# EDGAR Filing Document

**Accession Number:** 0001971828
**File Stem:** 0001493152-26-016535
**Filing Date:** 2026-4
**Character Count:** 203482
**Document Hash:** 7e0117a4c042dccc91619e0b80edd51e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-016535.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001493152-26-016535

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260410

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energys Group Ltd
- **CENTRAL INDEX KEY:** 0001971828
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL WORK [1731]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41975
- **FILM NUMBER:** 26860757

**BUSINESS ADDRESS:**
- **STREET 1:** FRANKLYN HOUSE, DAUX ROAD
- **STREET 2:** BILLINGSHURST
- **CITY:** WEST SUSSEX
- **STATE:** X0
- **ZIP:** RH14 9SJ
- **BUSINESS PHONE:** 44 1403 786212

**MAIL ADDRESS:**
- **STREET 1:** FRANKLYN HOUSE, DAUX ROAD
- **STREET 2:** BILLINGSHURST
- **CITY:** WEST SUSSEX
- **STATE:** X0
- **ZIP:** RH14 9SJ

**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 OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

For April 10, 2026

Commission File Number: 001-41975

**<u>ENERGYS GROUP LIMITED</u>**

(Translation of registrant's name into English)

Franklyn House, Daux Road

Billingshurst, West Sussex

RH149SJ

United Kingdom

(Address of principal executive offices)

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

**Submission of Matters to a Vote of Security Holders and Results**

On April 10, 2026, Energys Group Limited (the "**Company**") held an Extraordinary General Meeting of the Company's members (the "EGM") at 4:00 p.m. (Hong Kong time and date) at the offices of the Company located at 4A Meyer Industrial Building, 2 Chong Yip Street, Kwun Tong, Kowloon, Hong Kong. The record date for the EGM was February 13, 2026 (the "Record Date").

The following resolutions were adopted and approved.

***Proposal No. 1(A)***

At the EGM, the Company's members holding Ordinary Shares and Series A Convertible Preferred Shares approved, by special resolution, the re-designation and re-classification of the Company's authorized share capital into (i) 285,000,000 Class A Ordinary Shares, par value US$0.0001, with one (1) vote per share (the "Class A Ordinary Shares"); (ii) 15,000,000 Class B Ordinary Shares, par value US$0.0001, with fifty (50) votes per share (the "Class B Ordinary Shares"); and (iii) 3,000,000 preference shares, of a par value of US$0.0001 each (which shall include 2,575,250 shares of Series A Convertible Preferred Stock), and the re-designation and re-classification of the Company's 31,253,416 currently outstanding Ordinary Shares and the 1,279,250 Ordinary Shares, par value US$0.0001 each, underlying the 1,279,250 currently outstanding Series A Convertible Preferred Shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Member** | **Current Shares** | **Current Shares** | **After Re-Classification/ <br> Re-Designation** | **After Re-Classification/ <br> Re-Designation** |
|  | **Ordinary** | **Preferred** | **Class A<sup>(1)</sup>** | **Class B<sup>(2)(3)</sup>** |
| Moonglade Investment Limited<sup>(4)</sup> | 9650000 | 106900 |  | 9756900<sup>(5)</sup> |
| Other Holders of Ordinary Shares | 21603416 |  | 21603416<sup>(6)</sup> |  |
| Other Holders of Preferred Shares | - | 1172350<sup>(7)</sup> | - | 1172350<sup>(8)</sup> |
| Total Outstanding Shares | 31253416 | 1279250 | 21603416 | 10929250 |

---

 

<sup>(1)</sup> Entitled to one (1) vote per share on all matters submitted to Members for vote

<sup>(2)</sup> Entitled to fifty (50) votes per share on all matters submitted to Members for vote

<sup>(3)</sup> Includes certain currently outstanding Ordinary Shares and Ordinary Shares underlying and to be issued upon conversion of all currently outstanding Series A Convertible Preferred Shares in accordance with their terms.

<sup>(4)</sup> Owned as to 69.7% by Moon Shadow Global Limited, which is 100% owned by Mr. Michael Lau, our Executive Director and Chief Technology Officer, who is also its sole director and who therefore has sole voting power over the shares owned of record by Moonglade Investment Limited.

<sup>(5)</sup> Represents 487,845,000 votes, or 85.88% of the total available votes.

<sup>(6)</sup> Represents 21,603,416 votes, or 3.80% of the total available votes.

<sup>(7)</sup> Includes 1,048,470 Series A Convertible Preferred Shares owned of record by Mr. Michael Lau, our Executive Director and Chief Technology Officer, 110,780 Series A Convertible Preferred Shares owned of record by Mr. Kevin Cox, our Executive Director and Chief Executive Officer, and an aggregate of 13,100 Series A Convertible Preferred Shares owned of record by two unaffiliated third-parties.

<sup>(8)</sup> Represents 58,617,500 votes, or 10.32% of the total available votes.

***Proposal No. 1(B)***

At the EGM, the Company's members holding Ordinary Shares and Series A Convertible Preferred Shares approved, by special resolution, the Second Amended and Restated Memorandum of Association and Second Amended and Restated Articles of Association of the Company to reflect the dual-class share structure and to set out the rights and privileges of the Class A Ordinary Shares and the Class B Ordinary Shares.

***Proposal No. 2***

At the EGM, the Company's members holding Series A Convertible Preferred Shares approved, by special resolution, the revision of terms of the Series A Convertible Preferred Shares such that (i) the Series A Convertible Preferred Shares shall be entitled to that number of votes to which the underlying Ordinary Shares would be entitled if they were issued and outstanding; and (ii) the Series A Convertible Preferred Shares shall be convertible into Class B Ordinary Shares; provided, however, that, upon the filing with the SEC of a registration statement with the purpose of registering under the Securities Act of 1933, as amended, any or all of the Class B Ordinary Shares or other securities that are convertible or exchangeable for Class B Ordinary Shares, the Class B Ordinary Shares covered by such registration statement, and the Class B Ordinary Shares underlying such other securities, shall automatically convert to Class A Ordinary Shares as provided in Article 15D of the Second Amended and Restated Articles of Association.

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
| Dated: April 14, 2026 | **ENERGYS GROUP LIMITED** | **ENERGYS GROUP LIMITED** |
|  | By: | */s/ Kevin Cox* |
|  | Name: | Kevin Cox |
|  | Title: | Chief Executive Officer and Director |

---

---

| | |
|:---|:---|
| **Exhibit <br> No.** | **Description** |
| 99.1 | [Notice and Proxy Statement regarding Extraordinary General Meeting of Members to be Held on March 30, 2026 at 4:00 p.m. (Hong Kong time), adjourned until April 10, 2026.](ex99-1.htm) |
| 99.2 | [Second Amended and Restated Memorandum and Second Amended and Restated Articles of Association.](ex99-2.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

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## Exhibit 99.2

**Exhibit 99.2**

**THE COMPANIES ACT (2026 REVISION)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION OF**

**ENERGYS GROUP LIMITED**

**(as adopted by a special resolution passed on 10 April, 2026)**

**THE COMPANIES ACT (2026 REVISION)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION**

**OF**

**ENERGYS GROUP LIMITED**

**(as adopted by a special resolution passed on 10 April, 2026)**

1. The
 name of the Company is Energys Group Limited.

2. The
 registered office of the Company shall be at the offices of Quality Corporate Services Ltd.,
 Suite 102, Cannon Place, P.O. Box 712, North Sound Rd., George Town, Grand Cayman, KY1-9006
 Cayman Islands.

3. Subject
 to the following provisions of this Memorandum, the objects for which the Company is established
 are unrestricted and shall include, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to
 act and to perform all the functions of a holding company in all its branches and to coordinate
 the policy and administration of any subsidiary company or companies wherever incorporated
 or carrying on business or of any group of companies of which the Company or any subsidiary
 company is a member or which are in any manner controlled directly or indirectly by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to
 act as an investment company and for that purpose to subscribe, acquire, hold, dispose, sell,
 deal in or trade upon any terms, whether conditionally or absolutely, shares, stock, debentures,
 debenture stock, annuities, notes, mortgages, bonds, obligations and securities, foreign
 exchange, foreign currency deposits and commodities, issued or guaranteed by any company
 wherever incorporated, or by any government, sovereign, ruler, commissioners, public body
 or authority, supreme, municipal, local or otherwise, by original subscription, tender, purchase,
 exchange, underwriting, participation in syndicates or in any other manner and whether or
 not fully paid up, and to meet calls thereon.

4. Subject
 to the following provisions of this Memorandum, the Company shall have and be capable of
 exercising all the functions of a natural person of full capacity irrespective of any question
 of corporate benefit, as provided by Section 27(2) of the Act.

5. Nothing
 in this Memorandum shall permit the Company to carry on a business for which a licence is
 required under the laws of the Cayman Islands unless duly licensed.

6. The
 Company shall not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands; provided
 that nothing in this clause shall be construed as to prevent the Company effecting and concluding
 contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
 for the carrying on of its business outside the Cayman Islands.

7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

8. The
 authorized share capital of the Company is US$30,300 divided into (i) 285,000,000 Class A
 Ordinary Shares of a par value of US$0.0001 each, (ii)15,000,000 Class B Ordinary Shares
 of a par value of US$0.0001 each, and (iii) 3,000,000 preference shares of a par value of
 US$0.0001 each (which shall include 2,575,250 shares of Series A Convertible Preferred Stock).
 The Company has the power, insofar as is permitted by law, to redeem or purchase any of its
 shares and to increase or reduce the said share capital subject to the provisions of the
 Act and the Articles of Association of the Company and to issue any part of its capital,
 whether original, redeemed or increased, with or without any preference, priority or special
 privilege or subject to any postponement of rights or to any conditions or restrictions;
 and so that, unless the conditions of issue shall otherwise expressly declare, every issue
 of shares, whether declared to be preference or otherwise, shall be subject to the power
 hereinbefore contained.

9. The
 Company may exercise the power contained in the Act to deregister in the Cayman Islands and
 be registered by way of continuation in another jurisdiction.

10. Capitalized
 terms that are not defined in this Memorandum of Association bear the respective meanings
 given to them in the Articles of Association of the Company.

**THE COMPANIES ACT (2026 REVISION)**

**COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**ENERGYS GROUP LIMITED**

**(as adopted by a special resolution passed on 10 April, 2026)**

<u>I N D E X</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>SUBJECT</u> | <u>Article No.</u> |
| Table A | 1 |
| Interpretation | 2 |
| Share Capital | 3 |
| Alteration Of Capital | 4-7 |
| Share Rights | 8-9 |
| Variation Of Rights | 10-11 |
| Shares | 12-15 |
| Share Certificates | 16-21 |
| Lien | 22-24 |
| Calls On Shares | 25-33 |
| Forfeiture Of Shares | 34-42 |
| Register Of Members | 43-44 |
| Record Dates | 45 |
| Transfer Of Shares | 46-51 |
| Transmission Of Shares | 52-54 |
| Untraceable Members | 55 |
| General Meetings | 56-58 |
| Notice Of General Meetings | 59-60 |
| Proceedings At General Meetings | 61-65 |
| Voting | 66-77 |
| Proxies | 78-83 |
| Corporations Acting By Representatives | 84 |
| No Action By Written Resolutions Of Members | 85 |
| Board Of Directors | 86 |
| Retirement of Directors | 87-88 |
| Disqualification Of Directors | 89 |
| Alternate Directors | 90-93 |
| Directors' Fees And Expenses | 94-97 |
| Directors' Interests | 98-101 |
| General Powers Of The Directors | 102-107 |
| Borrowing Powers | 108-111 |
| Proceedings Of The Directors | 112-121 |
| Audit Committee | 122-124 |
| Officers | 125-128 |
| Register of Directors and Officers | 129 |
| Minutes | 130 |
| Seal | 131 |
| Authentication Of Documents | 132 |
| Destruction Of Documents | 133 |
| Dividends And Other Payments | 134-143 |
| Reserves | 144 |
| Capitalization | 145-146 |
| Subscription Rights Reserve | 147 |
| Accounting Records | 148-152 |
| Audit | 153-158 |
| Notices | 159-161 |
| Signatures | 162 |
| Winding Up | 163-164 |
| Indemnity | 165 |
| Amendment To Memorandum and Articles of Association And Name of Company | 166 |
| Information | 167 |
| Financial Year End | 168 |

---

<u>INTERPRETATION</u>

TABLE A

1. The
 regulations in Table A in the Schedule to the Companies Act (2026 Revision) do not apply
 to the Company.

<u>INTERPRETATION</u>

2. (1)
 In these Articles, unless the context otherwise requires, the words standing in the first
 column of the following table shall bear the meaning set opposite them respectively in the
 second column.

<u>WORD</u> <u>MEANING</u> <br>"Act" The Companies Act, Cap. 22 (Act 3 of 1961, as consolidated and revised) of the Cayman Islands.

