S.E. Asia
Emerging Market Co., Ltd

      75 Bukit
Timah Road #05-02

      Boon Siew
Building

      Singapore
229833

      


      February
11, 2011

      


      Amendment
No. 1 to Securities Subscription Agreement

      


      This
Amendment No. 1 (“Amendment”) to that certain Securities Subscription Agreement
(the “Agreement”) dated September 9, 2010 by and between S.E. Asia Emerging
Market Co., Ltd, a British Virgin Islands business company and the Subscribers
listed on the signature page hereto (“Subscribers”).  All capitalized
terms not defined herein shall have the same meaning ascribed to them in the
Agreement.

      


      Pursuant to Section 6.4 of the Agreement, the Company
and the Sponsor hereby agree to amend the Agreement, effective on the date
hereof, as follows:

      


      1.  Amendments to
the Agreement.

      


      (a)          Preamble.  The preamble is hereby
amended to delete the following sentence
from the preamble:

      


      Of such
316,250 ordinary shares, 175,694 in the aggregate (22,916 of which are subject
to cancellation if the underwriter’s over-allotment option is not exercised in
full) shall be held subject to lockup restrictions and canceled if the target of
a Business Combination fails to remain an operating company one year after such
Business Combination.

      


      (b)          Section 3.2.  Section 3.2 is
hereby deleted in its entirety:

      


      3.2.           Intentionally
Omitted.

      


      (c)          Section 4. Section 4 is
hereby amended and restated in its entirety as follows:

      


      Waiver of Liquidation
Distributions; Redemption Rights.  In connection with the
Shares purchased pursuant to this Agreement, the Subscriber hereby waives any
and all right, title, interest or claim of any kind in or to any distributions
by the Company from the Trust Account which will be established for the benefit
of the Company’s public shareholders and into which substantially all of the
proceeds of the IPO will be deposited (the “Trust Account”), in the event of a
liquidation of the Company upon the Company’s failure to timely complete a
Business Combination.  For purposes of clarity, in the event the
Subscriber purchases Ordinary Shares in the IPO or in the aftermarket, any
additional Ordinary Shares so purchased shall be eligible to receive any
liquidating distributions by the Company.  However, in no event will
the Subscriber have the right to redeem any Shares into funds held in the Trust
Account upon the successful completion of a Business Combination.

      


      (d)          Section 7. Section 7 is
hereby amended and restated in its entirety as follows:


      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

       

      Voting and Tender of
Shares. Subscriber agrees to vote the Shares in favor of a Business
Combination that the Company negotiates and submits for approval to the
Company’s shareholders and shall not seek redemption with respect to such
Shares. Additionally, the Subscriber agrees not to tender any Shares in
connection with a tender offer presented to the Company’s shareholders in
connection with a Business Combination negotiated by the Company.

       

      2.  Mutual
Drafting.  This Amendment is the joint product of the Company
and the Subscribers and each provision hereof has been subject to the mutual
consultation, negotiation and agreement of such parties and shall not be
construed for or against any party hereto.

      


      3.  No
Other Amendments; Governing Law; Counterparts.  Except as
specifically set forth in this Amendment, there are no other amendments to the
Agreement and the Agreement shall remain unmodified and in full force and
effect.  This Amendment shall be governed by and construed in
accordance with the internal laws of the British Virgin Islands.  This
Amendment may be executed in one or more counterparts.  In the event
that any signature is delivered by facsimile transmission or any other form of
electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the
same force and effect as if such signature page were an original
thereof.

      


      IN WITNESS WHEREOF, the parties have
executed this Amendment to the Agreement as of the date first set forth
above.

      


      
        
          	 
      	
                  S.E.
      ASIA EMERGING MARKET CO., LTD

                
	 
      	 
      
	
                  By:

                	 
      
	 
      	
                  Name:
      Ivan Hajadi

                
	 
      	
                  Title:
      Chief Executive Officer

                


        

      

      


      SUBSCRIBERS

      


      
        
          	 
      	
                  PARALLAX
      VENTURE PARTNERS XX LTD.

                
	 
      	 
      
	
                  By:

                	
                  /s/ Eugene Cho Park

                
	
                  Name:

                	
                  Eugene
      Cho Park

                
	
                  Shares:  

                	
                  63,250

                
	 
      	 
      
	 
      	
                  /s/ Pranata Hajadi

                
	
                  Name:

                	
                  Pranata
      Hajadi

                
	
                  Shares:

                	
                  50,600

                


        

      


      
        
           


        

        
          2

          
            

          

        

        
           


        

      

      


      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 
      	
                                        /s/ Ivan Hajadi

                                      
	
                                        Name:

                                      	
                                        Ivan
      Hajadi

                                      
	
                                        Shares:

                                      	
                                        61,669

                                      
	 
      	 
      
	 
      	
                                        SIRIUS
      INVESTMENT INC.

                                      
	 	 
	
                                        By:

                                      	
                                        /s/ Eugene Hin Sun Wong

                                      
	
                                        Name:

                                      	
                                        Eugene
      Hin Sun Wong

                                      
	
                                        Shares:  

                                      	
                                        63,250

                                      
	 
      	 
      
	 
      	
                                        /s/ James Preissler

                                      
	
                                        Name:

                                      	
                                        James
      Preissler

                                      
	
                                        Shares:

                                      	
                                        31,625

                                      
	 
      	 
      
	 
      	
                                        /s/ Andrew Sing Tak So

                                      
	
                                        Name:

                                      	
                                        Andrew
      Sing Tak So

                                      
	 	 
	
                                        Shares:

                                      	
                                        1,581

                                      
	 	 
	 
      	
                                        RAMPANT
      DRAGON, LLC

                                      
	 	 
	
                                        By:

                                      	
                                        /s/
      William B. Heyn

                                      
	 	 
	
                                        Name:

                                      	
                                        William
      B. Heyn

                                      
	 	 
	
                                        Shares:

                                      	
                                        31,625

                                      
	 	 
	 
      	
                                        /s/
      Boon How Lee

                                      
	 	 
	
                                        Name:

                                      	
                                        Boon
      How Lee

                                      
	 	 
	
                                        Shares:

                                      	
                                        12,650

                                      


                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      


      
        
           


        

        
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