| MEMORANDUMANDARTICLES      OF ASSOCIATION(Inclusive      of alterations made up to 6 December 2007)OFCHINA      NETCOM GROUP CORPORATION (HONG KONG) LIMITED中國網通集團(香港)有限公司(Former      name: Target Strong Limited 泰強有限公司)  Incorporated      the 22nd  day of October, 1999        Name      changed to CHINA NETCOM (HONG KONG) CORPORATION LIMITED中國網絡通信(香港)有限公司w.e.f.      6 December 1999Name      changed to CHINA NETCOM CORPORATION (HONG KONG) LIMITED中國網絡通信(香港)有限公司w.e.f.      4 August 2000Name      changed to CHINA NETCOM GROUP CORPORATION (HONG KONG) LIMITED中國網通集團(香港)有限公司w.e.f.      23 July 2004 HONG      KONG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| No.      692041[COPY]COMPANIES      ORDINANCE(CHAPTER      32) CERTIFICATE      OF INCORPORATION        I      hereby certify that TARGET      STRONG LIMITED泰強有限公司 is      this day incorporated in Hong Kong under the Companies Ordinance, and that      this company is limited. Issued      by the undersigned on 22 October 1999.                                                 (Sd.)      MISS R. CHEUNG                                                                        ---------------------------------                                                for      Registrar of Companies                                                Hong      Kong |

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|   |  (Sd.) MISS R. CHEUNG                                                                                     |   |
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|   |  for Registrar of      Companies                                                                          |   |
|   |  Hong      Kong                                                                                           |   |
|   |  香港公司註冊處處長                                 |   |
|   |  (公司註冊主任張潔心代行) |   |

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|   |  (Sd.) MISS R. CHEUNG                                                                                     |   |
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|   |  for Registrar of      Companies                                                                          |   |
|   |  Hong      Kong                                                                                           |   |
|   |  香港公司註冊處處長                                 |   |
|   |  (公司註冊主任張潔心代行) |   |

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|   |  (Sd.) MISS R. CHEUNG                                                                                     |   |
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|   |  for Registrar of      Companies                                                                          |   |
|   |  Hong      Kong                                                                                           |   |
|   |  香港公司註冊處處長                                 |   |
|   |  (公司註冊主任張潔心代行) |   |

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| FIRST:      - | The      name of the Company is TARGET STRONG LIMITED泰強有限公司.* |
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| SECOND:      - | The      Registered Office of the Company will be situate in Hong    Kong. |
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| THIRD:      - | The      liability of the Members islimited. |
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| 3A. | The      objects for which the Company is established are unrestricted and shall      include, but without limitation, thefollowing: |
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|   | (i) | (a) | To      carry on the business of holding company of a group carrying on business      within the telecommunications, telecommunications infrastructure and      telecommunications servicesindustry. |
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|   | (b) | To      carry on the business of an investment company and to act as promoters and      entrepreneurs and to carry on business as financiers, capitalists,      concessionaires, merchants, brokers, traders, dealers, agents, importers      and exporters and to undertake and carry on and      execute all kinds of investment, financial, commercial, mercantile,      trading and other operations. |
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|   | (c) | To      carry on whether as principals, agents or otherwise howsoever the business      of realtors, developers, consultants, estate agents or managers, builders,      contractors, engineers, manufacturers, dealers in or vendors of all types      of property including services. |
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|   | (ii) | To      exercise and enforce all rights and powers conferred by or incidental to      the ownership of any shares, stock, obligations or other securities      including without prejudice to the generality of the foregoing all such      powers of veto or control as may be conferred by virtue of the holding by      the Company of some special proportion of the issued or nominal amount      thereof, to provide managerial and other executive, supervisory and      consultant services for or in relation to any company in which the Company      is interested upon such terms as may be thought  fit. |
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|   | (iii) | To      purchase or otherwise acquire, to sell, exchange, surrender, lease,      mortgage, charge, convert, turn to account, dispose of and deal with real      and personal property and rights of all kinds and, in particular,      mortgages, debentures, produce, concessions, options, contracts, patents,      annuities, licences, stocks, shares, bonds, policies, book debts, business      concerns, undertakings, claims, privileges and chooses in action of all      kinds. |
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|   | (iv) | To      subscribe for, conditionally or unconditionally, to underwrite, issue on      commission or otherwise, take, hold, deal in and convert stocks, shares      and securities of all kinds and to enter into partnership or into any      arrangement for sharing profits, reciprocal concessions or cooperation      with any person or company and to promote and aid in promoting, to      constitute, form or organise any company, syndicate or partnership of any      kind, for the purpose of acquiring and undertaking any property and      liabilities of the Company or of advancing, directly or indirectly, the      objects of the Company or for any other purpose which the Company may      think expedient. |
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|   | (v) | To      stand surety for or to guarantee, support or secure the performance of all      or any of the obligations of any person, firm or company whether or not      related or affiliated to the Company in any manner and whether by personal      covenant or by mortgage, charge or lien upon the whole or any part of the      undertaking, property and assets of the Company, both present and future,      including its uncalled capital or by any such  method and      whether or not the Company shall receive valuable consideration      therefor. |
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|   | (vi)   | To      engage in or carry on any other lawful trade, business or enterprise which      may at any time appear to the Directors of the Company capable of being      conveniently carried on in conjunction with any of the aforementioned      businesses or activities or which may appear to the Directors of the      Company likely to be profitable to the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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|   |   | In      the interpretation of this Memorandum of Association in general and of      this paragraph 3A in particular no object, business or power specified or      mentioned shall be limited or restricted by reference to or inference from      any other object, business or power, or the name of the Company, or by the      juxtaposition of two or more objects, businesses or powers and that, in      the event of any ambiguity in this paragraph or elsewhere in this      Memorandum of Association, the same shall be resolved by such      interpretation and construction as will widen and enlarge and not restrict      the objects, businesses and powers of and exercisable by the      Company.                                                                                                                                                                                                                                                                                                                                                                                          |
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|   |   | Except      as prohibited or limited by the Companies Ordinance (Chapter 32 of the      Laws of Hong Kong), the Company shall have full power and authority to      carry out any object and shall have and be capable of from time to time      and at all times exercising any and all of the powers at any time or from      time to time exercisable by a natural person or body corporate in doing in      any part of the world whether as principal, agent, contractor or otherwise      whatever may be considered by it necessary for the attainment of its      objects and whatever else may be considered by it as incidental or      conducive thereto or consequential thereon, including, but without in any      way restricting the generality of the foregoing, the power to make any      alterations or amendments to this Memorandum of Association and the      Articles of Association of the Company considered necessary or convenient      in the manner set out in the Articles of Association of the Company, and      the power to do any of the following acts or things,  viz: |

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|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
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|   |   | to      pay all expenses of and incidental to the promotion, formation and      incorporation of the Company; to register the Company to do business in      any other jurisdiction; to sell, lease or dispose of any property of the      Company; to draw, make, accept, endorse, discount, execute and issue      promissory notes, debentures, bills of exchange, bills of lading, warrants      and other negotiable or transferable instruments; to lend money or other      assets and to act as guarantors; to borrow or raise money on the security      of the undertaking or on all or any of the assets of the Company including      uncalled capital or without security; to invest monies of the Company in      such manner as the Directors determine; to promote other companies; to      sell the undertaking of the Company for cash or any other consideration;      to distribute assets in specie to Members of the Company; to make      charitable or benevolent donations; to pay pensions or gratuities or      provide other benefits in cash or kind to Directors, officers, employees,      past or present and their families; to purchase Directors and officers      liability insurance and to carry on any trade or business and generally to      do all acts and things which, in the opinion of the Company or the      Directors, may be conveniently or profitably or usefully acquired and      dealt with, carried on, executed or done by the Company in connection with      the business aforesaid PROVIDED THAT the Company shall only carry on the      businesses for which a licence is required under the laws of the Hong Kong      Special Administrative Region when so licensed under the terms of such      laws.** |

| FOURTH:      - | The      Share Capital of the Company is HK$10,000.00 divided into 10,000 shares of      HK$1.00 each with the power for the company to increase or reduce the said      capital and to issue any part of its capital, original or increased, with      or without preference, priority or special privileges, or subject to any      postponement of rights or to any conditions or restrictions and so that,      unless the conditions of issue shall otherwise expressly declare, every      issue of shares, whether declared to the preference or otherwise, shall be      subject to the power hereinbefore contained.*** |
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**           Pursuant to a Special Resolutionpassed on 30 December 2000, paragraph 3A was inserted immediately after theTHIRD clause of the Memorandum of Association of theCompany.

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| Names,      Addresses and Descriptions of Subscribers                                                                                                                                                                                                                                                     | Number      of Sharestaken      by eachsubscriber |
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|    For      and on behalf ofVICTON      SERVICES LIMITEDCHU      YIU KWONG – DirectorRoom      502-3, Commercial House,35      Queen’s Road Central,Hong      Kong.            Corporation     |     One                       |
| For      and on behalf ofVICTON      AGENTS LIMITEDCHU      YIU KWONG – DirectorRoom      502-3, Commercial House,35      Queen’s Road Central,Hong      Kong.            Corporation                              |  One                                         |
| Total      Number of Shares Taken ......                                                                                                                                                                                                                                                          | Two                                               |

|   |  VICONIA CHAN                   |   |
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|   |  Company Secretary              |   |
|   |  Rm. 502-3 Commercial House,    |   |
|   |  35 Queen’s Road Central, |   |
|   |  Hong Kong.                     |   |