---

| | |
|:---|:---|
| "Articles" | these Articles in their present form or as supplemented, amended or substituted from time to time. |
| "Audit Committee" | the audit committee of the Company formed by the Board pursuant to Article 122 hereof, or any successor audit committee. |
| "Auditor" | the independent auditor of the Company which shall be an internationally recognized firm of independent accountants. |
| "Board" or "Directors" | the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present. |
| "capital" | the share capital from time to time of the Company. |
| "Class A Ordinary Share" | an ordinary share of a par value of US$0.0001 in the capital of the Company, designated as a Class A Ordinary Share and having the rights provided for in these Articles. |
| "Class B" Ordinary Share" | an ordinary share of a par value of US$0.0001 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles. |

---

---

| | |
|:---|:---|
| "clear days" | in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. |
| "clearing house" | a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "Company" | Energys Group Limited |
| "competent<br> Regulatory<br> Authority" | a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory. |

---

---

| | |
|:---|:---|
| "debenture" and "debenture holder" | include debenture stock and debenture stockholder, respectively. |
| Designated Stock Exchange" | The Nasdaq Stock Exchange. |
| "Designated Stock Exchange Rules" | rules contained in the Nasdaq manual. |
| "Dollars" and "$" | dollars, the legal currency of the United States of America. |
| "Exchange Act" | the United States Securities Exchange Act of 1934, as amended. |
| "head office" | such office of the Company as the Directors may from time to time determine to be the principal office of the Company. |
| "Member" | a duly registered holder from time to time of the shares in the capital of the Company. |
| "month" | a calendar month. |
| "Notice" | written notice unless otherwise specifically stated and as further defined in these Articles. |
| "Office" | the registered office of the Company for the time being. |
| "ordinary resolution" | a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which not less than ten (10) clear days' Notice has been duly given; |
| "paid up" | paid up or credited as paid up. |
| "Person" | any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires. |
| "Register" | the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time. |
| "Registration Office" | in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered. |
| "SEC" | the United States Securities and Exchange Commission. |

---

---

| | |
|:---|:---|
| "Seal" | common seal or any one or more duplicate seals of the Company (including a securities seal) for use in the Cayman Islands or in any place outside the Cayman Islands. |
| "Secretary" | any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |
| "Securities Act" | the United States Securities Act of 1933, as amended. |
| "Series A Convertible Preferred Stock" | has the meaning given to it in the schedule to these Articles. |
| "special resolution" | a resolution shall be a special resolution when it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which not less than ten (10) clear days' Notice, specifying (without prejudice to the power contained in these Articles to amend the same) the intention to propose the resolution as a special resolution, has been duly given. Provided that, except in the case of an annual general meeting, if it is so agreed by a majority in number of the Members having the right to attend and vote at any such meeting, being a majority together holding not less than ninety-five (95) per cent. in nominal value of the shares giving that right and in the case of an annual general meeting, if it is so agreed by all Members entitled to attend and vote thereat, a resolution may be proposed and passed as a special resolution at a meeting of which less than ten (10) clear days' Notice has been given;<br>a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes. |
| "Statutes" | the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles. |
| "year" | a calendar year. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In these Articles, unless there be something within the subject or context inconsistent with such construction:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing a gender include both gender and the neuter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons include companies, associations and bodies of persons whether corporate
 or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 words:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may"
 shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall"
 or "will" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressions
 referring to writing shall, unless the contrary intention appears, be construed as including
 printing, lithography, photography and other modes of representing words or figures in a
 visible form, and including where the representation takes the form of electronic display,
 provided that both the mode of service of the relevant document or notice and the Member's
 election comply with all applicable Statutes, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references
 to any law, ordinance, statute or statutory provision shall be interpreted as relating to
 any statutory modification or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) save
 as aforesaid words and expressions defined in the Statutes shall bear the same meanings in
 these Articles if not inconsistent with the subject in the context;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references
 to a document being executed include references to it being executed under hand or under
 seal or by electronic signature or by any other method and references to a notice or document
 include a notice or document recorded or stored in any digital, electronic, electrical, magnetic,
 or other retrievable form or medium and information in visible form whether having physical
 substance or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section
 8 of the Electronic Transactions Act (2003 Revision) of the Cayman Islands, as amended from
 time to time, shall not apply to these Articles to the extent it imposes obligations or requirements
 in addition to those set out in these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 schedule to these Articles forms part of these Articles.

<u>SHARE CAPITAL</u>

3. (1)
 The share capital of the Company at the date on which these Articles come into effect shall
 be divided into shares of a par value of $0.0001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Act, the Company's Memorandum and Articles of Association and, where applicable, the rules of the Designated Stock Exchange and/or any competent regulatory authority, any power of the Company to purchase or otherwise acquire its own shares shall be exercisable by the Board in such manner, upon such terms and subject to such conditions as it thinks fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No share shall be issued to bearer.

<u>ALTERATION OF CAPITAL</u>

4. The
 Company may from time to time by ordinary resolution in accordance with the Act alter the
 conditions of its Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its capital by such sum, to be divided into shares of such amounts, as the resolution shall
 prescribe;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without
 prejudice to the powers of the Board under Article 12, divide its shares into several classes
 and without prejudice to any special rights previously conferred on the holders of existing
 shares attach thereto respectively any preferential, deferred, qualified or special rights,
 privileges, conditions or such restrictions which in the absence of any such determination
 by the Company in general meeting, as the Directors may determine provided always that, for
 the avoidance of doubt, where a class of shares has been authorized by the Company no resolution
 of the Company in general meeting is required for the issuance of shares of that class and
 the Directors may issue shares of that class and determine such rights, privileges, conditions
 or restrictions attaching thereto as aforesaid, and further provided that where the Company
 issues shares which do not carry voting rights, the words "non-voting" shall
 appear in the designation of such shares and where the equity capital includes shares with
 different voting rights, the designation of each class of shares, other than those with the
 most favourable voting rights, must include the words "restricted voting" or
 "limited voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide
 its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum
 of Association (subject, nevertheless, to the Act), and may by such resolution determine
 that, as between the holders of the shares resulting from such sub-division, one or more
 of the shares may have any such preferred, deferred or other rights or be subject to any
 such restrictions as compared with the other or others as the Company has power to attach
 to unissued or new shares;

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

5. The
 Board may settle as it considers expedient any difficulty which arises in relation to any
 consolidation and division under the last preceding Article and in particular but without
 prejudice to the generality of the foregoing may issue certificates in respect of fractions
 of shares or arrange for the sale of the shares representing fractions and the distribution
 of the net proceeds of sale (after deduction of the expenses of such sale) in due proportion
 amongst the Members who would have been entitled to the fractions, and for this purpose the
 Board may authorise some person to transfer the shares representing fractions to their purchaser
 or resolve that such net proceeds be paid to the Company for the Company's benefit.
 Such purchaser will not be bound to see to the application of the purchase money nor will
 his title to the shares be affected by any irregularity or invalidity in the proceedings
 relating to the sale.

6. The
 Company may from time to time by special resolution, subject to any confirmation or consent
 required by the Act, reduce its share capital or any capital redemption reserve in any manner
 permitted by law.

7. Except
 so far as otherwise provided by the conditions of issue, or by these Articles, any capital
 raised by the creation of new shares shall be treated as if it formed part of the original
 capital of the Company, and such shares shall be subject to the provisions contained in these
 Articles with reference to the payment of calls and instalments, transfer and transmission,
 forfeiture, lien, cancellation, surrender, voting and otherwise.

<u>SHARE RIGHTS</u>

8. Subject
 to the provisions of the Act, the rules of the Designated Stock Exchange and the Memorandum
 and Articles of Association and to any special rights conferred on the holders of any shares
 or class of shares, and without prejudice to Article 12 hereof, any share in the Company
 (whether forming part of the present capital or not) may be issued with or have attached
 thereto such rights or restrictions whether in regard to dividend, voting, return of capital
 or otherwise as the Board may determine, including without limitation on terms that they
 may be, or at the option of the Company or the holder are, liable to be redeemed on such
 terms and in such manner, including out of capital, as the Board may deem fit.

9. Subject
 to the Act, any preferred shares may be issued or converted into shares that, at a determinable
 date or at the option of the Company or the holder thereof, are to be redeemed or are liable
 to be redeemed on such terms and in such manner as the Directors may in their absolute discretion
 determine.

<u>VARIATION OF RIGHTS</u>

10. Subject
 to the Act and without prejudice to Article 8, all or any of the special rights for the time
 being attached to the shares or any class of shares may, unless otherwise provided by the
 terms of issue of the shares of that class, from time to time (whether or not the Company
 is being wound up) be varied, modified or abrogated with the sanction of a special resolution
 passed at a separate general meeting of the holders of the shares of that class. To every
 such separate general meeting, all the provisions of these Articles relating to general meetings
 of the Company shall, mutatis mutandis, apply, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall
 be a person or persons (or in the case of a Member being a corporation, its duly authorized
 representative) together holding or representing by proxy not less than one-third in nominal
 value of the issued shares of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 holder of shares of the class shall be entitled on a poll to one vote for every such share
 held by him; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 holder of shares of the class presents in person or by proxy or authorised representative
 may demand a poll.

11. The
 special rights conferred upon the holders of any shares or class of shares shall not, unless
 otherwise expressly provided in the rights attaching to or the terms of issue of such shares,
 be deemed to be varied, modified or abrogated by the creation or issue of further shares
 ranking pari passu therewith.

<u>SHARES</u>

12. (1)
 Subject to the Act, these Articles and, where applicable, the rules of the Designated Stock
 Exchange and without prejudice to any special rights or restrictions for the time being attached
 to any shares or any class of shares, the unissued shares of the Company (whether forming
 part of the original or any increased capital) shall be at the disposal of the Board, which
 may offer, allot, grant options over or otherwise dispose of them to such persons, at such
 times and for such consideration and upon such terms and conditions as the Board may in its
 absolute discretion determine but so that no shares shall be issued at a discount. In particular
 and without prejudice to the generality of the foregoing, the Board is hereby empowered to
 authorize by resolution or resolutions from time to time the issuance of one or more classes
 or series of preferred shares (including without limitation the Series A Convertible Preferred
 Stock) and to fix the designations, powers, preferences and relative, participating, optional
 and other rights, if any, and the qualifications, limitations and restrictions thereof, if
 any, including, without limitation, the number of shares constituting each such class or
 series, dividend rights, conversion rights, redemption privileges, voting powers, full or
 limited or no voting powers, and liquidation preferences, and to increase or decrease the
 size of any such class or series (but not below the number of shares of any class or series
 of preferred shares then outstanding) to the extent permitted by Act. Without limiting the
 generality of the foregoing, the resolution or resolutions providing for the establishment
 of any class or series of preferred shares may, to the extent permitted by law, provide that
 such class or series shall be superior to, rank equally with or be junior to the preferred
 shares of any other class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to make, or make available, any such allotment, offer, option or shares to Members or others with registered addresses in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be deemed to be, a separate class of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred shares of or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorized by and complying with the conditions of the Memorandum and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may issue options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital of the Company on such terms as it may from time to time determine.

13. The
 Company may in connection with the issue of any shares exercise all powers of paying commission
 and brokerage conferred or permitted by the Act. Subject to the Act, the commission may be
 satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly
 in one and partly in the other.

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

15. Subject
 to the Act and these Articles, the Board may at any time after the allotment of shares but
 before any person has been entered in the Register as the holder, recognise a renunciation
 thereof by the allottee in favour of some other person and may accord to any allottee of
 a share a right to effect such renunciation upon and subject to such terms and conditions
 as the Board considers fit to impose.

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| | |
|:---|:---|
| 15A. | Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions submitted to a vote by the Members. Each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to fifty (50) votes on all matters subject to vote at general meetings of the Company. |

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| | |
|:---|:---|
| 15B. | Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder thereof. The right to convert shall be exercisable by the holder of the Class B Ordinary Share delivering a written notice to the Company that such holder elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. |

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| | |
|:---|:---|
| 15C. | Any conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to these Articles shall be effected by means of the re-designation of each relevant Class B Ordinary Share as a Class A Ordinary Share. Such conversion shall become effective (i) in the case of any conversion effected pursuant to Article 15B, forthwith upon the receipt by the Company of the written notice delivered to the Company as described in Article 15B (or at such later date as may be specified in such notice), or (ii) in the case of any automatic conversion effected pursuant to Article 15D, forthwith upon occurrence of the event specified in Article 15D which triggers such automatic conversion, and the Company shall make entries in the Register to record the re-designation of the relevant Class B Ordinary Shares as Class A Ordinary Shares. |

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| | |
|:---|:---|
| 15D. | Upon any private sale, transfer, assignment or disposition of any Class B Ordinary Share or other security that is convertible or exchangeable for a Class B Ordinary Share by a Member to any Person, or upon a change of ultimate beneficial ownership of any Class B Ordinary Share or other security that is convertible or exchangeable for a Class B Ordinary Share to any Person, such Class B Ordinary Share or other security shall retain its super-voting rights such that the transferee shall be entitled to cast fifty (50) votes, or such other number of votes to which the Class B Ordinary Shares shall be entitled as of the effective date of the transfer or change, for each Class B Ordinary Share or other security owned of record or beneficially by such transferee. For the avoidance of doubt, (i) where a sale, transfer, assignment or disposition involves a change to the legal title to Class B Ordinary Shares, it shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in its Register, and where a sale, transfer, assignment or disposition involves a change to the ultimate beneficial ownership or there is otherwise no change to the legal title to Class B Ordinary Shares, it shall be deemed effective at the time of the change, as determined in good faith by the directors in their sole discretion; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever description on any Class B Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition, or a change of ultimate beneficial ownership, unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to the relevant Class B Ordinary Shares. For the purposes of this Article 15D, beneficial ownership shall have the meaning set forth in Rule 13d-3 under the United States Securities Exchange Act of 1934, as amended. |

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Notwithstanding the above, no Class B Ordinary Share or other security that is convertible or exchangeable for a Class B Ordinary Share shall be sold or made available for sale in the public market. Upon the filing with the SEC of a registration statement with the purpose of registering under the Securities Act any or all of the Class B Ordinary Shares or other securities that are convertible or exchangeable for Class B Ordinary Shares, the Class B Ordinary Shares covered by such registration statement, or the Class B Ordinary Shares underlying such other securities, shall automatically convert to Class A Ordinary Shares.

