# EDGAR Filing Document

**Accession Number:** 0001723980
**File Stem:** 0001213900-25-068429
**Filing Date:** 2025-7
**Character Count:** 117769
**Document Hash:** 1ede628d816f91a5afddb3491cad5e35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-068429.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001213900-25-068429

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250729

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** China SXT Pharmaceuticals, Inc.
- **CENTRAL INDEX KEY:** 0001723980
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38773
- **FILM NUMBER:** 251157606

**BUSINESS ADDRESS:**
- **STREET 1:** 178 TAIDONG ROAD NORTH
- **CITY:** TAIZHOU
- **STATE:** F4
- **ZIP:** 225300
- **BUSINESS PHONE:** 8652386298290

**MAIL ADDRESS:**
- **STREET 1:** 178 TAIDONG ROAD NORTH
- **CITY:** TAIZHOU
- **STATE:** F4
- **ZIP:** 225300

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br> UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of July 2025

Commission File No. 001-38773

**CHINA SXT PHARMACEUTICALS, INC.**

(Translation of registrant's name into English)

178 Taidong Rd North, Taizhou

Jiangsu, China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F ☒ Form 40-F ☐

**Submission of Matters to a Vote of Security Holders.**

On July 28, 2025, China SXT Pharmaceuticals, Inc. (the "Company") held a special meeting of shareholders (the "Meeting") at 9 a.m., EST, at 178 Taidong Road North Taizhou, Jiangsu, People's Republic of China. Each ordinary share is entitled to one.

Holders of a total of 39,648,847 ordinary shares, out of a total of 116,027,758 ordinary shares issued and outstanding and entitled to vote at the Meeting have voted. Therefore, a quorum of more than one-third of all votes attaching to the total issued voting shares in the Company at the Meeting as of the record date of July 9, 2025 was reached. The final voting results for each matter submitted to a vote of shareholders at the Meeting are as follows:

1. Creation of a new class of Class B Ordinary Shares and re-designation
of the existing issued and unissued Ordinary Shares as Class A Ordinary Shares, and Amendment to the Memorandum and Articles of Association.

It was approved to change the Company's authorized share capital to comprise of a dual class of shares through (i) creating a new class of shares comprising unlimited Class B Ordinary Shares (the "**Creation of New Class**") which entitle the holder to fifty (50) votes per Class B Ordinary Share on any resolution of shareholders; (ii) re-designating an aggregate of then issued 532 Ordinary Shares held by Feng Zhou Management Limited into 532 Class B Ordinary Shares (the "**Re-designation of Class B Shares**"); (iii) re-designating the remaining then issued 116,027,226 Ordinary Shares as 116,027,226 Class A Ordinary Shares with no par value each (the "**Re-designation of Class A Shares**"); (iv) other consequential updates including the rights of Class B Ordinary Shares, in the form of the amended and restated memorandum and articles of association, a copy of which is attached as Exhibit 3.1 (the "**New Amended MAA**"); and (v) adopting the New Amended MAA as the memorandum and articles of association of the Company, to the exclusion of the existing amended and restated memorandum and articles of association, where the New Amended MAA will become effective upon filing with the Companies Registry of the British Virgin Islands by the Company.

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| | | |
|:---|:---|:---|
| **For** | **Against** | **Abstain** |
| 39642273 | 6445 | 129 |

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The foregoing description of the amendments is qualified in its entirety by reference to the full text of the New Amended MAA, a copy of which is attached as <u>Exhibit 3.1</u> hereto and is incorporated by reference herein.

**Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| 3.1 | [Amended and Restated Articles of Association adopted on July 28, 2025.](ea025058901ex3-1_chinasxt.htm) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: July 29, 2025

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| | |
|:---|:---|
| China SXT Pharmaceuticals, Inc. | China SXT Pharmaceuticals, Inc. |
| By: | */s/ Feng Zhou* |
| Name: | Feng Zhou |
| Title: | Co-Chief Executive Officer |

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| | |
|:---|:---|
| By: | */s/ Simon Lim Sze Beng* |
| Name: | Simon Lim Sze Beng |
| Title: | Co-Chief Executive Officer |

---

## Exhibit 3.1

**Exhibit 3.1**

BVI COMPANY NUMBER: 1949664

**TERRITORY OF THE BRITISH VIRGIN ISLANDS THE <br> BVI BUSINESS COMPANIES ACT (AS REVISED)**

**MEMORANDUM AND ARTICLES OF ASSOCIATION OF**

**China SXT Pharmaceuticals, Inc.**

Incorporated on the 4th day of July, 2017

Amended and restated on the 17th day of May, 2022

Amended and restated on the 29th day of September, 2023

Amended and restated on this 28th day of July, 2025

INCORPORATED IN THE BRITISH VIRGIN ISLANDS

**China SXT Pharmaceuticals, Inc.**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS <br> THE BVI BUSINESS COMPANIES ACT<br> (AS REVISED)**

**Amended and Restated Memorandum of <br> Association**

1. Company Name

The name of the Company is China SXT Pharmaceuticals, Inc. (the "**Company**")**.**

2. Change of Name

2.1. The Company may by Resolution of Shareholders or Resolution of Directors resolve to change its name and
make application to the Registrar of Corporate Affairs in the approved form to give effect to such change of name in accordance with section
21 of the Act.

3. Type of Company

3.1. The Company is a company limited by Shares.

4. Registered Office and Registered Agent

4.1. The first registered office of the Company will be situated at the offices of Sertus Incorporations (BVI)
Limited, Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.

4.2. The first registered agent of the Company will be Sertus Incorporations (BVI) Limited of Sertus Chambers,
P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.

4.3. The Company may by Resolution of Shareholders or by Resolution of Directors, change the location of its registered
office or change its registered agent.

4.4. Any change of registered office or registered agent will take effect on the registration by the Registrar
of a notice of the change filed by the existing registered agent or a legal practitioner in the British Virgin Islands acting on behalf
of the Company.

4.5. The registered agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) act on the instructions of the Directors if those instructions are contained in a Resolution of Directors
and a copy of the Resolution of Directors is made available to the registered agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) recognise and accept the appointment or removal of a Director or Directors by Shareholders.

5. Objects

For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on.

6. Capacity and Powers of Company

6.1. In accordance with section 27 of the Act, the Company is a legal entity in its own right separate from its
Shareholders and continues in existence until it is dissolved.

6.2. Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate
benefit:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of paragraph (a), full rights, powers and privileges.

7. Limited Liability

7.1. The liability of a Shareholder to the Company, as Shareholder, is limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amount unpaid on a Share held by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (where applicable) any liability expressly provided for in this Memorandum or the Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any liability to repay a distribution under section 58(1) of the Act.

7.2. A Shareholder has no liability, as a Shareholder, for the liabilities of the Company.

8. Number and Classes of Shares

8.1. The Company is authorised to issue an unlimited number of shares, divided into two Classes consisting
of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Class A shares with no par value ()"**Class A Shares** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Class B shares with no par value ()"**Class B Shares** "),

collectively, the "**Shares**".

8.2. The Shares shall have the rights and be subject to the restrictions set out in the Memorandum and the
Articles.

8.3. The Company may issue Fractional Shares. A Fractional Share shall have the corresponding fractional rights,
obligations and liabilities of a whole Share of the same Class. If more than one fraction of a Share of the same Class is issued to or
acquired by the same Shareholder such fractions shall be accumulated.

9. Rights , Privileges, Restrictions and Conditions of Shares

**<u>Class A Shares</u>**

9.1. Each Class A Share shall (in addition and subject to any rights, privileges, restrictions and conditions
attaching to any of the Shares as provided for elsewhere in this Memorandum or in the Articles):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have the right to one vote per Class A Share on any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have equal rights with regard to dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) have equal rights with regard to distributions of the surplus assets of the Company.

**Class B Shares**

9.2. Each Class B Share shall (in addition and subject to any rights, privileges, restrictions and conditions
attaching to any of the Shares as provided for elsewhere in this Memorandum or in the Articles):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have the right to fifty (50) votes per Class B Share on any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have equal rights with regard to dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) have equal rights with regard to distributions of the surplus assets of the Company.

9.3. For the purposes of section 9 of the Act, any rights, privileges, restrictions and conditions attaching
to any of the Shares as provided for in the Articles are deemed to be set out and stated in full in this Memorandum.

10. Variation of Class Rights and Privileges

10.1. If at any time the Company is authorised to issue Shares of
different Classes of Shares, the rights attached to any Class (unless otherwise provided by the terms of issue of the Shares of that
class) may, whether or not the Company is being wound up, be varied with the consent in writing of the holders of at least one third
of the issued Shares of that Class or with the sanction of a resolution passed at a meeting of the holders of such Class of Shares by
the holder or holders of at least one third of such Shares present in person or by proxy at such meeting. To the extent not inconsistent
with this paragraph, the provisions of the Articles relating to meetings of Shareholders shall apply to every such meeting of the holders
of one Class of Shares except that the necessary quorum shall be one person holding or representing by proxy at least one third of the
issued Shares of the Class and that any holder of Shares of the Class present in person or by proxy may demand a poll.

10.2. The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights
shall not, unless otherwise expressly provided by the terms of the issue of the Shares of that Class, be deemed to be varied by the creation
or issue of further Shares, whether ordinary or preferred ranking pari passu therewith.

