of the holding company      even though it may not be in the best interests of the      Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 91. | 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.  The resolution of directors appointing an agent may      authorize the agent to appoint one or more substitutes or delegates to      exercise some or all of the powers conferred on the agent by the      Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 92. | Every      officer or agent of the Company has such powers and authority of the      directors, including the power and authority to affix the Seal, as are set      forth in these Articles or in the resolution of directors appointing the      officer or agent, except that no agent has any power or authority with      respect to the following; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to      amend the memorandum or articles; |
|--------|-----|-------------------------------------------|

|   | (b) | to      change the registered office oragent; |
|--------|-----|-----------------------------------------------|

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

|   | (d) | to      delegate powers to a committee ofdirectors; |
|--------|-----|-----------------------------------------------------|

|   | (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 for the purposes of section 198(1)(a) of      the Act or to approve a liquidationplan; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | to      make a determination under section 57(1) of the Act that the company will,      immediately after a proposed distribution, satisfy the solvency test;      or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 93. | Any      director which is a body corporate may appoint any person its duly      authorized representative for the purpose of representing it at meetings      of the Board of Directors or with respect to unanimous written      consents. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 94. | The      continuing directors may act notwithstanding any vacancy in their body,      save that if their number is reduced to their knowledge below the number      fixed by or pursuant to these Articles as the necessary quorum for a      meeting of directors, the continuing directors or director may act only      for the purpose of appointing directors to fill any vacancy that has      arisen or for summoning a meeting ofmembers. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 95. | The      directors may by resolution of directors exercise all the powers of the      Company to borrow money and to mortgage or charge its undertakings and      property or any part thereof, to issue debentures, debenture stock and      other securities whenever money is borrowed or as security for any debt,      liability or obligation of the Company or of any third    party. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 96. | All      cheques, promissory notes, drafts, bills of exchange and other negotiable      instruments and all receipts for moneys paid      to  the  Company, shall be signed, drawn, accepted,      endorsed or otherwise executed, as the case may be, in such manner as      shall from time to time be determined by resolution of      directors. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 97. | The      Company shall keep a register of all relevant charges created by the      Company showing: |
|-----|-----------------------------------------------------------------------------------------------------|

|   | (a) | if      the charge is a charge created by the Company, the date of its creation or      if the charge is existing on property acquired by the Company, the date on      which the property was acquired; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a      short description of the liability secured by the  charge; |
|--------|-----|-------------------------------------------------------------------|

|   | (c) | a      short description of the propertycharged; |
|--------|-----|--------------------------------------------------|

|   | (d) | the      name and address of the trustee for the security, or if there is no such      trustee the name and address of thechargee; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | unless      the charge is a security to bearer, the name and address of the holder of      the charge; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (f) | details      of any prohibition or restriction , if any, contained in the instrument      creating the charge on the power of the company to create any future      charge ranking in priority to or equally with the charge;    and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | such      other information as may be prescribed pursuant to the  Act. |
|--------|-----|------------------------------------------------------------------------|

