# EDGAR Filing Document

**Accession Number:** 0001938865
**File Stem:** 0001213900-25-072566
**Filing Date:** 2025-8
**Character Count:** 200364
**Document Hash:** d31b3a5f46e743c4d69af6a6ba8f0b9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-072566.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001213900-25-072566

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250806

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Top KingWin Ltd
- **CENTRAL INDEX KEY:** 0001938865
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **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:** 001-41672
- **FILM NUMBER:** 251189952

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 1304, BLG NO. 25, TIAN'AN HQ CENTER
- **STREET 2:** NO. 555, NORTH PANYU AVE., DONGHUAN ST.
- **CITY:** GUANGZHOU
- **STATE:** F4
- **ZIP:** 511400
- **BUSINESS PHONE:** 8618219445669

**MAIL ADDRESS:**
- **STREET 1:** ROOM 1304, BLG NO. 25, TIAN'AN HQ CENTER
- **STREET 2:** NO. 555, NORTH PANYU AVE., DONGHUAN ST.
- **CITY:** GUANGZHOU
- **STATE:** F4
- **ZIP:** 511400

**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 August 2025

**Top KingWin Limited**

Room 1304, Building No. 25, Tian'an Headquarters Center, No. 555

North Panyu Avenue, Donghuan Street

Panyu District, Guangzhou, Guangdong Province, China

(Address of principal executive office)

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

Form 20-F ☒ Form 40-F ☐

**Other Events**

Attached hereto as Exhibit 99.1 and Exhibit 99.2 are a Notice of Extraordinary General Meeting of Shareholders (the "Notice") and a Proxy Card, respectively, of Top KingWin Limited (the "Company") relating to the Company's extraordinary general meeting of shareholders (the "EGM").

**Where to Find Additional Information**

The Company is a foreign private issuer. As such, the Notice is not subject to review and comment by the Securities and Exchange Commission (the "SEC").

Shareholders are urged to carefully read the Notice, because it contains important information about the Company and the EGM. Copies of Notice and other documents filed or submitted by the Company will be available at the website maintained by the SEC at <u>www.sec.gov</u>. Shareholders may obtain a copy of such filings, free of charge, by writing to us at Room 1304, Building No. 25, Tian'an Headquarters Center, No. 555; North Panyu Avenue, Donghuan Street; Panyu District, Guangzhou, Guangdong Province, China.

**Participants in the Solicitation**

The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of the Company in connection with the EGM. Information regarding certain directors and executive officers of the Company is available in the Company's documents filed with or submitted to the SEC. Other information regarding the participants in the proxy solicitation and descriptions of their direct and indirect interests, by security holdings or otherwise, are set forth in the Notice filed herewith.

**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.

Dated: August 6, 2025

---

| | |
|:---|:---|
| **Top KingWin Ltd.** | **Top KingWin Ltd.** |
| By: | /s/ Ruilin Xu |
| Name: | Ruilin Xu |
| Title: | Chief Executive Officer (Principal Executive Officer) |

---

**Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Notice of Extraordinary General Meeting of Shareholders and Proxy Statement](ea025194701ex99-1_topking.htm) |
| 99.2 | [Proxy Card](ea025194701ex99-2_topking.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>Top KingWin Ltd</u>**

Room 1304, Building No. 25, Tian'an Headquarters Center, No. 555, North Panyu Avenue, Donghuan Street

Panyu District, Guangzhou, Guangdong Province, China

**NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS**

**TO BE HELD ON AUGUST 14, 2025**

TO THE SHAREHOLDERS OF TOP KINGWIN LIMITED:

Notice is hereby given that Top KingWin Limited, an exempted company incorporated in the Cayman Islands with limited liability (the "**Company**" or "**WAI**"), will hold its extraordinary general meeting of shareholders at 9:00 A.M., Eastern Time, on August 14, 2025 (the "**Extraordinary Meeting**") at Room 1304, Building No. 25, Tian'an Headquarters Center, No. 555, North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou, Guangdong Province, China for the purpose of considering and if thought fit, passing the following resolutions:

1. It is resolved as an ordinary resolution that:

(a) with the exact effective date to be determined by the board of directors of the Company (the "**Board**") in its sole discretion, every twenty-five (25) issued and unissued class A ordinary shares of par value USD0.0025 each in the share capital of the Company be consolidated into one (1) consolidated class A ordinary share of par value USD0.0625 each and every twenty-five (25) issued and unissued class B ordinary shares of par value USD0.0025 each in the share capital of the Company be consolidated into one (1) consolidated class B ordinary share of par value USD0.0625 each, so that following the Share Consolidation, the authorized share capital of the Company will be changed from USD31,250,000 divided into 10,000,000,000 class A ordinary shares of par value USD0.0025 each and 2,500,000,000 class B ordinary shares of par value USD0.0025 each into USD31,250,000 divided into 400,000,000 class A ordinary shares of par value USD0.0625 each and 100,000,000 class B ordinary shares of par value USD0.0625 each (together with 1(b), the "**Share Consolidation**"); and

(b) no fractional shares be issued in connection with the Share Consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional share upon the Share Consolidation, the number of shares to be received by such shareholder be rounded up to the next highest whole number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is resolved as a special
resolution, that subject to approval by the shareholders of Resolution 1 (the Share Consolidation) and conditional upon the approval
of the effective date of the Share Consolidation by the Board, the third amended and restated memorandum and articles of association
in the form as attached hereto as Appendix A (the "**Amended M&AA**") be and are hereby approved and adopted as the
new memorandum and articles of association of the Company in substitution for and to the exclusion of the existing amended and restated
memorandum and articles of association of the Company to reflect, inter alias, the Share Consolidation with effect from the effective
date of the Share Consolidation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is resolved as an ordinary
resolution that any one or more of the directors and officers of the Company be and is hereby authorized to do all such acts and things
and execute all such documents and deliver all such documents, which are ancillary to the Share Consolidation and the adoption of the
Amended M&AA, including but not limited to, determining the exact effective date of the Share Consolidation and making any relevant
registrations and filings with any authorities in accordance with the applicable laws, rules and regulations, as any of them considers
necessary, desirable or expedient to give effect to the foregoing arrangements for the Share Consolidation; the registered office provider
of the Company be instructed to make all necessary filings with the Registrar of Companies of the Cayman Islands in connection with the
Share Consolidation; and the Company's transfer agent be instructed to update the register of members of the Company and that upon the
surrender to the Company of the existing share certificates (if any) that they be cancelled and that any director of the Company be instructed
to prepare, sign, seal and deliver on behalf of the Company new share certificates accordingly (the "**Authorization of Directors** ").

**THE BOARD UNANIMOUSLY RECOMMENDS A VOTE "FOR" ALL OF THE PROPOSALS LISTED ABOVE.**

Only shareholders at the close of business on August 5, 2025, New York time (the "**Record Date**") can vote at the Extraordinary Meeting or at any adjournment that may take place.

**IF YOU RETURN YOUR PROXY CARD WITHOUT AN INDICATION OF HOW YOU WISH TO VOTE AND YOU APPOINT THE CHAIR OF THE EXTRAORDINARY MEETING AS YOUR PROXY, YOUR SHARES WILL BE VOTED "FOR" ALL OF THE PROPOSALS LISTED ABOVE. IF YOU RETURN YOUR PROXY CARD WITHOUT AN INDICATION OF WHO YOU WISH TO APPOINT AS YOUR PROXY, THE CHAIR OF THE EXTRAORDINARY MEETING WILL BE APPOINTED AS YOUR PROXY.**

A quorum of shareholders is necessary to hold a valid meeting. A quorum will be present at the meeting if at least two of the class A ordinary shares, par value of USD0.0025 each ("**Class A Ordinary Shares**") and class B ordinary shares, par value of USD0.0025 each ("**Class B Ordinary Shares**"), voting together as a single class, entitled to vote at the Extraordinary Meeting are represented in person or by proxy. If a quorum is not present within 15 minutes of the time appointed for the Extraordinary Meeting, then the Extraordinary Meeting shall stand adjourned to the same time and place seven days hence, or to such time and (where applicable) such place as is determined by the directors of the Company in accordance with the provisions of our existing articles of association.

On the Record Date, we had 41,213,641 Class A Ordinary Shares and 189,434 Class B Ordinary Shares outstanding and entitled to vote. Each holder of record of Class A Ordinary Shares on that date will be entitled to one (1) vote for each share held on all matters to be voted upon. Each holder of record of Class B Ordinary Shares on that date will be entitled to forty (40) votes for each share held on all matters to be voted upon.

We are providing this notice and the accompanying proxy card to our shareholders in connection with the solicitation of proxies to be voted at the Extraordinary Meeting and at any adjournments or postponements of the Extraordinary Meeting.

We cordially invite all shareholders to attend the Extraordinary Meeting in person. However, shareholders entitled to attend and vote are also entitled to appoint a proxy to attend and vote instead of such holders. A proxy need not be a shareholder of the Company. If you are a shareholder of the Company and whether or not you expect to attend the Extraordinary Meeting in person, please mark, date, sign and return the enclosed form of proxy as promptly as possible to ensure your representation and the presence of a quorum at the Extraordinary Meeting. If you send in your form of proxy and then decide to attend the Extraordinary Meeting to vote your shares in person, you may still do so. Your proxy is revocable in accordance with the procedures set forth in the notice. **Whether or not you plan to attend the Extraordinary Meeting, we urge you to read this notice carefully and to vote your shares. Your vote is very important.** If you are a registered shareholder, please vote your shares as soon as possible by completing, signing, dating, and returning the enclosed proxy card in the postage-paid envelope provided. If you hold your shares in "street name" through a bank, broker, or other nominee, you will need to follow the instructions provided to you by your bank, broker, or other nominee to ensure that your shares are represented and voted at the Extraordinary Meeting. If you sign, date, and return your proxy card without indicating how you wish to vote, your proxy will be voted FOR each of the proposals to be considered at the Extraordinary Meeting.

I want to thank all of our shareholders as we look forward to what we believe will be an exciting future for our business.