10.3. For the purposes of a separate Class meeting, the Directors may treat two or more or all the Classes of
Shares as forming one Class of Shares if the Directors consider that such Class of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate Classes of Shares.

11. Changes to Authorised Shares

11.1. The Company may by a Resolution of Shareholders or by a Resolution of Directors amend the Memorandum to
increase or reduce the number of Shares the Company is authorised to issue.

11.2. The Company may by a Resolution of Directors or of the Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) divide the Shares, including issued Shares, of a Class or Series into a larger number of Shares of the same
Class or Series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) combine the Shares, including issued Shares, of a Class or Series into a smaller number of Shares of the same Class
or Series,

provided, however, that where Shares with a par value are divided or combined under (a) or (b) of this Article, the aggregate par value of the new Shares must be equal to the aggregate par value of the original Shares.

12. Registered Shares

12.1. The Company shall issue registered Shares only.

12.2. The Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares or exchange
registered Shares for bearer Shares.

13. Transfer of Shares

Subject to the provisions of this Memorandum and the Articles, Shares in the Company may be transferred.

14. Amendment of Memorandum and Articles of Association

14.1. The Company may amend its Memorandum or Articles by a Resolution of Shareholders or by a Resolution of
Directors except that the Directors have no power to amend the Memorandum or the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to restrict the rights or powers of the Shareholders to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the percentage of Shareholders required to pass a Resolution of Shareholders to amend the Memorandum
or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in circumstances where the Memorandum or the Articles cannot be amended by the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to change the provisions of paragraphs 9.1 and/or 10.1 of the Memorandum.

15. Effect of Memorandum and Articles of Association

15.1. In accordance with section 11(1) of the Act, this Memorandum and the Articles are binding as between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and each Shareholder of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Shareholder of the Company.

15.2. In accordance with section 11(2) of the Act, the Company, the board of Directors, each Director and each
Shareholder of the Company has the rights, powers, duties and obligations set out in the Act except to the extent that they are negated
or modified, as permitted by the Act, by this Memorandum or the Articles.

15.3. In accordance with section 11(3) of the Act, this Memorandum and the Articles have no effect to the extent
that they contravene or are inconsistent with the Act.

16. Definitions

Words used in this Memorandum and not defined herein shall have the meanings set out in the Articles.

We, Sertus Incorporations (BVI) Limited of Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands in our capacity as registered agent for the Company hereby apply to the Registrar of Corporate Affairs for the incorporation of the Company this 4th day of July, 2017.

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| |
|:---|
| Incorporator |
| Sgd: Alyson Parker *I* Ann Penn |
| Alyson Parker *I* Ann Penn <br> Authorised Signatories |
| **Sertus Incorporations (BVI) Limited** |

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**China SXT Pharmaceuticals, Inc.**

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**TERRITORY OF THE BRITISH VIRGIN ISLANDS THE <br> BVI BUSINESS COMPANIES ACT <br> (AS REVISED)**

**Amended and Restated Articles of Association**

------

1. Preliminary

1.1. The following shall comprise the Articles of Association of **China SXT Pharmaceuticals, Inc.** (the "**Company** ").

1.2. In these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the following terms shall have the meanings set opposite if not inconsistent with the subject context:

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| | |
|:---|:---|
| "**Act**" | means the BVI Business Companies Act (As Revised), including any modification, amendment, extension, re-enactment or renewal thereof and any regulations made thereunder; |
| "**Articles**" | means these articles of association of the Company, as amended and/or restated from time to time; |
| "**Auditors**" | means the persons for the time being performing the duties of auditors of the Company; |
| "**Chairman**" | means the Chairman of the board of Directors from time to time; |
| "**Class**" or "**Classes**" | means any class or classes of Shares as may from time to time be issued by the Company; |
| "**Clearing House**" | means a clearing house recognised by the laws of a jurisdiction in which the Shares of the Company (or depository receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "**Company**" | means the above-named Company; |
| "**debenture**" | includes debenture stock, mortgages, bonds and any other securities of the Company whether constituting a charge on the assets of the Company or not;" |
| **Designated Stock<br> Exchange**" | means the Nasdaq Global Market or such other exchange or interdealer system upon which the Company's securities are listed or quoted; |

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| | |
|:---|:---|
| "**Directors**" | means the persons for the time being occupying the position of directors of the Company, or as the case may be, the directors assembled as a board or as a committee thereof, and the term a "Director" shall be construed accordingly and shall, where the context admits, include an alternate Director; |
| "**Distribution**" | means, in relation to a distribution by the Company to a Shareholder: the direct or indirect transfer of an asset, other than Shares, to or for the benefit of the Shareholder; or the incurring of a debt to or for the benefit of the Shareholder, in relation to the Shares held by the Shareholder, and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of Shares, a transfer of indebtedness or otherwise, and includes a dividend; |
| "**Fractional Share**" | means a fraction of a Share; |
| "**Issue Price**" | means the total consideration payable for the issue of Shares including for the avoidance of doubt both the par value and any premium payable; |
| "**Memorandum**" | means the memorandum of association of the Company, as amended and/or restated from time to time; |
| "**Month**" | means calendar month; |
| **"NASDAQ"** | means the National Association of Securities Dealers Automated Quotations; |
| "**Officer**" | means any natural person or corporation appointed by the Directors as an officer of the Company and may include a Chairman of the board of Directors, a vice Chairman of the board of Directors, a president, one or more vice presidents, secretaries and treasurers and such other officers as may from time to time be deemed desirable but shall exclude any auditor appointed by the Company; |
| "**person**" | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| "**Register of Directors**" | means the register of the Directors of the Company required to be kept pursuant to the Act; |
| "**Register of Members**" | means the register of the Shareholders of the Company required to be kept pursuant to the Act; |
| "**Registered Agent**" | means the registered agent of the Company from time to time, as required by the Act; |
| "**Registered Office**" | means the registered office of the Company from time to time, as required by the Act; |

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| | |
|:---|:---|
| "**Resolution of Directors**" | means, subject to the provisions of this Memorandum and the Articles, a resolution: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approved at a duly convened and constituted meeting of Directors or of a committee of Directors, by the
affirmative vote of a simple majority of the Directors present at such meeting who voted and did not abstain; or

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| | |
|:---|:---|
| (ii) | consented to in writing or by telex, telegram, cable, facsimile or other written electronic communications by a simple majority of the Directors (or a sole Director) or a simple majority of the members of a committee of Directors (or a sole member), as the case may be, in one or more instruments each signed by one or more of the Directors and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed, |
| and where a Director is given more than one vote in any circumstances, he shall in the circumstances be counted for the purposes of establishing a majority, by the number of votes he casts; | and where a Director is given more than one vote in any circumstances, he shall in the circumstances be counted for the purposes of establishing a majority, by the number of votes he casts; |

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| | |
|:---|:---|
| "**Resolution of Shareholders**" | subject to the provisions of this Memorandum and the Articles, a resolution: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) passed by a simple majority, or such larger majority as may be specified in the Memorandum or these Articles
or is required by law, of the votes attaching to the Shares of such Shareholders as, being entitled to do so, vote in person or, where
proxies are allowed, by proxy at a meeting of Shareholders of the Company and where a poll is taken regard shall be had in computing a
majority to the number of votes to which each Shareholder is entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) approved in writing by more than 50 percent, or such larger majority as may be specified in the
 Memorandum or these Articles, of such Shareholders entitled to vote at a meeting of Shareholders of the Company (or
a sole Shareholder) in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution
so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed;

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| | |
|:---|:---|
| "**Seal**" | means the common seal of the Company and includes every duplicate seal; |
| "**Secretary**" | includes an assistant secretary and any persons appointed to perform the duties of the secretary of the Company; |
| **"Series**" | means a division of a Class as may from time to time be issued by the Company |
| **"Share**" | means a share in the Company of any or all Classes or Series as the context may require, and shall, where the context so permits, includes fractions of a Share in the Company. For the avoidance of doubt in these Articles the expression "Share" shall include any Fractional Share; |
| "**Shareholder**" | means a person whose name is entered as a holder of one or more Shares in the Register of Members; |
| "**signed**" | means bearing a signature or representation of a signature affixed by mechanical means; |
| "**Solvency Test**" | means the solvency test prescribed by section 56 of the Act and set out in Articles; |
| "**Treasury Share**" | means Shares that were previously issued but were purchased, redeemed or otherwise acquired by the Company and not cancelled. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing any gender include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words importing persons include corporations as well as any other legal or natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a statutory enactment shall include reference to any amendment or re- enactment thereof for
the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) expressions referring to writing shall, unless the contrary intention appears, be construed as including
references to printing, lithography, photography and other modes of representing or reproducing
words in a visible form and" include all modes of representing or reproducing words in visible form, including in the form of an
electronic communication or record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to provisions of any law or regulation shall be construed as references to those provisions
as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to any determination by the Directors shall be construed as a determination by the Directors
in their sole and absolute discretion and shall be applicable either generally or in any particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any phrase commencing with the words "including", "include", "in particular"
or any similar expression shall be deemed to be followed by the words "without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) reference to "in writing" shall be construed as
written or represented by any means reproducible in writing, including any form of print, lithograph, email, facsimile, photograph or
telex or represented by any other substitute or format for storage or transmission for writing or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) headings are inserted for reference only and shall be ignored in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) subject as aforesaid, any words or expressions defined in the Act shall, if not inconsistent with the
subject or context hereof, bear the same meanings as in the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) where any period to lapse under the provisions of these Articles is counted by a number of days, the first
day of such period counted shall be the day immediately after the notice is given or deemed to be given and the period of such notice
shall be deemed to be complete and final at the end of the last day of such period. The relevant then permitted actions shall be effected
the day immediately following such last day.