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| 1. | The      regulations in Table A in the First Schedule to the Ordinance shall not      apply to the Company. |
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| 2. |   |
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|   | (a) | In      these Articles save where the context otherwise  requires; |
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|   | (b) | In      these Articles, if not inconsistent with the subject or context, words      importing the singular number only shall include the plural number and      vice versa, words importing any gender shall include all other genders and      references to persons shall include corporations (acting, where      applicable, by their duly authorised  representatives). |
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|   | (c) | Subject      as aforesaid, any words defined in the Ordinance shall, if not      inconsistent with the subject or context, bear the same meaning in these      Articles. |
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|   | (d) | The      headings and any marginal notes are inserted for convenience only and      shall not affect the construction of these  Articles. |
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| 3. | The      Office shall be at such place in Hong Kong as the Directors shall from      time to time appoint. |
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| 4. | Shares      may be issued with a preferential or qualified right to dividends and in      the distribution of assets of the Company and with a special, or without      any right, of voting. |
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| 5. | Without      prejudice to any special rights, privileges or restrictions for the time      being attached to any issued shares, any unissued or forfeited shares may      be issued or re-issued upon such terms and conditions, and with such      rights, privileges and restrictions attached thereto, whether in regard to      dividends, voting, repayment or redemption of share capital, or otherwise,      as the Company may, subject to the Ordinance, from time to time determine      or, in the absence of any such determination, as the Directors shall      determine. |
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| 6. | The      Board may, subject to the approval by the shareholders in general meeting,      issue warrants to subscribe for any class of shares or securities of the      Company on such terms as the Board may from time to time determine. Where      warrants are issued to bearer, no certificate thereof shall be issued to      replace one that has been lost unless the Board is satisfied beyond      reasonable doubt that the original certificate thereof has been destroyed      and the Company has received an indemnity in such form as the Board shall      think fit with regard to the issue of any such replacement      certificate. |
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| 7. | Save      as provided by contract or the Ordinance or these Articles to the      contrary, all unissued shares shall be at the disposal of the Directors      who may allot, grant options over or otherwise deal with or dispose of the      same to such persons, at such times, for such consideration and generally      upon such terms and conditions as they shall in their absolute discretion      think fit, provided that no shares of any class shall be issued at a      discount except in accordance with section 50 of the      Ordinance. |
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| 8. | The      Company may make arrangements on the issue of shares for a difference      between the holders of such shares in the amount of calls to be paid and      the time of payment of such calls. |
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| 9. | If      by the conditions of allotment of any shares the whole or part of the      issue price thereof shall be payable by instalments, every such instalment      shall, when due, be paid to the Company by the person who for the time      being and from time to time shall be the registered holder of the shares,      or his legal personalrepresentative. |
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| 10. | Subject      to the provisions of section 49 of the Ordinance, any preference share      may, with the sanction of a special resolution, be issued on the terms      that it is, or at the option of the Company is liable, to be      redeemed. |
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| 11. | Subject      to the provisions of these Articles, except as required by law or ordered      by a court of competent jurisdiction, no person shall be recognised by the      Company as holding any share upon any trust, and except as aforesaid, the      Company shall not be bound by or required in any way to recognise any      contingent, future, partial or equitable interest in any share or in any      fractional part of a share or any other right in respect of any share or      any other claim to or in respect of any such share on the part of any      person (even when having notice thereof) except an absolute right to the      entirety thereof in the registeredholder. |
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| 12. | The      Company may in connection with the issue of any shares exercise all powers      of paying interest out of capital and of paying commission and brokerage      conferred or permitted by theOrdinance. |
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| 13. | No      person shall become a member until his name shall have been entered into      the Register. |
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| 14. | Where      two or more persons are registered as the holders of any share they shall      be deemed to hold the same as joint tenants with benefit of survivorship,      subject to the followingprovisions:- |
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|   | (a) | the      Company shall not be bound to register more than four persons as the      holders of any shares except in the case of the legal personal      representatives of a deceasedmember; |
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|   | (b) | the      joint holders of any shares shall be liable severally as well as jointly      in respect of all payments which ought to be made in respect of such      shares; |
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|   | (c) | on      the death of any one of such joint holders the survivor or survivors shall      be the only person or persons recognised by the Company as having any      title to such shares, but the Directors may require such evidence of death      as they may deem fit; |
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|   | (d) | any      one of such joint holders may give effectual receipts for any dividend,      bonus or return of capital payable to such joint holders;    and |
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|   | (e) | the      Company shall be at liberty to treat the person whose name stands first in      the Register as one of the joint holders of any shares as solely entitled      to delivery of the certificate relating to such shares, or to receive      notices from the Company, or to attend or vote at general meetings of the      Company, and any notice given to such person shall be deemed notice to all      the joint holders; but any one of such joint holders may be appointed the      proxy of the persons entitled to vote on behalf of such joint holders, and      as such proxy to attend and vote at general meetings of the Company, but      if more than one of such joint holders be present at any meeting      personally or by proxy that one so present whose name stands first in the      Register in respect of such shares shall alone be entitled to vote in      respect thereof. |
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| 15. | Every      person whose name is entered as a member in the Register shall be entitled      without payment to receive, within two months after allotment, or within      ten business days after lodgment of an instrument of transfer duly      stamped, or within such other period as the conditions of issue shall      provide, one certificate for all his shares of any particular class, or if      he shall so request, upon payment of a fee (not exceeding HK$2.50 or such      greater sum as the Hong Kong Stock Exchange may from time to time permit)      for every certificate after the first, as the Directors shall from time to      time determine, such number of certificates for shares in Hong Kong Stock      Exchange board lots or multiples thereof as he shall request and one for      the balance (if any) of the shares in question, provided that in the event      of a member transferring part of the shares represented by a certificate      in his name a new certificate in respect of the balance thereof shall be      issued in his name without payment and, in the case of a share or shares      held jointly by several persons the Company shall not be bound to issue a      certificate or certificates to each such person, and the issue and      delivery of a certificate or certificates to one of several joint holders      shall be sufficient delivery to all such  holders. |
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| 16. | Every      share certificate shall be issued under the Seal (which for this purpose      may be any official seal as permitted by section 73A of the Ordinance) and      shall specify the number and class of shares and, if required, the      distinctive numbers thereof, to which the certificate relates, and the      amount paid up thereon and may otherwise be in such form as the Board may      from time to time determine. If at any time the share capital of the      Company is divided into different classes of shares, every share      certificate issued at that time shall comply with section 57A of the      Ordinance, and no certificate shall be issued in respect of more than one      class of shares. |
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| 17. | Subject      to section 71A of the Ordinance, if any share certificate shall be worn      out, defaced, destroyed or lost, it may be replaced on payment of such      fee, if any (not exceeding HK$2.50 or such greater sum as the Hong Kong      Stock Exchange may from time to time permit), on such evidence being      produced as the Directors shall require, and in case of wearing out or      defacement, on delivery up of the old certificate, and in case of      destruction or loss, on the execution of such indemnity (if any), as the      Directors may require. In case of destruction or loss, the person to whom      such replacement certificate is given shall also bear and pay to the      Company all expenses incidental to the investigation by the Company of the      evidence of such destruction or loss and of the production of such      indemnity. |
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| 18. |   |
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|   | (a) | The      Directors may from time to time make calls upon the members in respect of      all moneys unpaid on their shares whether on account of the nominal value      of the shares or by way of premium but subject always to the terms of      issue of such shares, and any such call may be made payable by      instalments. |
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|   | (b) | Each      member shall, subject to receiving at least fourteen days’ notice      specifying the time or times and place for payment, pay to the Company the      amount called on his shares and at the time or times and place so      specified. The non-receipt of a notice of any call by, or the accidental      omission to give notice of a call to, any of the members shall not      invalidate the call. |
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| 19. | A      call shall be deemed to have been made at the time when the resolution of      the Directors authorising such call was passed. A call may be revoked,      varied or postponed as to all or any of the members liable therefor as the      Directors may determine. A person on whom a call is made will remain      liable for calls made upon him notwithstanding the subsequent transfer of      the shares in respect whereof the call wasmade. |
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| 20. | If      any part of a call be not paid before or on the day appointed for payment      thereof, the person from whom the payment is due shall be liable to pay      all costs, charges and expenses that the Company may have incurred by      reason of such non-payment together with interest on the outstanding part      thereof at such rate as the Directors shall determine (not exceeding      twenty per cent. per annum) from the day appointed for the payment of such      call or instalment to the time of discharge thereof in full; but the      Directors may, if they shall think fit, waive the payment of such costs,      charges, expenses or interest or any part  thereof. |
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| 21. | If,      by the terms of the issue of any shares or otherwise, any amount is made      payable upon allotment or at any fixed time, whether on account of the      nominal amount of the shares or by way of premium, every such amount shall      be payable as if it were a call duly made and payable on the date on which      by the terms of issue the same becomes payable; and all the provisions      hereof with respect to the payment of calls and interest thereon, or to      the forfeiture of shares for non-payment of calls shall apply to every      such amount and the shares in respect of which it is payable in the case      of non-payment thereof. |
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| 22. | The      Directors may, if they shall think fit, receive from any member willing to      advance the same (either in money or money’s worth) all or any part of the      moneys uncalled and unpaid or instalments payable upon any shares held by      him; and upon all or any of the moneys so paid in advance the Directors      may (until the same would, but for such payment in advance, become      presently payable) pay interest at such rate as may be agreed upon between      the member paying the moneys in advance and the Directors (not exceeding      twenty per cent. per annum). But a payment in advance of a call shall not      entitle the shareholder to receive any dividend or to exercise any other      rights or privileges as a shareholder in respect of the |
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|   | share      or the due portion of the shares upon which payment has been advanced by      such shareholder before it is called. The Directors may also at any time      repay the amount so advanced upon giving to such member one month’s notice      in writing unless before the expiration of such notice the amount so      advanced shall have been called up on the shares in respect of which it      was advanced. |
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| 23. | On      the trial or hearing of any action for the recovery of any money due for      any call, it shall be sufficient to prove that the name of the member sued      is entered in the Register as the holder, or one of the holders, of the      shares in respect of which such money is due; that the resolution making      the call is duly recorded in the minute book of the Company; and that      notice of such call was duly given to the member sued in pursuance of      these Articles, and it shall not be necessary to prove the appointment of      the Directors who made such call, nor any other matter whatsoever, but the      proof of the matters aforesaid shall be conclusive evidence that the money      is due. |
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| 24. | No      member shall, unless the Directors otherwise determine, be entitled to      receive any dividend or bonus, or to receive notice of or to be present or      vote at any general meeting, either personally or (save as proxy for      another member) by proxy, or to exercise any privileges as a member, or be      reckoned in a quorum, until he shall have paid all calls or other sums for      the time being due and payable on every share held by him, whether alone      or jointly with any other person, together with interest and expenses (if      any). |
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| 25. | If      any member fails to pay in full any call or any instalment of a call on      the day appointed for payment thereof, the Directors may at any time      thereafter, during such time as any part of the call remains unpaid      without prejudice to the provisions of Article 24, serve a notice on him      requiring him to pay so much of the call as is unpaid together with      interest accrued and any expenses incurred by reason of such      non-payment. |
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| 26. | The      notice shall name a further day (not being less than fourteen days from      the date of the notice) on or before which such call or part thereof and      all interest accrued and expenses incurred by reason of such non-payment      are to be paid, and it shall also name the place where payment is to be      made, such place being either the Office, or some other place at which      calls of the Company are usually made payable. The notice shall also state      that, in the event of non-payment at or before the time and at the place      appointed, the shares in respect of which such call is payable will be      liable to forfeiture. |
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| 27. | If      the requirements with regard to payment of any such notice as aforesaid be      not complied with, any shares in respect of which such notice has been      given may, at any time thereafter and before the payment required by the      notice has been made, be forfeited by a resolution of the Directors to      that effect, and any such forfeiture shall extend to all dividends and      bonuses declared in respect of the shares so forfeited but not payable      until after such forfeiture. The Directors may accept the surrender of any      shares liable to be forfeited hereunder and in such cases references in      these Articles to forfeiture shall include  surrender. |
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| 28. | Any      shares so forfeited shall be deemed for the purposes of this Article to be      the property of the Company and may be sold, re-allotted or otherwise      disposed of either subject to or discharged from all calls made prior to      the forfeiture, to any person, upon such terms as to subscription price      and otherwise and in such manner and at such time or times as the      Directors think fit. For the purpose of giving effect to any such sale or      other disposition the Directors may authorise the transfer of the shares      so sold or otherwise disposed of to the purchaser thereof or any other      person becoming entitled thereto. The Directors shall account to the      person whose shares have been forfeited with the balance (if any) of      monies |
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|   | received      by the Company in respect of those shares after deduction of expenses of      forfeiture, sale or disposal of the shares and any amounts due to the      Company in respect of the shares. |
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| 29. | The      Directors may, at any time before any shares so forfeited shall have been      sold, re-allotted or otherwise disposed of, annul the forfeiture thereof      upon such conditions as they think fit or permit the share forfeited to be      redeemed upon the terms of payment of all calls and interest due thereon      and all expenses incurred in respect of the share, and upon such further      terms (if any) as it thinks fit. |
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| 30. | Any      person whose shares have been forfeited shall cease to be a member in      respect of the forfeited shares but shall notwithstanding the forfeiture      be and remain liable to pay to the Company all moneys which, at the date      of forfeiture, were payable by him to the Company in respect of the      shares, together with interest thereon from the date of forfeiture until      payment at such rate as the Directors may prescribe (not exceeding twenty      per cent. per annum), and the Directors may enforce the payment of such      moneys or any part thereof and without any deduction or allowance for the      value of the shares at the date of forfeiture, but his liability shall      cease if and when the Company shall have received payment in full of all      such moneys in respect of the shares. For the purposes of this Article any      sum which, by the terms of issue of a share, is payable thereon at a fixed      time which is subsequent to the date of forfeiture, whether on account of      the nominal value of the share or by way of premium, shall notwithstanding      that that time has not yet arrived be deemed to be payable at the date of      forfeiture, and the same shall become due and payable immediately upon the      forfeiture, but interest thereon shall only be payable in respect of any      period between the said fixed time and the date of actual      payment. |
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| 31. | When      any shares have been forfeited, notice of the resolution shall be given to      the member in whose name it stood immediately prior to the forfeiture and      an entry shall be made in the Register recording the forfeiture and the      date thereof but no forfeiture shall be in any manner invalidated by any      omission or neglect to give such notice or make any such entry, and so      soon as the shares so forfeited have been sold or otherwise disposed of an      entry shall also be made of the manner and date of the sale or disposal      thereof. |
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| 32. | The      Company shall have a first and paramount lien on every share (not being a      fully paid-up share) for all moneys outstanding in respect of such share      whether presently payable or not, and the Company shall also have a first      and paramount lien on every share (other than fully paid-up shares)      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 has been given 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 already 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 or not. The      Company’s lien on a share shall extend to all dividends 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. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 33. | The      Company may sell in such manner as the Directors think fit any share on      which the Company has a lien, but no sale shall be made unless some sum in      respect of which the lien exists is presently payable or the liability or      engagement in respect of which such lien exists is liable to be presently      fulfilled or discharged, nor until the expiration of fourteen days after a      notice in writing stating and demanding payment of the sum presently      payable and giving notice of intention to sell in default shall have been      given to the holder for the time being of the share or the person entitled      thereto by reason of his death, bankruptcy or winding-up or otherwise by      operation of law or court order. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34. | The      net proceeds of such sale after payment of the costs of such sale shall be      applied in or towards payment or satisfaction of the debts or liabilities      in respect whereof the lien exists so far as the same are presently      payable and any residue shall (subject to a like lien for debts or      liabilities not presently payable as existed upon the shares prior to the      sale) be paid to the person entitled to the shares at the time of the      sale. For giving effect to any such sale the Directors may authorise some      person to transfer the shares so sold to the purchaser thereof and may      enter the purchaser’s name in the Register as holder of the shares, and      the purchaser shall not be bound to see to the application of the purchase      money, nor shall his title to the shares be affected by any irregularity      or invalidity in the proceedings in reference to the  sale. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 35. | A      statutory declaration in writing that the declarant is a Director or the      Secretary of the Company and that a share has been duly forfeited or      surrendered or sold on a date stated in the declaration shall be      conclusive evidence of the facts therein stated as against all persons      claiming to be entitled to the share. Such declaration and the receipt of      the Company for the consideration (if any) given for the share on the      sale, re-allocation or disposal thereof together with the share      certificate delivered to a purchaser or allottee thereof shall (subject to      the execution of a transfer if the same be required) constitute a good      title to the share and the person to whom the share is sold, re-allotted      or disposed of shall be registered as the holder of the share and shall      not be bound to see to the application of the purchase money (if any) nor      shall his title to the share be affected by any irregularity or invalidity      in the proceedings in reference to the forfeiture, surrender, sale,      reallotment or disposal of theshare. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36. | The      instrument of transfer of any shares in the Company shall be in writing in      the usual common form or in such other form as the Board may accept and      may be under hand only or, if the transferor or transferee is a Clearing      House (or its nominee), by hand or by machine imprinted signature or by      such other manner of execution as the Board may approve from time to time      and shall be executed by or on behalf of the transferor and by or on      behalf of the transferee. The transferor shall remain the holder of the      shares concerned until the name of the transferee is entered in the      Register in respect thereof. Nothing in these Articles shall preclude the      Board from recognising a renunciation of the allotment or provisional      allotment of any share by the allottee in favour of some other      person. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37. | Every      instrument of transfer shall be lodged at the Office for registration (or      at such other place as the Board may appoint for such purpose) accompanied      by the certificate relating to the shares to be transferred and such other      evidence as the Directors may require in relation thereto. All instruments      of transfer which shall be registered shall be retained by the Company,      but save where fraud is suspected any instrument of transfer which the      Directors may decline to register shall, on demand, be returned to the      person depositing the same. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 38. | There      shall be paid to the Company in respect of the registration of a transfer      and of any Grant of Probate or Letters of Administration, Certificate of      Marriage or Death, Power of Attorney or other document relating to or      affecting the title to any share or for making of any entry in the      Register affecting the title to any share such fee (if any) as the      Directors may from time to time require or prescribe (but not exceeding      HK$2.50 or such greater sum as the Hong Kong Stock Exchange may from time      to time permit). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39. | The      registration of transfers may be suspended at such times and for such      periods as the Directors may, in accordance with section 99 of the      Ordinance, from time to time determine and either generally or in respect      of any class of shares. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 40. | The      Directors may, subject to section 69 of the Ordinance, at any time in      their absolute discretion and without assigning any reason therefor      decline to register any transfer of any share (not being a fully paid-up      share). If the Directors refuse to register a transfer they shall, within      two months after the date on which the transfer was lodged with the      Company, send to the transferor and transferee notice of the      refusal. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 41. | The      Directors may also decline to register any transfer    unless:- |
|-----|--------------------------------------------------------------------------|