| 98. | The      original or a copy of the register of charges shall be kept at the      registered office of the Company or at the office of the registered agent      of the Company. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 98A. | A      director of the Company may, when exercising his powers of performing his      duties as a director in a manner in which he believes to be in the best      interests of the Company or in the best interests of the shareholders      appointing him, shall be in the best interests of the    Company. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 99. | The      directors of the Company or any committee thereof may meet at such times      and in such manner and places within or outside the British Virgin Islands      as the directors may determine to be necessary or desirable. Any one or      more directors may convene a meeting of  directors. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 100. | A      director shall be deemed to be present at a meeting of directors if he      participates by telephone or other electronic means and all directors      participating in the meeting are able to hear each  other. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 101. | A      director shall be given not less than 3 days notice of meetings of      directors, but a meeting of directors held without 3 days notice having      been given to all directors shall be valid if all the directors entitled      to vote at the meeting who do not attend, waive notice of the meeting and      for this purpose, the presence of a director at a meeting shall constitute      waiver on his part.  The inadvertent failure to give notice of a      meeting to a director, or the fact that a director has not received the      notice, does not invalidate themeeting. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 102. | 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 or consent in place of the      director. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 103. | A      meeting of directors is duly constituted for all purposes if at the      commencement of the meeting there are present in person or by alternate      not less than one half of the total number of directors, unless there are      only 2 directors in which case the quorum shall be  2. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 104. | If      the Company shall have only one director the provisions herein contained      for meetings of the directors shall not apply but such sole director shall      have full power to represent and act for the Company in all matters as are      not by the Act or the Memorandum or these Articles required to be      exercised by the members of the Company and in lieu of minutes of a      meeting shall record in writing and sign a note or memorandum of all      matters requiring a resolution of directors.  Such a note or      memorandum shall constitute sufficient evidence of such resolution for all      purposes. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 105. | At      every meeting of the directors the Chairman of the Board of Directors      shall preside as chairman of the meeting.  If there is no      Chairman of the Board of Directors or if the Chairman of the Board of      Directors is not present at the meeting the Vice Chairman of the Board of      Directors shall preside.  If there is no Vice Chairman of the      Board of Directors or if the Vice Chairman of the Board of Directors is      not present at the meeting the directors present shall choose some one of      their number to be chairman of themeeting. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 106. | An      action that may be taken by the directors or a committee of directors at a      meeting may also be taken by a resolution of directors or a committee of      directors consented to in writing or by telex, telegram, cable, facsimile      or other written electronic communication by all directors or all members      of the committee as the case may be, without the need for any      notice.  The consent may be in the form of counterparts, each      counterpart being signed by one or more  directors. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 107. | The      directors shall cause the following records to be  kept: |
|------|-------------------------------------------------------------------|

|   | (a) | minutes      of all meetings of directors, members, committees of directors and      committees of members; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (b) | copies      of all resolutions consented to by directors, members, committees of      directors and committees ofmembers. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

| 108. | The      resolutions, records and minutes referred to in the preceding Article      shall be kept at the registered office of the Company, its principal place      of business or at such other place as the directors    determine. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 109. | The      directors may, by resolution of directors, designate one or more      committees, each consisting of one or more  directors. |
|------|---------------------------------------------------------------------------------------------------------------------------------------|

| 110. | Subject      to the following Article, 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 the resolution of directors establishing the      committee. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 111. | The      directors have no power to delegate the following powers to a committee of      directors; |
|------|-----------------------------------------------------------------------------------------------------|

|   | (a) | to      amend the memorandum or articles; |
|--------|-----|-------------------------------------------|

|   | (b) | to      change the registered office oragent; |
|--------|-----|-----------------------------------------------|

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

|   | (d) | to      delegate powers to a committee ofdirectors; |
|--------|-----|-----------------------------------------------------|

|   | (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 for the purposes of section 198(1)(a) or to      approve a liquidation plan; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