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| | |
|:---|:---|
| 15E. | Save and except for voting rights and conversion rights as set out in Articles 15A to 15D (inclusive), the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and shall have the same rights, preferences, privileges and restrictions. |

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<u>SHARE CERTIFICATES</u>

16. Every
 share certificate shall be issued under the Seal or a facsimile thereof and shall specify
 the number and class and distinguishing numbers (if any) of the shares to which it relates,
 and the amount paid up thereon and may otherwise be in such form as the Directors may from
 time to time determine. No certificate shall be issued representing shares of more than one
 class. The Board may by resolution determine, either generally or in any particular case
 or cases, that any signatures on any such certificates (or certificates in respect of other
 securities) need not be autographic but may be affixed to such certificates by some mechanical
 means or may be printed thereon.

17. (1)
 In the case of a share held jointly by several persons, the Company shall not be bound to
 issue more than one certificate therefor and delivery of a certificate to one of several
 joint holders shall be sufficient delivery to all such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a share stands in the names of two or more persons, the person first named in the Register shall as regards service of notices and, subject to the provisions of these Articles, all or any other matters connected with the Company, except the transfer of the shares, be deemed the sole holder thereof.

18. Every
 person whose name is entered, upon an allotment of shares, as a Member in the Register shall
 be entitled, without payment, to receive one certificate for all such shares of any one class
 or several certificates each for one or more of such shares of such class upon payment for
 every certificate after the first of such reasonable out-of-pocket expenses as the Board
 from time to time determines.

19. Share
 certificates shall be issued within the relevant time limit as prescribed by the Act or as
 the Designated Stock Exchange may from time to time determine, whichever is the shorter,
 after allotment or, except in the case of a transfer which the Company is for the time being
 entitled to refuse to register and does not register, after lodgment of a transfer with the
 Company.

20. (1)
 Upon every transfer of shares the certificate held by the transferor shall be given up to
 be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be
 issued to the transferee in respect of the shares transferred to him at such fee as is provided
 in paragraph (2) of this Article. If any of the shares included in the certificate so given
 up shall be retained by the transferor a new certificate for the balance shall be issued
 to him at the aforesaid fee payable by the transferor to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph (1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may at any time determine a lower amount for such fee.

21. If
 a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed
 a new certificate representing the same shares may be issued to the relevant Member upon
 request and on payment of such fee as the Company may determine and, subject to compliance
 with such terms (if any) as to evidence and indemnity and to payment of the costs and reasonable
 out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity
 as the Board may think fit and, in case of damage or defacement, on delivery of the old certificate
 to the Company provided always that where share warrants have been issued, no new share warrant
 shall be issued to replace one that has been lost unless the Board has determined that the
 original has been destroyed.

<u>LIEN</u>

22. The
 Company shall have a first and paramount lien on every share (not being a fully paid share)
 for all moneys (whether presently payable or not) called or payable at a fixed time in respect
 of that share. The Company shall also have a first and paramount lien on every share (not
 being a fully paid share) registered in the name of a Member (whether or not jointly with
 other Members) for all amounts of money presently payable by such Member or his estate to
 the Company whether the same shall have been incurred before or after notice to the Company
 of any equitable or other interest of any person other than such member, and whether the
 period for the payment or discharge of the same shall have actually arrived or not, and notwithstanding
 that the same are joint debts or liabilities of such Member or his estate and any other person,
 whether a Member of the Company or not. The Company's lien on a share shall extend
 to all dividends or other moneys payable thereon or in respect thereof. The Board may at
 any time, generally or in any particular case, waive any lien that has arisen or declare
 any share exempt in whole or in part, from the provisions of this Article.

23. Subject
 to these Articles, the Company may sell in such manner as the Board determines any share
 on which the Company has a lien, but no sale shall be made unless some sum in respect of
 which the lien exists is presently payable, or the liability or engagement in respect of
 which such lien exists is liable to be presently fulfilled or discharged nor until the expiration
 of fourteen (14) clear days after a notice in writing, stating and demanding payment of the
 sum presently payable, or specifying the liability or engagement and demanding fulfilment
 or discharge thereof and giving notice of the intention to sell in default, has been served
 on the registered holder for the time being of the share or the person entitled thereto by
 reason of his death or bankruptcy.

24. The
 net proceeds of the sale shall be received by the Company and applied in or towards payment
 or discharge of the debt or liability in respect of which the lien exists, so far as the
 same is presently payable, and any residue shall (subject to a like lien for debts or liabilities
 not presently payable as existed upon the share prior to the sale) be paid to the person
 entitled to the share at the time of the sale. To give effect to any such sale the Board
 may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser
 shall be registered as the holder of the shares so transferred and he shall not be bound
 to see to the application of the purchase money, nor shall his title to the shares be affected
 by any irregularity or invalidity in the proceedings relating to the sale.

<u>CALLS ON SHARES</u>

25. Subject
 to these Articles and to the terms of allotment, the Board may from time to time make calls
 upon the Members in respect of any moneys unpaid on their shares (whether on account of the
 nominal value of the shares or by way of premium), and each Member shall (subject to being
 given at least fourteen (14) clear days' Notice specifying the time and place of payment)
 pay to the Company as required by such notice the amount called on his shares. A call may
 be extended, postponed or revoked in whole or in part as the Board determines but no member
 shall be entitled to any such extension, postponement or revocation except as a matter of
 grace and favour.

26. A
 call shall be deemed to have been made at the time when the resolution of the Board authorising
 the call was passed and may be made payable either in one lump sum or by instalments.

27. A
 person upon whom a call is made shall remain liable for calls made upon him notwithstanding
 the subsequent transfer of the shares in respect of which the call was made. The joint holders
 of a share shall be jointly and severally liable to pay all calls and instalments due in
 respect thereof or other moneys due in respect thereof.

28. If
 a sum called in respect of a share is not paid before or on the day appointed for payment
 thereof, the person from whom the sum is due shall pay interest on the amount unpaid from
 the day appointed for payment thereof to the time of actual payment at such rate (not exceeding
 twenty per cent. (20%) per annum) as the Board may determine, but the Board may in its absolute
 discretion waive payment of such interest wholly or in part.

29. No
 Member shall be entitled to receive any dividend or bonus or to be present and vote (save
 as proxy for another Member) at any general meeting either personally or by proxy, or be
 reckoned in a quorum, or exercise any other privilege as a Member until all calls or instalments
 due by him to the Company, whether alone or jointly with any other person, together with
 interest and expenses (if any) shall have been paid.

30. On
 the trial or hearing of any action or other proceedings for the recovery of any money due
 for any call, it shall be sufficient to prove that the name of the Member sued is entered
 in the Register as the holder, or one of the holders, of the shares in respect of which such
 debt accrued, that the resolution making the call is duly recorded in the minute book, and
 that notice of such call was duly given to the Member sued, in pursuance of these Articles;
 and it shall not be necessary to prove the appointment of the Directors who made such call,
 nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive
 evidence of the debt.

31. Any
 amount payable in respect of a share upon allotment or at any fixed date, whether in respect
 of nominal value or premium or as an instalment of a call, shall be deemed to be a call duly
 made and payable on the date fixed for payment and if it is not paid the provisions of these
 Articles shall apply as if that amount had become due and payable by virtue of a call duly
 made and notified.

32. On
 the issue of shares the Board may differentiate between the allottees or holders as to the
 amount of calls to be paid and the times of payment.

33. The
 Board may, if it thinks fit, receive from any Member willing to advance the same, and either
 in money or money's worth, all or any part of the moneys uncalled and unpaid or instalments
 payable upon any shares held by him and upon all or any of the moneys so advanced (until
 the same would, but for such advance, become presently payable) pay interest at such rate
 (if any) as the Board may decide. The Board may at any time repay the amount so advanced
 upon giving to such Member not less than one month's Notice of its intention in that
 behalf, unless before the expiration of such notice the amount so advanced shall have been
 called up on the shares in respect of which it was advanced. Such payment in advance shall
 not entitle the holder of such share or shares to participate in respect thereof in a dividend
 subsequently declared.

<u>FORFEITURE OF SHARES</u>

34. (1)
 If a call remains unpaid after it has become due and payable the Board may give to the person
 from whom it is due not less than fourteen (14) clear days' Notice:

&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) requiring payment of the amount unpaid together with any interest which may have accrued, and which may still accrue up to the date of actual payment; 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) stating that if the Notice is not complied with the shares on which the call was made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the requirements of any such Notice are not complied with, any share in respect of which such Notice has been given may at any time thereafter, before payment of all calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends and bonuses declared in respect of the forfeited share but not actually paid before the forfeiture.

35. When
 any share has been forfeited, notice of the forfeiture shall be served upon the person who
 was before forfeiture the holder of the share. No forfeiture shall be invalidated by any
 omission or neglect to give such Notice.

36. The
 Board may accept the surrender of any share liable to be forfeited hereunder and, in such
 case, references in these Articles to forfeiture will include surrender.

37. Any
 share so forfeited shall be deemed the property of the Company and may be sold, re-allotted
 or otherwise disposed of to such person, upon such terms and in such manner as the Board
 determines, and at any time before a sale, re-allotment or disposition the forfeiture may
 be annulled by the Board on such terms as the Board determines.

38. A
 person whose shares have been forfeited shall cease to be a Member in respect of the forfeited
 shares but nevertheless shall remain liable to pay the Company all moneys which at the date
 of forfeiture were presently payable by him to the Company in respect of the shares, with
 (if the Directors shall in their discretion so require) interest thereon from the date of
 forfeiture until payment at such rate (not exceeding twenty per cent. (20%) per annum) as
 the Board determines. The Board may enforce payment thereof if it thinks fit, and without
 any deduction or allowance for the value of the forfeited shares, at the date of forfeiture,
 but his liability shall cease if and when the Company shall have received payment in full
 of all such moneys in respect of the shares. For the purposes of this Article any sum which,
 by the terms of issue of a share, is payable thereon at a fixed time which is subsequent
 to the date of forfeiture, whether on account of the nominal value of the share or by way
 of premium, shall notwithstanding that time has not yet arrived be deemed to be payable at
 the date of forfeiture, and the same shall become due and payable immediately upon the forfeiture,
 but interest thereon shall only be payable in respect of any period between the said fixed
 time and the date of actual payment.

39. A
 declaration by a Director or the Secretary that a share has been forfeited on a specified
 date shall be conclusive evidence of the facts therein stated as against all persons claiming
 to be entitled to the share, and such declaration shall (subject to the execution of an instrument
 of transfer by the Company if necessary) constitute a good title to the share, and the person
 to whom the share is disposed of shall be registered as the holder of the share and shall
 not be bound to see to the application of the consideration (if any), nor shall his title
 to the share be affected by any irregularity in or invalidity of the proceedings in reference
 to the forfeiture, sale or disposal of the share. When any share shall have been forfeited,
 notice of the declaration shall be given to the Member in whose name it stood immediately
 prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith
 be made in the register, but no forfeiture shall be in any manner invalidated by any omission
 or neglect to give such notice or make any such entry.

40. Notwithstanding
 any such forfeiture as aforesaid, the Board may at any time, before any shares so forfeited
 shall have been sold, re-allotted or otherwise disposed of, permit the shares forfeited to
 be bought back upon the terms of payment of all calls and interest due upon and expenses
 incurred in respect of the share, and upon such further terms (if any) as it thinks fit.

41. The
 forfeiture of a share shall not prejudice the right of the Company to any call already made
 or instalment payable thereon.

42. The
 provisions of these Articles as to forfeiture shall apply in the case of non-payment of any
 sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on
 account of the nominal value of the share or by way of premium, as if the same had been payable
 by virtue of a call duly made and notified.