---

| |
|:---|
| By Order of the Board of Directors, |
| */s/ Ruilin Xu* |
| Ruilin Xu |
| *Chairman* |
| Date: August 6, 2025 |

---

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY U. S. STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THE ACCOMPANYING NOTICE OR PASSED UPON THEIR MERITS OR FAIRNESS, OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THE NOTICE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

**TOP KINGWIN LTD** 

**NOTICE OF EXTRAORDINARY MEETING OF SHAREHOLDERS**

**GENERAL**

Top KingWin Ltd, a Cayman Islands company (the "**Company**"), is holding an Extraordinary General Meeting of shareholders on August 14, 2025 at 9:00 a.m., Eastern Time, or at any adjournment or postponement thereof (the "**Extraordinary Meeting**"). The Extraordinary Meeting will be held at our headquarters located Room 1304, Building No. 25, Tian'an Headquarters Center, No. 555, North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou, Guangdong Province, China.

**RECORD DATE, SHARE OWNERSHIP AND QUORUM**

Holders of Class A ordinary shares, par value US$ $0.0025 per share (the "**Class A Ordinary Shares**") and Class B ordinary shares, par value US$ $0.0025 per share (the "**Class B Ordinary Shares**", collectively, the "**Ordinary Shares**") as of the close of business on August 5, 2025, Eastern Time, are entitled to vote at the Extraordinary Meeting. As of August 5, 2025, 41,213,641 Class A Ordinary Shares and 189,434 Class B Ordinary Shares were issued and outstanding. Two or more holders of Ordinary Shares, present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative, shall be a quorum for all purposes.

**RESOLUTIONS TO BE VOTED ON**

1. It is resolved as an ordinary resolution, that:

(a) with the exact effective date to be determined by the board of directors of the Company (the "**Board**") in its sole discretion, every twenty-five (25) issued and unissued class A ordinary shares of par value USD0.0025 each in the share capital of the Company be consolidated into one (1) consolidated class A ordinary share of par value USD0.0625 each and every twenty-five (25) issued and unissued class B ordinary shares of par value USD0.0025 each in the share capital of the Company be consolidated into one (1) consolidated class B ordinary share of par value USD0.0625 each, so that following the Share Consolidation, the authorized share capital of the Company will be changed from USD31,250,000 divided into 10,000,000,000 class A ordinary shares of par value USD0.0025 each and 2,500,000,000 class B ordinary shares of par value USD0.0025 each into USD31,250,000 divided into 400,000,000 class A ordinary shares of par value USD0.0625 each and 100,000,000 class B ordinary shares of par value USD0.0625 each (together with 1(b), the "**Share Consolidation**") (together with 1(b), the "**Share Consolidation**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no fractional shares be issued
in connection with the Share Consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional share
upon the Share Consolidation, the number of shares to be received by such shareholder be rounded up to the next highest whole number
of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is resolved as a special
resolution, that subject to approval by the shareholders of Resolution 1 (the Share Consolidation) and conditional upon the approval
of the effective date of the Share Consolidation by the Board, the third amended and restated memorandum and articles of association
in the form as attached hereto as Appendix A (the "**Amended M&AA**") be and are hereby approved and adopted as the
new memorandum and articles of association of the Company in substitution for and to the exclusion of the existing amended and restated
memorandum and articles of association of the Company to reflect, inter alias, the Share Consolidation with effect from the effective
date of the Share Consolidation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is resolved as an ordinary
resolution that any one or more of the directors and officers of the Company be and is hereby authorized to do all such acts and things
and execute all such documents and deliver all such documents, which are ancillary to the Share Consolidation and the adoption of the
Amended M&AA, including but not limited to, determining the exact effective date of the Share Consolidation and making any relevant
registrations and filings with any authorities in accordance with the applicable laws, rules and regulations, as any of them considers
necessary, desirable or expedient to give effect to the foregoing arrangements for the Share Consolidation; the registered office provider
of the Company be instructed to make all necessary filings with the Registrar of Companies of the Cayman Islands in connection with the
Share Consolidation; and the Company's transfer agent be instructed to update the register of members of the Company and that upon the
surrender to the Company of the existing share certificates (if any) that they be cancelled and that any director of the Company be instructed
to prepare, sign, seal and deliver on behalf of the Company new share certificates accordingly (the "**Authorization of Directors** ").

**THE BOARD UNANIMOUSLY RECOMMENDS A VOTE "FOR" ALL OF THE PROPOSALS LISTED ABOVE.**

**VOTING AND SOLICITATION**

Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at the Extraordinary Meeting. Each Class B Ordinary Share shall be entitled to forty (40) votes on all matters subject to the vote at the Extraordinary Meeting.

 

At the Extraordinary Meeting, every holder of Ordinary Shares present in person or by proxy may vote the fully paid Ordinary Shares held by such holder of Ordinary Shares. A resolution put to the vote of a meeting shall be decided on a poll. The affirmative vote of a simple majority of the votes of the holders of Ordinary Shares present in person or represented by proxy and entitled to vote at the Extraordinary Meeting will be required for each ordinary resolution. The affirmative vote of two thirds of the votes of the holders of Ordinary Shares present in person or represented by proxy and entitled to vote at the Extraordinary Meeting will be required for each special resolution. In computing the majority when a poll is demanded, regard shall be had to the number of votes to which each holder of Ordinary Shares is entitled.

The costs of soliciting proxies will be borne by us. Proxies may be solicited by certain of our directors, officers, and regular employees, without additional compensation, in person or by telephone or electronic mail. Copies of solicitation materials will be furnished to banks, brokers, fiduciaries, and custodians holding in their names our Ordinary Shares beneficially owned by others to forward to those beneficial owners.

*<u>VOTING BY HOLDERS OF ORDINARY SHARES</u>*

When proxies are properly completed, dated, signed and returned by holders of Ordinary Shares, the Ordinary Shares they represent, unless the proxies are revoked, will be voted at the Extraordinary Meeting in accordance with the instructions of the shareholder. If no specific instructions are given by such holders, the Ordinary Shares will be voted "FOR" each proposal and in the proxy holder's discretion as to other matters that may properly come before the Extraordinary Meeting.

Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as a vote cast at the Extraordinary Meeting.

Please refer to this proxy statement for information related to the proposals.

**REVOCABILITY OF PROXIES**

Even if you execute a proxy, you retain the right to revoke it and to change your vote by notifying us at any time before your proxy is voted. Such revocation may be effected by following the instructions for voting on your proxy card. Unless so revoked, the shares represented by proxies, if received in time, will be voted in accordance with the directions given therein. However, if you are shareholder of record, delivery of a proxy would not preclude you from attending and voting in person at the meeting convened and in such event, the instrument appointing a proxy and authority granted to such proxy shall be deemed to be revoked. If the Extraordinary Meeting is postponed or adjourned for any reason, at any subsequent reconvening of the Extraordinary Meeting, all proxies will be voted in the same manner as the proxies would have been voted at the original convening of the Extraordinary Meeting (except for any proxies that have at that time effectively been revoked or withdrawn), even if the proxies had been effectively voted on the same or any other matter at a previous Extraordinary Meeting.

**RESOLUTION 1**

**TO APPROVE, CONFIRM AND RATIFY THE SHARE CONSOLIDATION**

**General**

The class A ordinary shares of the Company, par value of US$0.0025 each, has been traded below $1.00 since July 7, 2025. Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A)(iv), which states in part, "if a Company's security fails to meet the continued listing requirement for minimum bid price and the Company has effected a reverse stock split over the prior one-year period; or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, then the Company shall not be eligible for any compliance period specified in this Rule 5810(c)(3)(A) and the Listing Qualifications Department shall issue a Staff Delisting Determination under Rule 5810 with respect to that security."

The Company effected a 25:1 reverse share split in May 2025 and regained compliance with the Nasdaq Listing Rule 5810(c)(3)(A) on May 19, 2025.

As a result, the Company, and the board of directors (the "**Board**") deems that it is of the best interests of the Company and the shareholders to complete a share consolidation so that it will be able to meet the minimum bid price requirement. The Board believes that it is in the best interest of the Company and the shareholders, and is hereby soliciting shareholders' votes to approve, confirm, and ratify the Share Consolidation.

The Share Consolidation must be passed by ordinary resolution which requires the affirmative vote of a simple majority of the votes cast at the Extraordinary Meeting by the shareholders present in person or represented by proxy and entitled to vote on such proposals, either in person, by proxy or by authorized representative.

The Share Consolidation has been implemented simultaneously for all Ordinary Shares. The Share Consolidation affects all shareholders uniformly and has no effect on the proportionate holdings of any individual shareholder, with the exception of adjustments related to the treatment of fractional shares (see below).

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

The Share Consolidation does not affect our obligation to publicly file financial and other information with the U.S. Securities and Exchange Commission (the "**SEC**"). In connection with the Share Consolidation, the CUSIP number of our Class A Ordinary Shares (which is an identifier used by participants in the securities industry to identify our Class A Ordinary Shares) will be updated.

**Fractional Shares**

No fractional shares will be issued to any shareholders in connection with the Share Consolidation. Each shareholder will be entitled to receive one ordinary share in lieu of the fractional share that resulted from the Share Consolidation. There will be additional Class A Ordinary Shares issued as round-up shares.

**Reasons for the Share Consolidation** 

As discussed above, the Share Consolidation is to maintain compliance with Nasdaq Listing Rule 5450(a)(1). The Board deems it is of the best interests of the Company and the shareholders to complete a Share Consolidation so that it is able to meet the minimum bid price requirement.

In addition, the Board also believes that the increased market price of our Class A Ordinary Shares as a result of implementing the Share Consolidation could improve the marketability and liquidity of our Class A Ordinary Shares and may encourage interest and trading in our Class A Ordinary Shares. The Share Consolidation allowed a broader range of institutions to invest in our Class A Ordinary Shares (namely, funds that are prohibited from buying stock whose price is below a certain threshold), potentially increasing the trading volume and liquidity of our Class A Ordinary Shares. The Share Consolidation could help increase analyst and broker interest in the Class A Ordinary Shares, as their policies can discourage them from following or recommending companies with low stock prices. Because of the trading volatility often associated with low-priced stocks, many brokerage houses and institutional investors have internal policies and practices that either prohibit them from investing in low-priced stocks or tend to discourage individual brokers from recommending low-priced stocks to their customers. Some of those policies and practices may make the processing of trades in low-priced stocks economically unattractive to brokers. Additionally, because brokers' commissions on low-priced stocks generally represent a higher percentage of the stock price than commissions on higher-priced stocks, a low average price per share of our Class A Ordinary Shares can result in individual shareholders paying transaction costs representing a higher percentage of their total share value than would be the case if the share price were higher.