2. Commencement of Business

2.1. The business of the Company may be commenced at any time after incorporation as the Directors shall see
fit, notwithstanding that part only of its Shares may have been allotted.

2.2. The expenses incurred in the formation of the Company and in connection with the offer for subscription
and issue of Shares shall be paid by the Company.

2.3. The Company, in addition to its Registered Office, may establish and maintain such other offices, places
of business and agencies in the British Virgin Islands and elsewhere as the Directors may from time to time determine.

3. Amendment of Articles of Association

Subject to any other provision of these Articles, these Articles may be amended in the manner prescribed in the Memorandum, so long as such alteration does not disparately impact the members' voting rights.

4. Issue of Shares

4.1. Subject to the Act, the Memorandum and these Articles, all Shares for the time being unissued shall be
under the control of the Directors who may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, allot and dispose of the same to such persons, in such manner, on such terms as they may from time
to time determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant options with respect to such Shares and issue warrants or similar instruments with respect thereto;
and,

for such purposes, the Directors may reserve an appropriate number of Shares for the time being unissued.

4.2. Subject to the Memorandum and these Articles and provided that a corresponding amendment is made to paragraph
9 of the Memorandum to reflect the resulting Classes of Shares, the Directors may authorise the division of Shares into any number of
Classes and Series and the different Classes and Series shall be authorised, established and designated (or re-designated as the case
may be) as determined by a Resolution of Directors or by a Resolution of Shareholders.

4.3. The pre-emption rights set out in section 46 of the Act shall not apply to the Company.

4.4. The Company may insofar as may be permitted by law, pay a commission in any form to any person in consideration
of his subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares. The Company may also pay such brokerage
as may be lawful on any issue of Shares.

4.5. The Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

4.6. The Company may treat the holder of a Share as named in the Register of Members as the only person entitled
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exercise any voting rights attaching to the Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receive notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) receive a Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise other rights and powers attaching to the Share.

4.7. The Company may, subject to the terms of the Act, the rules of the applicable Designated Stock Exchange
on which the Shares are then traded, and these Articles, issue bonus Shares, partly paid Shares and nil paid Shares.

4.8. Shares may, subject to the terms of the Act and these Articles,
be issued for consideration in any form or a combination of forms, including money, a promissory note or other written obligation to
contribute money or property, real property, personal property (including goodwill and know how), services rendered or a contract for
future services. Shares may be issued for such amount of consideration paid in such manner as the Directors may from time to time by
Resolution of Directors determine, except that in the case of Shares issued with a par value, the consideration paid or payable shall
not be less than the par value.

4.9. When the Issue Price in respect of the Share has been paid or the Share has been issued as a bonus Share,
that Share is for all purposes fully paid, but where the Share is not fully paid on issue or is a bonus Shares, the Share is subject to
forfeiture in the manner prescribed in these Articles.

4.10. Before issuing Shares for a consideration which is in whole or in part other than money, the Directors
shall by a Resolution of Directors state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount to be credited for the issue of the Shares; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that, in their opinion, the present cash value of the non-cash
consideration (and cash consideration, if any) is not less than the amount to be credited for the issue of the Shares.

4.11. A Share issued by the Company upon conversion of, or in exchange for, another Share or a debt obligation
or other security in the Company, shall be treated for all purposes as having been issued for cash equal to the value of the consideration
received or deemed to have been received by the Company in respect of the other Share, debt obligation or security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Treasury Shares

5.1. Shares that the Company purchases, redeems or otherwise acquires pursuant to these Articles shall be cancelled
immediately or held as Treasury Shares in accordance with the Act and Article 2.2 below.

5.2. Shares may only be purchased, redeemed or otherwise acquired and held as Treasury Shares where, when aggregated
with the number of Shares of the same Class already held by the Company as Treasury Shares, the total number of Treasury Shares does not
exceed 50 percent of the Shares of that Class previously issued by the Company, excluding those Shares that have been cancelled.

5.3. Where and for so long as Shares are held by the Company as Treasury Shares, all rights and obligations
attaching to such Shares are suspended and shall not be exercised by or against the Company.

5.4. Treasury Shares may be disposed of by the Company on such terms and conditions (not otherwise inconsistent
with these Articles) as the Company may by Resolution of Directors determine.

6. Redemption, Purchase and Surrender of Shares

6.1. Subject to any limitations or procedures imposed by the Act, the Memorandum and these Articles, including
the Solvency Test where applicable, the Company may purchase, redeem or otherwise acquire and hold its own Shares in such manner and upon
such other terms as the Directors may agree with the relevant Shareholder(s) save that the Company may not purchase, redeem or otherwise
acquire its own Shares without the consent of Shareholders whose Shares are to be purchased, redeemed or otherwise acquired unless the
Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem or otherwise acquire the Shares
without their consent.

6.2. The Company may acquire its own fully paid Share or Shares for no consideration by way of surrender of
the Share or Shares to the Company by the Shareholder holding the Share or Shares. Any surrender of a Share or Shares under this Article
3.2 shall be in writing and signed by the Shareholder holding the Share or Shares.

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

6.4. The purchase, redemption or other acquisition by the Company
of one or more of its own Shares is deemed not to be a distribution where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company redeems the Share or Shares pursuant to a right of a Shareholder to have his Shares redeemed
or to have his Shares exchanged for money or other property of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company purchases, redeems or otherwise acquires the Share or Shares by virtue of the provisions of
section 176 or 179 of the Act ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the company acquires its own fully paid Share or Shares pursuant to section 59(1A) of the Act.

6.5. The Directors may, when making a payment in respect of the redemption or purchase of Shares, make such
payment in cash or in specie (or partly in one and partly in the other).

6.6. Upon the date of redemption or purchase of a Share, the holder shall cease to be entitled to any rights
in respect thereof (excepting always the right to receive (i) the price therefor and (ii) any dividend which had been declared in respect
thereof prior to such redemption or purchase being effected) and accordingly his name shall be removed from the Register of Members with
respect thereto and the Share shall be cancelled.

7. Non-Recognition of Trusts

Except as required by law or otherwise provided by these Articles, no person shall be recognised by the Company as holding any Shares upon any trust, and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any Share or any interest in any fractional part of a Share or any other rights in respect of any Share except an absolute right to the entirety thereof in the registered holder or in the case of a Share warrant or bearer Share in the bearer of the warrant or Share certificate for the time being.

8. Certificates for Shares

8.1. Share certificates shall generally not be issued, unless the Directors determine to so issue either generally
or in a specific circumstance. A certificate may be issued under Seal or executed in such other manner as the Directors may prescribe.
Provided that in respect of a Share or Shares held jointly by several persons the Company shall not be bound to issue more than one certificate
and delivery of a certificate for a Share to one of several joint holders shall be sufficient delivery to all such holders.

8.2. Certificates representing Shares shall be in such form as shall
be determined by the Directors. Such certificates shall be signed by such person or persons as are authorised from time to time by the
Directors or by the Articles. All certificates for Shares shall be consecutively numbered or otherwise identified. The name and address
of the person to whom the Shares represented thereby are issued, with the number of Shares and date of issue, shall be entered in the
Register of Members. All certificates surrendered to the Company for transfer shall be cancelled and no new certificate shall be issued
until the former certificate for a like number of Shares shall have been surrendered and cancelled. Notwithstanding the foregoing, if
a Share certificate is defaced, lost or destroyed, it may be renewed on such terms (if any) as to evidence and indemnity and the payment
of out of pocket expenses of the Company incurred in investigating evidence as the Directors think fit.

9. Joint Ownership of Shares

If several persons are registered as joint holders of any Shares they shall be severally as well as jointly liable for any liability in respect of such Shares, but the first named upon the Register of Members shall, as regards service or notices, be deemed the sole owner thereof. Any of such persons may give effectual receipt for any dividend or other distribution.

10. Lien

10.1. The Company shall have a first and paramount lien and charge on every Share for all monies, whether presently
payable or not, called or payable at a fixed time in respect of that Share, and the Company shall also have a first and paramount lien
and charge on all Shares standing registered in the name of a Shareholder (whether solely or jointly with others) for all monies, liabilities
or engagements presently owing by him or his estate to the Company either alone or jointly with any other person, whether a Shareholder
or not; but the Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The Company's
lien and charge, if any, on a Share shall extend to all dividends or other monies payable in respect thereof. The registration of a transfer
of any such Share shall operate as a waiver of the Company's lien and charge (if any) thereon.

10.2. The Company may sell, in such manner as the Directors think fit, any Shares on which the Company has a
lien and charge, but no sale shall be made unless a sum in respect of which the lien and charge exists is presently payable, nor until
the expiration of fourteen days after a notice in writing, stating and demanding payment of such part of the amount in respect of which
the lien and charge exists as is presently payable, has been given to the registered holder or holders for the time being of the Share,
or the person, of which the Company has notice, entitled thereto by reason of his death
or bankruptcy.

10.3. To give effect to any such sale the Directors may authorise some person to transfer the Shares sold to
the purchaser thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer, and he 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.