<u>REGISTER OF MEMBERS</u>

43. (1)
 The Company shall keep in one or more books a Register of its Members and shall enter therein
 the following particulars, that is to say:

&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) the name and address of each Member, the number and class of shares held by him, and the amount paid or agreed to be considered as paid on such shares;

&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) the date on which each person was entered in the Register; 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;(c) the date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may keep an overseas or local or other branch register of Members resident in any place, and the Board may make and vary such regulations as it determines in respect of the keeping of any such register and maintaining a Registration Office in connection therewith.

44. The
 Register and branch register of Members, as the case may be, shall be open to inspection
 for such times and on such days as the Board shall determine by Members without charge or
 by any other person, upon a maximum payment of $2.50 or such other sum specified by the Board,
 at the Office or Registration Office or such other place at which the Register is kept in
 accordance with the Act. The Register including any overseas or local or other branch register
 of Members may, after compliance with any notice requirement of the Designated Stock Exchange,
 be closed at such times or for such periods not exceeding in the whole thirty (30) days in
 each year as the Board may determine and either generally or in respect of any class of shares.

<u>RECORD DATES</u>

45. For
 the purpose of determining the Members entitled to notice of or to vote at any general meeting,
 or any adjournment thereof, or entitled to express consent to corporate action in writing
 without a meeting, or entitled to receive payment of any dividend or other distribution or
 allotment of any rights, or entitled to exercise any rights in respect of any change, conversion
 or exchange of shares or for the purpose of any other lawful action, the Board may fix, in
 advance, a date as the record date for any such determination of Members, which date shall
 not be more than sixty (60) days nor less than ten (10) days before the date of such meeting,
 nor more than sixty (60) days prior to any other such action.

If the Board does not fix a record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall be at the close of business on the day next preceding the day on which notice is given, or, if in accordance with these Articles notice is waived, at the close of business on the day next preceding the day on which the meeting is held. The record date for determining the Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

A determination of the Members of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

<u>TRANSFER OF SHARES</u>

46. Subject
 to these Articles, any Member may transfer all or any of his shares by an instrument of transfer
 in the usual or common form or in a form prescribed by the Designated Stock Exchange or in
 any other form approved by the Board and may be under hand or, if the transferor or transferee
 is a clearing house or a central depository house or its nominee(s), by hand or by machine
 imprinted signature or by such other manner of execution as the Board may approve from time
 to time.

47. The
 instrument of transfer shall be executed by or on behalf of the transferor and the transferee
 provided that the Board may dispense with the execution of the instrument of transfer by
 the transferee in any case which it thinks fit in its discretion to do so. Without prejudice
 to the last preceding Article, the Board may also resolve, either generally or in any particular
 case, upon request by either the transferor or transferee, to accept mechanically executed
 transfers. The transferor shall be deemed to remain the holder of the share until the name
 of the transferee is entered in the Register in respect thereof. Nothing in these Articles
 shall preclude the Board from recognising a renunciation of the allotment or provisional
 allotment of any share by the allottee in favour of some other person.

48. (1)
 The Board may, in its absolute discretion, and without giving any reason therefor, refuse
 to register a transfer of any share (not being a fully paid up share) to a person of whom
 it does not approve, or any share issued under any share incentive scheme for employees upon
 which a restriction on transfer imposed thereby still subsists, and it may also, without
 prejudice to the foregoing generality, refuse to register a transfer of any share to more
 than four joint holders or a transfer of any share (not being a fully paid up share) on which
 the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board in so far as permitted by any applicable law may, in its absolute discretion, at any time and from time to time transfer any share upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder requesting such transfer shall bear the cost of effecting the transfer unless the Board otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time determine, and which agreement the Board shall, without giving any reason therefor, be entitled in its absolute discretion to give or withhold), no shares upon the Register shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other place at which the Register is kept in accordance with the Act.

49. Without
 limiting the generality of the last preceding Article, the Board may decline to recognise
 any instrument of transfer unless:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such
 lesser sum as the Board may from time to time require is paid to the Company in respect thereof;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 instrument of transfer is lodged at the Office or such other place at which the Register
 is kept in accordance with the Act or the Registration Office (as the case may be) accompanied
 by the relevant share certificate(s) and such other evidence as the Board may reasonably
 require to show the right of the transferor to make the transfer (and, if the instrument
 of transfer is executed by some other person on his behalf, the authority of that person
 so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 applicable, the instrument of transfer is duly and properly stamped.

50. If
 the Board refuses to register a transfer of any share, it shall, within three months after
 the date on which the transfer was lodged with the Company, send to each of the transferor
 and transferee notice of the refusal.

51. The
 registration of transfers of shares or of any class of shares may, after compliance with
 any notice requirement of the Designated Stock Exchange, be suspended at such times and for
 such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine.

<u>TRANSMISSION OF SHARES</u>

52. If
 a Member dies, the survivor or survivors where the deceased was a joint holder, and his legal
 personal representatives where he was a sole or only surviving holder, will be the only persons
 recognised by the Company as having any title to his interest in the shares; but nothing
 in this Article will release the estate of a deceased Member (whether sole or joint) from
 any liability in respect of any share which had been solely or jointly held by him.

53. Any
 person becoming entitled to a share in consequence of the death or bankruptcy or winding-up
 of a Member may, upon such evidence as to his title being produced as may be required by
 the Board, elect either to become the holder of the share or to have some person nominated
 by him registered as the transferee thereof. If he elects to become the holder he shall notify
 the Company in writing either at the Registration Office or Office, as the case may be, to
 that effect. If he elects to have another person registered he shall execute a transfer of
 the share in favour of that person. The provisions of these Articles relating to the transfer
 and registration of transfers of shares shall apply to such notice or transfer as aforesaid
 as if the death or bankruptcy of the Member had not occurred and the notice or transfer were
 a transfer signed by such Member.

54. A
 person becoming entitled to a share by reason of the death or bankruptcy or winding-up of
 a Member shall be entitled to the same dividends and other advantages to which he would be
 entitled if he were the registered holder of the share. However, the Board may, if it thinks
 fit, withhold the payment of any dividend payable or other advantages in respect of such
 share until such person shall become the registered holder of the share or shall have effectually
 transferred such share, but, subject to the requirements of Article 75(2) being met, such
 a person may vote at meetings.

<u>UNTRACEABLE MEMBERS</u>

55. (1)
 Without prejudice to the rights of the Company under paragraph (2) of this Article, the Company
 may cease sending cheques for dividend entitlements or dividend warrants by post if such
 cheques or warrants have been left uncashed on two consecutive occasions. However, the Company
 may exercise the power to cease sending cheques for dividend entitlements or dividend warrants
 after the first occasion on which such a cheque or warrant is returned undelivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is untraceable, but no such sale shall be made unless:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead, bankrupt or otherwise under any legal disability or incapacity.

<u>GENERAL MEETINGS</u>

56. An
 annual general meeting of the Company shall be held in each year other than the year in which
 these Articles were adopted at such time and place as may be determined by the Board.

57. Each
 general meeting, other than an annual general meeting, shall be called an extraordinary general
 meeting. General meetings may be held at such times and in any location in the world as may
 be determined by the Board.

58. Only
 a majority of the Board or the Chairman of the Board may call extraordinary general meetings,
 which extraordinary general meetings shall be held at such times and locations (as permitted
 hereby) as such person or persons shall determine.

<u>NOTICE OF GENERAL MEETINGS</u>

59. (1)
 An annual general meeting and any extraordinary general meeting may be called by not less
 than ten (10) clear days' Notice but a general meeting may be called by shorter notice,
 subject to the Act, if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a meeting called as an annual general meeting, by all the Members entitled to
 attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of any other meeting, by a majority in number of the Members having the right to
 attend and vote at the meeting, being a majority together holding not less than ninety-five
 per cent. (95%) in nominal value of the issued shares giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice shall specify the time and place of the meeting and, in case of special business, the general nature of the business. The notice convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive such notices from the Company to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member and to each of the Directors and the Auditors.

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

<u>PROCEEDINGS AT GENERAL MEETINGS</u>

61. (1)
 All business shall be deemed special that is transacted at an extraordinary general meeting,
 and also all business that is transacted at an annual general meeting, with the exception
 of the election of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present at the commencement of the business. At any general meeting of the Company, two (2) Members entitled to vote and present in person or by proxy or (in the case of a Member being a corporation) by its duly authorised representative representing not less than one-third in nominal value of the total issued voting shares in the Company throughout the meeting shall form a quorum for all purposes.

62. If
 within thirty (30) minutes (or such longer time not exceeding one hour as the chairman of
 the meeting may determine to wait) after the time appointed for the meeting a quorum is not
 present, the meeting shall stand adjourned to the same day in the next week at the same time
 and place or to such time and place as the Board may determine. If at such adjourned meeting
 a quorum is not present within half an hour from the time appointed for holding the meeting,
 the meeting shall be dissolved.

63. The
 chairman of the Company shall preside as chairman at every general meeting. If at any meeting
 the chairman is not present within fifteen (15) minutes after the time appointed for holding
 the meeting, or is not willing to act as chairman, the Directors present shall choose one
 of their number to act, or if one Director only is present he shall preside as chairman if
 willing to act. If no Director is present, or if each of the Directors present declines to
 take the chair, or if the chairman chosen shall retire from the chair, the Members present
 in person or by proxy and entitled to vote shall elect one of their number to be chairman.

64. The
 chairman may adjourn the meeting from time to time and from place to place, but no business
 shall be transacted at any adjourned meeting other than the business which might lawfully
 have been transacted at the meeting had the adjournment not taken place. When a meeting is
 adjourned for fourteen (14) days or more, at least seven (7) clear days' notice of
 the adjourned meeting shall be given specifying the time and place of the adjourned meeting
 but it shall not be necessary to specify in such notice the nature of the business to be
 transacted at the adjourned meeting and the general nature of the business to be transacted.
 Save as aforesaid, it shall be unnecessary to give notice of an adjournment.

65. If
 an amendment is proposed to any resolution under consideration but is in good faith ruled
 out of order by the chairman of the meeting, the proceedings on the substantive resolution
 shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed
 as a special resolution, no amendment thereto (other than a mere clerical amendment to correct
 a patent error) may in any event be considered or voted upon.

<u>VOTING</u>

66. Subject
 to any special rights or restrictions as to voting for the time being attached to any shares
 by or in accordance with these Articles, at any general meeting on a show of hands every
 Member present in person (or being a corporation, is present by a duly authorised representative),
 or by proxy shall have one vote and on a poll every Member present in person or by proxy
 or, in the case of a Member being a corporation, by its duly authorised representative shall
 have one vote for every fully paid Class A Ordinary Share of which he is the holder and fifty
 (50) votes for every fully paid Class B Ordinary Share of which he is the holder, but so
 that no amount paid up or credited as paid up on a share in advance of calls or instalments
 is treated for the foregoing purposes as paid up on the share. Notwithstanding anything contained
 in these Articles, where more than one proxy is appointed by a Member which is a clearing
 house or a central depository house (or its nominee(s)), each such proxy shall have one vote
 on a show of hands. A resolution put to the vote of a meeting shall be decided on a show
 of hands unless (before or on the declaration of the result of the show of hands or on the
 withdrawal of any other demand for a poll) a poll is demanded by the chairman of such meeting
 or by any one Member present in person or in the case of a Member being a corporation by
 its duly authorised representative or by proxy for the time being entitled to vote at the
 meeting. A demand by a person as proxy for a Member or in the case of a Member being a corporation
 by its duly authorised representative shall be deemed to be the same as a demand by a Member.

67. Unless
 a poll is duly demanded and the demand is not withdrawn, a declaration by the chairman that
 a resolution has been carried, or carried unanimously, or by a particular majority, or not
 carried by a particular majority, or lost, and an entry to that effect made in the minute
 book of the Company, shall be conclusive evidence of the facts without proof of the number
 or proportion of the votes recorded for or against the resolution.

68. If
 a poll is duly demanded the result of the poll shall be deemed to be the resolution of the
 meeting at which the poll was demanded. There shall be no requirement for the chairman to
 disclose the voting figures on a poll.

69. A
 poll demanded on the election of a chairman, or on a question of adjournment, shall be taken
 forthwith. A poll demanded on any other question shall be taken in such manner (including
 the use of ballot or voting papers or tickets) and either forthwith or at such time (being
 not later than thirty (30) days after the date of the demand) and place as the chairman directs.
 It shall not be necessary (unless the chairman otherwise directs) for notice to be given
 of a poll not taken immediately.

70. The
 demand for a poll shall not prevent the continuance of a meeting or the transaction of any
 business other than the question on which the poll has been demanded, and, with the consent
 of the chairman, it may be withdrawn at any time before the close of the meeting or the taking
 of the poll, whichever is the earlier.

71. On
 a poll vote may be given either personally or by proxy.

72. A
 person entitled to more than one vote on a poll need not use all his votes or cast all the
 votes he uses in the same way.