|   | (a) | the      instrument of transfer is in respect of only one class of      share; |
|--------|-----|--------------------------------------------------------------------------------|

|   | (b) | in      the case of a transfer to joint holders, the number of transferees does      not exceed four; |
|--------|-----|-------------------------------------------------------------------------------------------------------|

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

|   | (d) | the      instrument of transfer is properlystamped; |
|--------|-----|-----------------------------------------------------|

|   | (e) | such      other conditions as the Directors may from time to time impose for the      purpose of guarding against losses arising from forgery are      satisfied; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | a      fee not exceeding the maximum fee prescribed or permitted from time to      time by the Hong Kong Stock Exchange is paid to the Company in respect      thereof; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the      instrument of transfer is accompanied by the certificate of the shares to      which it relates, and such other evidence as the Board may reasonably      require to show the right of the transferor to make the      transfer. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42. | No      transfer may be made to an infant or to a person of unsound mind or under      other legal disability. |
|-----|----------------------------------------------------------------------------------------------------------------|

| 43. | In      the case of the death of a member, the survivor or survivors where the      deceased was a joint holder, and the legal personal representatives of the      deceased where he was a sole or only surviving holder, shall be the only      persons recognised by the Company as having any title to his shares; but      nothing herein contained shall release the estate of a deceased holder,      whether sole or joint, from any liability in respect of any share solely      or jointly held by him. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 44. | Any      person becoming entitled to shares in the Company in consequence of the      death, bankruptcy or winding-up of any member or otherwise by operation of      law or by court order shall, upon producing such evidence of his title as      the Directors may require, have the right either to be registered himself      as the holder of the shares upon giving to the Company notice in writing      of such his desire or to transfer such shares to some other person. All      the limitations, restrictions and provisions of these Articles and the      Ordinance relating to the right to transfer and the registration of      transfers of shares shall be applicable to any such |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | notice      or transfer as if the same were a transfer of shares by a member,      including the Directors’ right to refuse or suspend  registration. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 45. | A      person becoming entitled to shares in the Company in consequence of the      death, bankruptcy or winding-up of any member or otherwise by operation of      law or by court order shall have the right to receive and give a discharge      for any dividends or other moneys payable in respect of the shares,      provided always that the Directors may at any time give notice requiring      any such person to elect to be registered himself or to transfer the      shares, and if the notice is not complied with within sixty days, the      Directors may thereafter withhold payment of all dividends or other moneys      payable in respect of the shares until the requirements of the notice have      been complied with but subject to the requirements of Article 77 being      met, such a person may vote atmeetings. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 46. | The      Company may from time to time by ordinary resolution convert any fully      paid-up shares into stock and may reconvert any stock into fully paid-up      shares of any denomination. After the passing of any resolution converting      all the fully paid-up shares of any class in the capital of the Company      into stock, any shares of that class which subsequently become fully      paid-up and rank pari passu in all other respects with such shares shall,      by virtue of this Article and such resolution, be converted into stock      transferable in the same units as the shares already      converted. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 47. | The      holders of stock may transfer the same or any part thereof in the same      manner and subject to the same regulations as the shares from which the      stock arose might prior to conversion have been transferred or as near      thereto as circumstances admit. The Directors may from time to time fix      the minimum amount of stock transferable and restrict or forbid the      transfer of fractions of such minimum, but the minimum shall not, without      the sanction of an ordinary resolution of the Company, exceed the nominal      amount of each of the shares from which the stock arose. No warrants to      bearer shall be issued in respect of anystock. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 48. | The      holders of stock shall, according to the amount of the stock held by them,      have the same rights as regards dividends, participation in assets on a      winding-up, voting at general meetings of the Company and other matters as      if they held the shares from which the stock arose, but no such right      (except as to participation in dividends, profits and in assets on a      reduction of capital or a winding up) shall be conferred by an amount of      stock which would not, if existing in shares, have conferred such      right. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 49. | Such      of these Articles as are applicable to fully paid-up shares shall apply      mutatis mutandis to stock, and the words “share” and “shareholder” shall      include “stock” and “stockholder”. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 50. | The      Company may, from time to time, by ordinary resolution increase its      authorised capital by such sum divided into shares of such amounts as the      resolution shall prescribe. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 51. | The      general meeting resolving upon the creation of any new shares may direct      that the same or any of them shall be offered in the first instance, and      either at par or at a premium or (subject to the provisions of the      Ordinance) at a discount, to all the holders for the time being of any      class of shares in the capital of the Company, in proportion to the number      of shares of such class held by them respectively, or make any other      provisions as to the issue and allotment of the new shares, and in default      of any such direction, or so far as the same shall not extend, the new      shares shall be at the disposal of the Directors, and Article 7 shall      apply thereto. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 52. | Subject      to any direction or determination that may be given or made in accordance      with the powers contained in these Articles, all new shares created      pursuant to Article 50 shall be subject to the same provisions herein      contained with reference to the payment of calls, transfer, transmission,      forfeiture, lien and otherwise as the existing shares of the      Company. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 53. | The      Company may by ordinaryresolution:- |
|-----|----------------------------------------------|

|   | (a) | subdivide      its existing shares or any of them into shares of smaller amount than is      fixed by the Memorandum of Association of the Company, provided that in      the subdivision of an existing share the proportion between the amount      paid and the amount (if any) unpaid on each reduced share shall be the      same as it was in the case of the share from which the reduced share is      derived, and so that the resolution whereby any share is subdivided may      determine that as between the holders of the shares resulting from such      subdivision one or more of the shares may, as compared with the others,      have any such preferred, deferred or other special rights or be subject to      any such restrictions as the Company has power to attach to unissued or      new shares; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (c) | consolidate      and divide its capital or any part thereof into shares of larger amount      than its existing shares; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

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

|   | (e) | make      provision for the issue and allotment of shares which do not carry any      voting rights. |
|--------|-----|------------------------------------------------------------------------------------------------------|

| 54. | The      Company may by special resolution reduce its share capital and any capital      redemption reserve fund or any share premium account in any manner allowed      by law. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 55. | Where      any difficulty arises in regard to any consolidation and division under      paragraph (c) of Article 53, the Directors may settle the same as they      think expedient and in particular may arrange for the sale of the shares      representing fractions and the distribution of the net proceeds of sale in      due proportion amongst the members who would have been entitled to the      fractions, and for this purpose the Directors may authorise some person to      transfer the shares representing fractions to the purchaser thereof, who      shall not be bound to see to the application of the purchase money nor      shall his title to the shares be affected by any irregularity or      invalidity in the proceedings relating to the  sale. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 56. | Subject      to the provisions of the Ordinance and the HKSE Listing Rules, the Company      may purchase its own shares or any securities which carry a right to      subscribe or purchase its own shares in accordance with the provisions of      any code governing the purchase of securities which may be applicable to      the Company. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 57. | All      or any of the special rights attached to any class of shares (unless      otherwise provided for by the terms of issue of the shares of that class)      for the time being in issue may subject to the provisions of the      Ordinance, at any time, as well before as during liquidation, be altered      or abrogated either with the consent in writing of the holders of not less      than three-fourths of the issued shares of that class or with the sanction      of a special resolution passed at a separate general meeting of the      holders of shares of that class, and all the provisions contained in these      Articles relating to general meetings shall mutatis mutandis apply to      every such meeting but so that the quorum thereof shall be not less than      two persons holding or representing by proxy one third in nominal value of      the issued shares of the class, and that any holder of shares of that      class present in person or by proxy may demand a  poll. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 58. | The      provisions of the foregoing Article shall apply to the variation or      abrogation of the special rights attached to some only of the shares of      any class as if each group of shares of the class differently treated      formed a separate class the rights whereof are to be    varied. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 59. | The      special rights conferred upon the holders of the shares or class of shares      shall not unless otherwise expressly provided in the rights attaching to      or the terms of issue of such shares, be deemed to be altered by the      creation or issue of further shares ranking pari passu      therewith. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 60. | The      Company shall in each year hold a general meeting as its annual general      meeting in addition to any other meetings in that year. The annual general      meeting shall be held at such time (within a period of not more than      fifteen months, or such longer period as the Registrar of Companies may      authorise in writing, after the holding of the last preceding annual      general meeting) and place as may be determined by the Directors. All      other general meetings shall be called extraordinary general      meetings. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 61. | The      Directors may whenever they think fit, and shall on requisition in      accordance with the Ordinance, proceed to convene an extraordinary general      meeting. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 62. | Subject      to section 116C of the Ordinance, an annual general meeting and a meeting      called for the passing of a special resolution shall be called by not less      than 21 days’ notice in writing, and any other general meeting shall be      called by not less than fourteen days’ notice in writing. The notice shall      specify the place, date and time of meeting, and, in the case of special      business, the general nature of that business. The notice convening an      annual general meeting shall specify the meeting as such, and the notice      convening a meeting to pass a special resolution shall specify the      intention to propose the resolution as a special resolution. There shall      appear on every such notice with reasonable prominence a statement that a      member entitled to attend and vote is entitled to appoint one or more      proxies to attend and vote instead of him and that a proxy need not be a      member of the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 63. | Notwithstanding      that a meeting of the Company is called by shorter notice than that      specified in these Articles or required by the Ordinance, it shall be      deemed to have been duly called if it is so  agreed:- |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in      the case of a meeting called as the 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 95 per cent in nominal value of the shares      giving that right. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 64. | The      accidental omission to give notice of a meeting or (in cases where      instruments of proxy are sent out with the notice) the accidental omission      to send such instrument of proxy to, or the non receipt of notice of a      meeting or such instrument of proxy by, any person entitled to receive      such notice shall not invalidate the proceedings at that      meeting. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 65. | All      business shall be deemed special that is transacted at an extraordinary      general meeting and at an annual general meeting with the exception      of:- |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the      receipt of the accounts and balance sheet and the reports of the Directors      and other documents required to be annexed to the  accounts; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      declaration and sanction ofdividends; |
|--------|-----|------------------------------------------------|

