# EDGAR Filing Document

**Accession Number:** 0001914805
**File Stem:** 0001493152-25-020239
**Filing Date:** 2025-10
**Character Count:** 213335
**Document Hash:** cbcba2c2c7b9ac9f97b604f082c942b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020239.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001493152-25-020239

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251030

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CBL International Ltd
- **CENTRAL INDEX KEY:** 0001914805
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41657
- **FILM NUMBER:** 251436143

**BUSINESS ADDRESS:**
- **STREET 1:** LEVEL 23-2, MENARA PERMATA SAPURA
- **STREET 2:** KUALA LUMPUR CITY CENTRE 50088
- **CITY:** KUALA LUMPUR
- **STATE:** N8
- **ZIP:** 0000
- **BUSINESS PHONE:** 603 2706 8280

**MAIL ADDRESS:**
- **STREET 1:** LEVEL 23-2, MENARA PERMATA SAPURA
- **STREET 2:** KUALA LUMPUR CITY CENTRE 50088
- **CITY:** KUALA LUMPUR
- **STATE:** N8
- **ZIP:** 0000

**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**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of October 2025

Commission File Number: 001-41657

**CBL INTERNATIONAL LIMITED**

**(Registrant's Name)**

**Level 23-2, Menara Permata Sapura**

**Kuala Lumpur City Centre**

**50088 Kuala Lumpur**

**Malaysia**

**(Address of Principal Executive Offices)**

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

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 ****

***Extraordinary General Meeting of Shareholders***

In connection with the extraordinary general meeting of shareholders of CBL International Limited (the "Company"), the Company hereby furnishes, as Exhibits 99.1 and 99.2 to this Report on Form 6-K, the Notice of Extraordinary General Meeting of Shareholders and the Form of Proxy Card, respectively, which are incorporated by reference herein.

This Report on Form 6-K, including its exhibits, is incorporated by reference into the registration statement on Form F-3 (File No. 333-284228) of the Company filed with the SEC, and into each prospectus supplement filed pursuant to such registration statement, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Notice of Extraordinary General Meeting of Shareholders of CBL International Limited to be Held on November 26, 2025](ex99-1.htm) |
| 99.2 | [Form of Proxy Card for the Extraordinary General Meeting of Shareholders of CBL International Limited to be Held on November 26, 2025](ex99-2.htm) |

---

**SIGNATURES**

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.

---

| | | |
|:---|:---|:---|
|  | **CBL International Limited** | **CBL International Limited** |
|  | By: | */s/ Teck Lim Chia* |
|  | Name: | Teck Lim Chia |
| Date: October 30, 2025 | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**CBL International Limited**

**Level 23-2 Permata Sapura**

**Kuala Lumpur City Centre**

**50088 Kuala Lumpur**

**Malaysia**

**NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS**

**To Be Held On November 26, 2025, AT 9:30 A.m. MALAYSIA TIME**

**(November 25, 2025 at 9:30 P.M. EASTERN TIME)**

To the shareholders of CBL International Limited:

**NOTICE IS HEREBY GIVEN** that CBL International Limited, a Cayman Islands exempted company with limited liability (the "Company," "we," "us," or "our") will hold an extraordinary general meeting of shareholders (the "**Extraordinary General Meeting**") on November 26, 2025, at 9:30 a.m. Malaysia Time (November 25, 2025, at 9:30 p.m., Eastern Time) in person at Room 3602-03A, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Hong Kong.

The Extraordinary General Meeting will be convened for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Proposal No.
 1 — To approve, as a special resolution, an alteration to the share capital
 of the Company by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) re-designating
 and re-classifying the authorized share capital of the Company from US$50,000 divided
 into 500,000,000 ordinary shares of par value US$0.0001 per share (the "**Ordinary Shares** "), to US$50,000 divided into (a) 30,000,000 Class A ordinary shares,
 par value US$0.0001 per share (the "**Class A Ordinary Shares**") and
 (b) 470,000,000 Class B ordinary shares, par value US$0.0001 per share (the "**Class B Ordinary Shares** "), in each case having the respective rights and privileges and
 being subject to the Third Amended and Restated Memorandum of Association and the Second
 Amended and Restated Articles of Association (each as defined in sub-paragraph (ii) below)
 (the "**Redesignation of Share Capital**") by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) re-designating
 13,175,000 Ordinary Shares held by CBL (Asia) Limited into Class A Ordinary Shares on a one-for-one
 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designating
 all issued and outstanding Ordinary Shares (except for the 13,175,000 Ordinary Shares held
 by CBL (Asia) Limited) into Class B Ordinary Shares on a one-for-one basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) re-designating
 16,825,000 of the remaining authorized but unissued Ordinary Shares into 16,825,000 Class
 A Ordinary Shares on a one-on-one basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) re-designating
 455,674,673 of the remaining authorized but unissued Ordinary Shares into 455,674,673 Class
 B Ordinary Shares on a one-on-one basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adopting
 the third amended and restated memorandum of association (the "**Third Amended and Restated Memorandum of Association**") and the second amended and restated articles
 of association (the "**Second Amended and Restated Articles of Association** ")
 of the Company, in the forms of <u>Appendices A</u> and <u>B</u>, respectively,
 to this Notice of Extraordinary General Meeting, as the memorandum and articles of association
 of the Company, in substitution for, and to the exclusion of, the existing Second Amended
 and Restated Memorandum of Association and Amended and Restated Articles of Association,
 respectively, of the Company (the "**M&A Amendment and Restatement** ",
 and together with the Redesignation of Share Capital, the "**Share Capital Alteration** ").

&nbsp;&nbsp;&nbsp;&nbsp;2. Proposal No.
 2 — To approve, as an ordinary resolution, a share consolidation of every
 issued and unissued ordinary share of par value US$0.0001 each of the Company (including
 the Class A Ordinary Shares and Class B Ordinary Shares upon the Redesignation of Share Capital
 taking effect) at a ratio of not less than one (1)-for-two (2) and not more than one (1)-for-twenty
 (20) (the "**Range** "), with the exact ratio to be set at a whole number within
 the Range by the board of directors of the Company (the "**Board of Directors** ")
 in its sole discretion and the effective date of such share consolidation (the "**Effective Date**") to be determined by the Board of Directors in its sole discretion, but in
 no event shall the Effective Date occur later than August 27, 2026 (the "**Share Consolidation** ").

i

&nbsp;&nbsp;&nbsp;&nbsp;3. Proposal
 No. 3 — To approve, as an ordinary resolution, to adjourn the Extraordinary General
 Meeting for any purpose, including to solicit additional proxies if there are insufficient
 votes at the time of the Extraordinary General Meeting to approve the proposals described
 above (the "**Adjournment** ").

The foregoing items of business are more completely described in the details of the proposals accompanying this notice. The Board of Directors unanimously recommends that the shareholders vote "FOR" Proposal Nos. 1, 2, and 3.

The Board of Directors has established the close of business on October 23, 2025 (Malaysia Time), as the "record date" that will determine the shareholders who are entitled to receive notice of, and to vote at, the Extraordinary General Meeting or at any adjournment or postponement of the Extraordinary General Meeting. The notice of the Extraordinary General Meeting and the proxy card will be first sent or made available to shareholders on or about October 30, 2025 (Malaysia Time).

Attendance at the Extraordinary General Meeting is limited to the Company's shareholders, their proxies, and invited guests of the Company.

---

| |
|:---|
| By order of the Board of Directors, |
| */s/ Teck Lim Chia* |
| Teck Lim Chia |
| Chairman & Chief Executive Officer |

---

ii

**QUESTIONS AND ANSWERS ABOUT THE EXTRAORDINARY GENERAL MEETING**

 

*The following questions and answers are intended to address briefly some commonly asked questions regarding the Extraordinary General Meeting. These questions and answers may not address all of the questions that may be important to you as shareholders. To better understand these matters, you should carefully read this entire notice to shareholders.*

**Q: Why am I receiving this notice to shareholders?**

A: The Company is holding an Extraordinary General Meeting to approve the Share Capital Alteration, the Share Consolidation, and the Adjournment (if necessary).

We have included in this notice to shareholders important information about the Extraordinary General Meeting. You should read this information carefully and in its entirety. The enclosed voting materials allow you to vote your shares without attending the Extraordinary General Meeting. Your vote is very important, and we encourage you to submit your proxy as soon as possible.

**Q: What proposals are the shareholders being asked to consider?**

**A:** The shareholders are being asked:

&nbsp;&nbsp;&nbsp;&nbsp;1. Proposal No.
 1 — To approve, as a special resolution, an alteration to the share capital
 of the Company by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) re-designating
 and re-classifying the authorized share capital of the Company from US$50,000 divided
 into 500,000,000 ordinary shares of par value US$0.0001 per share (the "**Ordinary Shares** "), to US$50,000 divided into (a) 30,000,000 Class A ordinary shares,
 par value US$0.0001 per share (the "**Class A Ordinary Shares**") and
 (b) 470,000,000 Class B ordinary shares, par value US$0.0001 per share (the "**Class B Ordinary Shares** "), in each case having the respective rights and privileges and
 being subject to the Third Amended and Restated Memorandum of Association and the Second
 Amended and Restated Articles of Association (each as defined in sub-paragraph (ii) below)
 (the "**Redesignation of Share Capital**") by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) re-designating
 13,175,000 Ordinary Shares held by CBL (Asia) Limited into Class A Ordinary Shares on a one-for-one
 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designating
 all issued and outstanding Ordinary Shares (except for the 13,175,000 Ordinary Shares held
 by CBL (Asia) Limited) into Class B Ordinary Shares on a one-for-one basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) re-designating
 16,825,000 of the remaining authorized but unissued Ordinary Shares into 16,825,000 Class
 A Ordinary Shares on a one-on-one basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) re-designating
 455,674,673 of the remaining authorized but unissued Ordinary Shares into 455,674,673 Class
 B Ordinary Shares on a one-on-one basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adopting
 the third amended and restated memorandum of association (the "**Third Amended and Restated Memorandum of Association**") and the second amended and restated articles
 of association (the "**Second Amended and Restated Articles of Association** ")
 of the Company, in the forms of <u>Appendices A</u> and <u>B</u>, respectively,
 to the Notice of Extraordinary General Meeting , as the memorandum and articles of
 association of the Company, in substitution for, and to the exclusion of, the existing Second
 Amended and Restated Memorandum of Association and Amended and Restated Articles of Association,
 respectively, of the Company (the "**M&A Amendment and Restatement** ",
 and together with the Redesignation of Share Capital, the "**Share Capital Alteration** ").

&nbsp;&nbsp;&nbsp;&nbsp;2. Proposal No.
 2 — To approve, as an ordinary resolution, a share consolidation of every
 issued and unissued ordinary share of par value US$0.0001 each of the Company (including
 the Class A Ordinary Shares and Class B Ordinary Shares upon the Redesignation of Share Capital
 taking effect) at a ratio of not less than one (1)-for-two (2) and not more than one (1)-for-twenty
 (20) (the "**Range** "), with the exact ratio to be set at a whole number within
 the Range by the Board of Directors in its sole discretion and the effective date of such
 share consolidation (the "**Effective Date**") to be determined by the Board
 of Directors in its sole discretion, but in no event shall the Effective Date occur later
 than August 27, 2026 (the "**Share Consolidation** ").

&nbsp;&nbsp;&nbsp;&nbsp;3. Proposal
 No. 3 — To approve, as an ordinary resolution, to adjourn the Extraordinary General
 Meeting for any purpose, including to solicit additional proxies if there are insufficient
 votes at the time of the Extraordinary General Meeting to approve the proposals described
 above (the "**Adjournment** ").

---

| | |
|:---|:---|
| **Q:** | **What are the recommendations of the Board of Directors?** |

---

---

| | |
|:---|:---|
| **A:** | The Board of Directors has determined that the approval of the Share Capital Alteration, the Share Consolidation, and the Adjournment (if necessary) are advisable and in the best interests of the Company and its shareholders and has unanimously approved the proposals described herein. The Board of Directors unanimously recommends that the Shareholders vote "FOR" the Share Capital Alteration, the Share Consolidation, and the Adjournment (if necessary). |

---

---

| | |
|:---|:---|
| **Q:** | **When and where will the Extraordinary General Meeting be held?** |

---

---

| | |
|:---|:---|
| **A:** | The Extraordinary General Meeting will be held on November 26, 2025 at 9:30 a.m. Malaysia Time (November 25, 2025, at 9:30 p.m., Eastern Time) in person at Room 3602-03A, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Hong Kong. |

---

---

| | |
|:---|:---|
| **Q:** | **Who is entitled to vote at the Extraordinary General Meeting?** |

---

---

| | |
|:---|:---|
| **A:** | The record date for the Extraordinary General Meeting is October 23, 2025 (Malaysia Time). Only holders of Ordinary Shares as of the close of business on the record date are entitled to notice of, and to vote at, the Extraordinary General Meeting or any adjournment or postponement thereof. As of the record date, there were 27,500,327 Ordinary Shares issued and outstanding. Each Ordinary Share that you own entitles you to one vote. |

---

---

| | |
|:---|:---|
| **Q:** | **What constitutes a quorum for the Extraordinary General Meeting?** |

---

---

| | |
|:---|:---|
| **A:** | At the Extraordinary General Meeting, the presence of two or more shareholders holding Ordinary Shares that represent a majority of the outstanding Ordinary Shares of the Company entitled to cast a vote at the Extraordinary General Meeting shall represent a quorum. |

---

---

| | |
|:---|:---|
| **Q:** | **How many votes are required to approve the proposals?** |

---

---

| | |
|:---|:---|
| **A:** | The approval of the Share Capital Alteration requires the affirmative vote of at least two-thirds (2/3) of the votes cast by shareholders entitled to vote in person or, by proxy, at a meeting at which a quorum is present. In the case of a shareholder being a corporation, its vote may be cast by its duly authorized representative at the Extraordinary General Meeting. A properly executed proxy card marked "Abstain" with respect to this proposal will not be voted. |

---

The approval of each of the Share Consolidation and the Adjournment (if necessary) requires the affirmative vote of a simple majority of the votes cast by shareholders entitled to vote in person or by proxy, at a meeting at which a quorum is present. In the case of a shareholder being a corporation, its vote may be cast by its duly authorized representative at the Extraordinary General Meeting. A properly executed proxy card marked "Abstain" with respect to these proposals will not be voted.

---

| | |
|:---|:---|
| **Q:** | **How do the shareholders vote?** |

---

---

| | |
|:---|:---|
| **A:** | If you are a holder of record on the record date, you may (i) vote in person at the Extraordinary General Meeting or (ii) by submitting a proxy for the Extraordinary General Meeting. |

---

There are three ways to vote by proxy:

● <u>By Internet</u> – You can vote over the internet at http://proxyvote.com by following the instructions on the proxy card. You will need to enter your control number, which is a 16-digit number located in a box on your proxy card that is included with your proxy materials. We encourage you to vote by Internet even if you received proxy materials in the mail.

● <u>By Telephone</u> – You may vote and submit your proxy by calling toll-free 1-800-690-6903 and providing your control number, which is a 16-digit number located in a box on your proxy card that is included with your proxy materials.