73. All
 questions submitted to a meeting shall be decided by a simple majority of votes except where
 a greater majority is required by these Articles or by the Act. In the case of an equality
 of votes, whether on a show of hands or on a poll, the chairman of such meeting shall be
 entitled to a second or casting vote in addition to any other vote he may have.

74. Where
 there are joint holders of any share any one of such joint holder may vote, either in person
 or by proxy, in respect of such share as if he were solely entitled thereto, but if more
 than one of such joint holders be present at any meeting the vote of the senior who tenders
 a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of
 the other joint holders, and for this purpose seniority shall be determined by the order
 in which the names stand in the Register in respect of the joint holding. Several executors
 or administrators of a deceased Member in whose name any share stands shall for the purposes
 of this Article be deemed joint holders thereof.

75. (1)
 A Member who is a patient for any purpose relating to mental health or in respect of whom
 an order has been made by any court having jurisdiction for the protection or management
 of the affairs of persons incapable of managing their own affairs may vote, whether on a
 show of hands or on a poll, by his receiver, committee, curator bonis or other person in
 the nature of a receiver, committee or curator bonis appointed by such court, and such receiver,
 committee, curator bonis or other person may vote on a poll by proxy, and may otherwise act
 and be treated as if he were the registered holder of such shares for the purposes of general
 meetings, provided that such evidence as the Board may require of the authority of the person
 claiming to vote shall have been deposited at the Office, head office or Registration Office,
 as appropriate, not less than forty-eight (48) hours before the time appointed for holding
 the meeting, or adjourned meeting or poll, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person entitled under Article 53 to be registered as the holder of any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such shares, provided that forty-eight (48) hours at least before the time of the holding of the meeting or adjourned meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board of his entitlement to such shares, or the Board shall have previously admitted his right to vote at such meeting in respect thereof.

76. No
 Member shall, unless the Board otherwise determines, be entitled to attend and vote and to
 be reckoned in a quorum at any general meeting unless he is duly registered and all calls
 or other sums presently payable by him in respect of shares in the Company have been paid.

77. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 objection shall be raised to the qualification of any voter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 votes have been counted which ought not to have been counted or which might have been rejected;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 votes are not counted which ought to have been counted;

the objection or error shall not vitiate the decision of the meeting or adjourned meetings on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

<u>PROXIES</u>

78. Any
 Member entitled to attend and vote at a meeting of the Company shall be entitled to appoint
 another person as his proxy to attend and vote instead of him. A Member who is the holder
 of two or more shares may appoint more than one proxy to represent him and vote on his behalf
 at a general meeting of the Company or at a class meeting. A proxy need not be a Member.
 In addition, a proxy or proxies representing either a Member who is an individual or a Member
 which is a corporation shall be entitled to exercise the same powers on behalf of the Member
 which he or they represent as such Member could exercise.

79. The
 instrument appointing a proxy shall be in writing under the hand of the appointor or of his
 attorney duly authorised in writing or, if the appointor is a corporation, either under its
 seal or under the hand of an officer, attorney or other person authorised to sign the same.
 In the case of an instrument of proxy purporting to be signed on behalf of a corporation
 by an officer thereof it shall be assumed, unless the contrary appears, that such officer
 was duly authorised to sign such instrument of proxy on behalf of the corporation without
 further evidence of the facts.

80. The
 instrument appointing a proxy and (if required by the Board) the power of attorney or other
 authority (if any) under which it is signed, or a certified copy of such power or authority,
 shall be delivered to such place or one of such places (if any) as may be specified for that
 purpose in or by way of note to or in any document accompanying the notice convening the
 meeting (or, if no place is so specified at the Registration Office or the Office, as may
 be appropriate) not less than forty-eight (48) hours before the time appointed for holding
 the meeting or adjourned meeting at which the person named in the instrument proposes to
 vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting,
 not less than twenty-four (24) hours before the time appointed for the taking of the poll
 and in default the instrument of proxy shall not be treated as valid. No instrument appointing
 a proxy shall be valid after the expiration of twelve (12) months from the date named in
 it as the date of its execution, except at an adjourned meeting or on a poll demanded at
 a meeting or an adjourned meeting in cases where the meeting was originally held within twelve
 (12) months from such date. Delivery of an instrument appointing a proxy shall not preclude
 a Member from attending and voting in person at the meeting convened and in such event, the
 instrument appointing a proxy shall be deemed to be revoked.

81. Instruments
 of proxy shall be in any common form or in such other form as the Board may approve (provided
 that this shall not preclude the use of the two-way form) and the Board may, if it thinks
 fit, send out with the notice of any meeting forms of instrument of proxy for use at the
 meeting. The instrument of proxy shall be deemed to confer authority to demand or join in
 demanding a poll and to vote on any amendment of a resolution put to the meeting for which
 it is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is
 stated therein, be valid as well for any adjournment of the meeting as for the meeting to
 which it relates.

82. A
 vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the previous death or insanity of the principal, or revocation of the instrument of proxy
 or of the authority under which it was executed, provided that no intimation in writing of
 such death, insanity or revocation shall have been received by the Company at the Office
 or the Registration Office (or such other place as may be specified for the delivery of instruments
 of proxy in the notice convening the meeting or other document sent therewith) two hours
 at least before the commencement of the meeting or adjourned meeting, or the taking of the
 poll, at which the instrument of proxy is used.

83. Anything
 which under these Articles a Member may do by proxy he may likewise do by his duly appointed
 attorney and the provisions of these Articles relating to proxies and instruments appointing
 proxies shall apply mutatis mutandis in relation to any such attorney and the instrument
 under which such attorney is appointed.

<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>

84. (1)
 Any corporation which is a Member may by resolution of its directors or other governing body
 authorise such person as it thinks fit to act as its representative at any meeting of the
 Company or at any meeting of any class of Members. The person so authorised shall be entitled
 to exercise the same powers on behalf of such corporation as the corporation could exercise
 if it were an individual Member and such corporation shall for the purposes of these Articles
 be deemed to be present in person at any such meeting if a person so authorised is present
 thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a clearing house (or its nominee(s)) or a central depository entity, being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house or central depository entity (or its nominee(s)) as if such person was the registered holder of the shares of the Company held by the clearing house or a central depository entity (or its nominee(s)) including the right to vote individually on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any reference in these Articles to a duly authorised representative of a Member being a corporation shall mean a representative authorised under the provisions of this Article.

<u>NO ACTION BY WRITTEN RESOLUTIONS OF MEMBERS</u>

85. Any
 action required or permitted to be taken at any annual or extraordinary general meetings
 of the Company may be taken only upon the vote of the Members at an annual or extraordinary
 general meeting duly noticed and convened in accordance with these Articles and the Act and
 may not be taken by written resolution of Members without a meeting.

<u>BOARD OF DIRECTORS</u>

86. (1)
 Unless otherwise determined by the Company in general meeting, the number of Directors shall
 not be less than two (2). There shall be no maximum number of Directors unless otherwise
 determined from time to time by the Board. The Directors shall be elected or appointed in
 the first place by the subscribers to the Memorandum of Association or by a majority of them
 and thereafter in accordance with Article 87 and shall hold office until their successors
 are elected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Articles and the Act, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Directors shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Director shall be required to hold any shares of the Company by way of qualification and a Director who is not a Member shall be entitled to receive notice of and to attend and speak at any general meeting of the Company and of all classes of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to any provision to the contrary in these Articles, a Director may be removed by way of an ordinary resolution of the Members at any time before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under any such agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Board may from time to time by resolution increase or reduce the number of Directors but so that the number of Directors shall never be less than two (2).

<u>RETIREMENT OF DIRECTORS</u>

87. (1)
 Notwithstanding any other provisions in the Articles, at each annual general meeting one-third
 of the Directors for the time being (or, if their number is not a multiple of three (3),
 the number nearest to but not greater than one-third) shall retire from office by rotation
 provided that every Director shall be subject to retirement at an annual general meeting
 at least once every three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A retiring Director shall be eligible for re-election by ordinary resolution of the members of the Company. The Directors to retire by rotation shall include (so far as necessary to ascertain the number of directors to retire by rotation) any Director who wishes to retire and not to offer himself for re-election. Any further Directors so to retire shall be those of the other Directors subject to retirement by rotation who have been longest in office since their last re-election or appointment and so that as between persons who became or were last re-elected Directors on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot.

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

<u>DISQUALIFICATION OF DIRECTORS</u>

89. The
 office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resigns his office by notice in writing delivered to the Company at the Office or tendered at a meeting of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) becomes of unsound mind or dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without special leave of absence from the Board, is absent from meetings of the Board for six consecutive months and the Board resolves that his office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ceases to be a Director by virtue of any provision of the Statutes or is removed from office pursuant to these Articles.

<u>ALTERNATE DIRECTORS</u>

90. Any
 Director may at any time by Notice delivered to the Office or head office or at a meeting
 of the Directors appoint any person (including another Director) to be his alternate Director.
 Any person so appointed shall have all the rights and powers of the Director or Directors
 for whom such person is appointed in the alternative provided that such person shall not
 be counted more than once in determining whether or not a quorum is present. An alternate
 Director may be removed at any time by the body which appointed him and, subject thereto,
 the office of alternate Director shall continue until the happening of any event which, if
 we were a Director, would cause him to vacate such office or if his appointer ceases for
 any reason to be a Director. Any appointment or removal of an alternate Director shall be
 effected by Notice signed by the appointor and delivered to the Office or head office or
 tendered at a meeting of the Board. An alternate Director may also be a Director in his own
 right and may act as alternate to more than one Director. An alternate Director shall, if
 his appointor so requests, be entitled to receive notices of meetings of the Board or of
 committees of the Board to the same extent as, but in lieu of, the Director appointing him
 and shall be entitled to such extent to attend and vote as a Director at any such meeting
 at which the Director appointing him is not personally present and generally at such meeting
 to exercise and discharge all the functions, powers and duties of his appointor as a Director
 and for the purposes of the proceedings at such meeting the provisions of these Articles
 shall apply as if he were a Director save that as an alternate for more than one Director
 his voting rights shall be cumulative.

91. An
 alternate Director shall only be a Director for the purposes of the Act and shall only be
 subject to the provisions of the Act insofar as they relate to the duties and obligations
 of a Director when performing the functions of the Director for whom he is appointed in the
 alternative and shall alone be responsible to the Company for his acts and defaults and shall
 not be deemed to be the agent of or for the Director appointing him. An alternate Director
 shall be entitled to contract and be interested in and benefit from contracts or arrangements
 or transactions and to be repaid expenses and to be indemnified by the Company to the same
 extent mutatis mutandis as if he were a Director but he shall not be entitled to receive
 from the Company any fee in his capacity as an alternate Director except only such part,
 if any, of the remuneration otherwise payable to his appointor as such appointor may by Notice
 to the Company from time to time direct.

92. Every
 person acting as an alternate Director shall have one vote for each Director for whom he
 acts as alternate (in addition to his own vote if he is also a Director). If his appointor
 is for the time being absent from the People's Republic of China or otherwise not available
 or unable to act, the signature of an alternate Director to any resolution in writing of
 the Board or a committee of the Board of which his appointor is a member shall, unless the
 notice of his appointment provides to the contrary, be as effective as the signature of his
 appointor.

93. An
 alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases
 for any reason to be a Director, however, such alternate Director or any other person may
 be re-appointed by the Directors to serve as an alternate Director PROVIDED always that,
 if at any meeting any Director retires but is re-elected at the same meeting, any appointment
 of such alternate Director pursuant to these Articles which was in force immediately before
 his retirement shall remain in force as though he had not retired.

<u>DIRECTORS' FEES AND EXPENSES</u>

94. Subject
 to the rules of the Designated Exchange, the Directors shall receive such remuneration as
 the Board may from time to time determine.

95. Each
 Director shall be entitled to be repaid or prepaid all travelling, hotel and incidental expenses
 reasonably incurred or expected to be incurred by him in attending meetings of the Board
 or committees of the Board or general meetings or separate meetings of any class of shares
 or of debentures of the Company or otherwise in connection with the discharge of his duties
 as a Director.

96. Any
 Director who, by request, goes or resides abroad for any purpose of the Company or who performs
 services which in the opinion of the Board go beyond the ordinary duties of a Director may
 be paid such extra remuneration (whether by way of salary, commission, participation in profits
 or otherwise) as the Board may determine and such extra remuneration shall be in addition
 to or in substitution for any ordinary remuneration provided for by or pursuant to any other
 Article.

97. Subject
 to the rules of the Designated Exchange, the Board may, without the approval of the Company
 in general meeting, make payments to any Director or past Director of the Company by way
 of compensation for loss of office, or as consideration for or in connection with his retirement
 from office (not being payment to which the Director is contractually entitled).