**Determination of the Ratio for the Share Consolidation**

In determining the combination ratio to use, the Company considered numerous factors, including the historical and projected performance of our Ordinary Shares, the effect of the consolidation ratio on our compliance with other Nasdaq listing requirements, prevailing market conditions and general economic trends, and will place emphasis on the expected closing price of our Ordinary Shares in the period following the effectiveness of the Share Consolidation. The Company also considered the impact of the consolidation ratios on investor interest.

**Principal Effects of the Share Consolidation**

After the effective date of the Share Consolidation, each shareholder owns a reduced number of shares of the Company. Except for adjustments that may result from the treatment of fractional shares as described above, the Share Consolidation affects all shareholders uniformly. The proportionate voting rights and other rights and preferences of the shareholders were not affected by the Share Consolidation (other than as a result of the payment of cash in lieu of fractional shares). For example, a holder of 2% of the voting power of the outstanding shares of our Ordinary Shares immediately prior to a Share Consolidation continues to hold 2% of the voting power of the outstanding shares of our Ordinary Shares immediately after such Share Consolidation. The number of shareholders of record also will not be affected by the proposed Share Consolidation.

The following table contains approximate number of issued and outstanding shares of Ordinary Shares following a 25:1 Share Consolidation, without giving effect to any adjustments for fractional shares of Ordinary Shares or the issuance of any derivative securities, as of August 5, 2025.

---

| | | |
|:---|:---|:---|
|  | **Shares of Stock Outstanding** | **Shares of Stock Outstanding** |
|  | **Before Share Consolidation** | **Post Share Consolidation Ratio of <br> 25 to 1** |
| Class A Ordinary Shares | 41213641 | 1648546 |
| Class B Ordinary Shares | 189434 | 7578 |
| Total Shares | 41403075 | 1656124 |

---

**Risks Associated with the Share Consolidation**

We cannot predict whether the Share Consolidation will increase the market price for our Class A Ordinary Shares. The history of similar share combinations for companies in like circumstances is varied, and the market price of our Class A Ordinary Shares will also be based on our performance and other factors, some of which are unrelated to the number of shares outstanding. Further, there are a number of risks associated with the Share Consolidation, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A share combination may leave certain shareholders
 with one or more "odd lots," which are shareholdings in amounts of less than 25 shares of our Ordinary Shares. These odd lots
 may be more difficult to sell than shares of our Ordinary Shares in even multiples of 25.

(b) The issuance of additional Class A Ordinary Shares as round up shares was completed without further shareholder approval, which resulted in dilution to the current holders of our Ordinary Shares.

**Book-Entry Shares**

Shareholders who hold uncertificated shares (i.e., shares held in book-entry form and not represented by a physical share certificate), either as direct or beneficial owners, had their holdings electronically adjusted automatically by our transfer agent (and, for beneficial owners, by their brokers or banks that hold in "street name" for their benefit, as the case may be) to give effect to the Share Consolidation. Shareholders who hold uncertificated shares as direct owners was sent a statement of holding from our transfer agent that indicates the number of post-Share Consolidation Ordinary Shares owned in book-entry form.

**Certificated Shares**

As soon as practicable after the effective time of the Share Consolidation, shareholders were notified that the Share Consolidation has been effected. Our transfer agent acted as exchange agent for purposes of implementing the exchange of stock certificates. Holders of pre-consolidation shares were asked to surrender to the exchange agent certificates representing pre- consolidation shares in exchange for certificates representing post-consolidation shares in accordance with the procedures to be set forth in a letter of transmittal to be sent by us or our exchange agent. No new certificate was issued to a shareholder until such shareholder has surrendered such shareholder's outstanding certificate(s) together with the properly completed and executed letter of transmittal to the exchange agent. Any pre-consolidation shares submitted for transfer, whether pursuant to a sale or other disposition, or otherwise, were automatically exchanged for post-Share Consolidation Ordinary Shares.

SHAREHOLDERS SHOULD NOT DESTROY ANY SHARE CERTIFICATE(S) AND SHOULD NOT SUBMIT ANY CERTIFICATE(S) UNTIL REQUESTED TO DO SO.

**Accounting Matters**

The Share Consolidation does not affect the share capital account on our balance sheet. The stated capital component was reduced proportionately based upon the Share Consolidation and the additional paid-in capital component was increased with the amount by which the stated capital is reduced. Immediately after the Share Consolidation, the per share net income or loss and net book value of our Ordinary Shares were increased because there were fewer shares outstanding. All historic share and per share amounts in our financial statements and related footnotes will be adjusted accordingly for the Share Consolidation.

**No Going Private Transaction**

Notwithstanding the decrease in the number of outstanding shares following the proposed Share Consolidation, our Board does not intend for this transaction to be the first step in a "going private transaction" within the meaning of Rule 13e-3 of the Exchange Act.

 **Material United States Federal Income Tax Consequences of the Share Consolidation**

*Each shareholder should consult its tax advisor as to the particular facts and circumstances which may be unique to such shareholder and also as to any estate, gift, state, local or foreign tax considerations arising out of the Share Consolidation.*

 **Interests of Directors and Executive Officers**

Our directors and executive officers have no substantial interests, directly or indirectly, in the matters set forth in this proposal except to the extent of their ownership of shares.

**Right to Abandon Share Consolidation**

The Board may, in its sole discretion, choose not to proceed with the Share Consolidation, even if shareholders have voted in favor of Proposal 1 (the Share Consolidation). If this occurs, it will not affect the effectiveness of the other proposals.

**Resolutions**

The Board proposes to solicit shareholder approval to effect a combination of the Company's authorized and issued share capital, at a ratio of twenty-five-for-one, as soon as practicable. The resolutions be put to the shareholders to consider and to vote upon at the Extraordinary Meeting in relation to consolidating the authorized share capital of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"IT IS HEREBY RESOLVED, as an ordinary resolution, that:** 

(a) with the exact effective date to be determined by the board of directors of the Company (the "**Board**") in its sole discretion, every twenty-five (25) issued and unissued class A ordinary shares of par value USD0.0025 each in the share capital of the Company be consolidated into one (1) consolidated class A ordinary share of par value USD0.0625 each and every twenty-five (25) issued and unissued class B ordinary shares of par value USD0.0025 each in the share capital of the Company be consolidated into one (1) consolidated class B ordinary share of par value USD0.0625 each, so that following the Share Consolidation, the authorized share capital of the Company will be changed from USD31,250,000 divided into 10,000,000,000 class A ordinary shares of par value USD0.0025 each and 2,500,000,000 class B ordinary shares of par value USD0.0025 each into USD31,250,000 divided into 400,000,000 class A ordinary shares of par value USD0.0625 each and 100,000,000 class B ordinary shares of par value USD0.0625 each (together with 1(b), the "**Share Consolidation**")

(b) no fractional shares be issued in connection with the Share Consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional share upon the Share Consolidation, the number of shares to be received by such shareholder be rounded up to the next highest whole number of shares.

**Vote Required and Board Recommendation**

If a quorum is present, the affirmative vote of a simple majority of the votes of the holders of Ordinary Shares present in person or represented by proxy and entitled to vote at the Extraordinary Meeting will be required to approve the Share Consolidation.

**THE BOARD RECOMMENDS A VOTE "FOR" RESOLUTION 1, TO APPROVE THE SHARE CONSOLIDATION OF THE COMPANY'S SHARES AS DESCRIBED IN THIS RESOLUTION 1**.

**RESOLUTION 2**

**TO APPROVE THE AMEDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION**

**General**

Our Board has determined, subject to the Share Consolidation Proposal, it is advisable and in the best interests of the Company and its shareholders, for the Company to adopt a third amended and restated memorandum and articles of association in the form as attached hereto as Appendix B (the "**Amended M&AA**") to reflect, inter alias, the Share Consolidation to the extent each is effected and certain other amendments including update of certain definitions (the "**M&AA Amendment**").

A draft form of the Amended M&AA is attached to this notice as Appendix A. The draft form of the Amended M&AA assumes that the shareholders have approved the Share Consolidation. The other main amendments to the second amended and restated memorandum and articles of association of the Company currently in effect are summarized as follows:

● A shareholder shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued.

● A shareholder entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting despite their attendance being virtual if adequate facilities are available to ensure that the shareholder is able to participate in the business for which the meeting has been convened. The Directors may determine that any general meeting may be held as a virtual meeting.

● A shareholder 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.

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

● 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.

● 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.

● A meeting may be postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided to all persons entitled to attend the meeting, unless the meeting was requisitioned by shareholders.

● A notice may only be given to the Company in an electronic record if the Directors so resolve or otherwise accept the notice, and any Director provides the giver of the notice an electronic address to which the notice may be sent.

● 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).

● 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.

The resolutions be put to the shareholders to consider and to vote upon at the Extraordinary Meeting for adopting the Amended M&AA for and on behalf of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"IT IS HEREBY RESOLVED, as a special resolution, that:** 

subject to approval by the shareholders of Resolution 1 (the Share Consolidation), with effect from the effective date of the Share Consolidation and conditional upon the approval of the effective date of the Share Consolidation by the Board, the third amended and restated memorandum and articles of association in the form as attached hereto as Appendix A (the "**Amended M&AA**") be and are hereby approved and adopted as the new memorandum and articles of association of the Company in substitution for and to the exclusion of the existing amended and restated memorandum and articles of association of the Company to reflect, inter alias, the Share Consolidation with effect from the effective date of the Share Consolidation.

**Vote Required and Board Recommendation**

If a quorum is present, the affirmative vote of a two-thirds majority of the votes of the holders of Ordinary Shares present in person or represented by proxy and entitled to vote at the Extraordinary Meeting will be required to adopt the Amended M&AA and approve the M&AA Amendment.