----

|   | (j) | to      make a determination under section 57(1) that the company will,      immediately after a proposed distribution, satisfy the solvency test;      or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 112. | The      meetings and proceedings of each committee of directors consisting of 2 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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 113. | Without      prejudice to the freedom of the directors to establish any other      committee, if the shares (or depositary receipts therefore) are listed or      quoted on the Designated Stock Exchange, and if required by the Designated      Stock Exchange, the directors shall establish and maintain an audit      committee as a committee of the board of directors, the composition and      responsibilities of which shall comply with the rules and regulations of      the SEC and the Designated Stock Exchange.  The audit committee      shall meet at least once every financial quarter, or more frequently as      circumstances dictate. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 114. | The      Company shall adopt a formal written audit committee charter and review      and assess the adequacy of the formal written charter on an annual basis.      The charter shall specify the responsibilities of the Audit Committee      which shall include responsibility for, among other things, ensuring its      receipt from the outside auditors of the Company of a formal written      statement delineating all relationships between the auditor and the      Company, and the Audit Committee’s responsibility for actively engaging in      a dialogue with the auditor with respect to any disclosed relationships or      services that may impact the objectivity and independence of the auditor      take appropriate action to oversee the independence of the outside      auditor. In addition, the Audit Committee is responsible for reviewing      potential conflict of interest situations and approving all Related Party      Transactions. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 115. | Without      prejudice to the freedom of the directors to establish any other      committees, the Board may establish a Stock Option Committee to administer      the Company’s stock option plans, including authority to make and modify      awards under such plans. For so long as the Securities of the Company are      listed or traded on the Designated Stock Exchange, the Stock Option      Committee shall have at least two Independent Directors. The Stock Option      Committee will administer the Company’s stock option plans, including the      authority to make and modify awards under such  plans. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 116. | Without      prejudice to the freedom of the directors to establish any other      committees, the Board may establish a Nominating Committee to assist the      Board in identifying qualified individuals to become members of the      Board. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 117. | The      Company may by resolution of directors appoint officers of the Company at      such times as shall be considered necessary or expedient.  Such      officers may consist of a Chairman of the Board of Directors, a Vice      Chairman of the Board of Directors, 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. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 118. | The      officers shall perform such duties as shall be prescribed at the time of      their appointment subject to any  modification in such duties as      may be prescribed thereafter by resolution of directors or resolution of      members, but in the absence of any specific allocation of duties it shall      be the responsibility of the Chairman of the Board of Directors to preside      at meetings of directors and members, the Vice Chairman to act in the      absence of the Chairman, the President to manage the day to day affairs of      the Company, the Vice Presidents to act in order of seniority in the      absence of the President but otherwise to perform such duties as may be      delegated to them by the President, the Secretaries to maintain the share      register, minute books and records (other than financial records) of the      Company and to ensure compliance with all procedural requirements imposed      on the Company by applicable law, and the Treasurer to be responsible for      the financial affairs of theCompany. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 119. | Subject      to the rules of the Designated Stock Exchange, the emoluments of all      officers shall be fixed by resolution of  directors. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|

| 120. | The      officers of the Company shall hold office until their successors are duly      elected and qualified, but any officer elected or appointed by the      directors may be removed at any time, with or without cause, by resolution      of directors.  Any vacancy occurring in any office of the      Company may be filled by resolution of  directors. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 121. | A      director of the Company 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 all other directors of the      Company. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 122. | A      director of the Company is not required to comply with Article 121      if; |
|------|------------------------------------------------------------------------------------|

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

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

| 123. | For      the purposes of Article 112 a disclosure to all other directors to the      effect that a director is a member, director or officer of another named      entity or has a fiduciary relationship with respect to the entity or a      named individual and is to be regarded as interested in any transaction      which may, after the date of the entry or disclosure, be entered into with      that entity or individual, is a sufficient disclosure of interest in      relation to that transaction. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 124.A. | A      director of the Company who is interested in a transaction entered into or      to be entered into by the Companymay: |
|--------|------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | vote      on a matter relating to thetransaction; |
|--------|-----|---------------------------------------------------|

|   | (ii) | 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 |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | sign      a document on behalf of the Company, or do any other thing in his capacity      as a director, that relates to thetransaction, |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------|

| 124.B. | For      so long the Securities of the Company are listed or traded on the      Designated Stock Exchange, the Company shall conduct an appropriate review      of all material Related Party Transactions on an ongoing basis and shall      utilize the Audit Committee for the review and approval of potential      conflicts of interest situations. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 125. | Subject      to the limitations hereinafter provided the Company may 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 of, or in any      other capacity is or was acting for, another body corporate or a      partnership, joint venture, trust or other  enterprise. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 126. | The      Company may only indemnify a person if the person acted honestly and in      good faith in what he believed to be in the best interests of the Company      and, in the case of criminal proceedings, the person had no reasonable      cause to believe that his conduct wasunlawful. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 127. | For      the purposes of the preceding Article, a director acts in the best      interests of the Company if he acts in the best interests    of; |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      Company’s holding company; or |
|--------|-----|----------------------------------------------|