● <u>By Mail</u> –You can vote by mail by marking, dating, signing and returning the proxy card in the postage-paid envelope contained with your proxy materials.

Telephone and internet voting facilities for shareholders of record will be available 24 hours a day and will close at 11:59 p.m. Malaysia Time on November 23, 2025. Submitting your proxy by any of these methods will not affect your ability to attend the Extraordinary General Meeting in-person and vote at the Extraordinary General Meeting.

If your Ordinary Shares are held in "street name," meaning you are a beneficial owner with your Ordinary Shares held through a bank or brokerage firm, you will receive instructions from your bank or brokerage firm, who is the holder of record of your Ordinary Shares. You must follow the instructions of the holder of record in order for your Ordinary Shares to be voted. Telephone and Internet voting may also be offered to shareholders owning Ordinary Shares through certain banks and brokers, according to their individual policies.

All proxies must be received by 11:59 p.m. Malaysia Time on November 23, 2025.

---

| | |
|:---|:---|
| **Q:** | **How can I attend the meeting?** |

---

---

| | |
|:---|:---|
| **A:** | The meeting is open to all recordholders of Ordinary Shares as of the record date. Shareholders who own their Ordinary Shares in "street name" may also attend if they obtain a "Legal Proxy" from their broker and bring it to the meeting. You may attend the meeting in person at Room 3602-03A, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Hong Kong. |

---

---

| | |
|:---|:---|
| **Q:** | **May shareholders ask questions at the meeting?** |

---

---

| | |
|:---|:---|
| **A:** | Yes. Representatives of the Company will answer questions relating to the Share Capital Alteration, Share Consolidation, and the Adjournment at the meeting. |

---

---

| | |
|:---|:---|
| **Q:** | **If my Ordinary Shares are held in "street name" by a broker or other nominee, will my broker or nominee vote my shares for me?** |

---

---

| | |
|:---|:---|
| **A:** | Your broker or other nominee does not have the authority to vote on non-routine matters. All of the proposals presented at the Extraordinary General Meeting are considered non-routine matters. Your broker or other nominee will vote your Ordinary Shares held by it in "street name" with respect to these matters only if you provide instructions to it on how to vote. |

---

---

| | |
|:---|:---|
| **Q:** | **What if I do not vote on the matters relating to the proposals?** |

---

---

| | |
|:---|:---|
| **A:** | If you fail to vote or fail to instruct your broker or other nominee how to vote on any of the proposals, it will have no effect on such proposals. It will be treated as a "non-vote" and not count towards a quorum. |

---

---

| | |
|:---|:---|
| **Q:** | **May I change my vote after I have delivered my proxy or voting instruction card?** |

---

---

| | |
|:---|:---|
| **A:** | Yes. If you are a recordholder of Ordinary Shares, you may change your vote no later than forty-eight (48) hours prior to the Extraordinary General Meeting. You may do this in one of two ways: |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. by
sending a completed proxy card bearing a later date than your original proxy card and mailing it so that it is received prior to the
Extraordinary General Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;2. by
sending a completed proxy card bearing a later date than your original proxy card and e-mailing it so that it is received prior to the
Extraordinary General Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;3. by
voting online so that it is received prior to the Extraordinary General Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;4. by
sending a completed proxy card bearing a later date than your original proxy card and faxing it so that it is received prior to the Extraordinary
General Meeting; or

If you are a recordholder of Ordinary Shares or you have obtained a Legal Proxy from your broker, you may also change your vote by attending the Extraordinary General Meeting in person at Room 3602-03A, Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Hong Kong and casting your votes.

Your proxy will not be revoked by attendance alone, but it will be revoked if you attend and vote in person.

As noted above, if your Ordinary Shares are held in "street name," meaning you are a beneficial owner with your Ordinary Shares held through a bank or brokerage firm, you will receive instructions from your bank or brokerage firm, who is the holder of record of your Ordinary Shares, as to how to vote your Ordinary Shares. You must follow the instructions of the holder of record in order for your Ordinary Shares to be voted. Telephone and Internet voting may also be offered to shareholders owning Ordinary Shares through certain banks and brokers, according to their individual policies. Any shareholder owning shares in street name may change or revoke previously given voting instructions by contacting the bank or brokerage firm holding the ordinary shares or by obtaining a Legal Proxy from such bank or brokerage firm and voting in person at the Extraordinary General Meeting. Your last vote, prior to or at the Extraordinary General Meeting, is the vote that will be counted.

---

| | |
|:---|:---|
| **Q:** | **Do I have appraisal rights?** |

---

---

| | |
|:---|:---|
| **A:** | The shareholders do not have appraisal rights with respect to the matters to be voted upon at the Extraordinary General Meeting. |

---

---

| | |
|:---|:---|
| **Q:** | **Whom should I call if I have questions about the proxy materials or voting procedures?** |

---

---

| | |
|:---|:---|
| **A:** | If you have questions about the proposals, or if you need assistance in submitting your proxy or voting your Ordinary Shares or need additional copies of this notice to shareholders or the enclosed proxy card, you should contact CBL International Limited, Level 23-2 Permata Sapura, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia, or email investors@banle-intl.com. If your Ordinary Shares are held in a stock brokerage account or by a bank, or other nominee, you should contact your broker, bank or other nominee for additional information. |

---

---

| | |
|:---|:---|
| **Q:** | **What do I need to do now?** |

---

---

| | |
|:---|:---|
| **A:** | After carefully reading and considering the information contained in this notice to shareholders, including <u>Appendices A</u> and <u>B</u>, please vote your Ordinary Shares as soon as possible so that your Ordinary Shares will be represented at the Extraordinary General Meeting. Please follow the instructions set forth on the proxy card or on the voting instruction form provided by the record holder if your Ordinary Shares are held in the name of your broker or other nominee. |

---

---

| | |
|:---|:---|
| **Q:** | **Who is paying for the expenses involved in preparing and mailing this notice to shareholders?** |

---

---

| | |
|:---|:---|
| **A:** | All of the expenses involved in preparing, assembling, and mailing these proxy materials and all costs of soliciting proxies will be paid for by the Company. In addition to the solicitation by mail, proxies may be solicited by our officers and other employees by telephone or in person. Such persons will receive no compensation for their services other than their regular salaries. Arrangements will also be made with brokerage houses and other custodians, nominees, and fiduciaries to forward solicitation materials to the beneficial owners of the shares held of record by such persons, and we may reimburse such persons for reasonable out-of-pocket expenses incurred by them in so doing. |

---

---

| | |
|:---|:---|
| **Q:** | **What Interest Do Officers and Directors Have in Matters to Be Acted Upon?** |

---

---

| | |
|:---|:---|
| **A:** | If the Share Capital Alteration and the Share Consolidation are approved, the 13,175,000 Ordinary Shares held by CBL (Asia) Limited will be reclassified and redesignated into 13,175,000 Class A Ordinary Shares. Dr. Teck Lim Chia, our Chairman, Chief Executive Officer, and Acting Chief Financial Officer, owns 51% of CBL (Asia) Limited, and by virtue of such ownership and corresponding control over CBL (Asia) Limited, Dr. Chia is deemed to beneficially own the Ordinary Shares owned by CBL (Asia) Limited. Accordingly, upon the reclassification and redesignation of the 13,175,000 Ordinary Shares held by CBL (Asia) Limited into 13,175,000 Class A Ordinary Shares, Dr. Chia's voting power in the Company will significantly increase from 47.91% of the total votes eligible to be cast by shareholders to 90.19%. This is explained in more detail below and in the explanatory notes to the Share Capital Alteration proposal. |

---

Save for the foregoing, no other members of the Board of Directors or executive officers of the Company have any interest in any proposal that is not shared by all other shareholders of the Company.

**PROPOSAL NO. 1:**

**TO APPROVE THE SHARE CAPITAL ALTERATION**

**(ITEM 1 ON THE PROXY CARD)**

The Board of Directors believes that it is in the best interests of the Company and the shareholders, and is hereby soliciting shareholders to approve, as a special resolution, an amendment to the share capital of the Company by:

&nbsp;&nbsp;&nbsp;&nbsp;(i) re-designating
 and re-classifying the authorized share capital of the Company from US$50,000 divided
 into 500,000,000 Ordinary Shares, to US$50,000 divided into (a) 30,000,000 Class A
 Ordinary Shares and (b) 470,000,000 Class B Ordinary Shares, in each case having the
 respective rights and privileges and being subject to the Third Amended and Restated Memorandum
 of Association and the Second Amended and Restated Articles of Association (the "**Redesignation of Share Capital**") by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) re-designating
 13,175,000 Ordinary Shares held by CBL (Asia) Limited into Class A Ordinary Shares on a one-for-one
 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designating
 all issued and outstanding Ordinary Shares (except for the 13,175,000 Ordinary Shares held
 by CBL (Asia) Limited) into Class B Ordinary Shares on a one-for-one basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) re-designating
 16,825,000 of the remaining authorized but unissued Ordinary Shares into 16,825,000 Class
 A Ordinary Shares on a one-on-one basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) re-designating
 455,674,673 of the remaining authorized but unissued Ordinary Shares into 455,674,673 Class
 B Ordinary Shares on a one-on-one basis; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) adopting
 the third amended and restated memorandum of association (the "**Third Amended and Restated Memorandum of Association**") and the second amended and restated articles
 of association (the "**Second Amended and Restated Articles of Association** ")
 of the Company, in the forms of <u>Appendices A</u> and <u>B</u>, respectively,
 to the Notice of Extraordinary General Meeting , as the memorandum and articles of
 association of the Company, in substitution for, and to the exclusion of, the existing Second
 Amended and Restated Memorandum of Association and Amended and Restated Articles of Association,
 respectively, of the Company (the "**M&A Amendment and Restatement** ",
 and together with the Redesignation of Share Capital, the "**Share Capital Alteration** ").

The approval of the Share Capital Alteration requires the affirmative vote of at least two-thirds (2/3) of the votes cast by shareholders entitled to vote in person or, by proxy, at a meeting at which a quorum is present. In the case of a shareholder being a corporation, its vote may be cast by its duly authorized representative at the Extraordinary General Meeting. A properly executed proxy card marked "Abstain" with respect to this proposal will not be voted.

Following the Share Capital Alteration, each Class A Ordinary Share would be entitled to ten (10) votes and each Class B Ordinary Share would be entitled to one (1) vote, on a poll taken at any general meeting of the Company. Such shares shall also carry the other rights, preferences, and privileges as set forth in the Third Amended and Restated Memorandum of Association and the Second Amended and Restated Articles of Association.

Pursuant to the Third Amended and Restated Memorandum of Association and the Second Amended and Restated Articles of Association, a Class A Ordinary Share shall convert into a Class B Ordinary Share under the following circumstances:

**Voluntary Conversion:** At the option of the holders of the Class A Ordinary Share, at any time after issuance, each Class A Ordinary Share may be converted into one fully paid Class B Ordinary Share on a one-for-one basis, without additional payment.

**Automatic Conversion Upon Transfer:** Upon any sale, transfer, assignment, or disposition of a Class A Ordinary Share to any person or entity, the transferred share will automatically and immediately be converted into a Class B Ordinary Share upon the Company's registration of such transfer in the register of members of the Company. This includes instances where a pledge, charge, encumbrance, or other third-party right on Class A Ordinary Shares is enforced, resulting in a third party holding legal title to the shares, upon registration of the third party or its designee as a Shareholder holding Class B Ordinary Shares; however, conversion does not occur if the original holder and the Board of Directors consent in writing to the transferee retaining Class A Ordinary Share status.

The Third Amended and Restated Memorandum of Association and the Second Amended and Restated Articles of Association are attached hereto as <u>Appendices A</u> and <u>B</u>, respectively, to this notice to shareholders and are incorporated by reference herein.

 ****

***Potential Adverse Effects of Share Capital Alteration***

Prior to the proposed Share Capital Alteration, Dr. Chia, our Chairman, Chief Executive Officer, and Acting Chief Financial Officer, beneficially owns a total of 13,175,000 Ordinary Shares due to his control over CBL (Asia) Limited, representing 47.91% of total voting power. Immediately after the proposed Share Capital Alteration is effective, Dr. Chia will beneficially hold about 90.19% of the total voting power.

Prior to the Share Capital Alteration, CBL (Asia) Limited owns a total of 13,175,000 Ordinary Shares, representing 13,175,000 of the total voting power of the outstanding Ordinary Shares, or 47.91%. Dr. Chia owns 51% of CBL (Asia) Limited, and by virtue of such ownership and corresponding control over CBL (Asia) Limited, Dr. Chia is deemed to beneficially own the Ordinary Shares owned by CBL (Asia) Limited. Immediately after the Share Capital Alteration is effective, CBL (Asia) Limited will own, and Dr. Chia will be deemed to beneficially own, a total of 13,175,000 Class A Ordinary Shares, representing 131,750,000 of the total voting power of the outstanding Ordinary Shares. Accordingly, CBL (Asia) Limited will own, and Dr. Chia will be deemed to beneficially own 131,750,000 of the total voting power of the outstanding Ordinary Shares, representing 90.19% of such total voting power.

The proposed change will not affect in any way the validity or transferability of share certificates outstanding (if any). Following the Share Capital Alteration, only the Class B Ordinary Shares will trade on the Nasdaq Capital Market, and the proposed change will not affect the trading of those shares. The Class A Ordinary Shares will not trade on the Nasdaq Capital Market, which means that the total number of Ordinary Shares that trade on the Nasdaq Capital Market will be reduced following the Share Capital Alteration; provided, however, upon conversion of the Class A Ordinary Shares into Clas B Ordinary Shares, such Ordinary Shares will begin trading on the Nasdaq Capital Market.

Future issuances of Class A Ordinary Shares or securities convertible into Class A Ordinary Shares could have a dilutive effect on our earnings per share, book value per share and the voting power and interest of current holders of Ordinary Shares, which will be converted into Class B Ordinary Shares on a 1:1 basis. In addition, the availability of additional shares of Class A Ordinary Shares for issuance could, under certain circumstances, discourage or make more difficult any efforts to obtain control of the Company. The Board of Directors is not aware of any attempt, or contemplated attempt, to acquire control of the Company, nor is this proposal being presented with the intent that it be used to prevent or discourage any acquisition attempt. However, nothing would prevent the Board of Directors from taking any such actions that it deems to be consistent with its fiduciary duties.

 ****

***Effectiveness of M&A Amendment and Restatement***

If the Share Capital Alteration is approved, it will become effective immediately.