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

|   | (d) | the      election or re-election of the Auditors of the Company;  and |
|--------|-----|-----------------------------------------------------------------------|

|   | (e) | the      fixing of, or the determination of the method of fixing, the remuneration      or extra remuneration of the Directors and of the Auditors of the      Company. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 66. | No      business save the election of a chairman of the meeting shall be      transacted at any general meeting unless a quorum is present when the      meeting proceeds to business. Two members present in person or by proxy      and entitled to vote shall be a quorum for all  purposes. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 67. | If,      within fifteen minutes from the time appointed for the meeting a quorum be      not present, the meeting, if convened upon requisition in accordance with      the Ordinance, shall be dissolved; but in any other case it shall stand      adjourned to the same day in the next week at the same time and place, or      to such other day, time and place as the Chairman of the meeting may      determine. If at such adjourned meeting a quorum be not present within      fifteen minutes from the time appointed for the meeting, the member or      members present in person or by proxy shall be a quorum and may transact      the business for which the meeting iscalled. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 68. | The      Chairman (if any) of the Board or, in his absence, a Deputy Chairman (if      any) shall preside as Chairman at every general meeting. If there is no      such Chairman or Deputy Chairman, or if at any meeting neither the      Chairman nor a Deputy Chairman is present within fifteen minutes after the      time appointed for holding the meeting, or if neither of them is willing      to act as Chairman, the Directors present shall choose one of their number      to act, or if one Director only is present he shall preside as Chairman if      willing to act. If no Director is present, or if each of the Directors      present declines to act as Chairman, the persons present and entitled to      vote shall elect one of their number to be Chairman of the      meeting. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 69. | The      Chairman of any general meeting at which a quorum is present may, with the      consent of the meeting, and shall, if so directed by the meeting, adjourn      the meeting from time to time and from place to place or sine die; but no      business shall be transacted at any adjourned meeting other than business      which might have been transacted at the meeting from which the adjournment      took place unless due notice thereof is given or such notice is waived in      the manner prescribed by these Articles. When a meeting is adjourned for      thirty days or more, or sine die, notice of the adjourned meeting shall be      given as in the case of an original meeting. Save as aforesaid, it shall      not be necessary to give any notice of an |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | adjourned      meeting or the business to be transacted thereat. Where a meeting is      adjourned sine die the time and place for the adjourned meeting shall be      fixed by the Directors. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 70. |   |
|-----|--------|

|   | (a) | At      any general meeting a resolution put to the vote of the meeting shall be      decided on a show of hands unless (before or on the declaration of the      result of the show of hands or on the withdrawal of any other demand for a      poll) a poll is demanded by:- |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the      Chairman of the meeting; or |
|--------|-----|--------------------------------------|

|   | (ii) | at      least three members present in person (or in the case of a member being a      corporation, by its duly authorised representative) or by proxy and      entitled to vote at the meeting; or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      member or members present in person (or in the case of a member being a      corporation, by its duly authorised representative) or by proxy and      representing in the aggregate not less than one-tenth of the total voting      rights of all members having the right to attend and vote at the meeting;      or |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any      member or members present in person (or in the case of a member being a      corporation, by its duly authorised representative) or by proxy and      holding shares conferring a right to attend and vote at the meeting on      which there have been paid up sums in the aggregate equal to not less than      one-tenth of the total sum paid up on all shares conferring that      right. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Unless      a poll is so demanded and the demand is not withdrawn, a declaration by      the Chairman that a resolution has, on a show of hands, been carried      unanimously or by a particular majority or lost shall be final and      conclusive, and an entry to that effect in the minute book of the Company      shall be conclusive evidence of the fact without proof of the number or      proportion of the votes recorded for or against such      resolution. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 71. | A      demand for a poll may be withdrawn only with the approval of the Chairman      of the meeting, at any time before the close of the meeting or the taking      of the poll, whichever is earlier. If a poll be directed or demanded in      the manner (including the use of ballot or voting papers or tickets) above      mentioned it shall (subject to the provisions of Article 73 hereof) be      taken at such time (being not later than thirty days after the date of the      demand) and in such manner as the Chairman of the meeting may appoint. No      notice need be given of a poll not taken immediately. The result of such      poll shall be deemed for all purposes to be the resolution of the meeting      at which the poll was so directed ordemanded. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 72. | In      the case of an equality of votes at any general meeting, whether upon a      show of hands or on a poll, the Chairman of the meeting shall be entitled      to a second or casting vote. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 73. | A      poll demanded upon the election of a Chairman or upon a question of      adjournment shall be taken forthwith. Any business, other than that upon      which a poll has been demanded, may be proceeded with pending the taking      of the poll. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

|   | (b) | No      objection shall be made to the validity of any vote or the decision on any      resolution except at a meeting at which such vote shall be tendered or at      which such decision on a resolution shall be made and every vote whether      given personally or by proxy not disallowed at such meeting shall be      deemed valid for all purposes whatsoever of such meeting or      poll. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | In      case of any dispute as to voting or the decision on any resolution,      irrespective of when such dispute shall arise, the Chairman shall      determine the same, and such determination shall be final and      conclusive. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 75. | Subject to the      provisions of the Ordinance, a resolution in writing signed by all the      members for the time being entitled to receive notice of and to attend and      vote at general meetings shall be as valid and effective as if the same      had been passed at a general meeting of the Company duly convened and      held. A written notice of confirmation of such resolution in writing      signed by or on behalf of a member shall be deemed to be his signature to      such resolution in writing for the purposes of this Article. Such      resolution in writing may consist of several documents each signed by or      on behalf of one or more members. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 76. | Subject      to Article 80, Article 87 and to any special rights, privileges or      restrictions as to voting for the time being attached to any class or      classes of shares, every member who (being an individual) is present in      person or (being a corporation) is present by a representative duly      authorised under section 115 of the Ordinance at any general meeting shall      be entitled, on a show of hands, to one vote only and, on a poll, to one      vote for every fully paid-up share of which he is the    holder. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 77. | Any      person entitled under Article 45 to be registered as the holder of any      shares may vote at any general meeting in respect thereof in the same      manner as if he were the registered holder of such shares, provided      that at least forty-eight hours before the time of the holding of the      meeting or adjourned meeting (as the case may be) at which he proposes to      vote, he shall satisfy the Board of his right to be registered as the      holder of such shares or the Board shall have previously admitted his      right to vote at such meeting in respect  thereof. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 78. | On      a poll, votes may be given either personally or by proxy and a member      entitled to more than one vote need not use all his votes or cast all the      votes he uses in the same way. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 79. | A      member of unsound mind, or in respect of whom an order has been made by      any court having jurisdiction in lunacy, may vote, whether on a show of      hands or on a poll, by his committee, curator bonis or other person in the      nature of a committee or curator bonis appointed by that court, and any      such committee, curator bonis or other person may on a poll, vote by      proxy. If any member be a minor he may vote by his guardian or one of his      guardians who may give their votes personally or by  proxy. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 80. | Where      a member is, under the HKSE Listing Rules, required to abstain from voting      on any resolution or restricted to voting only for or only against any      resolution, any votes cast by or on behalf of such member in contravention      of such requirement or restriction shall not be  counted. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 81. |   |
|-----|--------|

|   | (a) | A      proxy need not be a member of theCompany. |
|--------|-----|--------------------------------------------------|

|   | (b)    | An      instrument appointing a proxy shall be in writing in any usual or common      form or in any other form which the Directors may accept, and shall be      deemed, subject to the proviso hereinafter contained, to confer authority      upon the proxy to vote on any resolution (or amendment thereto) put to the      meeting for which it is given as the proxy thinks fit.                                                                                                                                                                                                                                                                                                                            |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   | Provided      that any form issued to a member for use by him for appointing a proxy to      attend and vote at an extraordinary general meeting or at an annual      general meeting at which special business (determined as provided in      Article 65) is to be transacted shall be such as to enable the member      according to his intention to instruct the proxy to vote in favour of or      against (or, in default of instructions, to exercise his discretion in      respect of) each resolution dealing with any such special business and      shall, unless the contrary is stated therein, be valid as well for any      adjournment of the meeting as for the meeting to which it    relates. |

| 82. | The      instrument appointing a proxy shall be signed by the appointor, or his      duly authorised attorney, or if such appointor be a corporation, under its      common seal or signed by some officer, attorney or other person duly      authorised in that behalf. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 83. | The      instrument appointing a proxy and the power of attorney or other authority      (if any) under which it is signed, or a notarially certified copy of such      power or authority, shall be deposited at the Office at least forty-eight      hours before the time fixed for holding the meeting at which the person      named in such instrument proposes to attend and vote, otherwise the person      so named shall not be entitled to vote at that meeting (or as the case may      be) except with the approval of the Chairman of the meeting. No instrument      appointing a proxy shall be valid after the expiration of twelve months      from the date of its execution, except at an adjourned meeting or on a      poll demanded at a meeting or an adjourned meeting in cases where the      meeting was originally held within twelve months from such date. Delivery      of an instrument appointing a proxy shall not preclude a member from      attending and voting in person at the meeting or poll concerned and, in      such event, the instrument appointing a proxy shall be deemed to be      revoked. |
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| 84. | Any      member may by power of attorney appoint any person to be his attorney for      the purpose of attending and voting at any meeting, and such power may be      a special power limited to any particular meeting or a general power      extending to all meetings at which such member is entitled to vote. Every      such power shall be deposited at the Office at least forty-eight hours      before the time fixed for holding the meeting at which such attorney      proposes to attend and vote, otherwise the attorney shall not be entitled      to vote at that meeting (or as the case may be) except with the approval      of the Chairman of the meeting. |
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|  85. |   |
|-----------|--------|

|   | (a) | An      instrument of proxy may be revoked by forwarding to the Office written      notification of such revocation signed by or on behalf of the person who      issued or authorised the issue of the instrument of  proxy. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      vote given in accordance with the terms of an instrument of proxy or power      of attorney or by the duly authorised representative of a corporation      shall be valid notwithstanding the previous death or insanity of the      principal, or revocation of the proxy or power of attorney or other      authority, or transfer of the shares in respect of which the proxy is      given, provided no intimation in writing of the death, insanity, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | revocation      or transfer shall have been received at the Office twenty-four hours at      least before the time fixed for holding the meeting, or adjourned meeting,      or the taking of the poll, at which the instrument of proxy is    used. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 86. | Any      corporation which is a member of the Company may, by resolution of its      Directors or other governing body or by power of attorney, authorise such      persons 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      authorised shall be entitled to exercise the same powers on behalf of the      corporation which he represents as that corporation could exercise if it      were an individual member of the Company. References in these Articles to      a member present in person at a meeting shall, unless the context      otherwise requires, include a corporation which is a member represented at      the meeting by such duly authorised  representative. |
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| 87. | Without      prejudice to the generality of Article 86 if a Clearing House (or its      nominee) is a member of the Company, it (or, as the case may be, its      nominee) may authorise such person or persons as it thinks      fit to act as its proxy and proxies or representative or representatives      at any meeting of the Company or at any meeting of any class of member of      the Company provided that, if more than one person is so authorised, the      authorisation shall specify the number and class of shares in respect of      which each such person is so authorised. A person so authorised under the      provisions of this Article shall be entitled to exercise the same powers      on behalf of the Clearing House (or its nominee) which he represents as      that Clearing House (or its nominee) could exercise if it were an      individual member of the Company and, on a show of hands, each such person      shall be entitled to a separatevote. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 88. | Unless      and until otherwise determined by an ordinary resolution of the Company,      the Directors shall be not fewer than three in number, and there shall be      no maximum number of Directors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 89. | The      Company shall keep in accordance with the Ordinance a register containing      the names and addresses and occupations of its Directors and shall from      time to time notify to the Registrar of Companies any change that takes      place in such Directors as required by the  Ordinance. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 90. | A      Director need not hold any shares in the Company. A Director who is not a      member of the Company shall nevertheless be entitled to attend and speak      at general meetings. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 91. |   |
|-----|--------|

|   | (a) | The      Directors shall be entitled to receive by way of remuneration for their      services such sum as is from time to time determined by the Company in      general meeting, such sum (unless otherwise directed by resolution by      which it is voted) is to be divided amongst the Directors in such      proportions and in such manner as the Board may agree, or failing      agreement, equally, except that in such event any Director holding office      for less than the whole of the relevant period in respect of which the      remuneration is paid shall only rank in such division in proportion to the      time during such period for which he has held office. The foregoing shall      not apply to a Director who holds any salaried employment or office in the      Company in the case of sums paid in respect of directors’      fees. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The      Directors shall also be entitled to be repaid their reasonable travelling,      hotel and other expenses incurred by them in or about the performance of      their duties as Directors, including their expenses of travelling to and      from board meetings, committee meetings or general meetings or otherwise      incurred whilst engaged on the business of the Company or on the discharge      of their duties as directors. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 92. | The      Directors may award special remuneration out of the funds of the Company      (by way of salary, commission or otherwise as the Directors may determine)      to any Director who performs services which in the opinion of the      Directors are outside the scope of the ordinary duties of a      Director. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 93. | The      Directors may establish any local boards or agencies for managing any of      the affairs of the Company, either in Hong Kong or elsewhere, and may      appoint any persons to be members of such local boards, or any managers or      agents for the Company, and may fix their remuneration, and may delegate      (with or without power to sub-delegate as the Directors shall determine)      to any local board, manager or agent any of the powers, authorities and      discretions vested in the Directors, and may authorise the members of any      local boards, or any of them, to fill any vacancies therein, and to act      notwithstanding vacancies, and any such appointment or delegation may be      made upon such terms and subject to such conditions as the Directors may      think fit, and the Directors may remove any person so appointed and may      annul or vary any such delegation, but no person dealing in good faith and      without notice of any such annulment or variation shall be affected      thereby. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 94. | The      Directors may from time to time and at any time by power of attorney or      other instrument appoint any company, firm or person or any fluctuating      body of persons, whether nominated directly or indirectly by the Board, to      be the attorney or attorneys of the Company for such purposes and with      such powers, authorities and discretions (not exceeding those vested in or      exercisable by the Directors under these Articles) and for such period and      subject to such conditions as they may think fit, and any such power of      attorney or other instrument may contain such provisions for the      protection and convenience of persons dealing with any such attorney as      the Directors may think fit, and may also authorise any such attorney to      sub-delegate all or any of the powers, authorities and discretions vested      in him. The Company may, by writing under its seal, empower any person,      either generally or in respect of any specified matter, as its attorney to      execute deeds and instruments on its behalf and to enter into contracts      and sign the same on its behalf and every deed signed by such attorney on      behalf of the Company and under his seal shall bind the Company and have      the same effect as if it were under the seal of the    Company. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 95. | Subject      to and to the extent permitted by the Ordinance, the Company or the      Directors on behalf of the Company, may cause to be kept in any territory      a Branch Register of members resident in such territory, and the Directors      may make and vary such regulations as they may think fit respecting the      keeping of any such BranchRegister. |
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| 96. | All      cheques, promissory notes, drafts, bills of exchange, and other negotiable      or transferable 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 the Directors shall from      time to time by resolution determine. The Company’s bank accounts shall be      kept with such banker or bankers as the Board shall from time to time      determine. |
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----