**THE BOARD RECOMMENDS A VOTE "FOR" RESOLUTION 2, TO APPROVE THE ADOPTION OF THE AMENDED M&AA OF THE COMPANY AS DESCRIBED IN THIS RESOLUTION 2.**

**RESOLUTION 3**

**TO AUTHORIZE DIRECTORS**

**General**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **"IT IS HEREBY RESOLVED, as an ordinary resolution, that:** 

It is resolved as an ordinary resolution that any one or more of the directors and officers of the Company be and is hereby authorized to do all such acts and things and execute all such documents and deliver all such documents, which are ancillary to the Share Consolidation and the adoption of the Amended M&AA, including but not limited to, determining the exact effective date of the Share Consolidation and making any relevant registrations and filings with any authorities in accordance with the applicable laws, rules and regulations, as any of them considers necessary, desirable or expedient to give effect to the foregoing arrangements for the Share Consolidation; the registered office provider of the Company be instructed to make all necessary filings with the Registrar of Companies of the Cayman Islands in connection with the Share Consolidation; and the Company's transfer agent be instructed to update the register of members of the Company and that upon the surrender to the Company of the existing share certificates (if any) that they be cancelled and that any director of the Company be instructed to prepare, sign, seal and deliver on behalf of the Company new share certificates accordingly.

**Vote Required and Board Recommendation** 

The approval of the authorization of directors requires the affirmative vote of a simple majority of the votes cast by shareholders who, as being entitled to do so, vote in person or, by proxy or, in the case of a shareholder being a corporation, by its duly authorized representative at the Extraordinary Meeting.

**THE BOARD RECOMMENDS A VOTE "FOR" RESOLUTION 3, TO APPROVE TO AUTHORIZE DIRECTORS AS<br> DESCRIBED IN THIS RESOLUTION 3.**

**OTHER MATTERS**

We know of no other matters to be submitted to the Extraordinary Meeting.

---

| |
|:---|
| By Order of the Board of Directors, |
| */s/ Ruilin Xu* |
| Ruilin Xu |
| *Chairman* |
| Date: August 6, 2025 |

---

**Appendix A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Companies Act (Revised)**<br>**Company Limited by Shares**<br>**Top KingWin Ltd** | &nbsp;&nbsp;**Companies Act (Revised)**<br>**Company Limited by Shares**<br>**Top KingWin Ltd** |
|  | &nbsp;&nbsp;<br> **THIRD AMENDED AND RESTATED memorandum of association**<br>**(Adopted by special resolution passed on [date] and effectivefrom [date])**<br>|

---

![](ex99-1_001.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Third Amended and Restated Memorandum of Association**

**of**

**Top KingWin Ltd**

**(Adopted by special resolution passed on [Date] and effective from [Date])**

1 The name of the Company is Top KingWin Ltd.

---

| | |
|:---|:---|
| 2 | The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, 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 | Unless licensed to do so, 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 USD31,250,000 divided into (i) 400,000,000 class A ordinary shares of par value USD0.0625 each and (ii) 100,000,000 class B ordinary shares of par value USD0.0625 each. 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) to
 redeem or repurchase any of its shares; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 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;(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;(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; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 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. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br>**Companies Act (Revised)**<br>**Company Limited by Shares**<br>**Top KingWin Ltd** | &nbsp;&nbsp;<br>**Companies Act (Revised)**<br>**Company Limited by Shares**<br>**Top KingWin Ltd** |
|  | &nbsp;&nbsp;<br> **THIRD AMENDED AND RESTATED ARTICLES of association**<br>**(Adopted by special resolution passed on [Date] and effective from [Date])**<br>|

---

![](ex99-1_001.jpg)

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 3 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 4 |
| **2** | **Shares** | **5** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 5 |
| Rights of Shares | Rights of Shares | 5 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 7 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 7 |
| Trusts not recognised | Trusts not recognised | 8 |
| Power to vary class rights | Power to vary class rights | 8 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 8 |
| Capital contributions without issue of further Shares | Capital contributions without issue of further Shares | 9 |
| No bearer Shares or warrants | No bearer Shares or warrants | 9 |
| Treasury Shares | Treasury Shares | 9 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 9 |
| Register of Members | Register of Members | 10 |
| **3** | **Share certificates** | **10** |
| Issue of share certificates | Issue of share certificates | 10 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 11 |
| **4** | **Lien on Shares** | **11** |
| Nature and scope of lien | Nature and scope of lien | 11 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 12 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 12 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 12 |
| Application of proceeds of sale | Application of proceeds of sale | 13 |
| **5** | **Calls on Shares and forfeiture** | **13** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 13 |
| Time when call made | Time when call made | 13 |
| Liability of joint holders | Liability of joint holders | 13 |
| Interest on unpaid calls | Interest on unpaid calls | 14 |
| Deemed calls | Deemed calls | 14 |
| Power to accept early payment | Power to accept early payment | 14 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 14 |
| Notice of default | Notice of default | 14 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 15 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 15 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 15 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 16 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 16 |

---

i

---

| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **16** |
| Form of transfer | Form of transfer | 16 |
| Power to refuse registration | Power to refuse registration | 16 |
| Notice of refusal to register | Notice of refusal to register | 16 |
| Power to suspend registration | Power to suspend registration | 17 |
| Fee, if any, payable for registration | Fee, if any, payable for registration | 17 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 17 |
| **7** | **Transmission of Shares** | **17** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 17 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 17 |
| Indemnity | Indemnity | 18 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 18 |
| **8** | **Alteration of capital** | **18** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 18 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 19 |
| Reducing share capital | Reducing share capital | 19 |
| **9** | **Redemption and purchase of own Shares** | **19** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 19 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 20 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 20 |
| **10** | **Meetings of Members** | **20** |
| Power to call meetings | Power to call meetings | 20 |
| Content of notice | Content of notice | 21 |
| Period of notice | Period of notice | 22 |
| Persons entitled to receive notice | Persons entitled to receive notice | 22 |
| Publication of notice on a website | Publication of notice on a website | 22 |
| Time a website notice is deemed to be given | Time a website notice is deemed to be given | 22 |
| Required duration of publication on a website | Required duration of publication on a website | 23 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 23 |
| **11** | **Proceedings at meetings of Members** | **23** |
| Quorum | Quorum | 23 |
| Lack of quorum | Lack of quorum | 23 |
| Use of technology | Use of technology | 24 |
| Chairman | Chairman | 24 |
| Right of a director to attend and speak | Right of a director to attend and speak | 24 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 24 |
| Method of voting | Method of voting | 25 |
| Taking of a poll | Taking of a poll | 25 |
| Chairman's casting vote | Chairman's casting vote | 25 |
| Amendments to resolutions | Amendments to resolutions | 25 |
| Written resolutions | Written resolutions | 26 |
| Sole-member company | Sole-member company | 26 |

---

ii

---

| | | |
|:---|:---|:---|
| **12** | **Voting rights of Members** | **27** |
| Right to vote | Right to vote | 27 |
| Rights of joint holders | Rights of joint holders | 27 |
| Representation of corporate Members | Representation of corporate Members | 27 |
| Member with mental disorder | Member with mental disorder | 28 |
| Objections to admissibility of votes | Objections to admissibility of votes | 28 |
| Form of proxy | Form of proxy | 28 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 29 |
| Voting by proxy | Voting by proxy | 30 |
| **13** | **Number of directors** | **30** |
| **14** | **Appointment, disqualification and removal of directors** | **30** |
| First directors | First directors | 30 |
| No age limit | No age limit | 30 |
| Corporate directors | Corporate directors | 31 |
| No shareholding qualification | No shareholding qualification | 31 |
| Appointment of directors | Appointment of directors | 31 |
| Removal of directors | Removal of directors | 32 |
| Resignation of directors | Resignation of directors | 32 |
| Termination of the office of director | Termination of the office of director | 32 |
| **15** | **Alternate directors** | **32** |
| Appointment and removal | Appointment and removal | 32 |
| Notices | Notices | 33 |
| Rights of alternate director | Rights of alternate director | 34 |
| Appointment ceases when the appointor ceases to be a director | Appointment ceases when the appointor ceases to be a director | 34 |
| Status of alternate director | Status of alternate director | 34 |
| Status of the director making the appointment | Status of the director making the appointment | 34 |
| **16** | **Powers of directors** | **35** |
| Powers of directors | Powers of directors | 35 |
| Appointments to office | Appointments to office | 35 |
| Remuneration | Remuneration | 36 |
| Disclosure of information | Disclosure of information | 36 |
| **17** | **Delegation of powers** | **37** |
| Power to delegate any of the directors' powers to a committee | Power to delegate any of the directors' powers to a committee | 37 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 37 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 37 |
| Power to appoint a proxy | Power to appoint a proxy | 38 |

---

iii

---

| | | |
|:---|:---|:---|
| **18** | **Meetings of directors** | **38** |
| Regulation of directors' meetings | Regulation of directors' meetings | 38 |
| Calling meetings | Calling meetings | 38 |
| Notice of meetings | Notice of meetings | 38 |
| Period of notice | Period of notice | 38 |
| Use of technology | Use of technology | 39 |
| Place of meetings | Place of meetings | 39 |
| Quorum | Quorum | 39 |
| Voting | Voting | 39 |
| Validity | Validity | 39 |
| Recording of dissent | Recording of dissent | 39 |
| Written resolutions | Written resolutions | 40 |
| Sole director's minute | Sole director's minute | 40 |
| **19** | **Permissible directors' interests and disclosure** | **40** |
| Permissible interests subject to disclosure | Permissible interests subject to disclosure | 40 |
| Notification of interests | Notification of interests | 41 |
| Voting where a director is interested in a matter | Voting where a director is interested in a matter | 41 |
| **20** | **Minutes** | **41** |
| **21** | **Accounts and audit** | **42** |
| Accounting and other records | Accounting and other records | 42 |
| No automatic right of inspection | No automatic right of inspection | 42 |
| Sending of accounts and reports | Sending of accounts and reports | 42 |
| Time of receipt if documents are published on a website | Time of receipt if documents are published on a website | 42 |
| Validity despite accidental error in publication on website | Validity despite accidental error in publication on website | 43 |
| When accounts are to be audited | When accounts are to be audited | 43 |
| **22** | **Financial year** | **43** |
| **23** | **Record dates** | **43** |
| **24** | **Dividends** | **43** |
| Declaration of dividends by Members | Declaration of dividends by Members | 43 |
| Payment of interim dividends and declaration of final dividends by directors | Payment of interim dividends and declaration of final dividends by directors | 44 |
| Apportionment of dividends | Apportionment of dividends | 44 |
| Right of set off | Right of set off | 45 |
| Power to pay other than in cash | Power to pay other than in cash | 45 |
| How payments may be made | How payments may be made | 45 |
| Dividends or other moneys not to bear interest in absence of special rights | Dividends or other moneys not to bear interest in absence of special rights | 46 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 46 |
| **25** | **Capitalisation of profits** | **46** |
| Capitalisation of profits or of any share premium account or capital redemption reserve | Capitalisation of profits or of any share premium account or capital redemption reserve | 46 |
| Applying an amount for the benefit of members | Applying an amount for the benefit of members | 47 |
| **26** | **Share premium account** | **47** |
| Directors to maintain share premium account | Directors to maintain share premium account | 47 |
| Debits to share premium account | Debits to share premium account | 47 |