<u>DIRECTORS' INTERESTS</u>

98. A
 Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold
 any other office or place of profit with the Company (except that of Auditor) in conjunction
 with his office of Director for such period and upon such terms as the Board may determine.
 Any remuneration (whether by way of salary, commission, participation in profits or otherwise)
 paid to any Director in respect of any such other office or place of profit shall be in addition
 to any remuneration provided for by or pursuant to any other Article;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act
 by himself or his firm in a professional capacity for the Company (otherwise than as Auditor)
 and he or his firm may be remunerated for professional services as if he were not a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continue
 to be or become a director, or other officer or member of any other company promoted by the
 Company or in which the Company may be interested as a vendor, shareholder or otherwise and
 (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
 or other benefits received by him as a director, or other officer or member of or from his
 interests in any such other company. Subject as otherwise provided by these Articles the
 Directors may exercise or cause to be exercised the voting powers conferred by the shares
 in any other company held or owned by the Company, or exercisable by them as Directors of
 such other company in such manner in all respects as they think fit (including the exercise
 thereof in favour of any resolution appointing themselves or any of them directors, or other
 officers of such company) or voting or providing for the payment of remuneration to the director,
 or other officers of such other company and any Director may vote in favour of the exercise
 of such voting rights in manner aforesaid notwithstanding that he may be, or about to be,
 appointed a director, or other officer of such a company, and that as such he is or may become
 interested in the exercise of such voting rights in manner aforesaid.

Notwithstanding the foregoing, no "Independent Director" as defined in Designated Stock Exchange Rules or in Rule 10A-3 under the Exchange Act, and with respect of whom the Board has determined constitutes an "Independent Director" for purposes of compliance with applicable law or the Company's listing requirements, shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely to affect such Director's status as an "Independent Director" of the Company.

99. Subject
 to the Act and to these Articles, no Director or proposed or intending Director shall be
 disqualified by his office from contracting with the Company, either with regard to his tenure
 of any office or place of profit or as vendor, purchaser or in any other manner whatever,
 nor shall any such contract or any other contract or arrangement in which any Director is
 in any way interested be liable to be avoided, nor shall any Director so contracting or being
 so interested be liable to account to the Company or the Members for any remuneration, profit
 or other benefits realised by any such contract or arrangement by reason of such Director
 holding that office or of the fiduciary relationship thereby established provided that such
 Director shall disclose the nature of his interest in any contract or arrangement in which
 he is interested in accordance with Article 102 herein. Any such transaction that would reasonably
 be likely to affect a Director's status as an "Independent Director", or
 that would constitute a "related party transaction" as defined by Item 7.N of
 Form 20F promulgated by the SEC, shall require the approval of the Audit Committee.

100. A
 Director who to his knowledge is in any way, whether directly or indirectly, interested in
 a contract or arrangement or proposed contract or arrangement with the Company shall declare
 the nature of his interest at the meeting of the Board at which the question of entering
 into the contract or arrangement is first considered, if he knows his interest then exists,
 or in any other case at the first meeting of the Board after he knows that he is or has become
 so interested. For the purposes of this Article, a general Notice to the Board by a Director
 to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is a member or officer of a specified company or firm and is to be regarded as interested
 in any contract or arrangement which may after the date of the Notice be made with that company
 or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 is to be regarded as interested in any contract or arrangement which may after the date of
 the Notice be made with a specified person who is connected with him;

shall be deemed to be a sufficient declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at the next Board meeting after it is given.

101. Following
 a declaration being made pursuant to the last preceding two Articles, subject to any separate
 requirement for Audit Committee approval under applicable law or the listing rules of the
 Company's Designated Stock Exchange, and unless disqualified by the chairman of the
 relevant Board meeting, a Director may vote in respect of any contract or proposed contract
 or arrangement in which such Director is interested and may be counted in the quorum at such
 meeting.

<u>GENERAL POWERS OF THE DIRECTORS</u>

102. (1)
 The business of the Company shall be managed and conducted by the Board, which may pay all
 expenses incurred in forming and registering the Company and may exercise all powers of the
 Company (whether relating to the management of the business of the Company or otherwise)
 which are not by the Statutes or by these Articles required to be exercised by the Company
 in general meeting, subject nevertheless to the provisions of the Statutes and of these Articles
 and to such regulations being not inconsistent with such provisions, as may be prescribed
 by the Company in general meeting, but no regulations made by the Company in general meeting
 shall invalidate any prior act of the Board which would have been valid if such regulations
 had not been made. The general powers given by this Article shall not be limited or restricted
 by any special authority or power given to the Board by any other Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person contracting or dealing with the Company in the ordinary course of business shall be entitled to rely on any written or oral contract or agreement or deed, document or instrument entered into or executed as the case may be by any two of the Directors acting jointly on behalf of the Company and the same shall be deemed to be validly entered into or executed by the Company as the case may be and shall, subject to any rule of law, be binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without prejudice to the general powers conferred by these Articles it is hereby expressly declared that the Board shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 give to any person the right or option of requiring at a future date that an allotment shall
 be made to him of any share at par or at such premium as may be agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 give to any Directors, officers, or employees of the Company an interest in any particular
 business or transaction or participation in the profits thereof or in the general profits
 of the Company either in addition to or in substitution for a salary or other remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
 outside the Cayman Islands subject to the provisions of the Act.

103. The
 Board may establish any regional or local boards or agencies for managing any of the affairs
 of the Company in any place, and may appoint any persons to be members of such local boards,
 or any managers or agents, and may fix their remuneration (either by way of salary or by
 commission or by conferring the right to participation in the profits of the Company or by
 a combination of two or more of these modes) and pay the working expenses of any staff employed
 by them upon the business of the Company. The Board may delegate to any regional or local
 board, manager or agent any of the powers, authorities and discretions vested in or exercisable
 by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate,
 and may authorise the members of any of them to fill any vacancies therein and to act notwithstanding
 vacancies. Any such appointment or delegation may be made upon such terms and subject to
 such conditions as the Board may think fit, and the Board may remove any person appointed
 as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith
 and without notice of any such revocation or variation shall be affected thereby.

104. The
 Board may by power of attorney appoint any company, firm or person or any fluctuating body
 of persons, whether nominated directly or indirectly by the Board, to be the attorney or
 attorneys of the Company for such purposes and with such powers, authorities and discretions
 (not exceeding those vested in or exercisable by the Board under these Articles) and for
 such period and subject to such conditions as it may think fit, and any such power of attorney
 may contain such provisions for the protection and convenience of persons dealing with any
 such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate
 all or any of the powers, authorities and discretions vested in him. Such attorney or attorneys
 may, if so authorised under the Seal of the Company, execute any deed or instrument under
 their personal seal with the same effect as the affixation of the Company's Seal.

105. The
 Board may entrust to and confer upon any Director any of the powers exercisable by it upon
 such terms and conditions and with such restrictions as it thinks fit, and either collaterally
 with, or to the exclusion of, its own powers, and may from time to time revoke or vary all
 or any of such powers but no person dealing in good faith and without notice of such revocation
 or variation shall be affected thereby.

106. All
 cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable
 or transferable or not, and all receipts for moneys paid to the Company shall be signed,
 drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as the
 Board shall from time to time by resolution determine. The Company's banking accounts
 shall be kept with such banker or bankers as the Board shall from time to time determine.

107. (1)
 The Board may establish or concur or join with other companies (being subsidiary companies
 of the Company or companies with which it is associated in business) in establishing and
 making contributions out of the Company's moneys to any schemes or funds for providing
 pensions, sickness or compassionate allowances, life assurance or other benefits for employees
 (which expression as used in this and the following paragraph shall include any Director
 or ex-Director who may hold or have held any executive office or any office of profit under
 the Company or any of its subsidiary companies) and ex-employees of the Company and their
 dependants or any class or classes of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may pay, enter into agreements to pay or make grants of revocable or irrevocable pensions or other benefits to employees and ex-employees and their dependants, or to any of such persons, including pensions or benefits additional to those, if any, to which such employees or ex-employees or their dependants are or may become entitled under any such scheme or fund as mentioned in the last preceding paragraph. Any such pension or benefit may, as the Board considers desirable, be granted to an employee either before and in anticipation of or upon or at any time after his actual retirement and may be subject or not subject to any terms or conditions as the Board may determine.

<u>BORROWING POWERS</u>

108. The
 Board may exercise all the powers of the Company to raise or borrow money and to mortgage
 or charge all or any part of the undertaking, property and assets (present and future) and
 uncalled capital of the Company and, subject to the Act, to issue debentures, bonds and other
 securities, whether outright or as collateral security for any debt, liability or obligation
 of the Company or of any third party.

109. Debentures,
 bonds and other securities may be made assignable free from any equities between the Company
 and the person to whom the same may be issued.

110. Any
 debentures, bonds or other securities may be issued at a discount (other than shares), premium
 or otherwise and with any special privileges as to redemption, surrender, drawings, allotment
 of shares, attending and voting at general meetings of the Company, appointment of Directors
 and otherwise.

111. (1)
 Where any uncalled capital of the Company is charged, all persons taking any subsequent charge
 thereon shall take the same subject to such prior charge, and shall not be entitled, by notice
 to the Members or otherwise, to obtain priority over such prior charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board shall cause a proper register to be kept, in accordance with the provisions of the Act, of all charges specifically affecting the property of the Company and of any series of debentures issued by the Company and shall duly comply with the requirements of the Act in regard to the registration of charges and debentures therein specified and otherwise.

<u>PROCEEDINGS OF THE DIRECTORS</u>

112. The
 Board may meet for the despatch of business, adjourn, and otherwise regulate its meetings
 as it considers appropriate. Questions arising at any meeting shall be determined by a majority
 of votes. In the case of any equality of votes the chairman of the meeting shall have an
 additional or casting vote.

113. A
 meeting of the Board may be convened by the Secretary on request of a Director or by any
 Director. The Secretary shall convene a meeting of the Board of which notice may be given
 in writing or by telephone or in such other manner as the Board may from time to time determine
 whenever he shall be required so to do by the president or chairman, as the case may be,
 or any Director.

114. (1)
 The quorum necessary for the transaction of the business of the Board may be fixed by the
 Board and, unless so fixed at any other number, shall be two (2). An alternate Director shall
 be counted in a quorum in the case of the absence of a Director for whom he is the alternate
 provided that he shall not be counted more than once for the purpose of determining whether
 or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Directors may participate in any meeting of the Board by means of a conference telephone or other communications equipment through which all persons participating in the meeting can communicate with each other simultaneously and instantaneously and, for the purpose of counting a quorum, such participation shall constitute presence at a meeting as if those participating were present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Director who ceases to be a Director at a Board meeting may continue to be present and to act as a Director and be counted in the quorum until the termination of such Board meeting if no other Director objects and if otherwise a quorum of Directors would not be present.

115. The
 continuing Directors or a sole continuing Director may act notwithstanding any vacancy in
 the Board but, if and so long as the number of Directors is reduced below the minimum number
 fixed by or in accordance with these Articles, the continuing Directors or Director, notwithstanding
 that the number of Directors is below the number fixed by or in accordance with these Articles
 as the quorum or that there is only one continuing Director, may act for the purpose of filling
 vacancies in the Board or of summoning general meetings of the Company but not for any other
 purpose.

116. The
 Chairman of the Board shall be the chairman of all meetings of the Board. If the Chairman
 of the Board is not present at any meeting within five (5) minutes after the time appointed
 for holding the same, the Directors present may choose one of their number to be chairman
 of the meeting.

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

118. (1)
 The Board may delegate any of its powers, authorities, and discretions to committees (including,
 without limitation, the Audit Committee), consisting of such Director or Directors and other
 persons as it thinks fit, and they may, from time to time, revoke such delegation or revoke
 the appointment of and discharge any such committees either wholly or in part, and either
 as to persons or purposes. Any committee so formed shall, in the exercise of the powers,
 authorities and discretions so delegated, conform to any regulations which may be imposed
 on it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All acts done by any such committee in conformity with such regulations, and in fulfilment of the purposes for which it was appointed, but not otherwise, shall have like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of any such committee, and charge such remuneration to the current expenses of the Company.

119. The
 meetings and proceedings of any committee consisting of two or more members shall be governed
 by the provisions contained in these Articles for regulating the meetings and proceedings
 of the Board so far as the same are applicable and are not superseded by any regulations
 imposed by the Board under the last preceding Article, indicating, without limitation, any
 committee charter adopted by the Board for purposes or in respect of any such committee.

120. A
 resolution in writing signed by all the Directors except such as are temporarily unable to
 act through ill-health or disability shall (provided that such number is sufficient to constitute
 a quorum and further provided that a copy of such resolution has been given or the contents
 thereof communicated to all the Directors for the time being entitled to receive notices
 of Board meetings in the same manner as notices of meetings are required to be given by these
 Articles) be as valid and effectual as if a resolution had been passed at a meeting of the
 Board duly convened and held. Such resolution may be contained in one document or in several
 documents in like form each signed by one or more of the Directors and for this purpose a
 facsimile signature of a Director shall be treated as valid.