 ****

***Resolution***

"**IT IS HEREBY RESOLVED**, as a special resolution, that:

&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 share capital of the Company be amended by:

&nbsp;&nbsp;&nbsp;&nbsp;(i) re-designating
 and re-classifying the authorized share capital of the Company from US$50,000 divided
 into 500,000,000 Ordinary Shares of par value US$0.0001 per share (the "**Ordinary Shares** "), to US$50,000 divided into (a) 30,000,000 Class A Ordinary Shares
 of par value US$0.0001 per share (the "**Class A Ordinary Shares**") and (b)
 470,000,000 Class B Ordinary Shares of par value US$0.0001 per share (the "**Class B Ordinary Shares** "), in each case having the respective rights and privileges and
 being subject to the Third Amended and Restated Memorandum of Association and the Second
 Amended and Restated Articles of Association (each as defined in sub-paragraph (ii) below)
 (the "**Redesignation of Share Capital**") by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) re-designating
 13,175,000 Ordinary Shares held by CBL (Asia) Limited into Class A Ordinary Shares on a one-for-one
 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designating
 all issued and outstanding Ordinary Shares (except for the 13,175,000 Ordinary Shares held
 by CBL (Asia) Limited) into Class B Ordinary Shares on a one-for-one basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) re-designating
 16,825,000 of the remaining authorized but unissued Ordinary Shares into 16,825,000 Class
 A Ordinary Shares on a one-on-one basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) re-designating
 455,674,673 of the remaining authorized but unissued Ordinary Shares into 455,674,673 Class
 B Ordinary Shares on a one-on-one basis;

and following which the authorized share capital of the Company shall be US$50,000 divided into (a) 30,000,000 Class A Ordinary Shares of par value US$0.0001 per share and (b) 470,000,000 Class B Ordinary Shares of par value US$0.0001 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) adopting
 the third amended and restated memorandum of association (the "**Third Amended and Restated Memorandum of Association**") and the second amended and restated articles
 of association (the "**Second Amended and Restated Articles of Association** ")
 of the Company, in the forms of <u>Appendices A</u> and <u>B</u>, respectively,
 to the Notice of Extraordinary General Meeting, as the memorandum and articles of
 association of the Company, in substitution for, and to the exclusion of, the existing Second
 Amended and Restated Memorandum of Association and Amended and Restated Articles of Association,
 respectively, of the Company (the "**M&A Amendment and Restatement** ",
 and together with the Redesignation of Share Capital, the "**Share Capital Alteration** ");

&nbsp;&nbsp;&nbsp;&nbsp;(B) the
Transfer Agent and Share Registrar of the Company is hereby authorized and instructed to update the shareholder list to reflect the Share
Capital Alteration; and

&nbsp;&nbsp;&nbsp;&nbsp;(C) the
registered office provider of the Company is hereby authorized and instructed to make all necessary filings with the Registrar of Companies
in the Cayman Islands in connection with Share Capital Alteration, including without limitation, the adoption of the Third Amended and
Restated Memorandum of Association and the Second Amended and Restated Articles of Association."

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE TO APPROVE THE SHARE CAPITAL ALTERATION. UNLESS REVOKED AS PROVIDED ABOVE, PROXIES RECEIVED BY MANAGEMENT WILL BE VOTED IN FAVOR OF SUCH APPROVAL UNLESS A CONTRARY VOTE IS SPECIFIED.**

**PROPOSAL NO. 2:**

**TO APPROVE THE SHARE CONSOLIDATION OF THE COMPANY'S ORDINARY SHARES**

**(ITEM 2 ON THE PROXY CARD)**

 ****

***General***

The Board of Directors believes that it is in the best interests of the Company and the shareholders and is hereby soliciting shareholder approval to effect a share consolidation of every issued and unissued Ordinary Share (including the Class A Ordinary Shares and Class B Ordinary Shares upon the Redesignation of Share Capital taking effect) at a ratio of not less than one (1)-for-two (2) and not more than one (1)-for-twenty (20) (the "**Range**"), with the exact ratio to be set at a whole number within the Range by the Board of Directors in its sole discretion and the effective date of such share consolidation (the "**Effective Date**") to be determined by the Board of Directors in its sole discretion, but in no event shall the Effective Date occur later than August 27, 2026 (the "**Share Consolidation**").

The approval of the Share Consolidation requires the affirmative vote of a simple majority of the votes cast by shareholders entitled to vote in person or by proxy, at a meeting at which a quorum is present. In the case of a shareholder being a corporation, its vote may be cast by its duly authorized representative at the Extraordinary General Meeting. A properly executed proxy card marked "Abstain" with respect to this proposal will not be voted.

The Share Consolidation will be implemented simultaneously for all issued and unissued Ordinary Shares (including the Class A Ordinary Shares and Class B Ordinary Shares upon the Redesignation of Share Capital taking effect). The Share Consolidation will be implemented by the Board of Directors at a date The Share Consolidation will affect all shareholders uniformly and will have no effect on the proportionate holdings of any individual shareholder, with the exception of adjustments related to the treatment of fractional shares (see below).

 ****

***Purpose of the Share Consolidation***

The Ordinary Shares are currently listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "BANL." Among other requirements, the listing maintenance standards established by Nasdaq require the Ordinary Shares to have a minimum closing bid price of at least $1.00 per share. Pursuant to the Nasdaq Marketplace Rule 5550(a)(2) (the "**Minimum Bid Price Rule**"), if the closing bid price of the Ordinary Shares is not equal to or greater than $1.00 for 30 consecutive business days, Nasdaq will send a deficiency notice to the Company. Thereafter, if the Ordinary Shares do not close at a minimum bid price of $1.00 or more for 10 consecutive business days within 180 calendar days of the deficiency notice, Nasdaq may determine to delist the Ordinary Shares.

On August 12, 2025, the Company received a written notification from the Nasdaq Stock Market LLC notifying the Company that it was not in compliance with the Minimum Bid Price Rule, and the Company was provided 180 calendar days, or until February 9, 2026, to regain compliance.

To regain compliance with the Minimum Bid Price Rule by February 9, 2026, the Board of Directors determined that it was in the best interest of the Company to solicit the approval of the shareholders to effect a share consolidation of the Ordinary Shares. The Board of Directors believes that without receiving the shareholders' approval and without the closing price of the Ordinary Shares otherwise meeting the $1.00 minimum closing bid price requirement, the Ordinary Shares will be delisted from Nasdaq. The Board of Directors has recommended that the shareholders approve a range of ratios at which the Share Consolidation can be effected to provide the Board of Directors with the flexibility to effect the Share Consolidation at the most appropriate ratio to regain compliance with the Minimum Bid Price Rule by the deadline. This flexibility will allow the Board of Directors to consider all relevant factors when selecting the ratio at which the Share Consolidation will be effected, including the trading price of the Ordinary Shares prior to the deadline to regain compliance with the Minimum Bid Price Rule.

In the event the Ordinary Shares were no longer eligible for continued listing on Nasdaq, the Company could be forced to seek to be traded on the OTC Bulletin Board or in the "pink sheets." These alternative markets are generally considered to be less efficient than, and not as broad as, Nasdaq, and therefore less desirable. Accordingly, the Board of Directors believes delisting of the Ordinary Shares would likely have a negative impact on the liquidity and market price of the Ordinary Shares and may increase the spread between the "bid" and "ask" prices quoted by market makers.

The Board of Directors has considered the potential harm to the Company of a delisting from Nasdaq and believes that delisting could, among other things, adversely affect (i) the trading price of the Ordinary Shares, and (ii) the liquidity and marketability of the Ordinary Shares. This could reduce the ability of holders of the Ordinary Shares to purchase or sell Ordinary Shares as quickly and as inexpensively as they have done historically.

Delisting could also adversely affect the Company's relationships with customers who may perceive the Company's business less favorably, which would have a detrimental effect on the Company's relationships with these entities.

Furthermore, if the Ordinary Shares were no longer listed on Nasdaq, it may reduce the Company's access to capital and cause the Company to have less flexibility in responding to its capital requirements. Certain institutional investors may also be less interested or prohibited from investing in the Ordinary Shares, which may cause the market price of the Ordinary Shares to decline.

 ****

***Registration and Trading of our Ordinary Shares***

The Share Consolidation will not affect the registration of our Ordinary Shares or our obligation to publicly file financial and other information with the U.S. Securities and Exchange Commission (the "**SEC**"). When the Share Consolidation is implemented by the Board of Directors, our Ordinary Shares will begin trading on a post-consolidation basis on the Effective Date. In connection with the Share Consolidation, the CUSIP number of our Ordinary Shares (which is an identifier used by participants in the securities industry to identify our Ordinary Shares) will change.

 ****

***Fractional Shares***

While the Board of Directors will be given the discretion to deal with any fractional Ordinary Shares to be issued to shareholders in connection with the Share Consolidation as it deems appropriate, it is the intent of the Board of Directors that no fractional Ordinary Shares will be issued to any shareholders in connection with the Share Consolidation. Instead, any fractional shares will be rounded up to the nearest whole number, and each shareholder will be entitled to receive one Ordinary Share in lieu of the fractional Ordinary Share that would have resulted from the Share Consolidation.

 ****

***Authorized Shares***

Immediately after the Share Consolidation takes effect, our authorized Ordinary Shares will be consolidated at the same ratio. As a result, the authorized share capital of the Company shall be changed from an authorized share capital of US$50,000 divided into (a) 30,000,000 Class A ordinary shares, par value US$0.0001 per share and (b) 470,000,000 Class B ordinary shares, par value US$0.0001 per share to an authorized share capital ranging between US$50,000 divided into 250,000,000 ordinary shares, par value US$0.0002 each, comprising of (a) 15,000,000 Class A ordinary shares, par value US$0.0002 per share and (b) 235,000,000 Class B ordinary shares, par value US$0.0002 per share, to US$50,000 divided into 25,000,000 ordinary shares, par value US$0.002 each, comprising of (a) 1,500,000 Class A ordinary shares, par value US$0.002 per share and (b) 23,500,000 Class B ordinary shares, par value US$0.002 per share, to be determined by the Board of Directors in its discretion.

 ****

***Street Name Holders of Ordinary Shares***

The Company intends for the Share Consolidation to treat all shareholders equally, whether their Ordinary Shares are held in street name (through a nominee, such as a bank or broker) or registered directly in their names. Nominees will receive instructions to process the Share Consolidation for their beneficial holders. However, since nominees may have their own procedures, shareholders holding shares in street name are encouraged to contact their nominee for specific details.

 ****

***Share Certificates***

Mandatory surrender of certificates (if any) is not required by our shareholders. The Company's transfer agent will adjust the register of members of the Company to reflect the Share Consolidation as of the Effective Date. New certificates will not be mailed to shareholders.

 ****

***Resolution***

"**IT IS HEREBY RESOLVED**, as an ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;(i) every
 issued and unissued ordinary share of par value US$0.0001 each in the share capital of the
 Company ()"**Ordinary Shares** ", including the Class A Ordinary Shares of par
 value US$0.0001 each and the Class B Ordinary Shares of par value US$0.0001 each upon the
 Redesignation of Share Capital taking effect) be consolidated at a ratio of not less than
 one (1)-for-two (2) and not more than one (1)-for-twenty (20) (the "**Range** "),
 with the exact ratio to be set at a whole number within the Range by the Board of Directors
 in its sole discretion and the effective date of such share consolidation (the "**Effective Date**") to be determined by the Board of Directors in its sole discretion, but in
 no event shall the Effective Date occur later than August 27, 2026 (the "**Share Consolidation** ");

&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of any and all fractional entitlements to the issued consolidated shares resulting
 from the Share Consolidation, if so determined by the Board of Directors in its sole discretion,
 the Board of Directors be and are hereby authorized to settle as they consider expedient
 any difficulty which arises in relation to the Share Consolidation, including but without
 prejudice to the generality of the foregoing capitalizing all or any part of any amount for
 the time being standing to the credit of any reserve or fund of the Company (including its
 share premium account and profit and loss account) whether or not the same is available for
 distribution and applying such sum in paying up unissued Ordinary Shares to be issued to
 shareholders of the Company to round up any fractions of Ordinary Shares issued to or registered
 in the name of such shareholders of the Company following or as a result of the Share Consolidation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Board of Directors be and is hereby authorized to do all other acts and things as the Board
 of Directors considers necessary or desirable for the purposes of the transactions contemplated
 by or giving effect to and implementing the Share Consolidation, including determining the
 exact ratio within the Range and the exact date of the Share Consolidation and instructing
 the registered office provider or transfer agent of the Company to complete the necessary
 corporate record(s) and filing(s) to reflect the Share Consolidation."

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE TO APPROVE THE SHARE CONSOLIDATION. UNLESS REVOKED AS PROVIDED ABOVE, PROXIES RECEIVED BY MANAGEMENT WILL BE VOTED IN FAVOR OF SUCH APPROVAL UNLESS A CONTRARY VOTE IS SPECIFIED.**

**PROPOSAL NO. 3:**

**TO APPROVE THE ADJOURNMENT OF THE EXTRAORDINARY GENERAL MEETING (IF NECESSARY)**

**(ITEM 3 ON THE PROXY CARD)**

The Board of Directors believes that it is in the best interests of the Company and the shareholders, and is hereby soliciting shareholders to approve, as an ordinary resolution, to permit the Board of Directors to adjourn the Extraordinary General Meeting for any purpose, including to solicit additional proxies if there are insufficient votes at the time of the Extraordinary General Meeting to approve the Share Capital Alteration and the Share Consolidation (the "**Adjournment**").

This Proposal No. 3 will only be presented to our shareholders in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Share Capital Alteration and the Share Consolidation. If this Proposal No. 3 is not approved by our shareholders, the Board of Directors may not be able to adjourn the Meeting to a later date in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Share Capital Alteration and the Share Consolidation.

The approval of the Adjournment requires the affirmative vote of a simple majority of the votes cast by shareholders entitled to vote in person or by proxy, at a meeting at which a quorum is present. In the case of a shareholder being a corporation, its vote may be cast by its duly authorized representative at the Extraordinary General Meeting. A properly executed proxy card marked "Abstain" with respect to this proposal will not be voted.

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE TO APPROVE THE ADJOURNMENT, IF NECESSARY. UNLESS REVOKED AS PROVIDED ABOVE, PROXIES RECEIVED BY MANAGEMENT WILL BE VOTED IN FAVOR OF SUCH APPROVAL UNLESS A CONTRARY VOTE IS SPECIFIED.**

**OTHER MATTERS**

**Shareholders Sharing an Address**

We may send a single set of shareholder documents to any household at which two or more shareholders reside. This process is called "householding." This reduces the volume of duplicate information received at your household and helps us to reduce costs. Your materials may be householded based on your prior express or implied consent. If your materials have been householded and you wish to receive separate copies of these documents, or if you are receiving duplicate copies of these documents and wish to have the information householded, you may write or email the following address or email address: CBL International Limited, Level 23-2 Permata Sapura, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia, or email investors@banle-intl.com.

**Other Matters to Come Before the Meeting**

The Board of Directors is not aware of any other business to be acted upon at the Extraordinary General Meeting. Pursuant to the Company's Second Amended and Restated Memorandum of Association and Amended and Restated Articles of Association, only the business described in the notice of the Extraordinary General Meeting of the shareholders will be conducted at such meeting.

**<u>Appendix A</u>**

**Third Amended and Restated Memorandum of Association**

**Companies Act (Revised)**

**Company Limited by Shares**

**THIRD amended and restated**

**memorandum of association**

**OF**

**cbl iNTERNATIONAL LIMITED**

(Adopted by a special resolution passed on [\*] 2025)

**Companies Act (Revised)**

**Company Limited by Shares**

**Third Amended and Restated**

**Memorandum of Association**

**of**

**CBL International Limited**

(Adopted by a special resolution passed on [\*] 2025)

---

| | |
|:---|:---|
| 1 | The name of the Company is **CBL International Limited**. |

---

---

| | |
|:---|:---|
| 2 | The Company's registered office will be situated at the office of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |

---

---

| | |
|:---|:---|
| 3 | The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. |

---

---

| | |
|:---|:---|
| 4 | The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit. |

---

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business of a bank or trust company without being licensed in that behalf under the Banks
 and Trust Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance
 business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
 or broker without being licensed in that behalf under the Insurance Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 business of company management without being licensed in that behalf under the Companies
 Management Act (Revised).