10.4. The proceeds of the sale shall be received by the Company and applied in payment of such part of the amount
in respect of which the lien and charge exists as is presently payable, and the residue, if any, shall (subject to a like lien and charge
for sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares prior to the sale.

11. Transfer of Shares

11.1. Subject to these Articles, Shares are transferred by a written
instrument of transfer, PROVIDED HOWEVER, where Shares are listed on a Designated Stock Exchange, the shares may be transferred without
the need for a written instrument of transfer if the transfer is carried out in accordance with the laws, rules, procedures and other
requirements applicable to shares registered on the Designated Stock Exchange and subject to the Company's Memorandum and the Articles
and the Act and any regulations thereunder.

11.2. Every instrument of transfer shall be provided to the Company by sending it to its Registered Office for
registration, accompanied by the certificate (if any) covering the Shares to be transferred and such other evidence as the Directors may
require to prove the title of the transferor to, or his right to transfer, the Shares.

11.3. The instrument of transfer of any Share (which need not be under Seal) shall be signed by or on behalf
of the transferor and, unless the Share is fully paid up or the transferee otherwise consents or agrees thereto, by or on behalf of the
transferee. The transferor shall be deemed to remain the holder of the Share until the name of the transferee is entered in the Register
of Members in respect thereof.

11.4. Subject to such of the restrictions of the Articles as may be applicable, any Shareholder may transfer
all or any of his Shares by instrument in writing in any usual or common form or any other form which the Directors may approve. Upon
every transfer of Shares the certificate held by the transferor shall be given up to be cancelled and shall forthwith be cancelled accordingly
and a new certificate shall be issued without charge to the transferee in respect of the Shares transferred to him, and if any of the
Shares included in the certificate so given up shall be retained by the transferor a new certificate in respect thereof shall be issued
to him without charge. The Company shall also retain the transfer.

11.5. The Directors may, in their absolute discretion and without assigning any reason therefor, refuse to register
any transfer of any Share, whether or not it is a fully paid up Share as to Issue Price.

11.6. Without limitation, the Directors may decline to recognise any instrument of transfer if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is not accompanied by the certificate covering Shares to which it relates, and/or such
other evidence as the Directors may require to prove the title of the transferor to, or his right to transfer, the Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of more than one class of Share.

11.7. 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 transferee notice of the refusal.

11.8. The registration of transfers may be suspended at such times and for such periods as the Directors may
from time to time determine, provided always that such registration shall not be suspended for more than thirty days in any year.

12. Transmission of Shares

12.1. In case of the death of a Shareholder, the survivor or survivors
where the deceased was a joint holder, and the legal personal representatives of the deceased where he was a sole holder, shall be the
only persons recognised by the Company as having any title to his interest in the Shares but nothing herein contained shall release the
estate of a deceased holder from any liability in respect of any Share which had been held by him solely or jointly with other persons.

12.2. Any person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder may,
upon such evidence being produced as may from time to time be properly required by the Directors to show his title to the Share, elect
either to be registered himself as holder of the Share or to make such transfer of the Share to such other person nominated by him as
the aforesaid Shareholder could have made and to have such person registered as the transferee thereof, but the Directors shall, in either
case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by that Shareholder
before his death or bankruptcy, as the case may be.

12.3. A person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall be entitled
to the same dividends and other advantages to which he would be entitled if he were the registered holder of the Share, except that he
shall not, before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right conferred
by Shareholding in relation to meetings of the Company; provided always that the Directors may at any time give notice requiring any such
person to elect either to be registered himself or to transfer the Share, and if the notice is not complied with within fourteen days
the Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the Share until the requirements
of the notice have been complied with.

13. Forfeiture of Shares

13.1. Where Shares are not fully paid or deemed fully paid on issue or have been issued subject to forfeiture,
the following provisions shall apply.

13.2. Written notice of a call specifying a date for payment to be made in respect of a Share shall be served
on a Shareholder who defaults in making payment in respect of that Share.

13.3. The aforesaid notice shall name a further day (not earlier than the expiration of fourteen days from the date of
service of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment
at or before the time appointed the Shares in respect of which the payment is was made will be liable to be forfeited.

13.4. If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which
the notice has been given may at any time thereafter, before the payment required by the notice has been made, be forfeited and cancelled,
by a resolution of the Directors to that effect. Such forfeiture shall include all dividends declared or other monies due in respect of
the forfeited Shares and not actually paid before forfeiture.

13.5. The Company is under no obligation to refund any moneys to the member whose Shares have been forfeited
and cancelled pursuant to Article 10.4 immediately above.

13.6. A person whose Shares have been forfeited and cancelled shall
cease to be a Shareholder in respect of the Shares forfeited and cancelled and is discharged from any further obligation to the Company
with respect to those Shares. The details of the forfeiture, with the date thereof, shall forthwith be made in the Register of Members.

14. Untraceable Members

14.1. Without prejudice to the rights of the Company in this Article 11, the Company may cease sending cheques
for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two (2) 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.

14.2. The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a member
who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cheques or warrants in respect of dividends of the shares in question, being not less than three (3)
in total number, for any sum payable in cash to the holder of such shares sent during the relevant period in the manner authorized by
these Articles have remained uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 member who is the holder of such shares or of a person entitled to such shares
by death, bankruptcy or operation of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company, if so required by the rules governing the listing of the shares on the Designated Stock Exchange,
has given notice to, and caused advertisement in newspapers to be made in accordance with the requirements of the Designated Stock Exchange
of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such
shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

For the purpose of the foregoing, the "**relevant period**" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.

14.3. To give effect to any such sale the Board may authorize some person to transfer the said shares and an
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 net proceeds. No trust 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
54 shall be valid and effective notwithstanding that the Member holding the Shares sold is dead, bankrupt or otherwise under any legal
disability or incapacity.

15. Meetings of Shareholders

15.1. The Directors may, whenever they think fit, convene a meeting of Shareholders. An AGM shall be held at
such date and time as may be determined by the directors.

15.2. Shareholders' meetings shall also be convened on the requisition in writing of any Shareholder or
Shareholders entitled to attend and vote at a meeting of the Shareholders of the Company on the matter for which the meeting is being
requested holding at least thirty percent (or such lesser percentage that may be accepted by the directors in their absolute discretion)
of outstanding Shares entitled to vote in the Company deposited at the Registered Office specifying the objects of the meeting for a date
no later than twenty one days from the date of deposit of the requisition signed by the requisitionists, and if the Directors do not convene
such meeting for a date not later than forty five days after the date of such deposit, the requisitionists themselves may convene the
Shareholders' meeting in the same manner, as nearly as possible, as that in which Shareholders' meetings may be convened by
the Directors, and all reasonable expenses. For the avoidance of doubt, in accordance with the Act the directors are not able to affix
a greater percentage requirement for the purposes of a requisition of a Shareholder meeting.

15.3. If at any time there are no Directors, any two Shareholders (or if there is only one Shareholder then
that Shareholder) entitled to vote at meetings of the Shareholders of the Company may convene a Shareholders' meeting in the same
manner as nearly as possible as that in which Shareholders' meetings may be convened by the Directors.

15.4. At least seven days' notice in writing counting from the date service is deemed to take place as
provided in these Articles specifying the place, the day and the hour of the meeting and the general nature of the business to be considered
at the meeting, shall be given in the manner hereinafter provided to such persons as are, under these Articles, entitled to receive such
notices from the Company.

15.5. A meeting of Shareholders held in contravention of the notice requirements set out above is valid if Shareholders
holding not less than a ninety percent majority of the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) total number of Shares entitled to vote on all matters to be considered at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) votes of each Class of Shares where Shareholders are entitled to vote thereon as a Class together with not
less than an absolute majority of the remaining votes,

have waived notice of the meeting and for this purpose presence at the meeting shall be deemed to constitute a waiver.

15.6. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by
any Shareholder shall not invalidate the proceedings at any meeting.

16. Proceedings at Meetings of Shareholders

16.1. No business shall be transacted at any Shareholders' meeting
unless a quorum of Shareholders is present at the time when the meeting proceeds to business. Save as otherwise provided by these Articles,
a quorum shall consist of the holder or holders present in person or by proxy entitled to exercise at least one third of the voting rights
of the shares of each class or series of shares entitled to vote as a class or series thereon and the same proportion of the votes of
the remaining shares entitled to vote thereon. If the Company has only one Shareholder, that only Shareholder shall have full power to
represent and act for the Company in all matters and in lieu of minutes of a meeting shall record in writing and sign a note of memorandum
of all matters requiring a resolution of members.

16.2. If, within half an hour from the time appointed for the meeting a quorum is not present, the meeting,
if convened upon the requisition of Shareholder(s), shall be dissolved.

16.3. If the Directors decide to make such facility available for a specific Shareholders' meeting or
all Shareholders' meetings of the Company, participation in any Shareholders' meeting may be by means of a telephone or by
other electronic means provided that all Persons participating in such meeting are able to hear each other and such participation shall
be deemed to constitute presence in person at the meeting.

16.4. The Chairman, if any, of the board of Directors shall preside as Chairman at every Shareholders'
meeting of the Company, or if there is no such Chairman, or if he shall not be present within fifteen minutes after the time appointed
for the holding of the meeting or is unwilling to act, the Directors present shall elect one of their number to be Chairman of the meeting.