---

iv

---

| | | |
|:---|:---|:---|
| **27** | **Seal** | **47** |
| Company seal | Company seal | 47 |
| Duplicate seal | Duplicate seal | 48 |
| When and how seal is to be used | When and how seal is to be used | 48 |
| If no seal is adopted or used | If no seal is adopted or used | 48 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 48 |
| Validity of execution | Validity of execution | 48 |
| **28** | **Indemnity** | **49** |
| Indemnity | Indemnity | 49 |
| Release | Release | 49 |
| Insurance | Insurance | 49 |
| **29** | **Notices** | **50** |
| Form of notices | Form of notices | 50 |
| Electronic communications | Electronic communications | 50 |
| Persons authorised to give notices | Persons authorised to give notices | 51 |
| Delivery of written notices | Delivery of written notices | 51 |
| Joint holders | Joint holders | 51 |
| Signatures | Signatures | 51 |
| Evidence of transmission | Evidence of transmission | 51 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 51 |
| Date of giving notices | Date of giving notices | 52 |
| Saving provision | Saving provision | 52 |
| **30** | **Authentication of Electronic Records** | **53** |
| Application of Articles | Application of Articles | 53 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 53 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 53 |
| Manner of signing | Manner of signing | 54 |
| Saving provision | Saving provision | 54 |
| **31** | **Transfer by way of continuation** | **54** |
| **32** | **Winding up** | **55** |
| Distribution of assets in specie | Distribution of assets in specie | 55 |
| No obligation to accept liability | No obligation to accept liability | 55 |
| The directors are authorised to present a winding up petition | The directors are authorised to present a winding up petition | 55 |
| **33** | **Amendment of Memorandum and Articles** | **55** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 55 |
| Power to amend these Articles | Power to amend these Articles | 55 |

---

v

**Companies Act (Revised)**

**Company Limited by Shares**

**Third Amended and Restated Articles of Association**

**of**

**Top KingWin Ltd**

**(Adopted by special resolution passed on [Date] and effective from [Date])**

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In
 these Articles, the following definitions apply:

**Act** means the Companies Act (Revised).

**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.

**Business Day** means a day other than a public holiday in the place where the Company's registered office is located, a Saturday or a Sunday.

**Class A Shares** means the class A ordinary shares of the Company with a par value of USD0.0625 each, which have the rights set forth in the Memorandum and these Articles.

**Class B Shares** means the class B ordinary shares of the Company with a par value of USD0.0625 each, which have the rights set forth in the Memorandum and these Articles.

**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.

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

**Default Rate** means 10% (ten per cent) per annum.

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

**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).

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other.

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Fully Paid** and **Paid Up**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

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

**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.

**Officer** means a person appointed to hold an office in the Company; and the expression includes a director, alternate director or liquidator, but does not include the Secretary.

**Ordinary Resolution** means a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression also includes a unanimous written resolution.

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

**Share** means a Class A Share or a Class B Share in the share capital of the Company; and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) includes
 stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where
 the context permits, also includes a 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 the votes cast by, or on behalf of, Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting.

**Treasury Shares** means Shares of the Company held in treasury pursuant to the Act and Article 2.15.

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**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 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) The
 term **present** means, in respect of any person attending a meeting, such person's
 presence at a general meeting of Members (or any meeting of the holders of any class of Shares),
 which may be satisfied by means of such person or, if a corporation or other non-natural
 person, its duly authorized representative (or, in the case of any Member, a proxy which
 has been validly appointed by such Member in accordance with these Articles), being: (a)
 physically present at the meeting; or (b) in the case of any meeting at which Electronic
 Communication Facilities are permitted in accordance with these Articles, including any Virtual
 Meeting, connected by means of the use of such Electronic Communication Facilities.

**Exclusion of Table A Articles**

1.3 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 the Articles about the redemption and purchase of the Company's
 own 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 of the Company 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 of
 the Company:

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

&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.

**Rights of Shares**

2.3 The
 holders of Class A Shares, subject to these Articles, shall:

&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; and

&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 in accordance with Article 32.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not
 have any conversion rights and the Class A Shares are not convertible into shares of any
 other class; and

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

2.4 The
 holders of Class B Shares, subject to these Articles, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 entitled to forty (40) votes 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; and

&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 in accordance with Article 32.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not
 have any conversion rights and the Class B Shares are not convertible into shares of any
 other class except in accordance with Article 2.5; and

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

2.5 The
 number of Class B Shares held by a holder will be automatically and immediately converted
 into an equal and corresponding number of Class A Shares upon any direct or indirect sale,
 transfer, assignment or disposition of such number of Class B Shares by the holder or an
 affiliate or such holder or the direct or indirect transfer or assignment of the voting power
 attached to such number of Class B Shares through voting proxy or otherwise to any person
 or entity that is not an affiliate of such holder (the **New Shareholder**). For the avoidance
 of doubt, the creation of any pledge, charge, encumbrance or other third party right of whatever
 description on any of the Shares to secure 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
 directly or indirectly beneficial ownership or voting power through voting proxy or otherwise
 to the related Class B Shares, in which case all the related Class B Shares shall be automatically
 converted into the same number of Class A Shares. The conversion rate and mechanics for the
 above conversion are set out in the following paragraphs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 Class B Share shall be converted into such number of fully paid and non-assessable Class
 A Share on the basis that one (1) Class B Share shall be converted into one (1) Class A Share
 (being a 1:1 ratio and hereafter referred to as the **Conversion Rate**) immediately prior
 to the close of business on the date of the Share Transfer. The Conversion Rate of the Class
 B Shares shall not be subject to adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A
 conversion shall be effected only in respect of the Class B Shares which are fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Before
 any holder of the Class B Shares transfers the Class B Shares to the New Shareholder, such
 holder shall lodge at the Company's registered office or at the office of any transfer agent
 for the Class B Shares, a written notice of the election to transfer the same (together with
 any certificate, if any, representing the Class B Shares to which it relates) and such written
 notice shall state therein the name or names of the New Shareholder that shall be entered
 on the Register of Members and, if certificates are to be issued, the name or names of the
 New Shareholder in which the certificate or certificates for Class A Shares are to be issued.
 A conversion shall be effected as a simultaneous redemption of the relevant Class B Shares
 and the allotment and issue of the new Class A Shares with the proceeds of such redemption
 of Class B Shares being applied to purchase the new Class A Shares. Such conversion shall
 be deemed to have been made immediately prior to the close of business on the date of the
 Share Transfer and, if certificates are then issued, the certificate or certificates for
 the Class B Shares to be converted shall be surrendered to the Company, and the New Shareholder
 entitled to receive the Class A Shares issuable upon such conversion shall be entered on
 the Register of Members as the holder(s) of such Class A Shares on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Certificates
 evidencing the Class A Shares issued on conversion and any remaining Class B Shares held
 by the holder of the Class B Shares may be issued in accordance with the terms of the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 Company shall at all times reserve and keep available out of its authorised but unissued
 Class A Shares, solely for the purpose of effecting the conversion of the Class B Shares,
 such number of its Class A Shares as shall from time to time be sufficient to effect the
 conversion of all outstanding Class B Shares; and if at any time the number of authorised
 but unissued Class A Shares shall not be sufficient to effect the conversion of all then
 outstanding Class B Shares, in addition to such other remedies as shall be available to the
 holder of such Class B Shares, the Company will take such corporate action as may, in the
 opinion of its counsel, be necessary to increase its authorised but
 unissued Class A Shares to such number of shares as shall be sufficient for such purposes,
 including, without limitation, engaging in best efforts to obtain the requisite shareholder
 approval of any necessary amendment to the Memorandum and Articles.

**Power to issue fractions of a Share**

2.6 Subject
 to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share
 shall be subject to and carry the corresponding fraction of liabilities (whether with respect
 to calls or otherwise), limitations, preferences, privileges, qualifications, restrictions,
 rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.7 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring
 or agreeing to procure subscriptions, whether absolute or conditional

for any Shares in the Company. That commission may be satisfied by the payment of cash or the allotment of Fully Paid or partly-paid Shares or partly in one way and partly in another.

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

**Trusts not recognised**

2.9 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.

**Power to vary class rights**

2.10 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 two thirds 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.

2.11 For
 the purpose of paragraph (b) of the preceding Article, all the provisions of these Articles
 relating to general meetings apply, mutatis mutandis, to every such separate meeting except
 that the necessary quorum shall be one or more persons holding, or representing by proxy,
 not less than one third of the issued Shares of the class.

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

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

2.13 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.

**Capital contributions without issue of further Shares**

2.14 With
 the consent of a Member, the directors may accept a voluntary contribution to the capital
 of the Company from that Member without issuing Shares in consideration for that contribution.
 In that event, the contribution shall be dealt with in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 shall be treated as if it were a share premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 the Member agrees otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the Member holds Shares in a single class of Shares - it shall be credited to the share premium
 account for that class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Member holds Shares of more than one class - it shall be credited rateably to the share
 premium accounts for those classes of Shares (in the proportion that the sum of the issue
 prices for each class of Shares that the Member holds bears to the total issue prices for
 all classes of Shares that the Member holds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 shall be subject to the provisions of the Act and these Articles applicable to share premiums.

**No bearer Shares or warrants**

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

**Treasury Shares**

2.16 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**

2.17 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.

2.18 The
 Company shall be entered in the Register 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;

&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.

2.19 Nothing
 in the preceding Article prevents an allotment of Shares as fully paid bonus shares in respect
 of a Treasury Share and Shares allotted as fully paid bonus shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

2.20 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**

2.21 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.

2.22 The
 title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in
 accordance with the laws applicable to the rules and regulations of the Designated Stock
 Exchange and, for these purposes, the register of Members may be maintained in accordance
 with section 40B of the Act.

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 or partly paid up. A certificate may
 be executed under seal or executed in such other manner as the directors determine.

3.3 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**

3.4 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 or not) registered
 in the name of a Member (whether solely or jointly with others). The lien is for all moneys
 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 moneys are presently payable.