---

| | |
|:---|:---|
| 6 | The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The share capital of the Company is US$50,000 divided into (a) 30,000,000 Class A Ordinary Shares with a par value of US$0.0001 each, and (b) 470,000,000 Class B Ordinary Shares with a par value of US$0.0001 each. Other than as set out in the preceding sentence, there is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeem
 or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase
 or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue
 any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 or without any preferential, deferred, qualified or special rights, privileges or conditions;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject
 to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter
 any of those rights, privileges, conditions, limitations or restrictions.

---

| | |
|:---|:---|
| 9 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |

---

**<u>Appendix B</u>**

**Second Amended and Restated Articles of Association**

**Companies Act (Revised)**

**Company Limited By Shares**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**CBL INTERNATIONAL LIMITED**

(Adopted by special resolution passed on [\*] 2025)

**CONTENTS**

---

| | |
|:---|:---|
| **1 Definitions, interpretation and exclusion of Table A** | 1 |
| Definitions | 1 |
| Interpretation | 4 |
| Exclusion of Table A Articles | 5 |
| **2 Shares** | 5 |
| Power to issue Shares and options, with or without special rights | 5 |
| Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | 6 |
| Security interests | 6 |
| Power to vary class rights | 9 |
| Effect of new Share issue on existing class rights | 10 |
| No bearer Shares or warrants | 10 |
| Treasury Shares | 10 |
| Rights attaching to Treasury Shares and related matters | 10 |
| Register of Members | 11 |
| Annual Return | 11 |
| **3 Share certificates** | 11 |
| Issue of share certificates | 11 |
| Renewal of lost or damaged share certificates | 12 |
| **4 Lien on Shares** | 12 |
| Nature and scope of lien | 12 |
| Company may sell Shares to satisfy lien | 12 |
| Authority to execute instrument of transfer | 13 |
| Consequences of sale of Shares to satisfy lien | 13 |
| Application of proceeds of sale | 13 |
| **5 Calls on Shares and forfeiture** | 14 |
| Power to make calls and effect of calls | 14 |
| Time when call made | 14 |
| Liability of joint holders | 14 |
| Interest on unpaid calls | 14 |
| Deemed calls | 15 |
| Power to accept early payment | 15 |
| Power to make different arrangements at time of issue of Shares | 15 |

---

---

| | |
|:---|:---|
| Notice of default | 15 |
| Forfeiture or surrender of Shares | 15 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 16 |
| Effect of forfeiture or surrender on former Member | 16 |
| Evidence of forfeiture or surrender | 16 |
| Sale of forfeited or surrendered Shares | 17 |
| **6 Transfer of Shares** | 17 |
| Right to transfer | 17 |
| Suspension of transfers | 18 |
| Company may retain instrument of transfer | 18 |
| Notice of refusal to register | 18 |
| **7 Transmission of Shares** | **18** |
| Persons entitled on death of a Member | 18 |
| Registration of transfer of a Share following death or bankruptcy | 18 |
| Indemnity | 19 |
| Rights of person entitled to a Share following death or bankruptcy | 19 |
| **8 Alteration of capital** | 19 |
| Increasing, consolidating, converting, dividing and cancelling share capital | 19 |
| Dealing with fractions resulting from consolidation of Shares | 20 |
| Reducing share capital | 20 |
| **9 Redemption and purchase of own Shares** | 20 |
| Power to issue redeemable Shares and to purchase own Shares | 20 |
| Power to pay for redemption or purchase in cash or in specie | 21 |
| Effect of redemption or purchase of a Share | 21 |
| **10 Meetings of Members** | 22 |
| Annual and extraordinary general meetings | 22 |
| Power to call meetings | 22 |
| Content of notice | 23 |
| Period of notice | 23 |
| Persons entitled to receive notice | 24 |
| Accidental omission to give notice or non-receipt of notice | 24 |
| **11 Proceedings at meetings of Members** | 24 |
| Quorum | 24 |
| Lack of quorum | 25 |
| Chairman | 25 |
| Right of a Director to attend and speak | 25 |
| Accommodation of Members at meeting | 25 |
| Security | 26 |
| Adjournment | 26 |
| Method of voting | 26 |

---

---

| | |
|:---|:---|
| Outcome of vote by show of hands | 27 |
| Withdrawal of demand for a poll | 27 |
| Taking of a poll | 27 |
| Chairman's casting vote | 27 |
| Written resolutions | 28 |
| Sole-Member Company | 28 |
| **12 Voting rights of Members** | 28 |
| Right to vote | 28 |
| Rights of joint holders | 29 |
| Representation of corporate Members | 29 |
| Member with mental disorder | 30 |
| Objections to admissibility of votes | 30 |
| Form of proxy | 30 |
| How and when proxy is to be delivered | 31 |
| Voting by proxy | 32 |
| **13 Number of Directors** | 33 |
| **14 Appointment, disqualification and removal of Directors** | 33 |
| First Directors | 33 |
| No age limit | 33 |
| Corporate Directors | 33 |
| No shareholding qualification | 33 |
| Appointment of Directors | 33 |
| Board's power to appoint Directors | 34 |
| Eligibility | 34 |
| Appointment at annual general meeting | 34 |
| Removal of Directors | 35 |
| Resignation of Directors | 35 |
| Termination of the office of Director | 35 |
| **15 Alternate Directors** | 36 |
| Appointment and removal | 36 |
| Notices | 36 |
| Rights of alternate Director | 36 |
| Appointment ceases when the appointor ceases to be a Director | 37 |
| Status of alternate Director | 37 |
| Status of the Director making the appointment | 37 |
| **16 Powers of Directors** | 37 |
| Powers of Directors | 37 |
| Directors below the minimum number | 38 |
| Appointments to office | 38 |
| Provisions for employees | 39 |

---

---

| | |
|:---|:---|
| Exercise of voting rights | 39 |
| Remuneration | 39 |
| Disclosure of information | 39 |
| **17 Delegation of powers** | 40 |
| Power to delegate any of the Directors' powers to a committee | 40 |
| Local boards | 40 |
| Power to appoint an agent of the Company | 41 |
| Power to appoint an attorney or authorised signatory of the Company | 41 |
| Borrowing Powers | 41 |
| Corporate Governance | 42 |
| **18 Meetings of Directors** | 42 |
| Regulation of Directors' meetings | 42 |
| Calling meetings | 42 |
| Notice of meetings | 42 |
| Use of technology | 42 |
| Quorum | 42 |
| Chairman or deputy to preside | 42 |
| Voting | 43 |
| Recording of dissent | 43 |
| Written resolutions | 43 |
| Validity of acts of Directors in spite of formal defect | 43 |
| **19 Permissible Directors' interests and disclosure** | 44 |
| **20 Minutes** | 45 |
| **21 Accounts and audit** | 45 |
| Auditors | 46 |
| **22 Record dates** | 46 |
| **23 Dividends** | 46 |
| Source of dividends | 46 |
| Declaration of dividends by Members | 47 |
| Payment of interim dividends and declaration of final dividends by Directors | 47 |
| Apportionment of dividends | 48 |
| Right of set off | 48 |
| Power to pay other than in cash | 48 |
| How payments may be made | 48 |
| Dividends or other monies not to bear interest in absence of special rights | 49 |
| Dividends unable to be paid or unclaimed | 49 |
| **24 Capitalisation of profits** | 49 |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | 49 |
| Applying an amount for the benefit of Members | 50 |

---

---

| | |
|:---|:---|
| **25 Share Premium Account** | 50 |
| Directors to maintain share premium account | 50 |
| Debits to share premium account | 50 |
| **26 Seal** | 51 |
| Company seal | 51 |
| Duplicate seal | 51 |
| When and how seal is to be used | 51 |
| If no seal is adopted or used | 51 |
| Power to allow non-manual signatures and facsimile printing of seal | 51 |
| Validity of execution | 51 |
| **27 Indemnity** | 52 |
| Release | 52 |
| Insurance | 53 |
| **28 Notices** | 53 |
| Form of notices | 53 |
| Electronic communications | 53 |
| Persons entitled to notices | 54 |
| Persons authorised to give notices | 54 |
| Delivery of written notices | 54 |
| Joint holders | 54 |
| Signatures | 54 |
| Giving notice to a deceased or bankrupt Member | 55 |
| Date of giving notices | 55 |
| Saving provision | 56 |
| **29 Authentication of Electronic Records** | 56 |
| Application of Articles | 56 |
| Authentication of documents sent by Members by Electronic means | 56 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 57 |
| Manner of signing | 57 |
| Saving provision | 57 |
| **30 Transfer by way of continuation** | 58 |
| **31 Winding up** | 58 |
| Distribution of assets in specie | 58 |
| No obligation to accept liability | 58 |
| **32 Amendment of Memorandum and Articles** | 59 |
| Power to change name or amend Memorandum | 59 |
| Power to amend these Articles | 59 |

---

**Companies Act (Revised)** 

**Company Limited by Shares** 

**Second Amended and Restated** 

**Articles of Association** 

**of**

**CBL International Limited** 

(Adopted by special resolution passed on [\*] 2025)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In
these Articles, the following definitions apply:

**ADS** means an American depository share representing an Ordinary Share;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these
articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two
or more particular articles of these Articles; and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Class A Ordinary Shares** means class A ordinary shares of a nominal or par value of US$0.0001 each in the share capital of the Company having the rights set out in these Articles and "Class A Ordinary Share" means any of them;

**Class B Ordinary Shares** means class B ordinary shares of a nominal or par value of US$0.0001 each in the share capital of the Company having the rights set out in these Articles and "Class B Ordinary Share" means any of them;

**Clear Days**, in relation to a period of notice, means that period excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Conversion Date** means in respect of a Conversion Notice means the day on which that Conversion Notice is delivered;

**Conversion Notice** means a written notice delivered to the Company at its Office (and as otherwise stated therein) stating that a holder of Class A Ordinary Shares elects to convert the number of Class A Ordinary Shares specified therein pursuant to Article 2.7A;

**Conversion Number** means in relation to any Class A Ordinary Shares, such number of Class B Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate;

**Conversion Rate** means, at any time, on a 1:1 basis;

**Conversion Right** means in respect of a Class A Ordinary Share, the right of its holder, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class A Ordinary Shares, into the Conversion Number of Class B Ordinary Shares in its discretion;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as the Company's Shares or ADSs are there listed and any other stock exchange on which the Company's Shares or ADSs are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares or ADSs on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands; **Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Share with par value, means that the par value for that Share and any premium
 payable in respect of the issue of that Share, has been fully paid or credited as paid in
 money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a Share without par value, means that the agreed issue price for that Share has
 been fully paid or credited as paid in money or money's worth;

**General Meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a General Meeting passed by a simple majority of Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution;

**Ordinary Share** means an ordinary share, including Class A Ordinary Share and Class B Ordinary Share, in the capital of the Company;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Share with par value, that the par value for that Share and any premium payable
 in respect of the issue of that Share, has not been fully paid or credited as paid in money
 or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a Share without par value, means that the agreed issue price for that Share has
 not been fully paid or credited as paid in money or money's worth;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means collectively, Class A Ordinary Shares and Class B Ordinary Shares, or any of Class A Ordinary Shares or Class B Ordinary Shares, as applicable to the context, and includes any fraction of a share;

**Special Resolution** means a resolution of a General Meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.12; and

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions
apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 reference in these Articles to a statute is a reference to a statute of the Cayman Islands
 as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings
 are inserted for convenience only and do not affect the interpretation of these Articles,
 unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 a day on which any act, matter or thing is to be done under these Articles is not a Business
 Day, the act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 word which denotes the singular also denotes the plural, a word which denotes the plural
 also denotes the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 reference to a **person** includes, as appropriate, a company, trust, partnership, joint
 venture, association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where
 a word or phrase is given a defined meaning another part of speech or grammatical form in
 respect to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All
 references to time are to be calculated by reference to time in the place where the Company's
 registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 words **written** and **in writing** include all modes of representing or reproducing
 words in a visible form, but do not include an Electronic Record where the distinction between
 a document in writing and an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 words **including**, **include** and **in particular** or any similar expression
 are to be construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Sections
 8 and 19 of the Electronic Transaction Act (Revised) of the Cayman Islands, shall not apply
 to these Articles to the extent it imposes obligations or requirements in addition to those
 set out in these Articles.

1.3 The headings in these Articles are intended for convenience
only and shall not affect the interpretation of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the First Schedule
of the Act and any other regulations contained in any statute or subordinate legislation are expressly excluded and do not apply to the
Company.

---

| | |
|:---|:---|
| 2 | Shares |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject
to the provisions of the Act and these Articles about the redemption and purchase of the Shares, the Directors have general and unconditional
authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued Shares
to such persons, at such times and on such terms and conditions as they may decide. No
Share may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without
limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 or without preferred, deferred or other special rights or restrictions, whether in regard
 to dividend, voting, return of capital or otherwise.

2.3 Without
limitation to the two preceding Articles, 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.

**Power to pay commissions and brokerage fees**

2.4 The
Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing
or agreeing to subscribe, whether absolutely or conditionally; or

(b) procuring or agreeing to procure subscriptions, whether absolute
or conditional, for
any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly
in one way and partly in another.

2.5 The
Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

2.6 Except
as required by Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 person other than the Member shall be recognised by the Company as having any right in a
 Share.

**Security interests**

2.7 Notwithstanding
the preceding Article, the Company may (but shall not be obliged to) recognise a security interest of which it has actual notice over
shares. The Company shall not be treated as having recognised any such security interest unless it has so agreed in writing with the
secured party.