|   | (b) | a      shareholder or shareholders of theCompany; |
|--------|-----|---------------------------------------------------|

| 128. | The      decision of the directors as to whether the person acted honestly and in      good faith and with a view to 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 isinvolved. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 129. | 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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 130. | Expenses,      including legal fees, incurred by a 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 to repay the amount if it      shall ultimately be determined that the director is not entitled to be      indemnified by the Company in accordance with these    Articles. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 131. | Expenses,      including legal fees, incurred by a 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 former director to repay      the amount if it shall ultimately be determined that the director is not      entitled to be indemnified by the Company in accordance with these      Articles. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 132. | The      indemnification and advancement of expenses provided by, or granted      pursuant to, these Articles is not exclusive of any other rights to which      the person seeking indemnification of 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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 133. | If      a person to be indemnified has been successful in defence of any      proceedings referred to above 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. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 134. | 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 as provided in these  Articles. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 135. | The      Company shall have a Seal and may have more than one Seal. References      herein to the Seal shall be references to every Seal which shall have been      duly adopted by resolution of directors.  The directors shall      provide for the safe custody of the Seal and for an imprint thereof to be      kept at the office of the registered agent of the      Company.  Except as otherwise expressly provided herein, the      Seal when affixed to any written instrument, shall be witnessed and      attested to by the signature of a director or any other person so      authorized from time to time by resolution of directors.  Such      authorization may be before or after the Seal is affixed, may be general      or specific and may refer to any number of sealings. The Directors may      provide for a facsimile of the Seal and of the signature of any director      or authorized person which may be reproduced by printing or other means on      any instrument and it shall have the same force and validity as if the      Seal had been affixed to such instrument and the same had been signed as      hereinbefore described. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 136. | The      directors of the Company may  by resolution authorise a      distribution by the Company at any time and of any amount and to any      members they think fit if they are satisfied on reasonable grounds that      immediately after the distribution; |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      value of the Company’s assets will exceed its liabilities,    and |
|--------|-----|----------------------------------------------------------------------------------|

|   | (b) | the      Company will be able to pay its debts as they fall  due. |
|--------|-----|-------------------------------------------------------------------|

| 137. | A      resolution of the directors passed under the preceding Article shall      contain a statement that, in the opinion of the directors, immediately      after the distribution the value of the Company’s assets will exceed its      liabilities, and the Company will be able to pay its debts as they fall      due. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 138. | If,      after a distribution is authorised and before it is made, the directors      cease to be satisfied on reasonable grounds that the Company will,      immediately after the distribution satisfy the solvency test, any      distribution made by the Company is deemed not to have been      authorised. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 139. | If,      by virtue of the preceding Article, a distribution is deemed not to have      been authorised, a director who; |
|------|-------------------------------------------------------------------------------------------------------------------------|

|   | (a) | ceased,      after authorisation but before the making of the distribution, to be      satisfied on reasonable grounds for believing that the company would      satisfy the solvency test immediately after the distribution is made;      and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | failed      to take reasonable steps to prevent the distribution being      made; |
|--------|-----|-----------------------------------------------------------------------------------|

| 140. | A      distribution made to a member at a time when the company did not,      immediately after the distribution, satisfy the solvency test may be      recovered by the company from the memberunless; |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the      member received the distribution in good faith and without knowledge of      the company’s failure to satisfy the solvency  test; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      member has altered his position in reliance on the validity of the      distribution; and |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (c) | it      would be unfair to require repayment in full or at  all. |
|--------|-----|------------------------------------------------------------------|