|  97. |   |
|-----------|--------|

|   | (a) | The      Directors may exercise all the powers of the Company to borrow money and      to mortgage or charge all or any part of the undertaking, property and      assets (present and future) and uncalled capital of the Company and to      issue debentures, debenture stocks, bonds and other securities, whether      outright or as collateral security for any debt, liability or obligation      of the Company or of any third party. Debentures, debenture stocks, bonds      and other securities of the Company may be made assignable free from any      equities between the Company and the person to which the same may be      issued, and may be issued at a discount, premium or otherwise and with any      special privileges as to redemption, surrender, drawings, allotment of      shares, attending and voting at general meetings of the Company,      appointment of Directors andotherwise. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      Directors shall cause a proper register to be kept, in accordance with the      provisions of the Ordinance, of all mortgages and charges affecting the      property of the Company and shall duly comply with the requirements of the      Ordinance in regard to the registration of mortgages and charges therein      specified and otherwise. Where any uncalled capital of the Company is      charged, all persons taking any subsequent charge thereon shall take the      same subject to such prior charge, and shall not be entitled, by notice to      the members or otherwise, to obtain priority over such prior      charge. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 98. | The      Board may establish and maintain or procure the establishment and      maintenance of any contributory or non-contributory pension or      superannuation funds for the benefit of, or give or procure the giving of      donations, gratuities, pensions, allowances or emoluments to any persons      who are or were at any time in the employment or service of the Company,      or of any company which is a subsidiary of the Company, or is allied or      associated with the Company or with any such subsidiary company, or who      are or were at any time directors or officers of the Company or of any      such other company as aforesaid, and holding or who have held any salaried      employment or office in the Company or such other company, and the wives,      widows, families and dependants of any such persons. The Board may also      establish and subsidise or subscribe to any institutions, associations,      clubs or funds calculated to be for the benefit of or to advance the      interests and wellbeing of the Company or of any such other company as      aforesaid or of any such persons as aforesaid, and may make payments for      or towards the insurance of any such persons as aforesaid, and subscribe      or guarantee money for charitable or benevolent objects or for any      exhibition or for any public, general or useful object. The Board may do      any of the matters aforesaid, either alone or in conjunction with any such      other company as aforesaid. Any Director holding any such employment or      office shall be entitled to participate in and retain for his own benefit      any such donation, gratuity, pension, allowance or    emolument. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 99. | At      each annual general meeting one-third of the Directors for the time being,      or, if their number is not three or a multiple of three, then the number      nearest one-third, shall retire from office by rotation. The Directors to      retire in every year shall be those who have been longest in office since      their last election but as between persons who became Directors on the      same day shall (unless they otherwise agree between themselves) be      determined by lot. The retiring Directors shall be eligible for      re-election. The Company at any general meeting at which any Directors      retire may fill the vacatedoffices. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 100. | If      at any general meeting at which an election of Directors ought to take      place the places of the retiring Directors are not filled, the retiring      Directors or such of them as have not had their places filled shall be      deemed to have been re-elected and shall, if willing, continue in office      until the next annual general meeting and so on from year to year until      their places are filled, unless: |
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|   | (i) | it      shall be determined at such meeting to reduce the number of      Directors; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (ii) | it      is expressly resolved at such meeting not to fill up such vacated      offices; |
|--------|------|-----------------------------------------------------------------------------------------|

|   | (iii) | in      any such case the resolution for re-election of a Director is put to the      meeting and lost; or |
|--------|-------|------------------------------------------------------------------------------------------------------------|

|   | (iv) | such      Director has given notice in writing to the Company that he is not willing      to be reelected. |
|--------|------|------------------------------------------------------------------------------------------------------------|

| 101. | The      Company may, from time to time, by ordinary resolution elect any person to      be a Director either to fill a casual vacancy or as an addition to the      Board. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 102. | The      Company may by ordinary resolution remove any Director notwithstanding      anything in these Articles or in any agreement between him and the Company      (but without prejudice to any right to damages for termination of such      agreement not in accordance with the terms thereof), and may, if thought      fit, by ordinary resolution appoint another person in his stead. Any      person so elected shall hold office for such time only as the Director in      whose place he is elected would have held the same if he had not been      removed. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 103. | The      Directors shall have power, exercisable at any time and from time to time,      to appoint any other person as a Director, either to fill a casual vacancy      or as an addition to the Board but so that the number of Directors so      appointed shall not exceed the maximum number determined from time to time      (if any) by the shareholders in general meeting and any directors so      appointed shall hold office only until the next following general meeting      of the Company and shall then be eligible for re-election. Directors who      are so appointed and are eligible for re-election at an annual general      meeting (as opposed to a general meeting which is not an annual general      meeting) shall not be taken into account in determining the Directors or      the number of Directors who are to retire by rotation at such annual      general meeting. |
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| 104. | The      continuing Directors may act notwithstanding any vacancy in their body,      but if and so long as the number of Directors is reduced below the number      fixed by or pursuant to these Articles as the necessary quorum of      Directors, the continuing Directors may act for the purpose of increasing      the number of Directors to that number, or of summoning a general meeting      of the Company, but for no other purpose. If there shall be no Directors      able or willing to act, then any two members may summon a general meeting      for the purpose of appointingDirectors. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 105. | No      person other than a retiring Director shall, unless recommended by the      Board for re-election, be eligible for election to the office of Director      at any annual general meeting unless notice in writing of the intention to      propose that person for election as a Director and notice in writing by      that person of his willingness to be elected, shall have been lodged at      the office or principal office of the Company after the despatch of the      notice of the annual general meeting and at least seven days before the      date of the annual general meeting. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 106. | Each      Director may by written notification to the Company nominate any other      person to act as alternate Director in his place and at his discretion in      similar manner remove such alternate Director. If such person is not      another Director, such appointment, unless previously approved by the      Board, shall have effect only upon and subject to being so approved. The      alternate Director shall (except as regards the power to appoint an      alternate) be subject in all respects to the terms and conditions existing      with reference to the other Directors of the Company; and each alternate      Director, whilst acting as such, shall exercise and discharge all the      functions, powers and duties of the Director he represents, but shall look      to such Director solely for his remuneration as alternate Director. Every      person acting as an alternate Director shall (except when absent from Hong      Kong) be entitled to receive notices of meetings of the Board and shall      have one vote for each Director for whom he acts as alternate at any such      meeting at which the Director appointing him is not personally present (in      addition to his own vote if he is also a Director). The signature of an      alternate Director to any resolution in writing of the Board or a      committee of the Board shall, unless the notice of his appointment      provides to the contrary, be as effective as the signature of his      appointor. Any Director of the Company who is appointed an alternate      director shall be considered as two Directors for the purpose of making a      quorum of Directors. Any person appointed as an alternate Director shall      vacate his office as such alternate Director if and when the Director by      whom he has been appointed removes him or vacates office as Director. To      such extent as the Board may from time to time determine in relation to      any committee of the Board, the foregoing provisions of this paragraph      shall also apply mutatis mutandis to any meeting of any committee of which      his appointor is a member. An alternate Director shall not, save as      aforesaid, have power to act as a Director nor shall he be deemed to be a      Director for the purposes of theseArticles. |
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| 107. | The      office of a Director shall ipso facto be  vacated:- |
|------|--------------------------------------------------------------|

|   | (a) | if      he becomes prohibited by law or court order from being a      Director; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | if      a receiving order or in the case of a company a winding-up order is made      against him or he makes any arrangement or composition with his      creditors; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if      he becomes of unsound mind; |
|--------|-----|-------------------------------------|

|   | (d) | if      he absents himself from the meetings of the Board during a continuous      period of six months, without special leave of absence from the Board, and      his alternate Director (if any) shall not during such period have attended      in his stead, and the Board passes a resolution that he has by reason of      such absence vacated his office; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | if      he shall be removed from office by notice in writing served upon him      signed by all his codirectors; |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (f) | if      he resigns his office; |
|--------|-----|--------------------------------|

|   | (g) | if      he is removed by a ordinary resolution of the Company;  or |
|--------|-----|--------------------------------------------------------------------|

|   | (h) | if      he is convicted of an indictableoffence. |
|--------|-----|--------------------------------------------------|

----

| 108. | A      Director who is in any way, whether directly or indirectly, interested in      a contract or proposed contract with the Company shall declare the nature      of his interest in accordance with the provisions of the Ordinance. A      general notice given to the Directors by a Director to the effect that he      is a member or a director of a specified company or firm, and is to be      regarded as interested in any contract, arrangement or dealing which may,      after the date of the notice, be entered into or made with that company or      firm, shall, for the purpose of this Article, be deemed to be a sufficient      disclosure of interest in relation to any contract, arrangement or dealing      so entered into or made. Without prejudice to the generality of the      foregoing, a Director shall give notice to the Company of such matters      relating to himself as may be necessary for the purposes of sections 155B,      158, 161 and 161B of the Ordinance. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 109. | A      Director may hold any other office or place of profit under the Company      (other than the office of Auditor), and he or any firm of which he is a      member may act in a professional capacity for the Company in conjunction      with his office of Director, for such period and on such terms (as to      remuneration and otherwise) as the Directors may determine and such extra      remuneration shall be in addition to any remuneration provided for by or      pursuant to any other Article. No Director or intended Director shall be      disqualified by his office from contracting with the Company, nor shall      any contract or arrangement entered into by or on behalf of the Company      with any Director or any firm or company in which any Director is in any      way interested be liable to be avoided, nor shall any Director so      contracting or being so interested be liable to account to the Company for      any profit, remuneration or other benefits realised by any such contract      or arrangement by reason only of such Director holding that office or of      any fiduciary relationship thereby established, provided that such      Director shall disclose the nature of his interest in any contract or      arrangement in which he is interested at the meeting of the board at which      the question of entering into the contract or arrangement is first taken      into consideration, if he knows his interest then exists, or in any other      case at the first meeting of the Board after he knows that he is or has      become so interested. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 110. | A      Director shall not vote (nor shall he be counted in the quorum) on any      resolution of the Board in respect of any contract or arrangement or      proposal in which he or any of his Associates, is to his knowledge,      materially interested, and if he shall do so his vote shall not be counted      (nor shall he be counted in the quorum for that resolution), but this      prohibition shall not apply to any of the following matters,      namely:- |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