16.5. If at any meeting no Director is willing to act as Chairman or if no Director is present within fifteen
minutes after the time appointed for holding the meeting, the Shareholders present shall choose one of their number to be Chairman of
the meeting.

16.6. The Chairman may, with the consent of any meeting at which a quorum is present (and shall if so directed
by the meeting), adjourn the meeting from time to time and from place to place but no business shall be transacted at any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took place. When a meeting is adjourned for thirty days
or more, 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 adjournment or of the business to be transacted at an adjourned meeting.

17. Votes of Shareholders

17.1. At any meeting of members a resolution put to the vote of the meeting shall be decided on a show of hands
by a simple majority, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman; or
one or more Shareholders present in person or by proxy entitled to vote and who together hold not less than ten (10) percent of the total
voting share issued and having the right to vote on such resolution. Unless a poll is so demanded, a declaration by the Chairman that
a resolution has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that
effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of the number or proportion
of the votes recorded in favour of or against such resolution.

17.2. If a poll is duly demanded it shall be taken in such manner as the Chairman directs, and the result of
the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. The demand for a poll may be withdrawn, at
the discretion of the Chairman.

17.3. On a poll, every holder of a voting share present in person
or by proxy shall have one vote for every voting share of which he is the holder which confers the right to a vote on the resolution.

17.4. In the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of the meeting
at which the show of hands takes place, or at which the poll is demanded, shall not be entitled to a second or casting vote.

17.5. In the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of the meeting
at which the show of hands takes place or at which the poll is demanded, shall be entitled to a casting vote.

17.6. A poll demanded on the election of a Chairman or on a question of adjournment shall be taken forthwith.
A poll demanded on any other question shall be taken at such time and in such manner as the Chairman of the meeting directs and the result
of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. Any business other than that upon which
a poll has been demanded may be proceeded with pending the taking of the poll.

17.7. In the case of joint holders:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of them is present in person or by proxy, he may vote on behalf of all of them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two or more are present in person or by proxy, they must vote as one.

17.8. A Shareholder of unsound mind, or in respect of whom an order has been made by any court having jurisdiction
in lunacy, may vote in respect of Shares carrying the right to vote held by him, whether on a show of hands or on a poll, by the person
or persons appointed by that court, and any such person or persons may vote by proxy.

17.9. No person shall be entitled to vote at any Shareholders' meeting unless he is registered as a Shareholder
in the Register of Members on the date of such meeting and unless all calls or other sums presently payable by him in respect of Shares
of the Company have been paid.

17.10. No objection shall be raised to the qualifications of any voter except at the meeting or adjourned meeting
at which the vote objected to is given or tendered and every vote not disallowed at such meeting shall be valid for all purposes. Any
such objection made in due time shall be referred to the Chairman of the meeting, whose decision shall be final and conclusive.

17.11. On a poll or on a show of hands votes may be given either personally or by proxy. On a poll, a Shareholder
entitled to more than one vote need not, if he votes, use all his votes or cast all votes he uses the same way.

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

17.13. The provisions of the Memorandum and the Articles as regards Shareholders' meetings and Resolutions
of Shareholders shall apply mutatis mutandis to any meeting or resolution of the holders of a Class or Series of Shares.

18. Proxies

18.1. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney
duly authorised in writing or, if the appointor is a corporation, either under seal or under the hand of an officer or attorney duly authorised.
A proxy need not be a Shareholder of the Company. Deposit or delivery of a form of appointment of a proxy does not preclude a Shareholder
from attending and voting at the meeting or at any adjournment of it.

18.2. The instrument appointing a proxy shall be deposited at the Registered Office or at such other place as
is specified for that purpose in the notice convening the meeting no later than the time for holding the meeting, or adjourned meeting,
provided that the Chairman of the meeting may at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited
upon receipt of confirmation from the appointor that the instrument of proxy duly signed is in the course of transmission to the Company.
The Directors may require the production of any evidence which they consider necessary to determine the validity of any appointment pursuant
to this Article.

18.3. The instrument appointing a proxy may be in any form acceptable to the Directors and may be expressed
to be for a particular meeting and/or any adjournment thereof or generally until revoked.

18.4. The instrument appointing a proxy shall be deemed to confer authority to demand and to join in demanding
a poll.

18.5. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the
previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed or the transfer
of the Share in respect of which the proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer
as aforesaid shall have been received by the Company at the registered office before the commencement of the meeting or adjourned meeting
at which the proxy is used.

19. Corporations Acting by Representatives at Meetings

Any Shareholder or Director that is a corporation or other entity may by resolution of its directors or other governing body authorise such natural person as it thinks fit to act as its representative at any meeting of the Company or of any meeting of holders of a Class or Series or of the Directors or of a committee of Directors, 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 Shareholder or Director.

20. Directors

20.1. Except during the period from the date of incorporation until the date on which the first Directors are
appointed by the first Registered Agent of the Company pursuant to Article **Error! Reference source not found.**, the minimum number
of Directors shall be one.

20.2. Subject to Article 17.1 above, the Company may by a Resolution of Shareholders or a Resolution of Directors
from time to time fix the maximum and minimum number of Directors to be appointed but unless such numbers are fixed as aforesaid the minimum
number of Directors shall be one and the maximum number of Directors shall be unlimited.

20.3. Subject to these Articles, the Company may appoint any natural person or corporation to be a Director.
The following are disqualified from appointment as a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an individual who is under eighteen years of age;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person who is a disqualified person within the meaning of section 260(4) of the Insolvency Act (or any
successor provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person who is a restricted person within the meaning of section 409 of the Insolvency Act (or any successor
provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an undischarged bankrupt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other person disqualified by the Memorandum and these Articles.

20.4. The Directors, or if the Shares (or depository receipts therefore) are listed or quoted on a Designated
Stock Exchange, and if required by the Designated Stock Exchange, any committee thereof, may, by a Resolution of Directors, fix the emoluments
of Directors with respect to services to be rendered in any capacity to the Company.

20.5. The remuneration to be paid to the Directors shall be such remuneration as the Directors shall determine.
Such remuneration shall be deemed to accrue from day to day. The Directors may also be paid travelling,
hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors
or Shareholders' meetings of the Company or in connection with the business of the Company or the discharge of their duties as a
Director, or receive a fixed allowance in respect thereof as may be determined by the Directors from time to time or a combination of
partly of one such method and partly the other. The Directors may provide benefits, whether by the payment of gratuities or pensions or
by insurance or otherwise, for any existing Director or any Director who has held but no longer holds any executive office or employment
with the Company or with any body corporate which is or has been a subsidiary of the Company or a predecessor in business of the Company
or of any such subsidiary, and for any member of his family (including a spouse and a former spouse) or any person who is or was dependent
on him, and may (as well before as after he ceases to hold such office or employment) contribute to any fund and pay premiums for the
purchase or provision of any such benefit.

20.6. A Director or alternate Director may be or become a Director
or other officer of, or otherwise interested in, any company promoted by the Company or in which the Company may be interested as Shareholder
or otherwise, and no such Director shall be accountable to the Company for any remuneration or other benefits received by him as a Director
or officer of, or from his interest in, such other company unless the Company otherwise directs in Shareholders' meeting.

20.7. The Directors may by a Resolution of Directors award special remuneration to any Director undertaking
any special work or services which in the opinion of the Directors are beyond his ordinary routine work as a Director. Any fees paid to
a Director who is also counsel or attorney- at-law to the Company, or otherwise serves it in a professional capacity, shall be in addition
to his remuneration as a Director.

20.8. A Director or alternate Director may act by himself or his firm in a professional capacity for the Company,
and he or his firm shall be entitled to remuneration for professional services as if he were not a Director or alternate Director; provided
that nothing herein obtained shall authorise a Director or alternate Director or his firm to act as Auditor of the Company.

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

21. Alternate Directors

21.1. Any Director may appoint as an alternate any other director or any other person who is not disqualified
for appointment as a director to exercise the appointing director's powers, and carry out the Director's responsibilities,
in relation to the taking of decisions by the directors in the absence of the Director. An alternate director has the same rights as the
Director appointing him in relation to any Directors' meeting and any written resolution circulated for written consent. Any exercise
by the alternate director of the Director's powers in relation to the taking of decisions by the Directors, is as effective as if
the powers were exercised by the Director appointing him.
The remuneration of such alternate shall be payable out of the remuneration of the Director appointing him and the proportion thereof
shall be agreed between them. Where the alternate is a Director he shall be entitled to have a separate vote on behalf of the Director
he is representing in addition to his own vote.

21.2. An alternate director is liable for his own acts and omissions as an alternate director. An alternate
director has no power to appoint an alternate, whether of the Director appointing him or of the alternate director; and does not act as
an agent of or for the Director.

21.3. The appointment of an alternate director must be in writing and written notice of the appointment must
be given by the Director appointing him to the Company as soon as reasonably practicable.

21.4. The Director may, at any time, terminate the alternate's
appointment. The termination of the appointment of an alternate director does not take effect until written notice of the termination
has been given to the Company. Once termination of appointment takes effect, the former alternate directors shall not be an Officer.

22. Powers and Duties of Directors

22.1. The business of the Company shall be managed by the Directors (or a sole Director if only one is appointed)
who may exercise all the powers of the Company save where inconsistent with the Act or these Articles PROVIDED HOWEVER that no regulations
made by the Company in Shareholders' meeting shall invalidate any prior act of the Directors which would have been valid if that
regulation had not been made. The powers given by this Article shall not be limited by any special power given to the Directors by the
Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors.