**Rights of Shares**

---

| | |
|:---|:---|
| 2.7A | (1) Subject to Article 2.1, the Memorandum and any Special Resolution to the contrary and without prejudice to any special rights conferred thereby on the holders of any other Shares or class of Shares, Class A Ordinary Shares and Class B Ordinary Shares shall carry equal rights and rank pari passu with one another in all respects other than as set out below: |

---

Holders of Class A Ordinary Shares shall, subject to these Articles, have the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *As regards conversion* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject
 to the provisions hereof and to compliance with all fiscal and other laws and regulations
 applicable thereto, including the Act, a holder of Class A Ordinary Shares shall have the
 Conversion Right in respect of each Class A Ordinary Share. For the avoidance of doubt, a
 holder of Class B Ordinary Shares shall have no rights to convert Class B Ordinary Shares
 into Class A Ordinary Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 Class A Ordinary Share shall be converted at the option of the holder, at any time after
 issue and without the payment of any additional sum, into one fully paid Class B Ordinary
 Share calculated at the Conversion Rate. Such conversion shall take effect on the Conversion
 Date. A Conversion Notice shall not be effective if it is not accompanied by the share certificates
 in respect of the relevant Class A Ordinary Shares and such other evidence (if any) as the
 Directors may reasonably require to prove the title of the person exercising such right (or,
 if such certificates have been lost or destroyed, such evidence of title and such indemnity
 as the Directors may reasonably require). Upon conversion, the Company shall procure that
 upon request by the relevant Member, certificates in respect of the relevant Class B Ordinary
 Shares, together with a new certificate for any unconverted Class A Ordinary Shares comprised
 in the certificate(s) surrendered by the holder of the Class A Ordinary Shares, are issued
 to the holders of the Class A Ordinary Shares and Class B Ordinary Shares, as the case may
 be. Any and all taxes and stamp, issue and registration duties (if any) arising on conversion
 shall be borne by the holder of Class A Ordinary Shares requesting conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 conversion of Class A Ordinary Shares into Class B Ordinary Shares pursuant to this Article
 2.7A shall be effected in such manner as permissible under the laws of the Cayman Islands
 including by way of a re-designation and re-classification of the relevant Class A Ordinary
 Share as a Class B Ordinary Share or by way of a repurchase or redemption of the relevant
 Class A Ordinary Share in consideration of the issue of relevant Class B Ordinary Share.
 All Class B Ordinary Shares so converted shall carry such rights and restrictions and which
 shall rank pari passu in all respects with the Class B Ordinary Shares then in issue. Such
 conversion shall become effective forthwith upon entries being made in the Register of Members
 of the Company to record the re-designation and re-classification of the relevant Class A
 Ordinary Shares as Class B Ordinary Shares or repurchase or redemption of the relevant Class
 A Ordinary Shares and issue of Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until
 such time as the Class A Ordinary Shares have been converted into Class B Ordinary Shares,
 the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at
 all times keep available for issue and free of all liens, charges, options, mortgages, pledges,
 claims, equities, encumbrances and other third-party rights of any nature, and not subject
 to any pre-emptive rights out of its authorised but unissued share capital, such number of
 authorised but unissued Class B Ordinary Shares as would enable all Class A Ordinary Shares
 to be converted into Class B Ordinary Shares and any other rights of conversion into, subscription
 for or exchange into Class B Ordinary Shares to be satisfied in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not
 make any issue, grant or distribution or take any other action if the effect would be that
 on the conversion of the Class A Ordinary Shares to Class B Ordinary Shares it would be required
 to issue Class B Ordinary Shares at a price lower than the par value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *As regards Voting Rights* 

Holders of shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times (other than in respect of separate general meetings of the holders of a class or series of shares held in accordance with Article 2.8 below), vote together as one class on all matters submitted to a vote for Members' consent. Each Class B Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of the Company, and each Class A Ordinary Share shall be entitled to ten (10) votes on all matters subject to the vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *As regards Transfer* 

Upon any sale, transfer, assignment or disposition of Class A Ordinary Shares by a holder thereof to any person or entity, such Class A Ordinary Shares validly transferred to the new holder shall be automatically and immediately converted into an equal number of Class B Ordinary Shares unless the holder of the Class A Ordinary Shares and the Board of Directors consent in writing to the retention of Class A Ordinary Shares status by the transferee.

For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in the Company's Register of Members; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever description on any of Class A Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to the related Class A Ordinary Shares, in which case all the related Class A Ordinary Shares shall be automatically converted into the same number of Class B Ordinary Shares upon the Company's registration of the third party or its designee as a Member holding that number of Class B Ordinary Shares in the Register of Members unless the original holder of the Class A Ordinary Shares (i.e. the charger) and the Board of Directors consent in writing to the retention of Class A Ordinary Shares status by the transferee.

Holders of Class B Ordinary Shares shall, subject to these Articles, have the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 entitled to one vote per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 entitled to such dividends as the Board may from time to time declare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the event of a winding up or dissolution of the Company, whether voluntary or involuntary
 or for the purpose of a reorganisation or otherwise or upon any distribution of capital,
 be entitled to the surplus assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) generally,
 be entitled to enjoy all of the rights attaching to shares.

(2) Unless
 explicitly stated otherwise in these Articles, including Article 2.7A, Class A Ordinary Shares
 and Class B Ordinary Shares shall rank equally in all respects and shall have the same rights,
 preferences, privileges and restrictions, including rights to dividends, liquidation proceeds,
 and other financial or economic entitlements. Any amendments to the rights of either class
 of shares shall be subject to the provisions of Article 2.8.

**Power to vary class rights**

2.8 If
the share capital is divided into different classes of Shares then, unless the terms on which a class of Shares was issued state otherwise,
the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members holding not less than three-fourths of the issued Shares of that class consent in
 writing to the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 variation is made with the sanction of a Special Resolution passed at a separate general
 meeting of the Members holding the issued Shares of that class.

2.9 For
the purpose of Article 2.8(b), all the provisions of these Articles relating to general meetings apply, mutatis mutandis, to every such
separate meeting except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 necessary quorum shall be a person or persons together at least holding, or representing
 by proxy, not less than one third of the voting rights attached to the issued voting shares
 of that class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Member holding issued Shares of the class, present in person or by proxy or, in the case
 of a corporate Member, by its duly authorised representative, may demand a poll.

**Effect of new Share issue on existing class rights**

2.10 Unless
the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member holding Shares of any class shall
not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with the existing Shares of that class.

**No bearer Shares or warrants**

2.11 The
Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.13 No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to Members on a winding
 up) may be made to the Company in respect of a Treasury Share.

2.14 The
Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given time,
 whether for the purposes of these Articles or the Act.

2.15 Nothing
 in Article 2.14 prevents an allotment of Shares as Fully Paid Up bonus shares in respect
 of a Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

2.16 Treasury
 Shares may be disposed of by the Company in accordance with the Act and otherwise on such
 terms and conditions as the Directors determine.

**Register of Members**

2.17 The
Directors shall keep or cause to be kept a register of Members as required by the Act and may cause the Company to maintain one or more
branch registers as contemplated by the Act, provided that where the Company is maintaining one or more branch registers, the Directors
shall ensure that a duplicate of each branch register is kept with the Company's principal register of Members and updated within such
number of days of any amendment having been made to such branch register as may be required by the Act.

**Annual Return**

2.18 The
Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration setting forth the particulars
required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A
Member shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued. Share certificates
representing Shares, if any, shall be in such form as the Directors may determine. If the Directors resolve that share certificates shall
be issued, upon being entered in the register of Members as the holder of a Share, the Directors may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without
 payment, one certificate for all the Shares of each class held by that Member (and, upon
 transferring a part of the Member's holding of Shares of any class, to a certificate
 for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 payment of such reasonable sum as the Directors may determine for every certificate after
 the first, several certificates each for one or more of that Member's Shares.

3.2 Every
 certificate shall specify the number, class and distinguishing numbers (if any) of the Shares
 to which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may
 be executed under seal or executed in such other manner as the Directors determine.

3.3 Every
 certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act.

3.4 The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 several persons and delivery of a certificate for a Share to one joint holder shall be a
 sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out, lost or destroyed,
it may be renewed on such terms (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment
 of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment
 of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

4.1 The
Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered in the name of a Member (whether solely
or jointly with others). The lien is for all monies payable to the Company by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 or not those monies are presently payable.

4.2 At any time the Board may declare any Share to be wholly or
partly exempt from the provisions of this Article.

**Company may sell Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The
 Company may sell any Shares over which it has a lien if all of the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company gives notice to the Member holding the Share (or to the person entitled to it in
 consequence of the death or bankruptcy of that Member) demanding payment and stating that
 if the notice is not complied with the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 sum is not paid within fourteen Clear Days after that notice is deemed to be given under
 these Articles, and Shares to which this Article 4.3 applies shall be referred to as Lien
 Default Shares.

4.4 The
 Lien Default Shares may be sold in such manner as the Board determines.

4.5 To
 the maximum extent permitted by law, the Directors shall incur no personal liability to the
 Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may authorise any person
to execute an instrument of transfer of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 The
 title of the transferee of the Lien Default Shares shall not be affected by any irregularity
 or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On
a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of Members as the holder
 of those Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall deliver to the Company for cancellation the certificate (if any) for those Lien
 Default Shares.

4.9 Notwithstanding
the provisions of Article 4.8, such person shall remain liable to the Company for all monies which, at the date of sale, were presently
payable by him to the Company in respect of those Lien Default Shares. That person shall also be liable to pay interest on those monies
from the date of sale until payment at the rate at which interest was payable before that sale or, failing that, at the Default Rate.
The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the Lien Default Shares at the
time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The
net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the sum for which the lien exists as
is presently payable. Any residue shall be paid to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a certificate for the Lien Default Shares was issued, upon surrender to the Company of that
 certificate for cancellation but,
in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares
before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject
to the terms of allotment, the Board may make calls on the Members in respect of any monies unpaid on their Shares including any premium.
The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days' notice specifying when and where
payment is to be made, each Member shall pay to the Company the amount called on his Shares as required by the notice.

5.2 Before
receipt by the Company of any sum due under a call, that call may be revoked in whole or in part and payment of a call may be postponed
in whole or in part. Where a call is to be paid
in instalments, the Company may revoke the call in respect of all or any remaining instalments in whole or in part and may postpone payment
of all or any of the remaining instalments in whole or in part.

5.3 A
Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer of the Shares in respect of which
the call was made. He shall not be liable for calls made after he is no longer registered as Member in respect of those Shares.

**Time when call made**

5.4 A
call shall be deemed to have been made at the time when the resolution of the Directors authorising the call was passed.

**Liability of joint holders**

5.5 Members
registered as the joint holders of a Share shall be jointly and severally liable to pay all calls in respect of the Share.

**Interest on unpaid calls**

5.6 If
a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest on the amount
unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
the rate fixed by the terms of allotment of the Share or in the notice of the call; or (b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any
amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall be deemed to be payable as a call.
If the amount is not paid when due the provisions of these Articles shall apply as if the amount had become due and payable by virtue
of a call.

**Power to accept early payment**

5.8 The
Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held by him although no part of that amount
has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject
to the terms of allotment, the Directors may make arrangements on the issue of Shares to distinguish between Members in the amounts and
times of payment of calls on their Shares.

**Notice of default**

5.10 If
a call remains unpaid after it has become due and payable the Directors may give to the person from whom it is due not less than 14 Clear
Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 expenses which have been incurred by the Company due to that person's default.

5.11 The
notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 warning that if the notice is not complied with the Shares in respect of which the call is
 made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If
the notice given pursuant to Article 5.10 is not complied with, the Directors may, before the payment required by the notice has been
received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include all dividends or other monies
payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the Board may determine that any
Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A
forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Board determine
either to the former Member who held that Share or to any other person. The forfeiture or surrender may be cancelled on such terms as
the Directors think fit at any time before a sale, re-allotment or other disposition. Where, for the purposes of its disposal, a forfeited
or surrendered Share is to be transferred to any person, the Directors may authorise some person to execute an instrument of transfer
of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

5.14 On
forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of Members as the holder
 of those Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
 or surrendered Shares.

5.15 Despite
the forfeiture or surrender of his Shares, until the Company receives payment in full of the unpaid amount as described in this Article
5.15, that person shall remain liable to the Company for all monies which at the date of forfeiture or surrender were presently payable
by him to the Company in respect of those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest
 from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a Director
or the Secretary shall be conclusive evidence of the following matters stated in it as against all persons claiming to be entitled to
forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any
person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the application of the consideration,
if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity of the proceedings in respect
of, the forfeiture, surrender or disposal of those Shares.

6 Transfer of Shares

**Right to transfer**

6.1 The
instrument of transfer of any Share shall be in writing and in any usual or common form or in a form prescribed by the Designated Stock
Exchanges or such other form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor
and if in respect of a nil or Partly Paid Up Share, or if so required by the Directors, shall also be executed by or on behalf of the
transferee and shall be accompanied by the certificate (if any) of the Shares to which it relates and such other evidence as the Directors
may reasonably require to show the right of the transferor to make the transfer. The transferor shall be deemed to
remain a Member until the name of the transferee is entered in the register of Members in respect of the relevant Shares.

6.2 The
Directors may in their absolute discretion decline to register any transfer of Shares which is not Fully Paid Up or on which the Company
has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The
 Directors may also, but are not required to, decline to register any transfer of any Share
 unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 instrument of transfer is lodged with the Company, accompanied by the certificate (if any)
 for the Shares to which it relates and such other evidence as the Board may reasonably require
 to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 the case of a transfer to joint holders, the number of joint holders to whom the Share is
 to be transferred does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be
 payable, or such lesser sum as the Board may from time to time require, related to the transfer
 is paid to the Company.

**Suspension of transfers**

6.4 The
registration of transfers may, on 14 days' notice being given by advertisement in such one or more newspapers or by electronic
means, be suspended and the register of Members closed at such times and for such periods as the Directors may, in their absolute discretion,
from time to time determine, provided always that such registration of transfer shall not be suspended nor the register of Members closed
for more than 30 days in any year.

**Company may retain instrument of transfer**

6.5 All
instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.6 If
the Directors refuse to register a transfer of any Shares, they shall within three months after the date on which the instrument of transfer
was lodged with the Company send to each of the transferor and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If
a Member dies, the only persons recognised by the Company as having any title to the deceased Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing
in these Articles shall release the deceased Member's estate from any liability in respect of any Share, whether the deceased was
a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A
person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 transfer the Share to another person.

7.4 That
 person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If
 the person elects to become the holder of the Share, he must give notice to the Company to
 that effect. For the purposes of these Articles, that notice shall be treated as though it
 were an executed instrument of transfer.

7.6 If
 the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument
 of transfer.

7.7 All
the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the instrument of transfer.

**Indemnity**

7.8 A
person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify the Company and the Directors against
any loss or damage suffered by the Company or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 A
 person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall
 have the rights to which he would be entitled if he were registered as the holder of the
 Share. But, until he is registered as Member in respect of the Share, he shall not be entitled
 to attend or vote at any meeting of the Company or at any separate meeting of the holders
 of that class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 To
 the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of
 the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by new Shares of the amount fixed by that Ordinary Resolution and with
 the attached rights, priorities and privileges set out in that Ordinary Resolution or, if
 the Company has Shares without par value, increase its share capital by such number of Shares
 without nominal or par value, or increase the aggregate consideration for which its Shares
 may be issued, as it thinks expedient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert
 all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares
 of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide
 its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
 so, however, that in the sub-division, the proportion between the amount paid and the amount,
 if any, unpaid on each reduced Share shall be the same as it was in case of the Share from
 which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 Shares which, at the date of the passing of that Ordinary Resolution, have not been taken
 or agreed to be taken by any person, and diminish the amount of its share capital by the
 amount of the Shares so cancelled or, in the case of Shares without nominal par value, diminish
 the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever,
as a result of a consolidation of Shares, any Members would become entitled to fractions of a Share the Directors may on behalf of those
Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sell
 the Shares representing the fractions for the best price reasonably obtainable to any person
 (including, subject to the provisions of the Act, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) distribute
 the net proceeds in due proportion among those Members.

8.3 For
the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer of the Shares to, in accordance
with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall the
transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of the sale.

**Reducing share capital**

8.4 Subject
to the Act and to any rights for the time being conferred on the Members holding a particular class of Shares, the Company may, by Special
Resolution, reduce its share capital in any way.