----

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

|   | (v) | any      contract or arrangement concerning any other company in which the Director      or his Associates are interested whether directly or indirectly as an      officer or a shareholder or in which the Director or his Associates are      beneficially interested in shares of that company other than a company in      which the Director and any of his Associates are beneficially interested      in 5 per cent. or more of the issued shares of any class of the equity      share capital of such company (or of any third company through which his      interest or that of his Associates is derived) or of the voting rights      (excluding for the purpose of calculating such 5 per cent. interest any      indirect interest of such Director or his Associates by virtue of an      interest of the Company in suchcompany); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any      proposal or arrangement for the benefit of employees of the Company or its      subsidiaries including the adoption, modification or operation of a      pension fund or retirement, death or disability benefit scheme which      relates to Directors, his Associates and employees of the Company or of      any of its subsidiaries and does not give the Director or his Associates      any privilege not generally accorded to the class of persons to whom such      scheme or fund relates; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | any      proposal or arrangement concerning the adoption, modification or operation      of any employees’ share scheme involving the issue or grant of options      over shares or other securities by the Company to, or for the benefit of,      the employees of the Company or its subsidiaries under which the Director      or his Associates may benefit. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 111. | A      Director may continue to be or become a director, managing director, joint      managing director, executive director or manager or other officer or      member of any other company in which the Company is interested, and      (unless otherwise agreed) shall not be liable to account to the Company      for any remuneration or other benefits received by him as a director,      managing director, joint managing director, executive director, manager or      other officer or member of any such other company. The Board may exercise      the voting powers conferred by the shares in any other company held or      owned by the Company or exercisable by it as directors of such other      company in such manner as in all respects as the Board thinks fit      (including the exercise thereof in favour of any resolution appointing      themselves |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | or      any of them directors, managing directors, joint managing directors,      deputy managing directors, executive directors, managers or other officers      of such company) and any director may vote in favour of the exercise of      such voting rights in manner aforesaid notwithstanding that he may be, or      be about to be, appointed a director, managing director, joint managing      director, deputy managing director, executive director, manager or other      officer of such a company, and that as such he is or may become interested      in the exercise of such voting rights in manner aforesaid. A Director of      the Company may be or become a director of any company promoted by the      Company or in which it may be interested as a vendor, shareholder or      otherwise and no such Director will be accountable for any benefits      received as a director or member of such company. A Director of the      Company or his firm may not act as auditor of the  Company. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 112. | The      Directors may, from time to time, approve by two-third or more of their      number present at a Board meeting the appointment of one or more of the      Directors to be Chief Executive Officer or Joint Chief Executive Officer      of the Company, and the Directors may also, from time to time, by      two-third or more of their number present at a Board meeting, remove him      or them from office, and appoint another or others in his or their place      or places. The terms and remuneration of the Chief Executive Officer or      Joint Chief Executive Officer shall be those as the Directors shall think      fit. A Chief Executive Officer or Joint Chief Executive Officer shall ipso      facto and immediately cease to be Chief Executive Officer or Joint Chief      Executive Officer if he shall cease to hold the office of      Director. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 113. | The      Directors may, from time to time, entrust to and confer upon any Chief      Executive Officer, Joint Chief Executive Officer or Director, holding any      other office in the management, administration or conduct of the business      of the Company, such of the powers exercisable under these Articles by the      Directors as they may think fit, and may confer such powers for such time,      and to be exercised for such objects and purposes, and upon such terms and      conditions and with such restrictions as they may consider expedient, and      may from time to time revoke, withdraw, alter or vary all or any of such      powers. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 114. | The      Chief Executive Officer or a Joint Executive Officer may, from time to      time, nominate one or more persons who need not be Directors, to hold      the office of Senior Vice-Presidents or Chief Financial Officer of the      Company. Any Senior Vice-President or Chief Financial Officer so nominated      shall be appointed by the Directors as they shall think    fit. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 115. | The      Directors may meet together for the despatch of business, adjourn and      otherwise regulate their meetings as they think fit, and determine the      quorum necessary for the transaction of business. Until otherwise      determined by the Board, three Directors shall constitute a quorum. For      the purpose of this Article an alternate Director shall be counted in a      quorum but, notwithstanding that an alternate Director is also a Director      or is an alternate for more than one Director, he shall for quorum      purposes count as only one Director. Save as expressly provided in these      Articles, matters arising at any meeting shall be decided by a majority of      votes. In case of an equality of votes the Chairman of the meeting shall      have a second or casting vote. A Director or the Secretary may, at any      time, summon a meeting of the Directors. A meeting of the Board or any      committee of the Board may be held by means of such telephone, electronic      or other communication facilities as permit all persons participating in      the meeting to communicate with each other simultaneously and      instantaneously, and participation in such a meeting shall constitute      presence in person at such meeting. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 116. | Notice      of a meeting of Directors shall be deemed to be duly given to a Director      if it is given to him personally, in writing or by word of mouth, or by      any electronic means, or sent to him at his last known address or any      other address given by him to the Company for this purpose provided that      notice need not be given to any Director or alternate Director for the      time being absent from Hong Kong. A Director may consent to short notice      of and may waive notice of any meeting and any such waiver may be      retrospective. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 117. | The      Directors may elect a Chairman of the Board and determine the period for      which he is to hold office. Board meetings shall be chaired by the      Chairman. If at any meeting the Chairman be not present within five      minutes after the time appointed for holding the same, and the Chairman has not appointed a      Director to chair the meeting, any of the Vice-Chairmen (if any) shall be      Chairman of such meeting; or if no Vice-Chairman is present, the Directors      present shall choose one of their number to be Chairman of such meeting.      Meetings of board committees shall      be chaired by the chairman of the respective board committee. If at any      meeting of a board committee, the chairman of the board committee be not      present within five minutes after the time appointed for holding the same,      the board committee members present      shall choose one of their number to be chairman of such      meeting. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 118. | A      resolution in writing signed by all the Directors (or their alternate      Directors) except such as are absent from Hong Kong or temporarily unable      to act through ill health or disability shall (so long as they include the      Chairman of the Board and constitute a quorum) be as effective for all      purposes as a resolution of the Directors passed at a meeting duly      convened, held and constituted. A written notification of confirmation of      such resolution in writing signed by a Director shall be deemed to be his      signature to such resolution in writing for the purposes of this Article.      Such resolution in writing may consist of several documents, each signed      by one or more Directors. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 119. | A      meeting of the Directors at which a quorum is present shall be competent      to exercise all the powers, authorities and discretions for the time being      vested in or exercisable by the Boardgenerally. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 120. | The      Directors may, from time to time, appoint committees consisting of such      one or more persons as they think fit, and may delegate any of their      powers to any such committee and, from time to time, revoke any such      delegation and discharge any such committee wholly or in part. Any      committee so appointed shall, in the exercise of the powers so delegated,      conform to any regulations that may, from time to time, be imposed upon it      by the Directors. All acts done by any such committee in conformity with      such regulations and in fulfilment of the purposes for which it is      appointed, but not otherwise, shall have the like force and effect as if      done by the Board, and the Board shall have power to remunerate the      members of any special committee, and charge such remuneration to the      current expenses of the Company. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 121. | The      meetings and proceedings of any such committee consisting of two or more      members shall be governed mutatis mutandis by the provisions of these      Articles regulating the meetings and proceedings of the Directors, insofar      as the same are not superseded by any regulations made by the Directors      under the last preceding Article. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 122. | All      acts done bona fide by any meeting of the Directors or of a committee of      Directors, or by any persons acting as Directors, shall, notwithstanding      that there was some defect in the appointment of any such Directors or      persons acting as aforesaid, or that they or any of them were      disqualified, or had vacated office, be as valid as if every such person      had been duly appointed and was qualified and continued to be a      Director. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 123. | The      Directors shall cause to be entered and kept in books provided for the      purpose minutes of the following:- |
|------|-------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all      appointments of officers; |
|--------|-----|------------------------------------|

|   | (b) | all      the names of the Directors and any alternate Director who is not also a      Director present at each meeting of the Directors and of any committee;      and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | all      resolutions and proceedings of general meetings and of meetings of the      Directors and committees. |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

| 124. | The      Directors shall procure a common seal to be made for the Company, and      shall provide for the safe custody thereof. The Seal shall not be affixed      to any instrument except by the authority of the Directors or a committee      authorised by the Board in that behalf, and every instrument to which the      Seal shall be affixed shall be signed by one Director or some other person      nominated by the Directors for the purpose, provided that the Board may      either generally or in any particular case or cases resolve (subject to      such restrictions as to the manner in which the seal may be affixed as the      Board may determine) that such signature may be affixed to certificates      for shares or debentures or representing any other form of security by      some mechanical means other than autographic to be specified in such      resolution or that such certificates need not be signed by any person.      Every instrument executed in manner provided by this Article shall be      deemed to be sealed and executed with the authority of the Directors      previously given. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 125. | The      Company may have an official seal for use for sealing certificates for      shares or other securities issued by the Company as permitted by section      73A of the Ordinance (and no signature of any Director, officer or other      person and no mechanical reproduction thereof shall be required on any      such certificates or other document to which such official seal is affixed      and such certificates or other document shall be valid and deemed to have      been sealed and executed with the authority of the Board notwithstanding      the absence of any such signature or mechanical reproduction as aforesaid)      and an official seal for use abroad under the provisions of the Ordinance      where and as the Board shall determine, and the Company may by writing      under the seal appoint any agents or agent, committees or committee abroad      to be the duly authorised agents of the Company for the purpose of      affixing and using such official seal and may impose such restrictions on      the use thereof as may be thought fit. Wherever in these Articles      reference is made to the seal, the reference shall, when and so far as may      be applicable, be deemed to include any such official seal as      aforesaid. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 126. | The      Company may exercise all the powers of having official seals conferred by      the Ordinance and such powers shall be vested in the      Directors. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 127. | The      Directors shall appoint such person, persons or entities to be Secretary      or Joint Secretaries of the Company for such period, at such remuneration      and upon such conditions as they may think fit, and any Secretary or Joint      Secretaries so appointed may be removed by them. Anything by the Ordinance      or these Articles required or authorised to be done by or to the Secretary      or Joint Secretaries, if the office is vacant or there is for any other      reason no person capable of acting in the capacity as Secretary or Joint      Secretaries, may be done by or to any assistant or deputy Secretary, or if      there is no assistant or deputy Secretary capable of acting, by or to any      officer of the Company authorised generally or specially in that behalf by      the Board. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 128. | The Company encourages and ensures      that representatives      of the employees of the Company and its subsidiaries may, through holding      meetings of such representatives of the Company or the subsidiaries or any      other appropriate means, express their views and recommendations      on issues relating to the Company’s development and employee      benefits to the Board or any board  committee. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 129. | The      Company may by ordinary resolution declare dividends but no such dividend      shall exceed the amount recommended by the  Directors. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 130. | Unless      and to the extent that the rights attached to any shares or the terms of      issue thereof otherwise provide, all dividends shall (as regards any      shares not fully paid throughout the period in respect of which the      dividend is paid) be apportioned and paid pro rata according to the      amounts paid on the shares during any portion or portions of the period in      respect of which the dividend is paid. For the purposes of this Article no      amount paid on a share in advance of calls shall be treated as paid on the      share. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 131. | The      Directors may retain any dividend or other monies payable on or in respect      of a share on which the Company has a lien, and may apply the same in or      towards satisfaction of the debts and liabilities in respect of which the      lien exists. The Board may deduct from any dividend or bonus payable to      any member all sums of money (if any) presently payable by him to the      Company on account of calls, instalments or  otherwise. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 132. | Any      resolution declaring a dividend on shares of any class, whether a      resolution of the Company in general meeting or a resolution of the      Directors, may specify that the same shall be payable to the persons      registered as the holders of such shares at the close of business on a      particular date, notwithstanding that it may be a date prior to that on      which the resolution is passed, and thereupon the dividend shall be      payable to them in accordance with their respective holdings so      registered, but without prejudice to the rights inter se in respect of      such dividend of transferors and transferees of any such shares. The      provisions of this Article shall mutatis mutandis apply to capitalisations      to be effected in pursuance of theseArticles. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 133. | Any      general meeting sanctioning a dividend may make a call on the members of      such amount as the meeting fixes, but so that the call on each member      shall not exceed the dividend payable to him, and so that the call shall      be made payable at the same time as the dividend, and the dividend may, if      so arranged between the Company and the member, be set off against the      call. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 134. |   |
|------|--------|

|   | (a) | In      respect of any dividend which the Board has resolved to pay or any      dividend declared or sanctioned or proposed to be declared or sanctioned      by the Board or by the Company in general meeting, the Board may determine      and announce, prior to or contemporaneously with the announcement,      declaration or sanction of the dividend in  question: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | that      shareholders entitled thereto will receive in lieu of such dividend (or      such part thereof as the Board may think fit) an allotment of shares      credited as fully paid provided that the shareholders are at the same time      accorded the right to elect to receive such dividend (or part thereof as      the case may be) in cash in lieu of such allotment. In such case, the      following provisions shall apply:- |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (B) | the      Board, after determining the basis of allotment and notwithstanding that      the number of shares to be allotted may not be calculated until after      notice to the shareholders has been given as required by the provisions of      this subparagraph and subject to the provisions of sub-paragraph (D)      below, shall give notice in writing to the shareholders of the right of      election accorded to them and shall send with such notice forms of      election and specify the procedure to be followed and the place at which      and the latest date and time by which duly completed forms of election      must be lodged in order to be effective which shall be not less than two      weeks from the date on which the notice above referred to was despatched      to the shareholders; |
|--------|-------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | the      right of election accorded to shareholders as aforesaid may be exercised      in whole or in part; |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------|

|   | (D) | the      Board may resolve:- |
|--------|-------------------|------------------------------|

|   | (I) | that      the right of election accorded to shareholders as aforesaid may be      exercised so as to take effect on all future occasions (if any) when the      Board makes a determination pursuant to sub-paragraph (i) of this      paragraph (a); and/or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (II) | that      a shareholder who does not exercise the right of election accorded to him      as aforesaid either in whole or in part may notify the Company that he      will not exercise the right of election accorded to him in respect of all      future occasions (if any) when the Board makes a determination pursuant to      sub-paragraph (i) of this paragraph (a) of this  Article. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | Provided      that a shareholder may exercise such election or give such notice in      respect of all but not some of the shares held by him and may at any time      give seven days notice in writing to the Company of the revocation of such      an election or such a notice which revocation shall take effect at the      expiry of such seven days, and until such revocation has taken effect, the      Board shall not be |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |              | obligated      to give to such shareholder notice of the right of election accorded to      him or send to him any form of election;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (E) | the      dividend (or that part of the dividend in lieu of which an allotment of      shares is to be made as aforesaid) shall not be payable in cash on shares      in respect whereof the cash election has not been duly exercised (the      “Non-Elected Shares”) and in lieu thereof shares shall be allotted      credited as fully paid to the holders of the Non-Elected Shares on the      basis of allotment determined as aforesaid and for such purpose the Board      shall capitalise and apply out of the amount standing to the credit of      share premium account or out of any part of the undivided profits of the      Company (including profits carried and standing to the credit of any      reserve or reserves or other special account) as the Board may determine,      a sum equal to the aggregate nominal amount of shares to be allotted on      such basis and apply the same in paying up in full the appropriate number      of unissued shares for allotment and distribution to and amongst the      holders of the Non-Elected Shares on suchbasis; |