22.2. Without limitation, the Directors may exercise all the powers of the Company to borrow or raise monies,
and to mortgage or charge its undertaking, property and uncalled capital, or any part thereof, and to issue debentures, debenture stock,
and other securities whether outright or as security for any debt liability or obligation of the Company or of any third party.

22.3. Section 175 of the Act shall not apply to the Company. The Directors have the power to sell, transfer,
lease, exchange or otherwise dispose of the assets of the Company, without restriction.

22.4. All cheques, promissory notes, drafts, bills of exchange or other negotiable instruments, and all receipts
for monies 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 determine by resolution.

22.5. The Directors may, by a Resolution of Directors, designate one or more committees of Directors, each consisting
of one or more Directors, in accordance with section 110 of the Act.

22.6. Each committee of Directors has such powers of the Directors, including the power to affix the Seal and
to appoint a sub-committee and delegate its powers to that sub-committee, as are set forth in the Resolution of Directors establishing
the committee of Directors, except that no committee of Directors may be delegated any power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to amend the Memorandum or these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to designate committees of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to delegate powers to a committee of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to appoint or remove Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to appoint or remove agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to approve a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to make a declaration of solvency for the purposes of section 198(1)(a) of the Act or approve a liquidation
plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to make a determination under section 57(1) of the Act that
the company will, immediately after a proposed distribution, satisfy the Solvency Test.

22.7. The Directors shall cause minutes to be made in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of all appointments of Officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of the names of the Directors or their alternates present at each meeting of the Directors and of any committee
of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of all resolutions and proceedings at all meetings of the Company, and of the Directors, and of committees
of Directors.

22.8. The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any
Director who has held any other salaried office or place of profit with the Company or to his widow or dependents and make contributions
to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

23. Conflict of Interest

23.1. No Director or Officer shall be disqualified by his office from contracting and/or dealing with the Company
as vendor, purchaser or otherwise; nor shall any such contract or any contract or arrangement entered into by or on behalf of the Company
in which any Director or officer shall be in any way interested be or be liable to be avoided; nor shall any Director or officer so contracting
or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such
Director or officer holding that office or the fiduciary relationship thereby established; provided that disclosure of interest by the
Director is made in accordance with Article 20.2.

23.2. A Director shall forthwith after becoming aware of the fact that he is interested in a transaction entered
into or to be entered into by the Company, disclose the interest to the board of Directors. Where a Director's interest in a transaction
is not disclosed in accordance with this Article prior to the transaction being entered into, unless it is not required to be disclosed
in accordance with

Article 20.4 below, the transaction is voidable by the Company.

23.3. Notwithstanding the previous Article, a transaction entered into by the Company is not voidable by the
Company if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the material facts of the interest of the Director in the transaction are known by the Shareholders entitled
to vote at a meeting of Shareholders and the transaction is approved or ratified by a Resolution of Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company received fair value for the transaction, and such determination of fair value is made on the
basis of the information known to the Company and the interested Director at the time that the transaction was entered into.

23.4. A Director is not required to disclose and interest pursuant
to Article 20.2 above, if the transaction is between the Company and the Director and the transaction or proposed transaction is or is
to be entered into in the ordinary course of the Company's business and on usual terms and conditions.

23.5. A Director who is interested in a transaction entered into or to be entered into by the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on or consent to a Resolution of Directors regarding the transaction or a matter relating to the
transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of Directors at which the transaction or a matter relating to the transaction arises
and be included among the Directors present at the meeting for the purpose of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign a document on behalf of the company, or do any other thing in his capacity as a Director, that relates
to the transaction or a matter relating to the transaction.

24. Appointment and Removal of Directors

24.1. The first Director(s) shall be appointed by the first Registered Agent of the Company within six Months
of the date of its incorporation, and thereafter, a Director may be appointed by Resolution of Shareholders or by a Resolution of Directors.
Any appointment may be either to fill a casual vacancy or as an addition to the existing Directors but so that the total number of Directors
(exclusive of alternate Directors) shall not at any time exceed the number fixed in accordance with these Articles.

24.2. Any Director so appointed shall, if still a Director, retire at the next annual general meeting after
his appointment and be eligible to stand for election as a Director at such meeting.

24.3. For so long as shares are listed on a Designated Stock Exchange, the Directors shall include at least
such number of independent directors as applicable law, rules or regulations or the Designated Stock Exchange rules require as determined
by the Board.

24.4. No person shall be appointed as a director or alternate director of the Company unless he has consented in writing
to be a director or alternate director.

24.5. Each Director shall hold office for the term, if any, fixed by the Resolution of Shareholders or the Resolution
of Directors, as the case may be, appointing him. In the case of a Director who is an individual the term of office of a Director shall
terminate on the Director's death, resignation or removal. In the case of a Director who is not an individual, the bankruptcy of
a Director or the appointment of a liquidator, administrator or receiver of a corporate Director shall terminate the term of office of
such Director.

24.6. A Director may be removed by a Resolution of Directors or by a Resolution of Shareholders. Sections 114(2)
and 114(3) of the Act shall not apply to the Company.

25. Appointment at Annual General Meeting

Unless re-appointed pursuant to the provisions of Article 21 or removed from office pursuant to the provisions of Article 21.6, each Director shall be appointed for a term expiring at the next- following annual general meeting of the Company. At any such annual general meeting, Directors will be elected by Resolution of Shareholders. At each annual general meeting of the Company, each Director elected at such meeting shall be elected to hold office for one-year.

26. Resignation of Directors

26.1. A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

26.2. Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

27. Termination of Directors

27.1. A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

27.2. Without prejudice to the provisions in these Articles for retirement, a Director's office shall
be terminated forthwith if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is prohibited by law from serving as Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) resigns his office by notice in writing to the Company or otherwise pursuant to any agreement between the
Company and such Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is removed from office in accordance with Article 21.6 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is requested by all the other Directors (numbering at least two) to resign; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if he absents himself (without being represented by proxy or an alternate Director appointed by him) from
three consecutive meetings of the Board without special leave of absence from the Directors, and they pass a resolution that he has by
reason of such absence vacated office.

28. Proceedings of Directors

28.1. The Directors may meet together for the dispatch of business,
adjourn and otherwise regulate their meetings as they think fit. Questions arising at any meeting shall be decided by a majority of votes.
In case of an equality of votes, the Chairman shall have a second or casting vote. A Director may, and the Secretary on the requisition
of a Director shall, at any time summon a meeting of the Directors. Every Director shall receive notice of a board meeting. Notice of
a board meeting is deemed to be duly given to a Director if it is given to him personally or by word of mouth or by electronic communication
to an address given by him to the Company for that purpose or sent in writing to him at his last known address or other address given
by him to the Company for that purpose. A Director or his alternate may waive the requirement that notice be given to the Director of
a meeting of the board of Directors or committee of the Directors, either prospectively or retrospectively.

28.2. The quorum necessary for the transaction of the business of the Directors may be fixed by the Directors
and unless so fixed shall be two (2), a Director and his appointed alternate Director being considered only one person for this purpose,
PROVIDED ALWAYS that if there shall at any time be only a sole Director the quorum shall be one. One person may represent more than one
Director by alternate and for the purposes of determining whether or not a quorum is present and voting each appointment of an alternate
shall be counted.

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

28.4. The continuing Directors or sole continuing Director may act notwithstanding any vacancy in their body
but, if and so long as their number is reduced below the number fixed by or pursuant to the Articles as the necessary quorum of Directors,
the continuing Directors or Director may act for the purpose of increasing the number of Directors to that number, or of summoning a Shareholders'
meeting of the Company, but for no other purpose.

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

28.6. A committee may elect a Chairman of its meetings; if no such Chairman is elected, or if at any meeting
the Chairman is not present the members present may choose one of their number to be Chairman of the Meeting.

28.7. A committee may meet and adjourn as it thinks proper. Questions arising at any meeting shall be determined
by a majority of votes of the members present, and in the case of an equality of votes the Chairman shall have a second or casting vote.

28.8. All acts done by any meeting of the Directors or of a committee of the Directors (including any person
acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were
not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate
Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

28.9. A resolution in writing (in one or more counterparts), signed
by all the Directors for the time being or all the members of a committee of Directors (a person being an alternate Director for one
or more Directors being entitled to sign such resolution on behalf of each appointor) shall be as valid and effectual as if it had been
passed at a meeting of the Directors or committee as the case may be duly convened and held.

28.10. Any Director or Directors or any committee thereof may participate in any meeting of the board of Directors
or of such committee by means of conference telephone or similar communications equipment by means of which all persons participating
in the meeting can hear each other and participation in a meeting pursuant to this provision shall constitute presence in person at such
meeting. All business transacted in this way by the Directors or a committee of Directors is for the purpose of the Articles deemed to
be validly and effectively transacted at a meeting of the Directors or of a committee of Directors although fewer than two Directors or
alternate Directors are physically present at the same place.

28.11. A Director who is present at a meeting of the Directors at which action on any Company matter is taken
shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he
shall file his written dissent from such action with the person acting as the secretary of the meeting before the adjournment thereof
or shall forward such dissent by registered mail to the Company immediately after the conclusion of the meeting. Such right to dissent
shall not apply to a Director who voted in favour of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.12. If and for so long as there is a sole Director of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he may exercise all powers conferred on the Directors by the Articles by any means permitted by the Articles
or the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the quorum for the transaction of business is one; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other provisions of the Articles apply with any necessary modification (unless the provision expressly
provides otherwise).