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

**Company may sell Shares to satisfy lien**

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 14 Clear Days after that notice is deemed to be given under these
 Articles.

4.4 The
 Shares may be sold in such manner as the directors determine.

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 Shares sold to, or in accordance with the directions of, the purchaser. The
 title of the transferee of the 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**

4.7 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 Shares; and

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

Despite this, that 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 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 directors may waive payment wholly or in part or enforce payment without any allowance for the value of the Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.8 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 Shares have been sold:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a certificate for the 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 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 directors may make calls on the Members in respect of any
 moneys 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 under the preceding Article 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 moneys payable in
 respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing,
 the directors 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 directors 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, that person shall remain liable to the Company
 for all moneys 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 moneys 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

**Form of transfer**

6.1 Subject
 to the following Articles about the transfer of Shares, a Member may transfer Shares to another
 person by completing an instrument of transfer, in a common form or in a form approved by
 the directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the Shares are partly paid, by or on behalf of that Member and the transferee.

**Power to refuse registration**

6.2 The
 directors may refuse to register the transfer of a Share to any person. They may do so in
 their absolute discretion, without giving any reason for their refusal, and irrespective
 of whether the Share is Fully Paid or the Company has no lien over it.

**Notice of refusal to register**

6.3 If
 the directors refuse to register a transfer of a Share, they must send notice of their refusal
 to the existing Member within two months after the date on which the transfer was lodged
 with the Company.

**Power to suspend registration**

6.4 The
 directors may suspend registration of the transfer of Shares at such times and for such periods,
 not exceeding 30 days in any calendar year, as they determine.

**Fee, if any, payable for registration**

6.5 If
 the directors so decide, the Company may charge a reasonable fee for the registration of
 any instrument of transfer or other document relating to the title to a Share.

**Company may retain instrument of transfer**

6.6 The
 Company shall be entitled to retain any instrument of transfer which is registered; but an
 instrument of transfer which the directors refuse to register shall be returned to the person
 lodging it when notice of the refusal is given.

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, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Share is partly paid, 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**

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 in the Company.

8 Alteration of capital

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

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;

&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:

&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.

For that purpose, the directors may authorise some person to execute an instrument of transfer of the Shares to, or 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**

8.3 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 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.

**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 Shares, as the directors may determine.

For the purpose of this Article, the date of redemption or purchase is the date when the redemption or purchase falls due.

10 Meetings of Members

**Power to call meetings**

10.1 The
 directors may call a general meeting at any time.

10.2 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.

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

10.4 The
 requisition must be in writing and given by one or more Members who together hold at least
 10% of the rights to vote at such general meeting.

10.5 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.

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

10.6 Should
 the directors fail to call a general meeting within 21 Clear Days from the date of receipt
 of a requisition, the requisitioners or any of them may call a general meeting within three
 months after the end of that period.

10.7 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 10% 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.

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

**Content of notice**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the meeting is to be held in two or more places (including in any part virtually), the technology
 that will be used to facilitate the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject
 to paragraph (e), 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.

10.10 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**

10.11 At
 least five Clear Days' notice of a general meeting must be given to Members. But a meeting
 may be convened on shorter notice with the consent of the Member or Members who, individually
 or collectively, hold at least 90% of the voting rights of all those who have a right to
 vote at that meeting.

**Persons entitled to receive notice**

10.12 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 directors.

**Publication of notice on a website**

10.13 Subject
 to the Act, a notice of a general meeting may be published on a website providing the recipient
 is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 publication of the notice on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 place on the website where the notice may be accessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) how
 it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 place, date and time of the general meeting.

10.14 If
 a Member notifies the Company that he is unable for any reason to access the website, the
 Company must as soon as practicable give notice of the meeting to that Member by any other
 means permitted by these Articles. But this will not affect when that Member is deemed to
 have received notice of the meeting.

**Time a website notice is deemed to be given**

10.15 A
 website notice is deemed to be given when the Member is given notice of its publication.

**Required duration of publication on a website**

10.16 Where
 the notice of meeting is published on a website, it shall continue to be published in the
 same place on that website from the date of the notification until the conclusion of the
 meeting to which the notice relates.

**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 Members.

**Lack of quorum**

11.2 If
 a quorum is not present within 15 minutes 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 time and place seven days hence,
 or to such other time or place as is determined by the directors. If a quorum is not present
 within 15 minutes of the time appointed for the adjourned meeting, then the Members present
 in person or by proxy shall constitute a quorum.

**Use of technology**

11.3 A
 Member entitled to receive notice and attend a meeting will be deemed to be in attendance
 at such meeting despite their attendance being virtual if adequate facilities are available
 to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 hear all that happens at the meeting (whether by use of microphones, audio visual communications
 equipment or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 be heard by all persons present in the same way.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Chairman**

11.4 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 15 minutes of the time appointed for the
 meeting, the directors present shall elect one of their number to chair the meeting.

11.5 If
 no director is present within 15 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**

11.6 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 in the Company.

**Adjournment, postponement and cancellation**

11.7 A
 meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) postponed
 or cancelled prior to the meeting at the discretion of the Directors by written notice provided
 to all persons entitled to attend the meeting, unless the meeting was requisitioned by Member(s)
 or otherwise called by Member(s) pursuant to Article 10; 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;(e) adjourned,
 with or without an appointed date for resumption, at any time during the meeting at the discretion
 of the chairman with the consent of the Member(s) constituting a quorum.

11.8 The
 chairman must adjourn the meeting if so directed by the Member(s) constituting a quorum at
 the meeting. No business, however, can be transacted at an adjourned or postponed meeting
 other than business which might properly have been transacted at the original meeting.

11.9 Should
 a meeting be adjourned for more than seven 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 A
 resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 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 as a Virtual Meeting or in more than one place,
 the chairman may appoint scrutineers virtually and in more than one 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**

11.12 If
 the votes on a resolution are equal the chairman may if he wishes exercise a casting vote.

**Amendments to resolutions**

11.13 An
 Ordinary Resolution to be proposed at a general meeting may be amended by Ordinary Resolution
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 less than 48 hours before the meeting is to take place (or such later time as the chairman
 of the meeting may determine), notice of the proposed amendment is given to the Company in
 writing by a Member entitled to vote at that meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 proposed amendment does not, in the reasonable opinion of the chairman of the meeting, materially
 alter the scope of the resolution.

11.14 A
 Special Resolution to be proposed at a general meeting may be amended by Ordinary Resolution,
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 chairman of the meeting proposes the amendment at the general meeting at which the resolution
 is to be proposed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 amendment does not go beyond what the chairman considers is necessary to correct a grammatical
 or other non-substantive error in the resolution.

11.15 If
 the chairman of the meeting, acting in good faith, wrongly decides that an amendment to a
 resolution is out of order, the chairman's error does not invalidate the vote on that resolution.

**Written resolutions**

11.16 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.

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.

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

11.18 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**

11.19 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, all Members are entitled to vote at a general meeting on a poll. Subject to
 any rights or restrictions for the time being attached to any class or classes of Shares,
 holders of Class A Shares and Class B Shares vote together as one class on all matters submitted
 to a vote by the shareholders at any general meeting and have the same rights except each
 Class A Share is entitled to one (1) vote and each Class B Share is entitled to forty (40)
 votes.

12.2 Members
 may vote in person or by proxy.

12.3 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 On
 a poll a holder of Class A Shares shall have one (1) vote for each Class A Share he holds
 and a holder of Class B Shares shall have forty (40) votes for each Class B Share he holds.

12.5 A
 fraction of a Share shall entitle its holder to an equivalent fraction of one vote.

12.6 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**

12.7 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**

12.8 Save
 where otherwise provided, a corporate Member must act by a duly authorised representative.

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

12.10 The
 authorisation may be for any period of time, and must be delivered to the Company not less
 than two hours before the commencement of the meeting at which it is first used.

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

12.12 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.

12.13 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**

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

12.15 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**

12.16 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**

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

12.18 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.

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

12.20 A
 Member may revoke the appointment of a proxy at any time by notice to the Company duly signed
 in accordance with the Article above about signing proxies; but such revocation will not
 affect the validity of any acts carried out by the 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 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 at any time 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 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 If
 the form of appointment of proxy is not delivered on time, it is invalid.

12.23 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.

12.24 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**

12.25 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.

13 Number of directors

Unless otherwise determined by Ordinary Resolution, the minimum number of directors shall be one and the maximum number shall be ten. There shall be no directors, however, until the first director is or the first directors are appointed by the subscriber or subscribers to the Memorandum.

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.

**No age limit**

14.2 There
 is no age limit for directors save that they must be aged at least 18 years.

**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 Notwithstanding
 the other provisions of these Articles, in any case where, as a result of death, the Company
 has no directors and no shareholders, the personal representatives of the last shareholder
 to have died have the power, by notice in writing to the Company, to appoint a person to
 be a director. For the purpose of this Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 two or more shareholders die in circumstances rendering it uncertain who was the last to
 die, a younger shareholder is deemed to have survived an older shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the last shareholder died leaving a will which disposes of that shareholder's shares
 in the Company (whether by way of specific gift, as part of the residuary estate, or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 expression personal representatives of the last shareholder means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) until
 a grant of probate in respect of that will has been obtained from the Grand Court of the
 Cayman Islands, all of the executors named in that will who are living at the time the power
 of appointment under this Article is exercised; 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;(B) after
 such grant of probate has been obtained, only such of those executors who have proved that
 will;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without
 derogating from section 3(1) of the Succession Act (Revised), the executors named in that
 will may exercise the power of appointment under this Article without first obtaining a grant
 of probate.

14.7 A
 remaining director may appoint a director even though there is not a quorum of directors.

14.8 No
 appointment can cause the number of directors to exceed the maximum; and any such appointment
 shall be invalid.

**Removal of directors**

14.9 A
 director may be removed by Ordinary Resolution.

**Resignation of directors**

14.10 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.

14.11 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**

14.12 A
 director's office shall be terminated forthwith if:

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

&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;(c) 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;(d) 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;(e) 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 in accordance with the Act. No appointment shall take effect until
 the director has given notice of the appointment to the other directors. Such notice must
 be given to each other director by either of the following methods:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the other director has an email address, by emailing to that address a scanned copy of the
 notice as a PDF attachment (the PDF version being deemed to be the notice unless Article
 30.7 applies), in which event notice shall be taken to be given on the date of receipt by
 the recipient in readable form. For the avoidance of doubt, the same email may be sent to
 the email address of more than one director (and to the email address of the Company pursuant
 to Article 15.4(c)).