| 141. | The      Company may by a resolution of directors declare a distribution by way of      dividend and pay such distribution in money, shares or other      property.  In the event that distributions by way of dividend      are paid in specie the directors shall have responsibility for      establishing and recording in the resolution of directors authorizing the      distribution by way of dividend, a fair and proper value for the assets to      be so distributed. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 142. | The      directors may from time to time pay to the members such interim      distributions by way of dividend as appear to the directors to be      justified by the profits of theCompany. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 143. | The      directors may, before declaring any distribution by way of dividend, set      aside out of the profits of the Company such sum as they think proper as a      reserve fund, and may invest the sum so set aside as a reserve fund upon      such securities as they may select. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 144. | Notice      of any distribution by way of dividend that may have been declared shall      be given to each member in the manner hereinafter mentioned and all      distributions by way of dividend unclaimed for 3 years after having been      declared may be forfeited by resolution of directors for the benefit of      the Company. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 145. | No      distribution by way of dividend shall bear interest as against the Company      and no distribution by way of dividend shall be paid on treasury shares or      shares held by another company of which the Company holds, directly or      indirectly, shares having more than 50 percent of the vote in electing      directors. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 146. | A      share issued as a distribution by way of dividend by the Company shall be      treated for all purposes as having been issued for money equal to the      value determined by resolution of the directors.  In the absence      of fraud the decision of the directors as to the value of the share is      conclusive unless a question of law isinvolved. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 147. | A      division of the issued and outstanding shares of a class or series of      shares into a larger number of shares of the same class or series having a      proportionately smaller par value does not constitute a distribution by      way of dividend of shares. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 148. | The      Company may by resolution of members call for the directors to prepare      periodically a profit and loss account and a balance sheet.  The      profit and loss account and balance sheet shall be drawn up so as to give      respectively a true and fair view of the profit and loss of the Company      for the financial period and a true and fair view of the state of affairs      of the Company as at the end of the financial  period. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 149. | The      Company may by resolution of members call for the accounts to be examined      by auditors. |
|------|------------------------------------------------------------------------------------------------------|

| 150. | Subject      to the rules of the Designated Stock Exchange, the first auditors shall be      appointed by resolution of directors; subsequent auditors shall be      appointed by the Audit Committee and shall hold office until the Audit      Committee appoint another independentauditor. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 151. | Subject      to the rules of the Designated Stock Exchange, the remuneration of the      auditors of the Company shall be fixed by the Audit    Committee. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 152. | The      auditors shall examine each profit and loss account and balance sheet      required to be served on every member of the Company or laid before a      meeting of the members of the Company and shall state in a written report      whether or not |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 auditors have been      obtained. |
|--------|-----|---------------------------------------------------------------------------------------------|