29. Managing Director

29.1. The Directors may from time to time appoint one or more of their body to the office of managing director
for such period and on such terms as they think fit and, subject to the terms of any agreement entered into in any particular case, may
revoke such appointment. A Director so appointed shall be subject to the same provisions as regards removal and disqualification as the
other Directors and his appointment shall be automatically determined if he ceases for any cause to be a Director.

29.2. A managing director shall receive such remuneration (whether by way of salary, commission or participation
in profits, or partly in one way and partly in another) as the Directors may determine.

29.3. The Directors may entrust to and confer upon a managing director any powers, authorities and discretions
exercisable by them upon such terms and conditions and with such restrictions as they may think fit, and either collaterally with or to
the exclusion of their own powers and may from time to time revoke, alter, withdraw or vary all or any of such powers.

30. Presumption of Assent

A Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the person acting as secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the Secretary immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

31. Management

31.1. The Directors may from time to time provide for the management of the affairs of the Company in such manner
as they think fit and the provisions contained in the three next following Articles shall be without prejudice to the general powers conferred
by this Article.

31.2. The Directors from time to time and at any time may establish any committees, boards or agencies, may
appoint any persons to be members of such committees or boards, may appoint any managers or agents, and may fix their remuneration. Any
committee so formed shall in the exercise of powers so delegated conform to any regulations that may be imposed on it by the Directors.

31.3. The Directors from time to time and at any time may delegate to any such committee, board, manager or
agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the
time being of any such board, or any of them, to fill up any vacancy therein, and to act notwithstanding vacancies, and any such appointment
or delegation may be made on such terms and subject to such conditions as the Directors may think fit, and the Directors may at any time
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. Where a provision of the Articles refers to the exercise of a power, authority
or discretion by the Directors and that power, authority or discretion has been delegated by the Directors to a committee, the provision
shall be construed as permitting the exercise of the power, authority or discretion by the committee.

31.4. The Directors may from time to time and at any time by power of attorney appoint any company, firm or
person or body of persons, whether nominated directly or indirectly by the Directors, 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 the
Articles) and for such period and subject to such conditions as they may think fit, and any such powers of attorney 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 delegate all or any of the powers, authorities and discretions vested in him.

31.5. Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers,
authorities and discretions for the time being vested in them.

32. Officers

32.1. The Directors may, by a Resolution of Directors, appoint any
person, including a person who is a Director, to be an Officer or agent of the Company. Officers of the Company may consist of a president,
one or more vice presidents, a Secretary, one or more assistant secretaries, a treasurer, one or more assistant treasurers and such other
officers as the Directors may from time to time think necessary and all such officers shall perform such duties as may be prescribed
by the Resolution of Directors.

32.2. Officers shall hold office until their successors are elected or appointed but any officer may be removed
at any time by a Resolution Directors. If any office becomes vacant the Directors may fill the same. Any person may hold more than one
of these offices and no officer need be a Shareholder or Director.

32.3. The Resolution of Directors appointing an agent pursuant to Article 29.1 above may authorise the agent
to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company.

32.4. Every Officer or agent of the Company has such powers and authority of the Directors, including the power
and authority to affix the Seal, as are set forth in these Articles or in the Resolution of Directors appointing the Officer or agent,
except that no Officer or agent has any power or authority with respect to the matters requiring a Resolution of Directors under the Act
or these Articles or are otherwise not permitted to be delegated under the Act.

33. The Seal

33.1. The Company shall have a Seal. The Directors shall provide for the safe custody of the Seal. An imprint
of the Seal shall be kept at the office of the Registered Agent.

33.2. The Seal shall only be used with the authority of the Directors or a committee of the Directors authorised
by a Resolution of Directors in that regard. Every instrument to which the Seal shall be affixed shall be signed by a Director or other
person authorised by the Directors for that purpose. Notwithstanding the provisions hereof, a Director, Secretary or other officer may
affix the Seal to returns, lists, notices, certificates or any other documents required to be authenticated by him under Seal or to be
filed with the Registrar of Companies in the British Virgin Islands or elsewhere under his signature alone.

33.3. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint
and such facsimile Seal shall only be used with the authority of the Directors or a committee of the Directors authorised by a Resolution
of Directors in that regard.

33.4. An instrument under seal or deed may be executed by the Company in any manner permitted by the Act.

34. Distributions

34.1. The Company may, from time to time, by a Resolution of Directors authorise a Distribution by the Company
at such time, and of such amount, to any Shareholders, as it thinks fit if they are satisfied, on reasonable grounds, that immediately
after the Distribution, the Company satisfies the following solvency test:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the value of the Company's assets will exceed its liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company will be able to pay its debts as they fall due.

34.2. The Directors may, before making any Distribution, set aside out of the profits of the Company such sum
as they think proper as a reserve fund, and may invest the sum so set apart as a reserve fund upon such securities as they may select.

34.3. Notice of any Distribution that may have been authorised shall be given to each Shareholder in the manner
hereinafter mentioned and all Distributions unclaimed for three years after having been declared may be forfeited by Resolution of Directors
for the benefit of the Company.

34.4. No Distribution shall bear interest as against the Company and no Distribution shall be authorised or
made on Treasury Shares.

34.5. If several persons are registered as joint holders of any Shares, any one of such persons may give receipt
for any Distribution made in respect of such Shares.

34.6. The Directors may deduct from any distribution payable to any Shareholder all sums of money (if any) presently
payable by him to the Company on account of calls or otherwise.

34.7. The Directors may declare that any distribution be paid wholly or partly by the distribution of specific
assets and in particular of paid-up Shares, debentures or debenture stock of any other company or in any one or more of such ways and
where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient and in particular
may issue fractional certificates and fix the value for distribution of such specific assets or any part thereof and may determine that
cash payments shall be made to any Shareholders upon the footing of the value so fixed in order to adjust the rights of all Shareholders
and may vest any such specific assets in trustees as may seem expedient to the Directors.

34.8. Any distribution payable in cash may be paid by cheque or warrant sent through the post directed to the
registered address of the holder, or, in the case of joint holders, to the holder who is first named on the Register of Members or to
such person and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable
to the order of the person to whom
it is sent. Any one of two or more joint holders may give effectual receipts for any dividends, distributions, bonuses or other monies
payable in respect of the Shares held by them as joint holders.

34.9. Distributions may be paid in any currency. The Directors may determine the basis of conversion.

34.10. Any distribution which cannot be paid to a Shareholder and/or which remains unclaimed after six Months
from the date on which such distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the
Company's name, provided that the Company shall not be constituted as a trustee in respect of that account and the distribution
shall remain as a debt due to the Shareholder. Any distribution which remains unclaimed after a period of six years from the date on which
such distribution becomes payable shall be forfeited and shall revert to the Company.

35. Corporate Records and Registers

35.1. The Company shall keep such records and underlying documentation
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are sufficient to show and explain the Company's transactions; and

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

35.2. The Directors shall also cause the following corporate records to be kept:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of all meetings of Directors, Shareholders, committees of Directors, committees of Officers and committees
of Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of all resolutions consented to by Directors, Shareholders, Classes of Shareholders, committees of
Directors, committees of Officers and committees of Shareholders.

35.3. The Company shall maintain at the Registered Office or at the office of the Registered Agent a register

charge on property acquired by the Company, the date on which the property was acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a short description of the liability secured by the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short description of the property charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name and address of the trustee for the security, or if there is no such trustee, the name and address
of the chargee;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) details of any prohibition or restriction, if any, contained in the instrument creating the charge on
the power of the Company to create any future charge ranking in priority to or equally with the charge.

35.4. The Company shall keep a Register of Directors containing:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the Register of Directors was appointed as a Director,
or nominated as a reserve director, of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person named as a Director ceased to be a Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which the nomination of any person nominated as a reserve director ceased to have effect.

35.5. The Register of Directors or a copy of it shall be kept at the
office of the Registered Agent and the Company shall file a copy of such Register of Directors with the Registrar of Corporate Affairs
for registration, where required by the Act.

35.6. The Directors shall keep, or cause to be kept, the original Register of Members in accordance with the
Act, at such place as the Directors may from time to time determine and, in the absence of any such determination, the original Register
of Members shall be kept either at the office of the Registered Agent or the office of the Company's transfer agent.

35.7. The books, corporate records and underlying documentation shall be kept at the office of the Registered
Agent or at such other place or places, within or outside the British Virgin Islands as the Directors think fit, and shall always be open
to the inspection of the Directors.

35.8. Subject to the Act, he Directors may from time to time determine whether and to what extent and at what
times and places and under what conditions or regulations the books, corporate records and underlying documentation of the Company or
any of them shall be open to the inspection of Shareholders not being Directors, and no Shareholder (not being a Director) shall have
any right of inspecting any records or underlying documentation of the Company except as conferred by the Act or other applicable law
or authorised by a Resolution of Directors or by a Resolution of Shareholders.

35.9. Audited accounts relating to the Company's affairs shall only be prepared if the Directors so determine,
in which case the financial year end and the accounting principles will be determined by the Directors.