15.2 Without
 limitation to the preceding Article, a director may appoint an alternate for a particular
 meeting by sending an email to his fellow directors informing them that they are to take
 such email as notice of such appointment for such meeting. Such appointment shall be effective
 without the need for a signed notice of appointment or the giving of notice to the Company
 in accordance with Article 15.4.

15.3 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 other directors. Such
 notice must be given by either of the methods specified in Article 15.1.

15.4 A
 notice of appointment or removal of an alternate director must also be given to the Company
 by any of the following methods:

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

&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 30.7 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 30.7 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**

15.5 All
 notices of meetings of directors shall continue to be given to the appointing director and
 not to the alternate.

**Rights of alternate director**

15.6 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.

15.7 For
 the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 another director has been appointed an alternate director for one or more directors, he shall
 be entitled to a separate vote in his own right as a director and in right of each other
 director for whom he has been appointed an alternate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a person other than a director has been appointed an alternate director for more than one
 director, he shall be entitled to a separate vote in right of each director for whom he has
 been appointed an alternate.

15.8 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**

15.9 An
 alternate director shall cease to be an alternate director if the director who appointed
 him ceases to be a director.

**Status of alternate director**

15.10 An
 alternate director shall carry out all functions of the director who made the appointment.

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

15.12 An
 alternate director is not the agent of the director appointing him.

15.13 An
 alternate director is not entitled to any remuneration for acting as alternate director.

**Status of the director making the appointment**

15.14 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.

**Appointments to office**

16.3 The
 directors may appoint a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 chairman of the board of directors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 any other executive office

for such period and on such terms, including as to remuneration, as they think fit.

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

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

16.6 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.

16.7 Subject
 to the provisions of the Act, the directors may also appoint 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.

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

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

**Remuneration**

16.10 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.

16.11 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.

16.12 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.

16.13 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**

16.14 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 rules of any stock exchange upon which the Company's
 shares are listed; 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.

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.

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

17.5 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any other manner they determine.

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

17.6 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.

17.7 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.

**Power to appoint a proxy**

17.8 Any
 director may appoint any other person, including another director, to represent him at any
 meeting of the directors. If a director appoints a proxy, then for all purposes the presence
 or vote of the proxy shall be deemed to be that of the appointing director.

17.9 Articles
 15.1 to 15.4 inclusive (relating to the appointment by directors of alternate directors)
 apply, mutatis mutandis, to the appointment of proxies by directors.

17.10 A
 proxy is an agent of the director appointing him and is not an officer of the Company.

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, if any, must call a
 meeting of the directors if requested to do so by a director.

**Notice of meetings**

18.3 Every
 director shall be given notice of a meeting, although a director may waive retrospectively
 the requirement to be given notice. 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).

**Period of notice**

18.4 At
 least five Clear Days' notice of a meeting of directors must be given to directors.
 But a meeting may be convened on shorter notice with the consent of all directors.

**Use of technology**

18.5 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.

18.6 A
 director participating in this way is deemed to be present in person at the meeting.

**Place of meetings**

18.7 If
 all the directors participating in a meeting are not in the same place, they may decide that
 the meeting is to be treated as taking place wherever any of them is.

**Quorum**

18.8 The
 quorum for the transaction of business at a meeting of directors shall be two unless the
 directors fix some other number or unless the Company has only one director.

**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.

**Validity**

18.10 Anything
 done at a meeting of directors is unaffected by the fact that it is later discovered that
 any person was not properly appointed, or had ceased to be a director, or was otherwise not
 entitled to vote.

**Recording of dissent**

18.11 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**

18.12 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.

18.13 Despite
 the foregoing, a resolution in writing signed by a validly appointed alternate director or
 by a validly appointed proxy need not also be signed by the appointing director. But if a
 written resolution is signed personally by the appointing director, it need not also be signed
 by his alternate or proxy.

18.14 Such
 written resolution 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.

**Sole director's minute**

18.15 Where
 a sole director signs a minute recording his decision on a question, that record shall constitute
 the passing of a resolution in those terms.

19 Permissible directors' interests and disclosure

**Permissible interests subject to disclosure**

19.1 Save
 as expressly permitted by these Articles or as set out below, a director may not have a direct
 or indirect interest or duty which conflicts or may possibly conflict with the interests
 of the Company.

19.2 If,
 notwithstanding the prohibition in the preceding Article, a director discloses to his fellow
 directors the nature and extent of any material interest or duty in accordance with the next
 Article, he may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 a party to, or otherwise interested in, any transaction or arrangement with the Company or
 in which the Company is or may otherwise be interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 interested in another body corporate promoted by the Company or in which the Company is otherwise
 interested. In particular, the director may be a director, secretary or officer of, or employed
 by, or be a party to any transaction or arrangement with, or otherwise interested in, that
 other body corporate.

19.3 Such
 disclosure may be made at a meeting at a meeting of the board or otherwise (and, if otherwise,
 it must be made in writing). The director must disclose the nature and extent of his direct
 or indirect interest in or duty in relation to a transaction or arrangement or series of
 transactions or arrangements with the Company or in which the Company has any material interest.

19.4 If
 a director has made disclosure in accordance with the preceding Article, then he shall not,
 by reason only of his office, be accountable to the Company for any benefit that he derives
 from any such transaction or arrangement or from any such office or employment or from any
 interest in any such body corporate, and no such transaction or arrangement shall be liable
 to be avoided on the ground of any such interest or benefit.

**Notification of interests**

19.5 For
 the purposes of the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 general notice that a director gives to the other directors that he is to be regarded as
 having an interest of the nature and extent specified in the notice in any transaction or
 arrangement in which a specified person or class of persons is interested shall be deemed
 to be a disclosure that he has an interest in or duty in relation to any such transaction
 of the nature and extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 interest of which a director has no knowledge and of which it is unreasonable to expect him
 to have knowledge shall not be treated as an interest of his.

19.6 A
 director shall not be treated as having an interest in a transaction or arrangement if he
 has no knowledge of that interest and it is unreasonable to expect the director to have that
 knowledge.

**Voting where a director is interested in a matter**

19.7 A
 director may vote at a meeting of directors on any resolution concerning a matter in which
 that director has an interest or duty, whether directly or indirectly, so long as that director
 discloses any material interest pursuant to these Articles. The director shall be counted
 towards a quorum of those present at the meeting. If the director votes on the resolution,
 his vote shall be counted.

19.8 Where
 proposals are under consideration concerning the appointment of two or more directors to
 offices or employment with the Company or any body corporate in which the Company is interested,
 the proposals may be divided and considered in relation to each director separately and each
 of the directors concerned shall be entitled to vote and be counted in the quorum in respect
 of each resolution except that concerning his or her own appointment.

---

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

---

The Company shall cause minutes to be made in books kept for the purpose in accordance with the Act.

21 Accounts and audit

**Accounting and other records**

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.

**No automatic right of inspection**

21.2 Members
 are only entitled to inspect the Company's records if they are expressly entitled to do so
 by law, or by resolution made by the directors or passed by Ordinary Resolution.

**Sending of accounts and reports**

21.3 The
 Company's accounts and associated directors' report or auditor's report that are required
 or permitted to be sent to any person pursuant to any law shall be treated as properly sent
 to that person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they
 are sent to that person in accordance with the notice provisions: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they
 are published on a website providing that person is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 fact that publication of the documents has been published on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 address of the website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 place on the website where the documents may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) how
 they may be accessed.

21.4 If,
 for any reason, a person notifies the Company that he is unable to access the website, the
 Company must, as soon as practicable, send the documents to that person by any other means
 permitted by these Articles. This, however, will not affect when that person is taken to
 have received the documents under the next Article.

**Time of receipt if documents are published on a website**

21.5 Documents
 sent by being published on a website in accordance with the preceding two Articles are only
 treated as sent at least five Clear Days before the date of the meeting at which they are
 to be laid if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 documents are published on the website throughout a period beginning at least five Clear
 Days before the date of the meeting and ending with the conclusion of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 person is given at least five Clear Days' notice of the hearing.

**Validity despite accidental error in publication on website**

21.6 If,
 for the purpose of a meeting, documents are sent by being published on a website in accordance
 with the preceding Articles, the proceedings at that meeting are not invalidated merely because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those
 documents are, by accident, published in a different place on the website to the place notified;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they
 are published for part only of the period from the date of notification until the conclusion
 of that meeting.

**When accounts are to be audited**

21.7 Unless
 the directors or the Members, by Ordinary Resolution, so resolve or unless the Act so requires,
 the Company's accounts will not be audited. If the Members so resolve, the Company's accounts
 shall be audited in the manner determined by Ordinary Resolution. Alternatively, if the directors
 so resolve, they shall be audited in the manner they determine.

22 Financial year

Unless the directors otherwise specify, the financial year of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 end on 31st December in the year of its incorporation and each following year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 begin when it was incorporated and on 1st January each following year.

23 Record dates

Except to the extent of any conflicting rights attached to Shares, the directors may fix any time and date as the record date for declaring or paying a dividend or making or issuing an allotment of Shares. The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.

24 Dividends

**Declaration of dividends by Members**

24.1 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**

24.2 The
 directors may pay interim dividends or declare 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.

24.3 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.

24.4 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**

24.5 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**

24.6 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**

24.7 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**

24.8 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.

24.9 For
 the purpose of paragraph (a) of the preceding Article, 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 purpose of paragraph (b) of the preceding Article, 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.

24.10 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.

24.11 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 moneys not to bear interest in absence of special rights**

24.12 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**

24.13 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.

24.14 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.

25 Capitalisation of profits

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

25.1 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.

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;(c) by
 paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 issuing Fully Paid 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 Shares (**Original Shares**) rank for dividend only to the extent
 that the Original Shares rank for dividend while those Original Shares remain partly paid.

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

25.2 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.

25.3 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.

26 Share premium account

**Directors to maintain share premium account**

26.1 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**

26.2 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.

26.3 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.

---

| | |
|:---|:---|
| 27 | Seal |

---

**Company seal**

27.1 The
 Company may have a seal if the directors so determine.

**Duplicate seal**

27.2 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 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**

27.3 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

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

**If no seal is adopted or used**

27.4 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**

27.5 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**

27.6 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.