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject
to the Act and to any rights for the time being conferred on the Members holding a particular class of Shares, the Company may by its
Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or liable to be redeemed, at the option of the Company or
 the Member holding those redeemable Shares, on the terms and in the manner its Directors
 determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the consent by Special Resolution of the Members holding Shares of a particular class, vary
 the rights attaching to that class of Shares so as to provide that those Shares are to be
 redeemed or are liable to be redeemed at the option of the Company on the terms and in the
 manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase
 all or any of its own Shares of any class including any redeemable Shares by agreement with
 the Member holding those Shares on the terms and in the manner which the Directors determine
 at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares. No share may be redeemed or purchased unless it is Fully Paid Up.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When
making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment in cash or *in specie* (or
partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares or by the terms applying to those
Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon
the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member holding that Share shall cease to be entitled to any rights in respect of the Share
 other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Member's name shall be removed from the register of Members with respect to the Share;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For
the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's name is removed from the register of Members
with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The
Company may, but shall not (unless required by the Designated Stock Exchange Rules) be obligated to, in each year hold a general meeting
as an annual general meeting, which, if held, shall be convened at such time and place (where applicable) and/or in such form as may
be determined by the Board, in accordance with these Articles.

10.2 All
general meetings other than annual general meetings shall be called extraordinary general meetings. Notwithstanding any provisions in
these Articles, any general meeting or any class meeting may be held by means of such telephone, electronic or other communication facilities
as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting shall constitute
presence at such meeting. Unless otherwise determined by the Directors, the manner of convening and the proceedings at a general meeting
set out in these Articles shall, *mutatis mutandis*, apply to a general meeting held wholly by or in-combination with electronic
means.

**Power to call meetings**

10.3 The
Directors may call a general meeting at any time.

10.4 If
there are insufficient Directors to constitute a quorum and the remaining Directors are unable to agree on the appointment of additional
Directors, the Directors must call a general meeting for the purpose of appointing additional Directors.

10.5 The
Directors must also call a general meeting if requisitioned in the manner set out in the next two Articles.

10.6 The
requisition must be in writing and given by one or more Members who together hold at least one-tenth of such Fully Paid Up capital of
the Company as at the date of the deposit carries the right to vote at such general meetings.

10.7 The
requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify
 the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 signed by or on behalf of each requisitioner (and for this purpose each joint holder shall
 be obliged to sign). The requisition may consist of several documents in like form signed
 by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be
 delivered in accordance with the notice provisions.

10.8 Should
 the Directors fail to call a general meeting within 21 days' from the date of receipt
 of a requisition, the requisitioners, or any of them representing more than one half of the
 total voting rights of all of them, may themselves convene a general meeting, but any meeting
 so called shall not be convened more than ninety days after the requisition. A general meeting
 convened by requisitioners shall be called in the same manner, as nearly as possible, as
 that in which general meetings are to be called by the Board.

10.9 Without
 limitation to the foregoing, if there are insufficient Directors to constitute a quorum and
 the remaining Directors are unable to agree on the appointment of additional Directors, any
 one or more Members who together hold at least five per cent of the rights to vote at a general
 meeting may call a general meeting for the purpose of considering the business specified
 in the notice of meeting which shall include as an item of business the appointment of additional
 Directors.

10.10 If
 the Members call a meeting under the above provisions, the Company shall reimburse their
 reasonable expenses.

**Content of notice**

10.11 Notice
of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place (save for an electronic meeting), the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the meeting is to be held in two or more places, the technology that will be used to facilitate
 the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the meeting is to be a hybrid meeting or an electronic meeting, a statement to that effect
 and with details of the electronic facilities for attendance and participation by electronic
 means at the meeting or where such details will be made available by the

Company prior to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject
 to paragraph (d) and the requirements of (to the extent applicable) the Designated Stock
 Exchange Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 a resolution is proposed as a Special Resolution, the text of that resolution.

10.12 In
each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 a Member who is entitled to attend and vote is entitled to appoint one or more proxies to
 attend and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a proxyholder need not be a Member.

**Period of notice**

10.13 At
least seven days' notice of a general meeting (including an annual general meeting and an extraordinary general meeting) must be given
to Members entitled to attend and vote thereat.

10.14 Subject
to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of (i) all Members who are entitled to attend
and vote thereat in the case of an annual general meeting; and (ii) in the case of an extraordinary general meeting, seventy-five per
cent of the Members entitled to attend and vote thereat.

**Persons entitled to receive notice**

10.15 Subject
to the provisions of these Articles and to any restrictions imposed on any Shares, the notice shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons
entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
Auditors.

10.16 The
Board may determine that the Members entitled to receive notice of a meeting are those persons entered on the register of Members at
the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings
at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt
 of notice of the meeting by any person entitled to notice.

10.18 In
addition, where a notice of meeting is published on a website proceedings at the meeting shall not be invalidated merely because it is
accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 part only of the period from the date of the notification until the conclusion of the meeting
 to which the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save
as provided in the following Article, no business shall be transacted at any meeting unless a quorum is present in person or by proxy.
A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has more than one Member: two or more Members holding Shares that represent not
 less than fifty percent of the voting rights attached to the issued voting shares of the
 Company carrying the right to vote at such general meeting.

**Lack of quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 If
 a quorum is not present within half an hour of the time appointed for the meeting, or if
 at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 any other case, the meeting shall stand adjourned to the same day in the next week, at the
 same time and place, or to such other time or place as is determined by the Directors. If
 a quorum is not present within half an hour of the time appointed for the adjourned meeting,
 then the Members present in person or by proxy shall constitute a quorum. Unless the meeting
 is adjourned to a specific date, time and place announced on the meeting being adjourned,
 fresh notice of the resumption of the meeting shall be given to each Member entitled to attend
 and vote thereat in accordance with these Articles.

**Chairman**

11.3 The
chairman of a general meeting shall be the chairman of the Board or such other Director as the Directors have nominated to chair Board
meetings in the absence of the chairman of the Board. Absent any such person being present within fifteen minutes of the time appointed
for the meeting, the Directors present shall elect one of their number to chair the meeting.

11.4 If
no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director is willing to act as chairman,
the Members present in person or by proxy and entitled to vote shall choose one of their number to chair the meeting.

**Right of a Director to attend and speak**

11.5 Even
if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and at any separate meeting of Members
holding a particular class of Shares.

**Accommodation of Members at meeting**

11.6 lf
it appears to the chairman of the meeting that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 electronic facilities at the place of the meeting have become inadequate or are otherwise
 not sufficient to allow the meeting to be conducted substantially in accordance with these
 Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an electronic meeting or a hybrid meeting, electronic facilities being made available
 by the Company have become inadequate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 is not possible to ascertain the view of those present or to give all persons entitled to
 do so a reasonable opportunity to communicate and/or vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there
 is violence or the threat of violence, unruly behaviour or other disruption occurring at
 the meeting or it is not possible to secure the proper and orderly conduct of the meeting
 then, without prejudice to any other power which the chairman of the meeting may have under
 these Articles or at common law, the chairman may, at his/her absolute discretion, without
 the consent of the meeting, and before or after the meeting has started and irrespective
 of whether a quorum is present, interrupt or adjourn the meeting (including adjournment for
 indefinite period). All business conducted at the meeting up to the time of such adjournment
 shall be valid.

**Security**

11.7 In
addition to any measures which the Board may be required to take due to the location or venue of the meeting, the Board may make any
arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to ensure the security of a meeting
including, without limitation, the searching of any person attending the meeting and the imposing of restrictions on the items of personal
property that may be taken into the meeting place. The Board may refuse entry to, or eject from, a meeting a person who refuses to comply
with any such arrangements or restrictions.

**Adjournment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 The
 chairman may at any time adjourn a meeting with the consent of the Members constituting a
 quorum. The chairman must adjourn the meeting if so directed by the meeting. No business,
 however, can be transacted at an adjourned meeting other than business which might properly
 have been transacted at the original meeting.

11.9 Should
a meeting be adjourned for more than 7 Clear Days, whether because of a lack of quorum or otherwise, Members shall be given at least
seven Clear Days' notice of the date, time and place of the adjourned meeting and the general nature of the business to be transacted.
Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 Votes
(whether on a show of hands or by way of poll) may be cast by such means, electronic or otherwise, as the Directors or the chairman of
the meeting may determine. A resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is required
by the rules of the Designated Stock Exchange or before, or on, the declaration of the result of the show of hands or on the withdrawal
of any other demand for a poll, a poll is duly demanded.

Subject to the Act, a poll may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the chairman of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 at least three Members present in person or by proxy having the right to vote on the resolutions;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 any Member or Members present who, individually or collectively, hold at least fifteen per
 cent of the voting rights of all those who have a right to vote on the resolution.

**Outcome of vote by show of hands**

11.11 Unless
a poll is duly demanded, a declaration by the chairman as to the result of a resolution and an entry to that effect in the minutes of
the meeting shall be conclusive evidence of the outcome of a show of hands without proof of the number or proportion of the votes recorded
in favour of or against the resolution.

**Withdrawal of demand for a poll**

11.12 The
demand for a poll may be withdrawn before the poll is taken, but only with the consent of the chairman. The chairman shall announce any
such withdrawal to the meeting and, unless another person forthwith demands a poll, any earlier show of hands on that resolution shall
be treated as the vote on that resolution; if there has been no earlier show of hands, then the resolution shall be put to the vote of
the meeting.

**Taking of a poll**

11.13 A
poll demanded on the election of a chairman and the question of adjournment shall be taken immediately.

11.14 A
poll demanded on any other question shall be taken either immediately or at an adjourned meeting at such time and place as the chairman
directs, not being more than thirty Clear Days after the poll was demanded.

11.15 The
demand for a poll shall not prevent the meeting continuing to transact any business other than the question on which the poll was demanded.

11.16 A
poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be Members) and fix a place and
time for declaring the result of the poll. If, through the aid of technology, the meeting is held in more than place, the chairman may
appoint scrutineers in more than place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman
shall adjourn the holding of the poll to a date, place and time when that can occur.

**Chairman's casting vote**

11.17 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.

**Written resolutions**

11.18 Members
may pass a resolution in writing without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members entitled to vote are given notice of the resolution as if the same were being proposed
 at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Members entitled so to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign
 several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 signed document or documents is or are delivered to the Company, including, if the Company
 so nominates, by delivery of an Electronic Record by Electronic means to the address specified
 for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such
 written resolution shall be as effective as if it had been passed at a meeting of the Members
 entitled to vote duly convened and held.

11.19 If
 a written resolution is described as a Special Resolution or as an Ordinary Resolution, it
 has effect accordingly.

11.20 The
 Directors may determine the manner in which written resolutions shall be put to Members.
 In particular, they may provide, in the form of any written resolution, for each Member to
 indicate, out of the number of votes the Member would have been entitled to cast at a meeting
 to consider the resolution, how many votes he wishes to cast in favour of the resolution
 and how many against the resolution or to be treated as abstentions. The result of any such
 written resolution shall be determined on the same basis as on a poll.

**Sole-Member Company**

11.21 If
the Company has only one Member, and the Member records in writing his decision on a question, that record shall constitute both the
passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Unless
their Shares carry no right to vote, or unless a call or other amount presently payable has not been paid, subject to any special rights
or restrictions on voting specified in these Articles, all Members are entitled to vote at a general meeting, whether on a show of hands
or on a poll, and all Members holding Shares of a particular class of Shares are entitled to vote at a meeting of the holders of that
class of Shares.

12.2 Members
may vote in person or by proxy. Subject to the Act and these Articles, any question proposed for the consideration of the Members at
any general meeting shall be decided by the affirmative votes of a majority of the votes cast in accordance with these Articles and in
the case of an equality of votes, the resolution shall fail.

12.3 In
a show of hands at a general meeting, each holder of Class A Ordinary Shares present in person, by proxy, or (if a corporation) by a
duly authorized representative, has ten (10) votes, and each holder of Class B Ordinary Shares present in person, by proxy, or (if a
corporation) by a duly authorized representative, has one (1) vote. For the avoidance of doubt, an individual who represents two or more
Members, including a Member in that individual's own right, that individual shall be entitled to a separate vote for each Member.

12.4 In
a poll, each fully paid Class A Ordinary Share carries ten (10) votes, and each fully paid Class B Ordinary Share carries one (1) vote,
whether held by a Member present in person, by proxy, or (if a corporation) by a duly authorized representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 No
 Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his
 Shares in the same way.

**Rights of joint holders**

12.6 If
Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders tenders a vote, the vote of the
holder whose name in respect of those Shares appears first in the register of Members shall be accepted to the exclusion of the votes
of the other joint holder.

**Representation of corporate Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 Save
 where otherwise provided, a corporate Member must act by a duly authorised representative.

12.8 A
corporate Member wishing to act by a duly authorised representative must identify that person to the Company by notice in writing.

12.9 The
authorisation may be for any period of time, and must be delivered to the Company before the commencement of the meeting at which it
is first used.

12.10 The
Directors of the Company may require the production of any evidence which they consider necessary to determine the validity of the notice.

12.11 Where
a duly authorised representative is present at a meeting that Member is deemed to be present in person; and the acts of the duly authorised
representative are personal acts of that Member.

12.12 A
corporate Member may revoke the appointment of a duly authorised representative at any time by notice to the Company; but such revocation
will not affect the validity of any acts carried out by the duly authorised representative before the Directors of the Company had actual
notice of the revocation.

**Member with mental disorder**

12.13 A
Member in respect of whom an order has been made by any court having jurisdiction (whether in the Cayman Islands or elsewhere) in matters
concerning mental disorder may vote, whether on a show of hands or on a poll, by that Member's receiver, *curator bonis* or
other person authorised in that behalf appointed by that court.

12.14 For
the purpose of the preceding Article, evidence to the satisfaction of the Directors of the authority of the person claiming to exercise
the right to vote must be received not less than 24 hours before holding the relevant meeting or the adjourned meeting in any manner
specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means. In default, the right to vote
shall not be exercisable.

**Objections to admissibility of votes**

12.15 An
objection to the validity of a person's vote may only be raised at the meeting or at the adjourned meeting at which the vote is
sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be final and conclusive.

**Form of proxy**

12.16 An
instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

12.17 The
instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Member is a corporation or other body corporate, under seal or signed by an authorised
 officer, secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.18 The
 Directors may require the production of any evidence which they consider necessary to determine
 the validity of any appointment of a proxy.

12.19 A
 Member may revoke the appointment of a proxy at any time by notice to the Company duly signed
 in accordance with Article 12.17.