121. All
 acts bona fide done by the Board or by any committee or by any person acting as a Director
 or members of a committee, shall, notwithstanding that it is afterwards discovered that there
 was some defect in the appointment of any member of the Board or such committee or person
 acting as aforesaid or that they or any of them were disqualified or had vacated office,
 be as valid as if every such person had been duly appointed and was qualified and had continued
 to be a Director or member of such committee.

<u>AUDIT COMMITTEE</u>

122. Without
 prejudice to the freedom of the Directors to establish any other committees, for so long
 as the shares of the Company (or depositary receipts therefor) are listed or quoted on the
 Designated Stock Exchange, the Board shall establish and maintain an Audit Committee as a
 committee of the Board, the composition and responsibilities of which shall comply with the
 Designated Stock Exchange Rules and the rules and regulations of the SEC.

123. (1)
 The Board shall adopt a formal written audit committee charter and review and assess the
 adequacy of the formal written charter on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Audit Committee shall meet at least once every financial quarter, or more frequently as circumstances dictate.

124. For
 so long as the shares of the Company (or depositary receipts therefor) are listed or quoted
 on the Designated Stock Exchange, the Company shall conduct an appropriate review of all
 related party transactions on an ongoing basis and shall utilize the Audit Committee for
 the review and approval of potential conflicts of interest. Specially, the Audit Committee
 shall approve any transaction or transactions between the Company and any of the following
 parties: (i) any shareholder owning an interest in the voting power of the Company or any
 subsidiary of the Company that gives such shareholder significant influence over the Company
 or any subsidiary of the Company, (ii) any director or executive officer of the Company or
 any subsidiary of the Company and any relative of such director or executive officer, (iii)
 any person in which a substantial interest in the voting power of the Company is owned, directly
 or indirectly, by any person described in (i) or (ii) or over which such a person is able
 to exercise significant influence, and (iv) any affiliate (other than a subsidiary) of the
 Company.

<u>OFFICERS</u>

125. (1)
 The officers of the Company shall consist of the Chairman of the Board, the Directors and
 Secretary and such additional officers (who may or may not be Directors) as the Board may
 from time to time determine, all of whom shall be deemed to be officers for the purposes
 of the Act and these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Directors shall, as soon as may be after each appointment or election of Directors, elect amongst the Directors a chairman and if more than one Director is proposed for this office, the election to such office shall take place in such manner as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The officers shall receive such remuneration as the Directors may from time to time determine.

126. (1)
 The Secretary and additional officers, if any, shall be appointed by the Board and shall
 hold office on such terms and for such period as the Board may determine. If thought fit,
 two or more persons may be appointed as joint Secretaries. The Board may also appoint from
 time to time on such terms as it thinks fit one or more assistant or deputy Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Secretary shall attend all meetings of the Members and shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other duties as are prescribed by the Act or these Articles or as may be prescribed by the Board.

127. The
 officers of the Company shall have such powers and perform such duties in the management,
 business and affairs of the Company as may be delegated to them by the Directors from time
 to time.

128. A
 provision of the Act or of these Articles requiring or authorising a thing to be done by
 or to a Director and the Secretary shall not be satisfied by its being done by or to the
 same person acting both as Director and as or in place of the Secretary.

<u>REGISTER OF DIRECTORS AND OFFICERS</u>

129. The
 Company shall cause to be kept in one or more books at its Office a Register of Directors
 and Officers in which there shall be entered the full names and addresses of the Directors
 and Officers and such other particulars as required by the Act or as the Directors may determine.
 The Company shall send to the Registrar of Companies in the Cayman Islands a copy of such
 register and shall from time to time notify to the said Registrar of any change that takes
 place in relation to such Directors and Officers as required by the Act.

<u>MINUTES</u>

130. (1)
 The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of
 all elections and appointments of officers;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of
 all resolutions and proceedings of each general meeting of the Members, meetings of the Board
 and meetings of committees of the Board and where there are managers, of all proceedings
 of meetings of the managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Minutes shall be kept by the Secretary at the Office.

<u>SEAL</u>

131. (1)
 The Company shall have one or more Seals, as the Board may determine. For the purpose of
 sealing documents creating or evidencing securities issued by the Company, the Company may
 have a securities seal which is a facsimile of the Seal of the Company with the addition
 of the word "Securities" on its face or in such other form as the Board may approve.
 The Board shall provide for the custody of each Seal and no Seal shall be used without the
 authority of the Board or of a committee of the Board authorised by the Board in that behalf.
 Subject as otherwise provided in these Articles, any instrument to which a Seal is affixed
 shall be signed autographically by one Director and the Secretary or by two Directors or
 by such other person (including a Director) or persons as the Board may appoint, either generally
 or in any particular case, save that as regards any certificates for shares or debentures
 or other securities of the Company the Board may by resolution determine that such signatures
 or either of them shall be dispensed with or affixed by some method or system of mechanical
 signature. Every instrument executed in manner provided by this Article shall be deemed to
 be sealed and executed with the authority of the Board previously given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where the Company has a Seal for use abroad, the Board may by writing under the Seal appoint any agent or committee abroad to be the duly authorised agent of the Company for the purpose of affixing and using such Seal and the Board may impose restrictions on the use thereof as may be thought fit. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far, as may be applicable, be deemed to include any such other Seal as aforesaid.

<u>AUTHENTICATION OF DOCUMENTS</u>

132. Any
 Director or the Secretary or any person appointed by the Board for the purpose may authenticate
 any documents affecting the constitution of the Company and any resolution passed by the
 Company or the Board or any committee, and any books, records, documents and accounts relating
 to the business of the Company, and to certify copies thereof or extracts therefrom as true
 copies or extracts, and if any books, records, documents or accounts are elsewhere than at
 the Office or the head office the local manager or other officer of the Company having the
 custody thereof shall be deemed to be a person so appointed by the Board. A document purporting
 to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company
 or of the Board or any committee which is so certified shall be conclusive evidence in favour
 of all persons dealing with the Company upon the faith thereof that such resolution has been
 duly passed or, as the case may be, that such minutes or extract is a true and accurate record
 of proceedings at a duly constituted meeting.

<u>DESTRUCTION OF DOCUMENTS</u>

133. (1)
 The Company shall be entitled to destroy the following documents at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 share certificate which has been cancelled at any time after the expiry of one (1) year from
 the date of such cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 dividend mandate or any variation or cancellation thereof or any notification of change of
 name or address at any time after the expiry of two (2) years from the date such mandate
 variation cancellation or notification was recorded by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 instrument of transfer of shares which has been registered at any time after the expiry of
 seven (7) years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 allotment letters after the expiry of seven (7) years from the date of issue thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies
 of powers of attorney, grants of probate and letters of administration at any time after
 the expiry of seven (7) years after the account to which the relevant power of attorney,
 grant of probate or letters of administration related has been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: (1) the foregoing provisions of this Article shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this Article shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article to the destruction of any document include references to its disposal in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision contained in these Articles, the Directors may, if permitted by applicable law, authorise the destruction of documents set out in sub-paragraphs (a) to (e) of paragraph (1) of this Article and any other documents in relation to share registration which have been microfilmed or electronically stored by the Company or by the share registrar on its behalf provided always that this Article shall apply only to the destruction of a document in good faith and without express notice to the Company and its share registrar that the preservation of such document was relevant to a claim.

<u>DIVIDENDS AND OTHER PAYMENTS</u>

134. Subject
 to the Act, the Board may from time to time declare dividends in any currency to be paid
 to the Members.

135. Dividends
 may be declared and paid out of the profits of the Company, realised or unrealised, or from
 any reserve set aside from profits which the Directors determine is no longer needed. The
 Board may also declare and pay dividends out of share premium account or any other fund or
 account which can be authorised for this purpose in accordance with the Act.

136. Except
 in so far as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 dividends shall be declared and paid according to the amounts paid up on the shares in respect
 of which the dividend is paid, but no amount paid up on a share in advance of calls shall
 be treated for the purposes of this Article as paid up on the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 dividends shall be apportioned and paid pro rata according to the amounts paid up on the
 shares during any portion or portions of the period in respect of which the dividend is paid.

137. The
 Board may from time to time pay to the Members such interim dividends as appear to the Board
 to be justified by the profits of the Company and in particular (but without prejudice to
 the generality of the foregoing) if at any time the share capital of the Company is divided
 into different classes, the Board may pay such interim dividends in respect of those shares
 in the capital of the Company which confer on the holders thereof deferred or non-preferential
 rights as well as in respect of those shares which confer on the holders thereof preferential
 rights with regard to dividend and provided that the Board acts bona fide the Board shall
 not incur any responsibility to the holders of shares conferring any preference for any damage
 that they may suffer by reason of the payment of an interim dividend on any shares having
 deferred or non-preferential rights and may also pay any fixed dividend which is payable
 on any shares of the Company half-yearly or on any other dates, whenever such profits, in
 the opinion of the Board, justifies such payment.

138. The
 Board may deduct from any dividend or other moneys payable to a Member by the Company on
 or in respect of any shares all sums of money (if any) presently payable by him to the Company
 on account of calls or otherwise.

139. No
 dividend or other moneys payable by the Company on or in respect of any share shall bear
 interest against the Company.

140. Any
 dividend, interest or other sum payable in cash to the holder of shares may be paid by cheque
 or warrant sent through the post addressed to the holder at his registered address or, in
 the case of joint holders, addressed to the holder whose name stands first in the Register
 in respect of the shares at his address as appearing in the Register or addressed to such
 person and at such address as the holder or joint holders may in writing direct. Every such
 cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable
 to the order of the holder or, in the case of joint holders, to the order of the holder whose
 name stands first on the Register in respect of such shares, and shall be sent at his or
 their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute
 a good discharge to the Company notwithstanding that it may subsequently appear that the
 same has been stolen or that any endorsement thereon has been forged. Any one of two or more
 joint holders may give effectual receipts for any dividends or other moneys payable or property
 distributable in respect of the shares held by such joint holders.

141. All
 dividends or bonuses unclaimed for one (1) year after having been declared may be invested
 or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend
 or bonuses unclaimed after a period of six (6) years from the date of declaration shall be
 forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend
 or other sums payable on or in respect of a share into a separate account shall not constitute
 the Company a trustee in respect thereof.

142. Whenever
 the Board or the Company in general meeting has resolved that a dividend be paid or declared,
 the Board may further resolve that such dividend be satisfied wholly or in part by the distribution
 of specific assets of any kind and in particular of paid up shares, debentures or warrants
 to subscribe securities of the Company or any other company, or in any one or more of such
 ways, and where any difficulty arises in regard to the distribution the Board may settle
 the same as it thinks expedient, and in particular may issue certificates in respect of fractions
 of shares, disregard fractional entitlements or round the same up or down, and may fix the
 value for distribution of such specific assets, or any part thereof, and may determine that
 cash payments shall be made to any Members upon the footing of the value so fixed in order
 to adjust the rights of all parties, and may vest any such specific assets in trustees as
 may seem expedient to the Board and may appoint any person to sign any requisite instruments
 of transfer and other documents on behalf of the persons entitled to the dividend, and such
 appointment shall be effective and binding on the Members. The Board may resolve that no
 such assets shall be made available to Members with registered addresses in any particular
 territory or territories where, in the absence of a registration statement or other special
 formalities, such distribution of assets would or might, in the opinion of the Board, be
 unlawful or impracticable and in such event the only entitlement of the Members aforesaid
 shall be to receive cash payments as aforesaid. Members affected as a result of the foregoing
 sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