28 Indemnity

**Indemnity**

28.1 To
 the extent permitted by law, the Company shall indemnify each existing or former Secretary,
 director (including alternate director), 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 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 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 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 Islands or
 elsewhere.

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

28.2 To
 the extent permitted by law, 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 Secretary or Officer of the Company in respect of any matter identified in paragraph
 (a) or paragraph (b) of the preceding Article on condition that the Secretary or Officer
 must repay the amount paid by the Company to the extent that it is ultimately found not liable
 to indemnify the Secretary or that Officer for those legal costs.

**Release**

28.3 To
 the extent permitted by law, 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**

28.4 To
 the extent permitted by law, 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.

---

| | |
|:---|:---|
| 29 | Notices |

---

**Form of notices**

29.1 Save
 where these Articles provide otherwise, 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**

29.2 Without
 limitation to Articles 15.1 to 15.4 inclusive (relating to the appointment and removal by
 directors of alternate directors) and to Articles 17.8 to 17.10 inclusive (relating to the
 appointment by directors of proxies), 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 or otherwise accept the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Director or Officer provides the giver of the notice an electronic address to which the notice
 may be sent and a notice is sent to that address within a reasonable period of time.

29.3 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.

**Persons authorised to give notices**

29.4 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**

29.5 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**

29.6 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**

29.7 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.

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

**Evidence of transmission**

29.9 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.

29.10 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.

29.11 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**

29.12 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.

29.13 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**

29.14 A
 notice is given on the date identified in the following table.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp;By leaving it at the member's registered address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp;If the recipient has an address within the Islands, by posting it by prepaid post to the street or postal address of that recipient | &nbsp;&nbsp;48 hours after it was posted |
| &nbsp;&nbsp;If the recipient has an address outside the Islands, by posting it by prepaid airmail to the street or postal address of that recipient | &nbsp;&nbsp;7 Clear Days after posting |
| &nbsp;&nbsp;By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;Within 24 hours after it was sent |
| &nbsp;&nbsp;By publication on a website | &nbsp;&nbsp;See the Articles about the time when notice of a meeting of Members or accounts and reports, as the case may be, are published on a website |

---

**Saving provision**

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

30 Authentication of Electronic Records

**Application of Articles**

30.1 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 30.2 or Article 30.4 applies.

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

30.2 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
 30.7 does not apply.

30.3 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 30.7 applies.

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

30.4 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
 30.7 does not apply.

This Article 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.

30.5 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 30.7 applies.

**Manner of signing**

30.6 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**

30.7 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

31 Transfer by way of continuation

31.1 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
 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.

31.2 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 to deregister the Company in the 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.

32 Winding up

**Distribution of assets in specie**

32.1 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 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;

&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**

32.2 No
 Member shall be compelled to accept any assets if an obligation attaches to them.

**The directors are authorised to present a winding up petition**

32.3 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.

33 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

33.1 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**

33.2 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**

**TOP KINGWIN LTD**<br> (incorporated in the Cayman Islands with limited liability) <br> **<br> FORM OF PROXY FOR THE EXTRAORDINARY GENERAL MEETING**<br> to be held on August 14, 2025<br> (or any adjourned or postponed meeting thereof)

I/we, the undersigned acknowledges receipt of the Notice of Extraordinary General Meeting of Shareholders and Proxy Statement and, being the registered holder of the Class A/Class B Ordinary Shares, par value US$0.0025 per share ("<u>Ordinary Shares</u>"), of Top KingWin Ltd (the "<u>Company</u>"), hereby appoint Mr. Ruilin Xu, the CEO of the Company or <u>(Name)</u> of (<u>Address)</u> as my/our proxy to attend and act for me/us at Extraordinary General Meeting<sup>1</sup> (or at any adjournment or postponement thereof) of the Company to be held at 9:00AM, Eastern Time, on August 14, 2025 at Room 1304, Building No. 25, Tian'an Headquarters Center, No. 555, North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou, Guangdong Province, China (the "<u>Meeting</u>").

My/our proxy is instructed to vote on the resolutions in respect of the matters specified in the Notice of the Extraordinary General Meeting as indicated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **For** | **Against** | **Abstain** |
| Proposal 1: It is resolved as an ordinary resolution that: | Proposal 1: It is resolved as an ordinary resolution that: |  |  |  |
| (a) | with the exact effective date to be determined by the board of directors of the Company (the "**Board**") in its sole discretion, every twenty-five (25) issued and unissued class A ordinary shares of par value USD0.0025 each in the share capital of the Company be consolidated into one (1) consolidated class A ordinary share of par value USD0.0625 each and every twenty-five (25) issued and unissued class B ordinary shares of par value USD0.0025 each in the share capital of the Company be consolidated into one (1) consolidated class B ordinary share of par value USD0.0625 each, so that following the Share Consolidation, the authorized share capital of the Company will be changed from USD31,250,000 divided into 10,000,000,000 class A ordinary shares of par value USD0.0025 each and 2,500,000,000 class B ordinary shares of par value USD0.0025 each into USD31,250,000 divided into 400,000,000 class A ordinary shares of par value USD0.0625 each and 100,000,000 class B ordinary shares of par value USD0.0625 each (together with 1(b), the "**Share Consolidation**"); and | ☐ | ☐ | ☐ |
| (b) | no fractional shares be issued in connection with the Share Consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional share upon the Share Consolidation, the number of shares to be received by such shareholder be rounded up to the next highest whole number of shares. | ☐ | ☐ | ☐ |
| Proposal 2: It is resolved as a special resolution, that subject to approval by the shareholders of Resolution 1 (the Share Consolidation) and conditional uupon the approval of the effective date of the Share Consolidation by the Board, the third amended and restated memorandum and articles of association (the "**Amended M&AA**") be and are hereby approved and adopted as the new memorandum and articles of association of the Company in substitution for and to the exclusion of the existing amended and restated memorandum and articles of association of the Company to reflect, inter alias, the Share Consolidation with effect from the effective date of the Share Consolidation; and | Proposal 2: It is resolved as a special resolution, that subject to approval by the shareholders of Resolution 1 (the Share Consolidation) and conditional uupon the approval of the effective date of the Share Consolidation by the Board, the third amended and restated memorandum and articles of association (the "**Amended M&AA**") be and are hereby approved and adopted as the new memorandum and articles of association of the Company in substitution for and to the exclusion of the existing amended and restated memorandum and articles of association of the Company to reflect, inter alias, the Share Consolidation with effect from the effective date of the Share Consolidation; and | <br> ☐ | &nbsp;&nbsp; <br> ☐ | &nbsp;&nbsp; <br> ☐ |
| Proposal 3: It is resolved as an ordinary resolution that any one or more of the directors and officers of the Company be and is hereby authorized to do all such acts and things and execute all such documents and deliver all such documents, which are ancillary to the Share Consolidation and the adoption of the Amended M&AA, including but not limited to, determining the exact effective date of the Share Consolidation and making any relevant registrations and filings with any authorities in accordance with the applicable laws, rules and regulations, as any of them considers necessary, desirable or expedient to give effect to the foregoing arrangements for the Share Consolidation; the registered office provider of the Company be instructed to make all necessary filings with the Registrar of Companies of the Cayman Islands in connection with the Share Consolidation; and the Company's transfer agent be instructed to update the register of members of the Company and that upon the surrender to the Company of the existing share certificates (if any) that they be cancelled and that any director of the Company be instructed to prepare, sign, seal and deliver on behalf of the Company new share certificates accordingly (the "**Authorization of Directors**"). | Proposal 3: It is resolved as an ordinary resolution that any one or more of the directors and officers of the Company be and is hereby authorized to do all such acts and things and execute all such documents and deliver all such documents, which are ancillary to the Share Consolidation and the adoption of the Amended M&AA, including but not limited to, determining the exact effective date of the Share Consolidation and making any relevant registrations and filings with any authorities in accordance with the applicable laws, rules and regulations, as any of them considers necessary, desirable or expedient to give effect to the foregoing arrangements for the Share Consolidation; the registered office provider of the Company be instructed to make all necessary filings with the Registrar of Companies of the Cayman Islands in connection with the Share Consolidation; and the Company's transfer agent be instructed to update the register of members of the Company and that upon the surrender to the Company of the existing share certificates (if any) that they be cancelled and that any director of the Company be instructed to prepare, sign, seal and deliver on behalf of the Company new share certificates accordingly (the "**Authorization of Directors**"). | ☐ | ☐ | ☐ |

---

---

| |
|:---|
| Dated _________, 2025 |
| Signature(s) _________________________ |
| Name of Signatory ___________________ |
| Name of Shareholder _________________ |

---

<sup>1</sup> If any proxy other than the CEO of the Company is preferred, insert the name and address of the proxy desired in the space provided and strike out "Mr. Ruilin Xu, the CEO of the Company or". A proxy need not be a shareholder. Any alteration made to this form of proxy must be initialed by the person(s) who sign(s) it.

**Notes:**

1. Only the holders of record of the Class A and Class B Ordinary Shares of the Company at the close of business
on August 5, 2025, New York time, should use this form of proxy.

2. Please indicate your voting preference by ticking, or inserting in the number of shares to be voted for
or against or to abstain, the boxes above in respect of each resolution. If NO instruction is given, your proxy will vote or abstain from
voting at his/her discretion. If any other matter properly comes before the Extraordinary General Meeting, or any adjournment or postponement
thereof, which may properly be acted upon, unless otherwise indicated, your proxy will vote or abstain from voting at his/her discretion.

3. Any alteration made to this form of proxy must be initialed by the person(s) who sign(s) it.

4. This form of proxy must be signed by you or your attorney duly authorized in writing or, in the case of
a corporation, must be either under seal or executed under the hand of an officer or attorney duly authorized to sign the same. In the
case of joint holders, all holders must sign.

5. This form of proxy and any authority under which it is executed (or a notarized and/or duly certified
copy of such authority) must be returned to the attention of Mr. Ruilin Xu, Room 1304, Building No. 25, Tian'an Headquarters Center,
No. 555, North Panyu Avenue, Donghuan Street, Panyu District, Guangzhou, Guangdong Province, China, no later than the time for holding
the Extraordinary General Meeting or any adjournment thereof.

6. Completion and return of the form of proxy will not prevent you from attending and voting in person at
the Extraordinary General Meeting.