12.20 No
 revocation by a Member of the appointment of a proxy made in accordance with Article 12.19
 will affect the validity of any acts carried out by the relevant proxy before the Directors
 of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.21 Subject
to the following Articles, the Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy
sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and the place and the time
(being not later than the time appointed for the commencement of the meeting or adjourned meeting to which the proxy relates) at which
the instrument appointing a proxy shall be deposited. In the absence of any such direction from the Directors in the notice convening
any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment of a proxy and any authority
under which it is signed (or a copy of the authority certified notarially or in any other way approved by the Directors) must be delivered
so that it is received by the Company before the time for holding the meeting or adjourned meeting at which the person named in the form
of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 such other place within the Cayman Islands specified in the notice convening the meeting
 or in any form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 pursuant to the notice provisions, a notice may be given to the Company in an Electronic
 Record, an Electronic Record of an appointment of a proxy must be sent to the address specified
 pursuant to those provisions unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 Article 12.21(a) and Article 12.21(b), the chairman of the Company may, in any event at his
 discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.22 Where a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 it is taken more than seven Clear Days after it is demanded, the form of appointment of a
 proxy and any accompanying authority (or an Electronic Record of the same) must be delivered
 in accordance with Article 12.21 before the time appointed for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 it to be taken within seven Clear Days after it was demanded, the form of appointment of
 a proxy and any accompanying authority (or an Electronic Record of the same) must be delivered
 in accordance with Article 12.21 before the time appointed for the taking of the poll.

12.23 If
 the form of appointment of proxy is not delivered on time, it is invalid.

12.24 When
 two or more valid but differing appointments of proxy are delivered or received in respect
 of the same Share for use at the same meeting and in respect of the same matter, the one
 which is last validly delivered or received (regardless of its date or of the date of its
 execution) shall be treated as replacing and revoking the other or others as regards that
 Share. lf the Company is unable to determine which appointment was last validly delivered
 or received, none of them shall be treated as valid in respect of that Share.

12.25 The
 Board may at the expense of the Company send forms of appointment of proxy to the Members
 by post (that is to say, pre-paying and posting a letter), or by Electronic communication
 or otherwise (with or without provision for their return by pre-paid post) for use at any
 general meeting or at any separate meeting of the holders of any class of Shares, either
 blank or nominating as proxy in the alternative any one or more of the Directors or any other
 person. lf for the purpose of any meeting invitations to appoint as proxy a person or one
 of a number of persons specified in the invitations are issued at the Company's expense,
 they shall be issued to all (and not to some only) of the Members entitled to be sent notice
 of the meeting and to vote at it. The accidental omission to send such a form of appointment
 or to give such an invitation to, or the non-receipt of such form of appointment by, any
 Member entitled to attend and vote at a meeting shall not invalidate the proceedings at that
 meeting

**Voting by proxy**

12.26 A
proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had except to the extent that the
instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may attend and vote at a meeting
or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless in respect of different
Shares, shall be invalid.

12.27 The
instrument appointing a proxy to vote at a meeting shall be deemed also to confer authority to demand or join in demanding a poll and,
for the purposes of Article 11.11, a demand by a person as proxy for a Member shall be the same as a demand by a Member. Such appointment
shall not confer any further right to speak at the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 Subject
to Article 14.8, there shall be a Board consisting of not less than one person provided however that the Company may by Ordinary Resolution
increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number of Directors shall
be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The
first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum, or a majority of them.

**No age limit**

14.2 There
is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless
prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles about representation of corporate
Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless
a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall be required to own Shares as a condition
of his appointment.

**Appointment of Directors**

14.5 A
Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may be to fill a vacancy or as an additional Director.

14.6 A
remaining Director may appoint a Director even though there is not a quorum of Directors.

14.7 No
appointment can cause the number of Directors to exceed the maximum (if one is set); and any such appointment shall be invalid.

14.8 For
so long as Shares or ADSs 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.

**Board's power to appoint Directors**

14.9 Without
prejudice to the Company's power to appoint a person to be a Director pursuant to these Articles, the Board shall have power at
any time to appoint any person who is willing to act as a Director, either to fill a vacancy or as an addition to the existing Board,
subject to the total number of Directors not exceeding any maximum number fixed by or in accordance with these Articles.

14.10 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.

**Eligibility**

14.11 No
person (other than a Director retiring in accordance with these Articles) shall be appointed or re-appointed a Director at any general
meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is recommended by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not
 less than seven nor more than forty-two Clear Days before the date appointed for the meeting,
 a Member (other than the person to be proposed) entitled to vote at the meeting has given
 to the Company notice of his intention to propose a resolution for the appointment of that
 person, stating the particulars which would, if he were so appointed, be required to be included
 in the Company's register of Directors and a notice executed by that person of his
 willingness to be appointed.

**Appointment at annual general meeting**

14.12 Unless
re-appointed pursuant to the provisions of Article 14.5 or removed from office pursuant to the provisions of Article 14.13, each Director
shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12.1 Notwithstanding
any other provisions in the Articles, at each annual general meeting one third of the Directors for the time being (or, if their number
is not a multiple of three (3), the number nearest to but not greater than one third) shall retire from office by rotation provided that
every Director shall be subject to retirement at an annual general meeting at least once every three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12.2 A
 retiring Director shall be eligible for re-election by ordinary resolution of the members
 of the Company. The Directors to retire by rotation shall include (so far as necessary to
 ascertain the number of directors to retire by rotation) any Director who wishes to retire
 and not to offer himself for re-election. Any further Directors so to retire shall be those
 of the other Directors subject to retirement by rotation who have been longest in office
 since their last re-election or appointment and so that as between persons who became or
 were last re-elected Directors on the same day those to retire shall (unless they otherwise
 agree among themselves) be determined by lot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12.3 Unless
otherwise provided by the rules of the Designated Stock Exchange, no person other than a Director retiring at the meeting shall, unless
recommended by the Directors for election, be eligible for election as a Director at any general meeting.

**Removal of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 A
Director may be removed by Ordinary Resolution, whether or not appointing another in his stead.

**Resignation of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 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.

**Termination of the office of Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17 Without
prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's office shall be terminated
forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 is made bankrupt or makes an arrangement or composition with his creditors generally;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 the opinion of a registered medical practitioner by whom he is being treated he becomes physically
 or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he
 is given notice by the majority of the other Directors (not being less than two in number)
 to vacate office (without prejudice to any claim for damages for breach of any agreement
 relating to the provision of the services of such Director); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he
 is made subject to any law relating to mental health or incompetence, whether by court order
 or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without
 the consent of the other Directors, he is absent from meetings of Directors for a continuous
 period of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any
Director may appoint any other person, including another Director, to act in his place as an alternate Director. No appointment shall
take effect until the Director has given notice of the appointment to the Board.

15.2 A
Director may revoke his appointment of an alternate at any time. No revocation shall take effect until the Director has given notice
of the revocation to the Board.

15.3 A
notice of appointment or removal of an alternate Director shall be effective only if given to the Company by one or more of the following
methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has a facsimile address for the time being, by sending by facsimile transmission
 to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission
 to the facsimile address of the Company's registered office a facsimile copy (in either case,
 the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
 notice shall be taken to be given on the date of an error-free transmission report from the
 sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Company has an email address for the time being, by emailing to that email address a
 scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address
 provided by the Company's registered office a scanned copy of the notice as a PDF attachment
 (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies),
 in which event notice shall be taken to be given on the date of receipt by the Company or
 the Company's registered office (as appropriate) in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 permitted pursuant to the notice provisions, in some other form of approved Electronic Record
 delivered in accordance with those provisions in writing.

**Notices**

15.4 All
notices of meetings of Directors shall continue to be given to the appointing Director and not to the alternate.

**Rights of alternate Director**

15.5 An
alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee of the Directors at which the
appointing Director is not personally present, and generally to perform all the functions of the appointing Director in his absence.
An alternate Director, however, is not entitled to receive any remuneration from the Company for services rendered as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An
alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Director who appointed him revokes his appointment by notice delivered to the Board or to
 the registered office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any event happens in relation to him which, if he were a Director of the Company, would cause
 his office as Director to be vacated.

**Status of alternate Director**

15.7 An
alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save
where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

15.9 An
alternate Director is not the agent of the Director appointing him.

15.10 An
alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A
Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject
to the provisions of the Act, the Memorandum and these Articles the business of the Company shall be managed by the Directors who may
for that purpose exercise all the powers of the Company.

16.2 No
prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these Articles. However, to the extent
allowed by the Act, Members may, by

Special Resolution, validate any prior or future act of the Directors which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf
the number of Directors is less than the minimum prescribed in accordance with these Articles, the remaining Director or Directors shall
act only for the purposes of appointing an additional Director or Directors to make up such minimum or of convening a general meeting
of the Company for the purpose of making such appointment. lf there are no Director or Directors able or willing to act, any two Members
may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed shall hold office (subject
to these Articles) only until the dissolution of the annual general meeting next following such appointment unless he is re-elected during
such meeting.

**Appointments to office**

16.4 The
Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
managing Director;

(c) to any other executive office, for such period, and on such terms, including as to remuneration as they think
fit.

16.5 The
 appointee must consent in writing to holding that office.

16.6 Where
 a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If
 there is no chairman, or if the chairman is unable to preside at a meeting, that meeting
 may select its own chairman; or the Directors may nominate one of their number to act in
 place of the chairman should he ever not be available.

16.8 Subject
 to the provisions of the Act, the Directors may also appoint and remove any person, who need
 not be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The
 Secretary or Officer must consent in writing to holding that office.

16.10 A
 Director, Secretary or other Officer of the Company may not the hold the office, or perform
 the services, of auditor.

**Provisions for employees**

16.11 The
Board may make provision for the benefit of any persons employed or formerly employed by the Company or any of its subsidiary undertakings
(or any member of his family or any person who is dependent on him) in connection with the cessation or the transfer to any person of
the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The
Board may exercise the voting power conferred by the Shares in any body corporate held or owned by the Company in such manner in all
respects as it thinks fit (including, without limitation, the exercise of that power in favour of any resolution appointing any Director
as a Director of such body corporate, or voting or providing for the payment of remuneration to the Directors of such body corporate).

**Remuneration**

16.13 Every
Director may be remunerated by the Company for the services he provides for the benefit of the Company, whether as Director, employee
or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business including attendance at Directors'
meetings.

16.14 Until
otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate Directors) shall be entitled to such
remuneration by way of fees for their services in the office of Director as the Directors may determine and shall be deemed to accrue
from day to day.

16.15 Remuneration
may take any form and may include arrangements to pay pensions, health insurance, death or sickness benefits, whether to the Director
or to any other person connected to or related to him.

16.16 Unless
his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration or other benefits received from
any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 The
Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information contained
in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of the Company
to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company or that person, as the case may be, is lawfully required to do so under the laws
 of any jurisdiction to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
 disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Directors are of the opinion such disclosure would assist or facilitate the Company's
 operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The
Directors may delegate any of their powers to any committee consisting of one or more persons who need not be Members. Persons on the
committee may include non-Directors so long as the majority of those persons are Directors. Any such committee shall be made up of such
number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise required by applicable
law.

17.2 The
delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The
delegation may be on such terms as the Directors think fit, including provision for the committee itself to delegate to a sub-committee;
save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless
otherwise permitted by the Directors, a committee must follow the procedures prescribed for the taking of decisions by Directors.

17.5 The
Board shall establish an audit committee, a compensation committee and a nominating and corporate governance committee. Each of these
committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles. Each of
the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three Directors
(or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The majority of the committee
members on each of the compensation committee and nominating and corporate governance committee shall be Independent Directors. The audit
committee shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules
or otherwise required by applicable law.

**Local boards**

17.6 The
Board may establish any local or divisional board or agency for managing any of the affairs of the Company whether in the Cayman Islands
or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be managers or agents, and may fix their
remuneration.

17.7 The
Board may delegate to any local or divisional board, manager or agent any of its powers and authorities (with power to sub-delegate)
and may authorise the members of any local or divisional board or any of them to fill any vacancies and to act notwithstanding vacancies.

17.8 Any
appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions as the Board thinks fit and
the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The
Directors may appoint any person, either generally or in respect of any specific matter, to be the agent of the Company with or without
authority for that person to delegate all or any of that person's powers. The Directors may make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
causing the Company to enter into a power of attorney or agreement; or (b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The
Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be the attorney or the authorised signatory
of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject
to such conditions as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable,
by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any
 power of attorney or other appointment may contain such provision for the protection and
 convenience for persons dealing with the attorney or authorised signatory as the Directors
 think fit. Any power of attorney or other appointment may also authorise the attorney or
 authorised signatory to delegate all or any of the powers, authorities and discretions vested
 in that person.

17.12 The
 Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The
Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and assets both
present and future and uncalled capital, or any part thereof, and to issue debentures and other securities, whether outright or as collateral
security for any debt, liability or obligation of the Company or its parent undertaking (if any) or any subsidiary undertaking of the
Company or of any third party.

**Corporate Governance**

17.14 The
Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange Rules, adopt, institute, amend,
modify or revoke the corporate governance policies or initiatives of the Company, which shall be intended to set forth the guiding principles
and policies of the Company and the Board on various corporate governance related matters as the Board shall determine by resolution
from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject
to the provisions of these Articles, the Directors may regulate their proceedings as they think fit.

**Calling meetings**

18.2 Any
Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors if requested to do so by a Director.

**Notice of meetings**

18.3 Notice
of a Board meeting may be given to a Director personally or by word of mouth or given in writing or by Electronic communications at such
address as he may from time to time specify for this purpose (or, if he does not specify an address, at his last known address). A Director
may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A
Director may participate in a meeting of Directors through the medium of conference telephone, video or any other form of communications
equipment providing all persons participating in the meeting are able to hear and speak to each other throughout the meeting.

18.5 A
Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The
quorum for the transaction of business at a meeting of Directors shall be two unless the Directors fix some other number.

**Chairman or deputy to preside**

18.7 The
Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke any such appointment.

18.8 The
chairman, or failing him any deputy chairman (the longest in office taking precedence if more than one is present), shall preside at
all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within five minutes after the time
fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall choose one of their number
to act as chairman of the meeting.

**Voting**

18.9 A
question which arises at a Board meeting shall be decided by a majority of votes. If votes are equal the chairman may, if he wishes,
exercise a casting vote.

**Recording of dissent**

18.10 A
Director present at a meeting of Directors shall be presumed to have assented to any action taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his
 dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 has forwarded to the Company as soon as practical following the conclusion of that meeting
 signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The
Directors may pass a resolution in writing without holding a meeting if all Directors sign a document or sign several documents in the
like form each signed by one or more of those Directors.

18.12 A
written resolution signed by a validly appointed alternate Director need not also be signed by the appointing Director.

18.13 A
written resolution signed personally by the appointing Director need not also be signed by his alternate.

18.14 A
resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be as effective as if it had been passed
at a meeting of the Directors duly convened and held; and it shall be treated as having been passed on the day and at the time that the
last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All
acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a Director or an alternate Director,
shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director or alternate Director
or member of the committee, or that any of them were disqualified or had vacated office or were not entitled to
vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or alternate Director
and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 Subject
to Article 19.2, a Director may vote at a meeting of Directors on any resolution concerning a matter in which that Director has an interest
or duty (an "**Interested Director"**), whether directly or indirectly, so long as that Interested Director discloses the material
facts as to the Director's interest and as to the contract or transaction pursuant to these Articles. An Interested Director who have
complied with the foregoing requirement for disclosure of interest shall be counted towards a quorum of those present at the meeting
and if the Interested Director votes on the resolution, his vote shall be counted.