36. Audit

36.1. The Directors may appoint an Auditor or Auditors on such terms as the Directors determine who shall hold
office until otherwise resolved.

36.2. Every Auditor shall have the right of access at all times to the books and accounts and vouchers of the Company and
shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary for the
performance of the duties of the auditors.

36.3. Auditors shall at any time during their term of office, upon request of the Directors, make a report on
the accounts of the Company in Shareholders' meeting during their tenure of office.

36.4. Any Auditors of the Company appointed shall not be deemed to be Officers.

37. Fiscal Year

The fiscal year of the Company shall end on the 31<sup>st</sup> day of December in each year unless the Directors prescribe some other period therefor.

38. Notices

38.1. A notice may be given by the Company to any Shareholder either
personally or by sending it by courier, post, cable, telex, telefax or e-mail to him or to his registered address, or (if he has no registered
address) to the address, if any, within or without the British Virgin Islands supplied by him to the Company for the giving of notice
to him.

38.2. Where a notice is sent by courier, service of the notice shall be deemed to be effected by delivery of
the notice to a courier company, and shall be deemed to have been received on the third day (not including Saturdays or Sundays or public
holidays) following the day on which the notice was delivered to the courier. Where a notice is sent by post, service of the notice shall
be deemed to be effected by properly addressing, pre-paying and posting a letter containing the notice, and to have been effected in the
case of a notice of a meeting at the expiration of fourteen days after the letter containing the same is posted, and in any other case
at the time at which the letter would be delivered in the ordinary course of post. Any letter sent to an address outside the British Virgin
Islands shall be sent by courier or airmail.

38.3. Where a notice is sent by cable, telex, telefax or e-mail, service of the notice shall be deemed to be
effected by properly addressing and sending such notice and to have been effected on the day received or, if such day is not a working
day, on the next working day.

38.4. A notice may be given by the Company to the person or persons where the Company has been advised are entitled
to a Share in consequence of the death or bankruptcy of a Shareholder by sending it through the post in prepaid letter addressed to them
by name, or by the title of representatives of the deceased or trustee of the bankrupt, or by any like description, at the address, if
any, within or without the British Virgin Islands supplied for that purpose by the persons claiming to be so entitled, or (until such
an address has been supplied) by giving the notice in any manner in which the same might have been given if the death or bankruptcy had
not occurred.

38.5. A notice shall be sufficiently given by the Company to the joint holders of record of a Share by giving
the notice to the joint holder first named on the Register of Members in respect of the Share.

38.6. Notice of every Shareholders' meeting shall be given in any manner hereinbefore authorised to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every person shown as a Shareholder in the Register of Members subject, in each case, to the immediately
preceding Article; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every person upon whom the ownership of a Share devolves by reason of his being a legal personal representative
or a trustee in bankruptcy of a Shareholder where the Shareholder but for his death or bankruptcy would be entitled to receive notice
of the meeting.

38.7. No other person shall be entitled to receive notices of Shareholders' meetings.

38.8. A Shareholder who is present, either in person or by proxy, at any meeting of the Company or of the holders
of any class of Shares in the Company shall be deemed to have received notice of the meeting, and, where requisite, of the purpose for
which it was called.

38.9. Every person who becomes entitled to any Share shall be bound
by any notice in respect of that Share which, before his name is entered in the Register of Members, has been given to the person from
whom he derives his title.

38.10. Subject to the rights attached to Shares, the Directors may fix any date as the record date for a dividend,
allotment or issue. The record date may be on or at any time before or after a date on which the dividend, allotment or issue is declared,
made or paid.

39. Voluntary Liquidation and Winding Up

39.1. The Company may voluntarily commence its liquidation and dissolution by appointing a voluntary liquidator
in accordance with section 199 of the Act if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has no liabilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is able to pay its debts as they fall due and the value of its assets equals or exceeds its liabilities.

39.2. A voluntary liquidator may be appointed by a Resolution of Shareholders or, if the Company has never issued
Shares, by a Resolution of Directors.

39.3. If the Company is to be liquidated, the liquidator shall apply the assets of the Company in such manner and
order as he thinks fit in satisfaction of creditors' claims.

39.4. Subject to any rights and restrictions for the time being attributed to any Class or Series, the assets
available for distribution among the Shareholders shall then be applied in the following priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first, in the payment to the Shareholders a sum equal to the par value of the Shares held by them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) second, subject to the rights attaching to Shares set out in the Memorandum, in the payment of any balance
to the Shareholders of whole of the paid-up capital in respect of the Shares held by them.

39.5. If the Company shall be wound up and the assets available for distribution amongst the Shareholder as
such shall be insufficient to repay the whole of the paid-up capital, such assets shall be, subject to the rights attaching to Shares
set out in the Memorandum, distributed so that, as nearly as may be, the losses shall be borne by the Shareholder in proportion to the
capital paid up, or which ought to have been paid up, at the commencement of the winding up on the Shares held by them respectively. And
if in a winding up the assets available for distribution amongst the Shareholders shall be more than sufficient to repay the whole of
the capital at the commencement of the winding up, the excess shall be distributed amongst the Shareholders in proportion to the capital
at the commencement of the winding up paid up on the Shares held by them respectively. But this Article is to be without prejudice to
the rights of the holders of Shares issued upon special terms and conditions.

39.6. If the Company shall be wound up, the liquidator may divide
amongst the Shareholder in specie or kind the whole or any part of the assets of the Company (whether they shall consist of property
of the same kind or not) and may, for such purpose, set such value as he deems fair upon any property to be divided as aforesaid and
may determine how such division shall be carried out as between the Shareholder or different classes of Shareholder. The liquidator may,
with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholder as
the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any Shares or other
securities whereon there is any liability.

40. Indemnity

40.1. Every Director, Secretary, or other officer of the Company (including alternate directors and former directors
and officers), any trustee for the time being acting in relation to the Company (including any nominee Shareholder holding Shares in the
Company) and their heirs and personal representatives (each an "Indemnified person") shall be entitled to be indemnified out
of the assets of the Company against all actions, proceedings, costs, damages, expenses, claims, losses or liabilities which they or any
of them may sustain or incur by reason of any act done or omitted in or about the execution of the duties of their respective offices
or trusts or otherwise in relation thereto, including any liability incurred by him in defending any proceedings, whether civil or criminal,
in which judgement is given in his favour or in which he is acquitted except to the extent that any of the foregoing arise through his
dishonesty.

40.2. The Company may only indemnify an Indemnified person if such person acted honestly and in good faith and
in what the indemnifiable person believed to be in the best interests of the Company and, in the case of criminal proceedings, the indemnifiable
person had no reasonable cause to believe that his conduct was unlawful.

40.3. The decision of the Directors as to whether the Indemnified person acted honestly and in good faith and
in what the indemnifiable person believed to be in the best interests of the Company and, in the case of criminal proceedings, as to whether
such person had no reasonable cause to believe that his conduct was unlawful, is in the absence of fraud, sufficient for the purposes
of these Articles, unless a question of law is involved.

40.4. No Indemnified person shall be liable (a) for any loss, damage or misfortune whatsoever which may happen
to or be incurred by the Company in the execution of the duties, powers, authorities or discretions of his office or in relation thereto,
(b) for the acts, receipts, neglects, defaults or omissions of any other such Director or person or (c) by reason of his having joined
in any receipt for money not received by him personally or (d) for any loss on account of defect of title to any property of the Company
or (e) on account of the insufficiency of any security in or upon which any money of the Company shall be invested or (f) for any loss
incurred through any bank, broker or other agent or (g) for any loss occasioned by any negligence, default, breach of duty, breach of
trust, error of judgement or oversight on his part or (h) for any other loss or damage due to any such cause as aforesaid except to the
extent that any of the foregoing arise through his dishonesty.

40.5. The Company shall advance to each Indemnified person reasonable
attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation
involving such Indemnified person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder,
the Indemnified person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment
or other final adjudication that such Indemnified person was not entitled to indemnification pursuant to this Article. If it shall be
determined by a final judgment or other final adjudication that such Indemnified person was not entitled to indemnification with respect
to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any
advancement shall be returned to the Company (without interest) by the Indemnified person.

40.6. The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director
or other officer of the Company against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect
of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company.

41. Registration by Way of Continuation

41.1. The Company may by Resolution of Directors or by Resolution of Shareholders resolve to be registered by
way of continuation in a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

41.2. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application
to be made to the Registrar of Corporate Affairs to de-register the Company in the British Virgin Islands and may cause all such further
steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

42. Merger and Consolidation

The Company shall, in accordance with the Act, have the power to merge or consolidate with one or more companies, upon such terms as the Directors may determine.

43. Disclosure

The Directors and the officers including any secretary or assistant secretary and/or any its service providers (including the registered office provider for the Company), shall be entitled to disclose to any regulatory or judicial authority, or to any stock exchange on which the Shares may from time to time be listed, any information regarding the affairs of the Company including, without limitation, any information contained in the Register of Members and books of the Company.

We, Sertus Incorporations (BVI) Limited of Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands in our capacity as registered agent for the Company hereby apply to the Registrar of Corporate Affairs for the incorporation of the Company this 4th day of July, 2017.

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| |
|:---|
| Incorporator |
| Sgd: Alyson Parker I Ann Penn |
| Alyson Parker *I* Ann Penn <br> Authorised Signatories |
| **Sertus Incorporations (BVI) Limited** |

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