|   | (F) | the      Board may resolve that the shares to be allotted shall be allotted at a      premium provided that the premium is credited as fully paid up and in such      case the Board shall in addition to the amount to be capitalised and      applied pursuant to sub-paragraph (E) above, and for the purposes therein      set out, capitalise and apply out of the amount standing to the credit of      the share premium account or out of any part of the undivided profits of      the Company (including profits carried and standing to the credit of any      reserve or reserves or other special account) as the Directors may      determine, a sum equal to the aggregate amount of the premium on the      shares to be allotted and shall apply the same together with the sum to be      applied pursuant to sub-paragraph (E) above and on the basis therein set      out in paying up in full the appropriate number of unissued shares for      allotment and distribution to and amongst the holders of the Non-Elected      Shares; |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (B) | the      Board, after determining the basis of allotment and notwithstanding that      the number of shares to be allotted may not be calculated until after      notice to the shareholders has been given as required by the provisions of      this subparagraph and subject to the provisions of sub-paragraph (D)      below, shall give notice in writing to the shareholders of the right of      election accorded to them and shall send with such notice forms of      election and specify the procedure to be followed and the place at which      and the latest date and time by which duly completed forms of election      must be lodged in order to be effective which shall be not less than two      weeks from the date |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |              | on      which the notice above referred to was despatched to the      shareholders;                         |
|--------|-------------------|-------------------------------------------------------------------------------------------------------------|
|   |              |                                                                                                        |
|   | (C) | the      right of election accorded to shareholders as aforesaid may be exercised      in whole or in part; |

|   | (D) | the      Board may resolve; |
|--------|-------------------|-----------------------------|

|   | (I) | that      the right of election accorded to shareholders as aforesaid may be      exercised so as to take effect on all future occasions (if any) when the      Board makes a determination pursuant to sub-paragraph (ii) of this      paragraph (a); and/or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (II) | that      a shareholder who does not exercise the right of election accorded to him      as aforesaid either in whole or in part may notify the Company that he      will not exercise the right of election accorded to him in respect of all      future occasions (if any) when the Board makes determination pursuant to      sub-paragraph (ii) of paragraph(a). |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (E) | the      dividend (or that part of the dividend in respect of which a right of      election has been accorded) shall not be payable on shares in respect      whereof the share election has been duly exercised (the “Elected Shares”)      and in lieu thereof shares shall be allotted credited as fully paid to the      holders of the Elected Shares on the basis of allotment determined as      aforesaid and for such purpose the Board shall capitalise and apply out of      the amount standing to the credit of share premium account or out of any      part of the undivided profits of the Company (including profits carried      and standing to the credit of any reserve or reserves or other special      account) as the Board may determine, a sum equal to the aggregate nominal      amount of shares to be allotted on such basis and apply the same in paying      up in full the appropriate number of unissued shares for allotment and      distribution to and amongst the holders of the Elected Shares on such      basis; |
|--------|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (F) | the      Board may resolve that the shares to be allotted shall be allotted at a      premium provided that the premium is credited as fully paid up and in such      case the Board shall in addition to the amount to be capitalised and      applied pursuant to sub-paragraph (E) above, and for the purpose therein      set out, capitalise and apply out of the amount standing to the credit of      the share premium account or out of any part of the undivided profits of      the Company (including profits carried and standing to the credit of any      reserve or reserves or other special account) as the Board may determine,      a sum equal to the aggregate amount of the premium on the shares to be      allotted |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

----

|   |   | and      shall apply the same together with the sum to be applied pursuant to      sub-paragraph (E) above and on the basis therein set out in paying up in      full the appropriate number of unissued shares for allotment and      distribution to and amongst the holders of the Elected  Shares. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The      shares allotted pursuant to the provisions of paragraph (a) of this      Article shall rank pari passu in all respects with the fully paid shares      then in issue save only as regards  participation:- |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in      the relevant dividend (or the right to receive or to elect to receive an      allotment of shares in lieu thereof as aforesaid);  or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in      any other distributions, bonuses or rights paid, made, declared or      announced prior to or contemporaneously with the payment or declaration of      the relevant dividend |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | unless,      contemporaneously with the announcement by the Board of its proposal to      apply the provisions of sub-paragraph (i) or (ii) of paragraph (a) of this      Article in relation to the relevant dividend or contemporaneously with      their announcement of the distribution, bonus or rights in question, the      Board shall specify that the shares to be allotted pursuant to the      provisions of paragraph (a) of this Article shall rank for participation      in such distribution, bonus or rights.                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (c)    | The      Board may do all acts and things considered necessary or expedient to give      effect to any capitalisation pursuant to the provisions of paragraph (a)      of this Article with full power to the Board to make such provisions as      they think fit in the case of shares becoming distributable in fractions      (including provisions whereby, in whole or in part, fractional      entitlements are aggregated and sold and the net proceeds distributed to      those entitled, or are disregarded or rounded up or down or whereby the      benefit of fractional entitlements accrues to the Company rather than to      the members concerned). The Board may authorise any person to enter into      on behalf of all members interested, an agreement with the Company      providing for such capitalisation and matters incidental thereto and any      agreement made pursuant to such authority shall be effective and binding      on all concerned. |

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

|   | (e) | The      Board may on any occasion when it makes a determination pursuant to      paragraph (a) of this Article, resolve that no allotment of shares or      rights of election for shares to be issued pursuant to such determination      shall be made available or made to any shareholders with registered      addresses in any particular territory or territories or to a Depositary      where the allotment of shares or the circulation of an offer of such      rights of election would or might, in the opinion of the Board, be      unlawful or would or might, in the opinion of the Board, be unlawful in      the absence of a registration statement or other special formalities, and      in such event the provision aforesaid shall be read and construed subject      to such resolution and the only entitlement of shareholders in any such      territory or territories shall be to receive in cash the relevant dividend      resolved to be paid or declared. “Depositary” means a custodian or other      person (or a nominee for such custodian or other person) appointed under      contractual arrangements with the Company or other arrangements |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | approved      by the Board whereby such custodian or other person or nominee holds or is      interested in shares of the Company or rights or interests in shares of      the Company and issues securities or other documents of title or otherwise      evidencing the entitlement of the holder thereof to or to receive such      shares, rights or interests, provided and to the extent that such      arrangements have been approved by the Board for the purpose of these      Articles and shall include, where approved by the Board, the trustees      (acting in their capacity as such) of any employees’ share scheme      established by the Company or any other scheme or arrangements principally      for the benefit of employees of the Company and/or its subsidiaries which      have been approved by the Board. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | (f)    | The      Board may at any time resolve to cancel all (but not some only) of the      elections made and the notices given by the shareholders pursuant to      sub-paragraphs (i)(D) and (ii)(D) of paragraph (a) of this Article by      giving seven days notice in writing to the relevant      shareholders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

|   | (g) | The      Board may on any occasion determine that rights of election under      paragraph (a) of this Article shall not be made available to shareholders      who are registered in the register of shareholders, or in respect of      shares the transfer of which is registered, after a date fixed by the      Board and in such event the provisions aforesaid shall be read and      construed subject to suchdetermination. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 135. | No      dividend shall be payable except out of the profits or other distributable      reserves of the Company, and no dividend shall bear interest as against      the Company. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 136. | The      Directors may, if they think fit, from time to time, resolve to pay to the      members such interim dividends as appear to the Directors to be justified      by the reserves of the Company. If at any time the share capital of the      Company is divided into different classes the Directors may resolve to pay      such interim dividends in respect of those shares in the capital of the      Company which confer on the holders thereof deferred or non-preferred      rights as well as in respect of those shares which confer on the holders      thereof preferential or special rights in regard to dividend, and provided      that the Directors act bona fide they shall not incur any responsibility      to the holders of shares conferring a preference for any damage that they      may suffer by reason of the payment of an interim dividend on any shares      having deferred or non-preferred rights. The Directors may also resolve to      pay at half-yearly or at other suitable intervals to be settled by them      any dividend which may be payable at a fixed rate if they are of the      opinion that the reserves of the Company justify the    payment. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 137. | All      dividends unclaimed for one year after having become payable may be      invested or otherwise made use of by the Directors for the benefit of the      Company until claimed, and all dividends unclaimed for six years after      having become payable may be forfeited by the Directors and shall revert      to the Company. The payment into a separate account of any monies payable      in respect of a dividend shall not constitute the Company a trustee in      respect thereof for any person. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 138. | Unless      otherwise directed any dividend or other monies payable in cash on or in      respect of a share may be paid by cheque or warrant sent through the post      to the registered address of the member or person entitled, or, in the      case of joint holders, to the registered address of that one whose name      stands first on the Register in respect of the joint holding, or addressed      to such person at such address as the holder or joint holders shall      direct. The Company shall not be liable or responsible for any cheque or      warrant lost in transmission nor for any dividend or other monies lost to      the member or person entitled thereto by the forged endorsement of any      cheque or warrant. Payment of the cheque or warrant by the banker on whom      it is drawn shall be a good discharge to the  Company. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 139. | The      Directors may distribute in specie or in kind among the members in      satisfaction in whole or in part of any dividend any of the assets of the      Company, and in particular any shares or securities of other companies to      which the Company is entitled and where any difficulty arises in regard to      the distribution the Board may settle the same as it thinks expedient, and      in particular may issue fractional certificates, disregard fractional      entitlements or round the same up or down, and may fix the value for      distribution of such specific assets, or any part thereof, and may      determine that cash payments shall be made to any members upon the footing      of the value so fixed in order to adjust the rights of all parties, and      may vest any such specific assets in trustees as may seem expedient to the      Board and may appoint any person to sign any requisite instruments of      transfer and other documents on behalf of the persons entitled to the      dividend and such appointment shall be effective. Where required, a      contract shall be filed in accordance with the provisions of the Ordinance      and the Board may appoint any person to sign such contract on behalf of      the persons entitled to the dividend and such appointment shall be      effective. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 140. | Before      recommending a dividend the Directors may set aside any part of the net      profits of the Company to one or more reserves, and may apply the same      either by employing it in the business of the Company or by investing it      in such manner as they shall think fit and the income arising from such      reserves shall be treated as part of the profits of the Company. Such      reserves may be applied for the purpose of maintaining the property of the      Company, replacing wasting assets, meeting contingencies, forming an      insurance fund, equalising dividends, paying special dividends, or for any      other purpose for which the undivided profits of the Company may lawfully      be used, and until the same shall be so applied it shall be deemed to      remain undivided profit. The Directors may also carry forward as undivided      profit any profit or balance of profit which they shall not think fit to      recommend as dividend or to place toreserve. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 141. | Any      Director or the Secretary or other authorised officer of the Company shall      have power to authenticate any documents affecting the constitution of the      Company and any resolutions passed by the Company or the Directors or any      committee, and any books, records, documents and accounts relating to the      business of the Company, and to certify copies thereof or extracts      therefrom as true copies of extracts; and where any books, records,      documents or accounts are elsewhere than at the Office, the local manager      or such other officer of the Company having the custody thereof shall be      deemed to be the authorised officer of the Company as aforesaid. A      document purporting to be a copy of a resolution or an extract from the      minutes of a meeting of the Company or of the Directors or any local board      or committee which is certified as aforesaid shall be conclusive evidence      in favour of all persons dealing with the Company upon the faith thereof      that such resolution has been duly passed or, as the case may be, that any      minute so extracted is a true and accurate record of proceedings at a duly      constituted meeting. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 142. | The      Company in general meeting may upon the recommendation of the Directors      resolve to capitalise any part of the Company’s reserves or undivided      profits not required for the payment or provision of the dividend on any      shares with a preferential right to a dividend, and accordingly that such      part be divided amongst the members who would have been entitled thereto      if distributed by way of dividend and in the same proportions, on      condition that the same be not paid in cash but be applied as a      capitalisation issue either in or towards paying up any amounts for the      time being unpaid on any shares held by such members respectively or      paying up in full unissued shares or debentures or other securities |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | of      the Company to be allotted and distributed credited as fully paid to and      amongst such members in the proportion aforesaid, or partly in one way and      partly in the other:                                                                                                                                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                |
|   | Provided      that any amount standing to the credit of a share premium account or a      capital redemption reserve fund may, for the purposes of this Article,      only be applied in the paying up of unissued shares to be issued to      members of the Company as fully paid-up shares.                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                |
| 143.   | Whenever      such a resolution as aforesaid shall have been passed the Directors shall      make all appropriations and applications of the reserves and undivided      profits resolved to be capitalised thereby, and all allotments and issues      of fully paid-up shares, debentures or other securities and generally      shall do all acts and things required to give effect    thereto. |

| 144. | For      the purpose of giving effect to any resolution under Articles 139 and 142      hereof the Directors may settle any difficulty which may arise in regard      to the distribution or capitalisation issue as they think expedient, and      in particular may issue fractional certificates, and may fix the value for      distribution of any specific assets, and may determine that cash payments      shall be made to any members based upon the value so fixed or that      fractions of such value as the Directors may determine may be disregarded      in order to adjust the rights of all parties, and may vest any such cash      or specific assets in trustees upon such trusts for the persons entitled      to the distribution or capitalisation issue as may seem expedient to the      Directors. The provisions of the Ordinance in relation to the filing of      contracts for allotment shall be observed, and the Directors may appoint      any person to sign such contract on behalf of the persons entitled to      share in the distribution or capitalisation issue, and such appointment      shall be effective and binding upon all concerned, and the contract may      provide for the acceptance by such persons of the shares, debentures or      other securities to be allotted and distributed to them respectively in      satisfaction of their claims in respect of the sum so      capitalised. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 145. | The      Directors shall cause proper books of account to be kept with respect      to:- |
|------|------------------------------------------------------------------------------------------|