| 153. | The      report of the auditors shall be annexed to the accounts and shall be read      at the meeting of members at which the accounts are laid before the      Company or shall be served on themembers. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 154. | Every      auditor of the Company shall have a right of access at all times to the      books of account and vouchers 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 auditors. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 155. | The      auditors of the Company shall be entitled to receive notice of, and to      attend any meetings of members of the Company at which the Company’s      profit and loss account and balance sheet are to be    presented. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 156. | Any      notice, information or written statement to be given by the Company to      members may be served in any way by which it can reasonably be expected to      reach each member or by mail addressed to each member at the address shown      in the share register. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 157. | Any      summons, notice, order, document, process, information or written      statement to be served on the Company may be served by leaving it, or by      sending it by registered mail addressed to the Company, at its registered      office, or by leaving it with, or by sending it by registered mail to, the      registered agent of the Company. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 158. | Service      of any summons, notice, order, document, process, information or written      statement to be served on the Company may be proved by showing that the      summons, notice, order, document, process, information or written      statement was delivered to the registered office or the registered agent      of the Company or that it was mailed in such time as to admit to its being      delivered to the registered office or the registered agent of the Company      in the normal course of delivery within the period prescribed for service      and was correctly addressed and the postage was  prepaid. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 159. | The      directors may establish and maintain or procure the establishment and      maintenance of any non-contributory or contributory pension or      superannuation funds for the benefit of, and give or procure the giving of      donations, gratuities, pensions, allowances or emoluments to, any persons      who are or were at any time in the employment or service of the Company or      any company which is a subsidiary of the Company or is allied to or      associated with the Company or with any such subsidiary, or who are or      were at any time directors or officers of the Company or of any such other      company as aforesaid or who hold or held any salaried employment or office      in the Company or such other company, or any persons in whose welfare the      Company or any such other company as aforesaid is or has been at any time      interested, and to the wives, widows, families and dependents of any such      person, and may make payments for or towards the insurance of any such      persons as aforesaid, and may do any of the matters aforesaid either alone      or in conjunction with any such other  company as      aforesaid.  Subject always to the proposal being approved by      resolution of members, a director holding any such employment or office      shall be entitled to participate in and retain for his own benefit any      such donation, gratuity, pension allowance or  emolument. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 160. | The      Company may voluntarily commence to wind up and dissolve by a resolution      of members but if the Company has never issued shares it may voluntarily      commence to wind up and dissolve by resolution of    directors. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 161. | The      Company may by resolution of members or by a resolution passed unanimously      by all directors of the Company continue as a company incorporated under      the laws of a jurisdiction outside the British Virgin Islands in the      manner provided under those laws. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 162. | Whenever      any difference arises between the Company on the one hand and any of the      members or their executors, administrators or assigns on the other hand,      touching the true intent and construction or the incidence or consequences      of these Articles or of the Act, touching anything done or executed,      omitted or suffered in pursuance of the Act or touching any breach or      alleged breach or otherwise relating to the premises or to these Articles,      or to any Act or Ordinance affecting the Company or to any of the affairs      of the Company such difference shall, unless the parties agree to refer      the same to a single arbitrator, be referred to 2 arbitrators one to be      chosen by each of the parties to the difference and the arbitrators shall      before entering on the reference appoint an  umpire. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 163. | If      either party to the reference makes default in appointing an arbitrator      either originally or by way of substitution (in the event that an      appointed arbitrator shall die, be incapable of acting or refuse to act)      for 10 days after the other party has given him notice to appoint the      same, such other party may appoint an arbitrator to act in the place of      the arbitrator of the defaultingparty. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 164. | An      annual general meeting of the Company shall be held in each year other      than the year of the Company’s incorporation at such time and place as may      be determined by the Board. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 165. | Each      general meeting, other than an annual general meeting, shall be called an      extraordinary general meeting.  General meetings may be held at      such times and in any location in the world as may be determined by the      Board. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 166. | Only      a majority of the Board or the Chairman of the Board may call      extraordinary general meetings, which extraordinary general meetings shall      be held at such times and locations (as permitted hereby) as such person      or persons shall determine. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 167. | (1)               An      annual general meeting and any extraordinary general meeting may be called      by not less than ten (10) clear days’ notice but a general meeting may be      called by shorter notice, subject to the Act, if it is so      agreed: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

|   | (2) | The      notice shall specify the time and place of the meeting and, in case of      special business, the general nature of the business.  The      notice convening an annual general meeting shall specify the meeting as      such.  Notice of every general meeting shall be given to all      members other than to such members as, under the provisions of these      Articles or the terms of issue of the shares they hold, are not entitled      to receive such notices from the Company, to all persons entitled to a      share in consequence of the death or bankruptcy or winding-up of a member      and to each of the directors and theauditors. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 168. | The      accidental omission to give notice of a meeting or (in cases where      instruments of proxy are sent out with the notice) to send such instrument      of proxy to, or the non-receipt of such notice or such instrument of proxy      by, any person entitled to receive such notice shall not invalidate any      resolution passed or the proceedings at that  meeting. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |
|--------------------------------------------|
| [Name      and address of registeredagent] |

----