19.2 A
Director shall not, as a Director, vote in respect of any contract, transaction, arrangement or proposal in which he has an interest
which (together with any interest of any person connected with him) is a material interest (otherwise then by virtue of his interests,
direct or indirect, in Shares or debentures or other securities of, or otherwise in or through, the Company) and if he shall do so his
vote shall not be counted, nor in relation thereto shall he be counted in the quorum present at the meeting, but (in the absence of some
other material interest than is mentioned below) none of these prohibitions shall apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 giving of any security, guarantee or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) money
 lent or obligations incurred by him or by any other person for the benefit of the Company
 or any of its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 debt or obligation of the Company or any of its subsidiaries for which the Director himself
 has assumed responsibility in whole or in part and whether alone or jointly with others under
 a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the Company or any of its subsidiaries is offering securities in which offer the Director
 is or may be entitled to participate as a holder of securities or in the underwriting or
 sub-underwriting of which the Director is to or may participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 contract, transaction, arrangement or proposal affecting any other body corporate in which
 he is interested, directly or indirectly and whether as an officer, shareholder, creditor
 or otherwise howsoever, provided that he (together with persons connected with him) does
 not to his knowledge hold an interest representing one per cent or more of any class of the
 equity share capital of such body corporate (or of any third body corporate through which
 his interest is derived) or of the voting rights available to members of the relevant body
 corporate (any such interest being deemed for the purposes of this Article 19.2 to be a material
 interest in all circumstances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 act or thing done or to be done in respect of any arrangement for the benefit of the employees
 of the Company or any of its subsidiaries under which he is not accorded

as a Director any privilege or advantage not generally accorded to the employees to whom such arrangement relates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 matter connected with the purchase or maintenance for any Director of insurance against any
 liability or (to the extent permitted by the Act) indemnities in favour of Directors, the
 funding of expenditure by one or more Directors in defending proceedings against him or them
 or the doing of any thing to enable such Director or Directors to avoid incurring such expenditure.

19.3 A
Director may, as a Director, vote (and be counted in the quorum) in respect of any contract, transaction, arrangement or proposal in
which he has an interest which is not a material interest or which falls within Article19.2.

---

| | |
|:---|:---|
| 20 | Minutes |

---

20.1 The
Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of Officers and committees made by the Board and of any such Officer's
 remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of Directors present at every meeting of the Directors, a committee of the Board, the
 Company or the holders of any class of shares or debentures, and all orders, resolutions
 and proceedings of such meetings.

20.2 Any
such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were held or by the chairman of the
next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The
Directors must ensure that proper accounting and other records are kept, and that accounts and associated reports are distributed in
accordance with the requirements of the Act.

21.2 The
books of account shall be kept at the registered office of the Company and shall always be open to inspection by the Directors. No Member
(other than a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the
Act or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless
the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in each year and begin on 1 January in
each year.

**Auditors**

21.4 The
Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors determine.

21.5 At
any general meeting convened and held at any time in accordance with these Articles, the Members may, by Ordinary Resolution, remove
the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary Resolution, at that meeting appoint
another Auditor in his stead for the remainder of his term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 The
 Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
 of their duties.

21.7 The
Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during their tenure of office at the next
annual general meeting following their appointment, and at any time during their term of office, upon request of the Directors or any
general meeting of the Company.

22 Record dates

22.1 Except
to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend on Shares of any class, whether it be
an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend is payable or distributable to
the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding that the date may
be a date prior to that on which the resolution is passed.

22.2 If
the resolution does so specify, the dividend shall be payable or distributable to the persons registered as the holders of those Shares
at the close of business on the specified date in accordance with their respective holdings so registered, but without prejudice to the
rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

22.3 The
provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions of realised capital profits
or offers or grants made by the Company to the Members.

23 Dividends

**Source of dividends**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Dividends
 may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject
to the requirements of the Act regarding the application of a company's Share premium account and with the sanction of an Ordinary
Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject
to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance with the respective rights of the
Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The
Directors may declare and pay interim dividends or recommend final dividends in accordance with the respective rights of the Members
if it appears to them that they are justified by the financial position of the Company and that such dividends may lawfully be paid.

23.5 Subject
to the provisions of the Act, in relation to the distinction between interim dividends and final dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 determination to pay a dividend or dividends described as interim by the Directors in the

 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 declaration of a dividend or dividends described as final by the Directors in the dividend
 resolution, a debt shall be created immediately following the declaration, the due date to
 be the date the dividend is stated to be payable in the resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In
relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the share capital is divided into different classes, the Directors may pay dividends on Shares
 which confer deferred or non-preferred rights with regard to dividends as well as on Shares
 which confer preferential rights with regard to dividends but no dividend shall be paid on
 Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
 dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate
 if it appears to them that there are sufficient funds of the Company lawfully available for
 distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Directors act in good faith, they shall not incur any liability to the Members holding
 Shares conferring preferred rights for any loss those Members may suffer by the lawful payment
 of the dividend on any Shares having deferred or non-preferred rights.

**Apportionment of dividends**

23.7 Except
as otherwise provided by the rights attached to Shares all dividends shall be declared and paid according to the amounts Paid Up on the
Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately to the amount Paid Up on the Shares
during the time or part of the time in respect of which the dividend is paid. But if a Share is issued on terms providing that it shall
rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.8 The
 Directors may deduct from a dividend or any other amount payable to a person in respect of
 a Share any amount due by that person to the Company on a call or otherwise in relation to
 a Share.

**Power to pay other than in cash**

23.9 If
the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied wholly or partly by the distribution
of assets. If a difficulty arises in relation to the distribution, the Directors may settle that difficulty in any way they consider
appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix
 the value of assets for distribution and make cash payments to some Members on the footing
 of the value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 some assets in trustees.

**How payments may be made**

23.10 A
dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Member holding that Share or other person entitled to that Share nominates a bank account
 for that purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 cheque or warrant sent by post to the registered address of the Member holding that Share
 or other person entitled to that Share.

23.11 For
 the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record
 and the bank account nominated may be the bank account of another person. For the purposes
 of Article 23.10(b), subject to any applicable law or regulation, the cheque or warrant shall
 be made to the order of the Member holding that Share or other person entitled to the Share
 or to his nominee, whether nominated in writing or in an Electronic Record, and payment of
 the cheque or warrant shall be a good discharge to the Company.

23.12 If
 two or more persons are registered as the holders of the Share or are jointly entitled to
 it by reason of the death or bankruptcy of the registered holder (**Joint Holders**),
 a dividend (or other amount) payable on or in respect of that Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the registered address of the Joint Holder of the Share who is named first on the register
 of Members or to the registered address of the deceased or bankrupt holder, as the case may
 be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the address or bank account of another person nominated by the Joint Holders, whether that
 nomination is in writing or in an Electronic Record.

23.13 Any
Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless
provided for by the rights attached to a Share, no dividend or other monies payable by the Company in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If
a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or both, the Directors may pay it into
a separate account in the Company's name. If a dividend is paid into a separate account, the Company shall not be constituted trustee
in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A
dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited to, and shall cease to remain
owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The
Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 part of the Company's profits not required for paying any preferential dividend (whether
 or not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 sum standing to the credit of the Company's share premium account or capital redemption reserve,
 if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 The
 amount resolved to be capitalised must be appropriated to the Members who would have been
 entitled to it had it been distributed by way of dividend and in the same proportions. The
 benefit to each Member so entitled must be given in either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member
 or as that Member directs. The Directors may resolve that any Shares issued to the Member
 in respect of Partly Paid Up Shares (**Original Shares**) rank for dividend only to the
 extent that the Original Shares rank for dividend while those Original Shares remain Partly
 Paid Up.

**Applying an amount for the benefit of Members**

24.3 The
amount capitalised must be applied to the benefit of Members in the proportions to which the Members would have been entitled to dividends
if the amount capitalised had been distributed as a dividend.

24.4 Subject
to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member, the Directors may issue a fractional certificate
to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The
Directors shall establish a share premium account in accordance with the Act. They shall carry to the credit of that account from time
to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital contributed or such other amounts
required by the Act.

**Debits to share premium account**

25.2 The
following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the redemption or purchase of a Share, the difference between the nominal value of that Share
 and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding
the preceding Article, on the redemption or purchase of a Share, the Directors may pay the difference between the nominal value of that
Share and the redemption purchase price out of the profits of the Company or, as permitted by the Act, out of capital.

---

| | |
|:---|:---|
| 26 | Seal |

---

**Company seal**

26.1 The
Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject
to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any place or places outside the Cayman Islands.
Each duplicate seal shall be a facsimile of the original seal of the Company. However, if the Directors so determine, a duplicate seal
shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A
seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a document to which a seal is affixed
must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
a Director (or his alternate) and the Secretary; or

(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If
the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The
Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the seal or a duplicate seal need not be affixed manually but may be affixed by some other
 method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a signature required by these Articles need not be manual but may be a mechanical or Electronic
 Signature.

**Validity of execution**

26.6 If
a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded as invalid merely because, at the
date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document or affixed the seal for and
on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To
the extent permitted by law, the Company shall indemnify each existing or former Director (including alternate Director), Secretary and
other Officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or
 sustained by the existing or former Director (including alternate Director), Secretary
or Officer in or about the conduct of the Company's business or affairs or in the execution or discharge of the existing or former
Director's (including alternate Director's), Secretary's or Officer's duties, powers, authorities or discretions;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
 or former Director (including alternate Director), Secretary or Officer in defending (whether
 successfully or otherwise) any civil, criminal, administrative or investigative proceedings
 (whether threatened, pending or completed) concerning the Company or its affairs in any court
 or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To
the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise,
for any legal costs incurred by an existing or former Director (including alternate Director), Secretary or Officer of the Company in
respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director), Secretary or Officer
must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director (including alternate
Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To
the extent permitted by Act, the Company may by Special Resolution release any existing or former Director (including alternate Director),
Secretary or other Officer of the Company from liability for any loss or damage or right to compensation which may arise out of or in
connection with the execution or discharge of the duties, powers, authorities or discretions of his office; but there may be no release
from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

27.4 To
the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract insuring each of the following
persons against risks determined by the Directors, other than liability arising out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 existing or former Director (including alternate Director), Secretary or Officer or auditor
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 trustee of an employee or retirement benefits scheme or other trust in which any of the persons
 referred to in paragraph (a) is or was interested.

---

| | |
|:---|:---|
| 28 | Notices |

---

**Form of notices**

28.1 Save
where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules, any notice to be given to or by any person
pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 writing signed by or on behalf of the giver in the manner set out below for written notices;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
 Signature and authenticated in accordance with Articles about authentication of Electronic
 Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

28.2 A
notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 resolution states how an Electronic Record may be given and, if applicable, specifies an
 email address for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 terms of that resolution are notified to the Members for the time being and, if applicable,
 to those Directors who were absent from the meeting at which the resolution was passed.

If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.

28.3 A
 notice may not be given by Electronic Record to a person other than the Company unless the
 recipient has notified the giver of an Electronic address to which notice may be sent.

28.4 Subject
 to the Act, the Designated Stock Exchange Rules and to any other rules which the Company
 is bound to follow, the Company may also send any notice or other document pursuant to these
 Articles to a Member by publishing that notice or other document on the Company's website
 or the website of the Designated Stock Exchanges.

**Persons entitled to notices**

28.5 Any
notice or other document to be given to a Member may be given by reference to the register of Members as it stands at any time within
the period of twenty-one days before the day that the
notice is given or (where and as applicable) within any other period permitted by, or in accordance with the requirements of, (to the
extent applicable) the Designated Stock Exchange Rules and/or the Designated Stock Exchanges. No change in the register of Members after
that time shall invalidate the giving of such notice or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A
notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company or a Member by a Director or
company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save
where these Articles provide otherwise, a notice in writing may be given personally to the recipient, or left at (as appropriate) the
Member's or Director's registered address or the Company's registered office, or posted to that registered address
or registered office.

**Joint holders**

28.8 Where
Members are joint holders of a Share, all notices shall be given to the Member whose name first appears in the register of Members.

**Signatures**

28.9 A
written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in such a way as to indicate its execution
or adoption by the giver.

28.10 An
Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission** 

28.11 A
notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating the time, date and content of the
transmission, and if no notification of failure to transmit is received by the giver.

28.12 A
notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing the notice was properly addressed,
pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A
Member present, either in person or by proxy, at any meeting of the Company or of the holders of any class of Shares shall be deemed
to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A
notice may be given by the Company to the persons entitled to a Share in consequence of the death or bankruptcy of a Member by sending
or delivering it, in any manner authorised by these
Articles for the giving of notice to a Member, 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, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until
such an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had
not occurred.

**Date of giving notices**

28.16 A
notice is given on the date identified in the following table

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
| (B) By leaving it at the Member's registered address | At the time and date it was left |
| (C) By posting it by prepaid post to the street or postal address of that recipient | 48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None
of the preceding notice provisions shall derogate from the Articles about the delivery of written resolutions of Directors and written
resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without
limitation to any other provision of these Articles, any notice, written resolution or other document under these Articles that is sent
by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company, shall be deemed to be authentic
if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An
Electronic Record of a notice, written resolution or other document sent by Electronic means by or on behalf of one or more Members shall
be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of
 those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, that Member to an address specified in accordance with these Articles for the purpose
 for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 29.7 does not apply.

29.3 For
example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution, or causes it to be sent,
by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall be deemed to be the written
resolution of that Member unless Article 28.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An
Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary or an Officer or Officers of
the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Secretary or the Officer or each Officer, as the case may be, signed the original document,
 and for this purpose **Original Document** includes several documents in like form signed
 by the Secretary or one or more of those Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, the Secretary or that Officer to an address specified in accordance with these Articles
 for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For
example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned, as a PDF version which is attached
to an email sent to the address in these Articles specified for that purpose, the PDF version shall be deemed to be the written resolution
of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For
the purposes of these Articles about the authentication of Electronic Records, a document will be taken to be signed if it is signed
manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A
notice, written resolution or other document under these Articles will not be deemed to be authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes
 that the signature of the signatory has been altered after the signatory had signed the original
 document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes
 that the original document, or the Electronic Record of it, was altered, without the approval
 of the signatory, after the signatory signed the original document; or (c) otherwise
 doubts the authenticity of the Electronic Record of the document and
the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender
may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The
Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To
give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 application be made to the Registrar of Companies of the Cayman Islands to deregister the
 Company in the Cayman Islands or in the other jurisdiction in which it is for the time being
 incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 such further steps as they consider appropriate to be taken to effect the transfer by way
 of continuation of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If
the Company is wound up the Members may, subject to these Articles and any other sanction required by the Act, pass a Special Resolution
allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 divide in specie or in kind among the Members the whole or any part of the assets of the
 Company and, for that purpose, to value any assets and to determine how the division shall
 be carried out as between the Members or different classes of Members; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 vest the whole or any part of the assets in trustees for the benefit of Members and those
 liable to contribute to the winding up.

**No obligation to accept liability**

31.2 No
Member shall be compelled to accept any assets if an obligation attaches to them.

31.3 The
Directors are authorised to present a winding up petition

31.4 The
Directors have the authority to present a petition for the winding up of the Company to the Grand Court of the Cayman Islands on behalf
of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject
to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change
 the provisions of its Memorandum with respect to its objects, powers or any other matter
 specified in the Memorandum.

**Power to amend these Articles**

32.2 Subject
to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these Articles in whole or in part.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

![](ex99-2_002.jpg)