|   | (a) | all      sums of money received and expended by the Company and the matters in      respect of which such receipt and expenditure take place;    and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      assets and liabilities of theCompany. |
|--------|-----|------------------------------------------------|

| 146. | The      Directors shall from time to time, in accordance with the provisions of      the Ordinance, cause to be prepared and to be laid before the Company in      general meeting such profit and loss accounts, balance sheets, group      accounts (if any) and reports as are required by the      Ordinance. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 147. | A      copy of every balance sheet (including every document required by law to      be annexed thereto) which is to be laid before the Company in general      meeting, together with a copy of the Directors’ report and a copy of the      Auditors’ report, shall not less than twenty-one days before the date of      the meeting be sent to every member of, and every holder of debentures of,      the Company and to all persons other than members or holders of debentures      of the Company, being persons entitled to receive notices of general      meetings of the Company: Provided that this Article shall be subject to      Article 149 and shall not require a copy of those documents to be sent to      any person of whose address the Company is not aware, to more than one of      the joint holders of any shares or debentures, nor to any person to whom      the Company has duly sent a copy of a summary financial report (as defined      in the Ordinance) in accordance with the provisions of the Ordinance and      Article 148. |
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| 148. | Subject      to Article 149, a copy of a summary financial report in the form and      containing the contents as required by the Ordinance shall be sent by the      Company in accordance with the provisions of the Ordinance to a person who      has been offered and agreed, in accordance with the provisions of the      Ordinance, to be sent a copy of such summary financial    report. |
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| 149. | Where      a person has, in accordance with the provisions of the Ordinance where      applicable, consented to treat the publication or the making available of      the relevant financial documents and/or the summary financial report (each      as defined in the Ordinance) on a computer network or by such other means      as discharging the Company’s obligation under the Ordinance to send a copy      of the relevant financial documents and/or the summary financial report      (each as defined in the Ordinance), then the publication or the making      available by the Company, in accordance with the provisions of the      Ordinance where applicable, on such computer network or by such other      means of the relevant financial documents or the summary financial report      (each as defined in the Ordinance) shall, in relation to each consenting      person, be deemed to discharge the Company’s obligations under Article 147      and/or Article 148. |
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| 150. | Auditors      shall be appointed and their duties regulated in the manner provided by      the Ordinance. |
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| 151. | Subject      as otherwise provided by the Ordinance the remuneration of the Auditors      shall be fixed by the Company in general meeting provided always that in      respect of any particular year the Company in general meeting may delegate      the fixing of such remuneration to theBoard. |
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| 152. | Every      statement of accounts audited by the Company’s Auditors and presented by      the Board at a general meeting shall after approval at such meeting be      conclusive except as regards any error discovered therein within three      months of the approval thereof. Whenever any such error is discovered      within that period, it shall forthwith be corrected, and the statement of      account amended in respect of the error shall be    conclusive. |
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| 153. | Any      notice, document or communication to be given or issued shall be in      writing in any one or more languages to the members, may be served by the      Company upon any member either personally or by sending it by mail,      postage prepaid, addressed to such member at his registered address, and,      in any case where the registered address of a member is outside Hong Kong,      by prepaid airmail, or may be delivered, sent or otherwise made available      using electronic or other means to suchmember. |
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| 154. | Any      notice sent by mail shall be deemed to have been served in the case where      the member’s registered address is in Hong Kong on the day following that      on which the notice is mailed in Hong Kong and in any other case on the      fifth day after the day of mailing. In proving such service it shall be      sufficient to prove that the notice was properly addressed and mailed,      postage prepaid. |
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| 155. | Any      person who, by operation of law, transfer or other means whatsoever, shall      become entitled to any share shall be bound by every notice in respect of      such share which, previously to his name and address being entered in the      Register, shall be duly given to the person from whom he derives his title      to such share. |
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| 156. | Any      notice, document or communication delivered or sent by mail to, or left at      the registered address of or made available using electronic or other      means to any member, in pursuance of these Articles, shall,      notwithstanding such member be then deceased or bankrupt, and whether or      not the Company have notice of his decease or bankruptcy, be deemed of      have been duly served in respect of any shares held by such member,      whether held solely or |
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|   | jointly      with other persons by such member, until some other person be registered      in his stead as the holder or joint holder thereof, and such service shall      for all purposes of these Articles be deemed a sufficient service of such      notice, document or communication on his executors, administrators or      assigns and all persons (if any) jointly interested with him in any such      share. |
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|   |                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 157.   | Any      summons, notice, order or other document required to be sent to or served      upon the Company, or upon any officer of the Company, may be sent or      served by leaving the same or sending it through the post in a prepaid      letter, envelope or wrapper, addressed to the Company or to such officer      at the Office.                                                                                |

| 158. | The      signature to any notice to be given by the Company may be written or      printed. |
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| 159. | Subject      to any special provisions contained in these Articles or in the Ordinance,      all notices required to be given by advertisement shall be advertised in      at least one daily Chinese and one daily English newspaper circulating in      Hong Kong. |
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| 160. | In      reckoning the period for any notice given under these Articles, the day on      which notice is served, or deemed to be served, and the day for which such      notice is given shall be excluded. |
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| 161. | If      the Company shall be wound up, the surplus assets remaining after payment      to all creditors shall be divided among the members in proportion to the      capital paid up on the shares held by them respectively, and if such      surplus assets shall be insufficient to repay the whole of the paid-up      capital, they shall be distributed so that, as nearly as may be, the      losses shall be borne by the members in proportion to the capital paid up      on the shares held by them respectively. This Article is, however, subject      to the rights of the holders of any shares which may be issued on special      terms or conditions. |
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| 162. | If      the Company shall be wound up, the liquidator (whether voluntary or      official) may, with the sanction of a special resolution, divide among the      members in specie or kind the whole or any part of the assets of the      Company or vest any part of the assets of the Company in trustees upon      such trusts for the benefit of the members or any of them as the      resolution shall provide. Any such resolution may provide for and sanction      a distribution of any specific assets amongst different classes of members      otherwise than in accordance with their existing rights, but each member      shall in that event have a right of dissent and other ancillary rights in      the same manner as if such resolution were a special resolution passed      pursuant to section 237 of theOrdinance. |
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| 163. | In      the event of a winding-up of the Company in Hong Kong, every member of the      Company who is not for the time being in Hong Kong shall be bound, within      fourteen days after the passing of an effective resolution to wind up the      Company voluntarily, or within the like period after the making of an      order for the winding up of the Company, to serve notice in writing on the      Company appointing some person resident in Hong Kong upon whom all      summonses, notices, processes, orders and judgements in relation to or      under the winding-up of the Company may be served and, in default of such      nomination, the liquidator of the Company shall be at liberty on behalf of      such member to appoint some such person, and service upon any such      appointee shall be deemed to be a good personal service on such member for      all purposes, and where the liquidator makes any such appointment he      shall, with all convenient speed, give notice thereof to such member by      advertising in such English language daily newspaper circulating in Hong      Kong as he shall deem appropriate or by a registered letter sent through      the post and addressed to such member at his address as |
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|   |                                                                                                                                                      |
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|   | appearing      in the Register, and such notice shall be deemed to be served on the day      on which the advertisement appears or the letter is  posted. |

| 164. | Subject      to the provisions of the Ordinance, every Director or other officer of the      Company shall be indemnified out of the assets of the Company against all      costs, charges, expenses, losses and liabilities which he may sustain or      incur in or about the execution of his office or otherwise in relation      thereto and in particular and without prejudice to the generality of the      foregoing every Director and other officer of the Company shall be      indemnified by the Company against, and it shall be the duty of the      Directors out of the funds of the Company to pay all costs, losses and      expenses which any such Director and other officer may incur or become      liable for by reason of any contract entered into, or act or thing done by      him or them as such Director and other officer, or in any way in the      discharge of their or his duties, including travelling expenses; and the      amount for which such indemnity is provided shall immediately attach as a      lien on the property of the Company, and have priority as between the      members over all other claims. Any person who is a Director or other      officer of the Company shall not be liable (except in consequence of his      own dishonesty) for the acts, receipts, neglects or defaults of any other      Director or other officer of the Company or for any losses or expenses      incurred by the Company through the insufficiency or deficiency of title      to any property acquired by order of the Directors for or on behalf of the      Company, or for the insufficiency or deficiency of any security in or upon      which any of the moneys of the Company shall be invested, or for any loss      or damage arising from the bankruptcy, insolvency or tortious act of any      person with whom any moneys, securities or effects of the Company shall be      deposited or for any loss occasioned by any error of judgement, omission,      default or oversight on their or his part, or for any other loss, damage      or misfortune whatever which shall happen in the execution of the duties      of his office or in relationthereto. |
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| 165. | Without      prejudice to the rights of the Company, the Company may cease sending such      cheques for dividend entitlements or dividend warrants by post if such      cheques or warrants have been left uncashed on two consecutive occasions.      However, the Company may exercise the power to cease sending cheques for      dividend entitlements or dividend warrants after the first occasion on      which such a cheque or warrant is returned  undelivered. |
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| 166. | The      Company shall have the power to sell, in such manner as the Board thinks      fit, any shares of a shareholder who is untraceable, but no such sale      shall be made unless:- |
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|   | (i) | all      cheques or warrants, being not less than three in total number, for any      sum payable in cash to the holder of such shares in respect of them sent      during the relevant period in the manner authorised by the Articles of      Association of the Company have remained  uncashed; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | so      far as it is aware at the end of the relevant period, the Company has not      at any time during the relevant period received any indication of the      existence of the shareholder who is the holder of such shares or of a      person entitled to such shares by death, bankruptcy or operation of      law; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)  | the      Company has caused an advertisement to be inserted in English in one      English language daily newspaper and in Chinese in one Chinese language      daily newspaper (provided that the aforesaid daily newspapers shall be      included in the list of newspapers issued and published in the Hong Kong      Government Gazette for the |
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|   |   |                                                                                                                                                                                                                                                                                                                                                 |

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|   |   | purpose      of section 71A of the Ordinance) advertising its intention to sell such      shares and a period of three months has elapsed since the date of such      advertisement; and |
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|   | (iv)   | the      Company has notified the stock exchange in the relevant territory of its      intention to effect such sale.                                                                                                                                                                                  |
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|   |   |                                                                                                                                                                                                                                                                                                   |
|   |   | For      the purpose of the foregoing, “relevant period” means      the period commencing twelve years before the date of publication of the      advertisement referred to in paragraph (iii) of this Article and ending at      the expiry of the period referred to in that  paragraph. |

|   | The      manner, timing and terms of any sale of shares pursuant to this Article      (including but not limited to the price or prices at which the same is      made) shall be such as the Board determines, based upon advice from such      bankers, brokers or other persons as the Board considers appropriate      consulted by it for the purposes, to be reasonably practicable having      regard to all the circumstances including the number of shares to be      disposed of and the requirement that the disposal be made without delay      and the Board shall not be liable to any person for any of the      consequences of reliance on such advice.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 167.   | To      give effect to any such sale pursuant to Article 166 the Board may      authorise any person to transfer the said shares and the instrument of      transfer signed or otherwise executed by or on behalf of such person shall      be as effective as if it had been executed by the registered holder or the      person entitled by transmission to such shares, and the purchaser shall      not be bound to see to the application of the purchase money nor shall his      title to the shares be affected by any irregularity or invalidity in the      proceedings relating to the sale. The net proceeds of the sale will belong      to the Company and, upon receipt by the Company of such proceeds, it shall      become indebted to the former shareholder by carrying all moneys in      respect thereof to a separate account for an amount equal to such net      proceeds. No trusts shall be created in respect of such debt and no      interest shall be payable in respect of it and the Company shall not be      required to account for any money earned from the net proceeds which may      be employed in the business of the Company or as it thinks fit. Any sale      under this Article shall include any additional shares which during the      relevant period or during any period ending on the date when all the      requirements of sub-paragraphs (i) to (iii) of Article 166 have been      satisfied have been issued in respect of those held at the beginning of      such relevant period and shall be valid and effective notwithstanding that      the shareholder holding the shares sold is dead, bankrupt or otherwise      under any legal disability orincapacity. |

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| Names,      Addresses and Descriptions of Subscribers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    For      and on behalf ofVICTON      SERVICES LIMITEDCHU      YIU KWONG – DirectorRoom      502-3, Commercial House,35      Queen’s Road Central,Hong      Kong.             Corporation    For      and on behalf ofVICTON      AGENTS LIMITEDCHU      YIU KWONG – DirectorRoom      502-3, Commercial House,35      Queen’s Road Central,Hong      Kong.             Corporation      |

|   |  VICONIA CHAN                   |   |
|--------|--------------------------------------|--------|
|   |  Company Secretary              |   |
|   |  Rm. 502-3 Commercial House,    |   |
|   |  35 Queen’s Road Central, |   |
|   |  Hong Kong.                     |   |

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