143. (1)
 Whenever the Board or the Company in general meeting has resolved that a dividend be paid
 or declared on any class of the share capital of the Company, the Board may further resolve
 either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 such dividend be satisfied wholly or in part in the form of an allotment of shares credited
 as fully paid up, provided that the Members entitled thereto will be entitled to elect to
 receive such dividend (or part thereof if the Board so determines) in cash in lieu of such
 allotment. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Board, after determining the basis of allotment, shall give not less than ten (10) days'
 Notice to the holders of the relevant shares of the right of election accorded to them and
 shall send with such notice forms of election and specify the procedure to be followed and
 the place at which and the latest date and time by which duly completed forms of election
 must be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 right of election may be exercised in respect of the whole or part of that portion of the
 dividend in respect of which the right of election has been accorded; 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;(iv) the
 dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid)
 shall not be payable in cash on shares in respect whereof the cash election has not been
 duly exercised ("the non-elected shares") and in satisfaction thereof shares
 of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
 shares on the basis of allotment determined as aforesaid and for such purpose the Board shall
 capitalise and apply out of any part of the undivided profits of the Company (including profits
 carried and standing to the credit of any reserves or other special account, share premium
 account, capital redemption reserve other than the Subscription Rights Reserve) as the Board
 may determine, such sum as may be required to pay up in full the appropriate number of shares
 of the relevant class for allotment and distribution to and amongst the holders of the non-elected
 shares on such basis; 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;(b) that the Members entitled to such dividend shall be entitled to elect to receive an allotment of shares credited as fully paid up in lieu of the whole or such part of the dividend as the Board may think fit. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Board, after determining the basis of allotment, shall give not less than ten (10) days'
 Notice to the holders of the relevant shares of the right of election accorded to them and
 shall send with such notice forms of election and specify the procedure to be followed and
 the place at which and the latest date and time by which duly completed forms of election
 must be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 right of election may be exercised in respect of the whole or part of that portion of the
 dividend in respect of which the right of election has been accorded; 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;(iv) the
 dividend (or that part of the dividend in respect of which a right of election has been accorded)
 shall not be payable in cash on shares in respect whereof the share election has been duly
 exercised ("the elected shares") and in lieu thereof shares of the relevant class
 shall be allotted credited as fully paid up to the holders of the elected shares on the basis
 of allotment determined as aforesaid and for such purpose the Board shall capitalise and
 apply out of any part of the undivided profits of the Company (including profits carried
 and standing to the credit of any reserves or other special account, share premium account,
 capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine,
 such sum as may be required to pay up in full the appropriate number of shares of the relevant
 class for allotment and distribution to and amongst the holders of the elected shares on
 such basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a)
 The shares allotted pursuant to the provisions of paragraph (1) of this Article shall rank
 pari passu in all respects with shares of the same class (if any) then in issue save only
 as regards participation in the relevant dividend or in any other distributions, bonuses
 or rights paid, made, declared or announced prior to or contemporaneously with the payment
 or declaration of the relevant dividend unless, contemporaneously with the announcement by
 the Board of their proposal to apply the provisions of sub-paragraph (a) or (b) of paragraph
 (2) of this Article in relation to the relevant dividend or contemporaneously with their
 announcement of the distribution, bonus or rights in question, the Board shall specify that
 the shares to be allotted pursuant to the provisions of paragraph (1) of this Article shall
 rank for participation in such distribution, bonus or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Board may do all acts and things considered necessary or expedient to give effect to any
 capitalisation pursuant to the provisions of paragraph (1) of this Article, with full power
 to the Board to make such provisions as it thinks fit in the case of shares becoming distributable
 in fractions (including provisions whereby, in whole or in part, fractional entitlements
 are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded
 or rounded up or down or whereby the benefit of fractional entitlements accrues to the Company
 rather than to the Members concerned). The Board may authorise any person to enter into on
 behalf of all Members interested, an agreement with the Company providing for such capitalisation
 and matters incidental thereto and any agreement made pursuant to such authority shall be
 effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company may upon the recommendation of the Board by ordinary resolution resolve in respect of any one particular dividend of the Company that notwithstanding the provisions of paragraph (1) of this Article a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Article shall not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any resolution declaring a dividend on shares of any class, whether a resolution of the Company in general meeting or a resolution of the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this Article shall mutatis mutandis apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members.

<u>RESERVES</u>

144. (1)
 The Board shall establish an account to be called the share premium account and shall carry
 to the credit of such account from time to time a sum equal to the amount or value of the
 premium paid on the issue of any share in the Company. Unless otherwise provided by the provisions
 of these Articles, the Board may apply the share premium account in any manner permitted
 by the Act. The Company shall at all times comply with the provisions of the Act in relation
 to the share premium account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before recommending any dividend, the Board may set aside out of the profits of the Company such sums as it determines as reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.

<u>CAPITALISATION</u>

145. The
 Board may, at any time and from time to time, pass a resolution to the effect that it is
 desirable to capitalise all or any part of any amount for the time being standing to the
 credit of any reserve or fund (including a share premium account and capital redemption reserve
 and the profit and loss account) whether or not the same is available for distribution and
 accordingly that such amount be set free for distribution among the Members or any class
 of Members who would be entitled thereto if it were distributed by way of dividend and in
 the same proportions, on the footing that the same is not paid in cash but is applied either
 in or towards paying up the amounts for the time being unpaid on any shares in the Company
 held by such Members respectively or in paying up in full unissued shares, debentures or
 other obligations of the Company, to be allotted and distributed credited as fully paid up
 among such Members, or partly in one way and partly in the other, and the Board shall give
 effect to such resolution provided that, for the purposes of this Article, a share premium
 account and any capital redemption reserve or fund representing unrealised profits, may be
 applied only in paying up in full unissued shares of the Company to be allotted to such Members
 credited as fully paid.

146. The
 Board may settle, as it considers appropriate, any difficulty arising in regard to any distribution
 under the last preceding Article and in particular may issue certificates in respect of fractions
 of shares or authorise any person to sell and transfer any fractions or may resolve that
 the distribution should be as nearly as may be practicable in the correct proportion but
 not exactly so or may ignore fractions altogether, and may determine that cash payments shall
 be made to any Members in order to adjust the rights of all parties, as may seem expedient
 to the Board. The Board may appoint any person to sign on behalf of the persons entitled
 to participate in the distribution any contract necessary or desirable for giving effect
 thereto and such appointment shall be effective and binding upon the Members.

<u>SUBSCRIPTION RIGHTS RESERVE</u>

147. The
 following provisions shall have effect to the extent that they are not prohibited by and
 are in compliance with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, so long as any of the rights attached to any warrants issued by the Company to subscribe for shares of the Company shall remain exercisable, the Company does any act or engages in any transaction which, as a result of any adjustments to the subscription price in accordance with the provisions of the conditions of the warrants, would reduce the subscription price to below the par value of a share, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 from the date of such act or transaction the Company shall establish and thereafter (subject
 as provided in this Article) maintain in accordance with the provisions of this Article a
 reserve (the "Subscription Rights Reserve") the amount of which shall at no time
 be less than the sum which for the time being would be required to be capitalised and applied
 in paying up in full the nominal amount of the additional shares required to be issued and
 allotted credited as fully paid pursuant to sub-paragraph (c) below on the exercise in full
 of all the subscription rights outstanding and shall apply the Subscription Rights Reserve
 in paying up such additional shares in full as and when the same are allotted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Subscription Rights Reserve shall not be used for any purpose other than that specified above
 unless all other reserves of the Company (other than share premium account) have been extinguished
 and will then only be used to make good losses of the Company if and so far, as is required
 by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
 the exercise of all or any of the subscription rights represented by any warrant, the relevant
 subscription rights shall be exercisable in respect of a nominal amount of shares equal to
 the amount in cash which the holder of such warrant is required to pay on exercise of the
 subscription rights represented thereby (or, as the case may be the relevant portion thereof
 in the event of a partial exercise of the subscription rights) and, in addition, there shall
 be allotted in respect of such subscription rights to the exercising warrant holder, credited
 as fully paid, such additional nominal amount of shares as is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 said amount in cash which the holder of such warrant is required to pay on exercise of the
 subscription rights represented thereby (or, as the case may be, the relevant portion thereof
 in the event of a partial exercise of the subscription rights); 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;(ii) the
 nominal amount of shares in respect of which such subscription rights would have been exercisable
 having regard to the provisions of the conditions of the warrants, had it been possible for
 such subscription rights to represent the right to subscribe for shares at less than par
 and immediately upon such exercise so much of the sum standing to the credit of the Subscription
 Rights Reserve as is required to pay up in full such additional nominal amount of shares
 shall be capitalised and applied in paying up in full such additional nominal amount of shares
 which shall forthwith be allotted credited as fully paid to the exercising warrant holders;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if,
 upon the exercise of the subscription rights represented by any warrant, the amount standing
 to the credit of the Subscription Rights Reserve is not sufficient to pay up in full such
 additional nominal amount of shares equal to such difference as aforesaid to which the exercising
 warrant holder is entitled, the Board shall apply any profits or reserves then or thereafter
 becoming available (including, to the extent permitted by law, share premium account) for
 such purpose until such additional nominal amount of shares is paid up and allotted as aforesaid
 and until then no dividend or other distribution shall be paid or made on the fully paid
 shares of the Company then in issue. Pending such payment and allotment, the exercising warrant
 holder shall be issued by the Company with a certificate evidencing his right to the allotment
 of such additional nominal amount of shares. The rights represented by any such certificate
 shall be in registered form and shall be transferable in whole or in part in units of one
 share in the like manner as the shares for the time being are transferable, and the Company
 shall make such arrangements in relation to the maintenance of a register therefor and other
 matters in relation thereto as the Board may think fit and adequate particulars thereof shall
 be made known to each relevant exercising warrant holder upon the issue of such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares allotted pursuant to the provisions of this Article shall rank pari passu in all respects with the other shares allotted on the relevant exercise of the subscription rights represented by the warrant concerned. Notwithstanding anything contained in paragraph (1) of this Article, no fraction of any share shall be allotted on exercise of the subscription rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of this Article as to the establishment and maintenance of the Subscription Rights Reserve shall not be altered or added to in any way which would vary or abrogate, or which would have the effect of varying or abrogating the provisions for the benefit of any warrant holder or class of warrant holders under this Article without the sanction of a special resolution of such warrant holders or class of warrant holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A certificate or report by the auditors for the time being of the Company as to whether or not the Subscription Rights Reserve is required to be established and maintained and if so the amount thereof so required to be established and maintained, as to the purposes for which the Subscription Rights Reserve has been used, as to the extent to which it has been used to make good losses of the Company, as to the additional nominal amount of shares required to be allotted to exercising warrant holders credited as fully paid, and as to any other matter concerning the Subscription Rights Reserve shall (in the absence of manifest error) be conclusive and binding upon the Company and all warrant holders and shareholders.

<u>ACCOUNTING RECORDS</u>

148. The
 Board shall cause true accounts to be kept of the sums of money received and expended by
 the Company, and the matters in respect of which such receipt and expenditure take place,
 and of the property, assets, credits and liabilities of the Company and of all other matters
 required by the Act or necessary to give a true and fair view of the Company's affairs
 and to explain its transactions.

149. The
 accounting records shall be kept at the Office or, at such other place or places as the Board
 decides and shall always be open to inspection by the Directors. No Member (other than a
 Director) shall have any right of inspecting any accounting record or book or document of
 the Company except as conferred by law or authorised by the Board or the Company in general
 meeting.

150. Subject
 to Article 151, a printed copy of the Directors' report, accompanied by the balance
 sheet and profit and loss account, including every document required by law to be annexed
 thereto, made up to the end of the applicable financial year and containing a summary of
 the assets and liabilities of the Company under convenient heads and a statement of income
 and expenditure, together with a copy of the Auditors' report, shall be sent to each
 person entitled thereto at least ten (10) days before the date of the general meeting and
 laid before the Company at the annual general meeting held in accordance with Article 56
 provided that this Article shall not require a copy of those documents to be sent to any
 person whose address the Company is not aware or to more than one of the joint holders of
 any shares or debentures.

151. Subject
 to due compliance with all applicable Statutes, rules and regulations, including, without
 limitation, the rules of the Designated Stock Exchange, and to obtaining all necessary consents,
 if any, required thereunder, the requirements of Article 150 shall be deemed satisfied in
 relation to any person by sending to the person in any manner not prohibited by the Statutes,
 a summary financial statement derived from the Company's annual accounts and the directors'
 report which shall be in the form and containing the information required by applicable laws
 and regulations, provided that any person who is otherwise entitled to the annual financial
 statements of the Company and the directors' report thereon may, if he so requires
 by notice in writing served on the Company, demand that the Company sends to him, in addition
 to a summary financial statement, a complete printed copy of the Company's annual financial
 statement and the directors' report thereon.

152. The
 requirement to send to a person referred to in Article 150 the documents referred to in that
 article or a summary financial report in accordance with Article 151 shall be deemed satisfied
 where, in accordance with all applicable Statutes, rules and regulations, including, without
 limitation, the rules of the Designated Stock Exchange, the Company publishes copies of the
 documents referred to in Article 150 and, if applicable, a summary financial report complying
 with Article 151, on the Company's computer network or in any other permitted manner
 (including by sending any form of electronic communication), and that person has agreed or
 is deemed to have agreed to treat the publication or receipt of such documents in such manner
 as discharging the Company's obligation to send to him a copy of such documents.

<u>AUDIT</u>

153. Subject
 to applicable law and rules of the Designated Stock Exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Board shall appoint an auditor to audit the accounts of the Company and such auditor shall hold office until the Board appoints another auditor. Such auditor may be a Member but no Director or officer or employee of the Company shall, during his continuance in office, be eligible to act as an auditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may remove the Auditor at any time before the expiration of his term of office and may by resolution appoint another Auditor in his stead.

154. Subject
 to the Act the accounts of the Company shall be audited at least once in every year.

155. The
 remuneration of the Auditor shall be fixed by the Board.

156. If
 the office of auditor becomes vacant by the resignation or death of the Auditor, or by his
 becoming incapable of acting by reason of illness or other disability at a time when his
 services are required, the Directors shall fill the vacancy and determine the remuneration
 of such Auditor.

157. The
 Auditor shall at all reasonable times have access to all books kept by the Company and to
 all accounts and vouchers relating thereto; and he may call on the Directors or officers
 of the Company for any information in their possession relating to the books or affairs of
 the Company.

158. The
 statement of income and expenditure and the balance sheet provided for by these Articles
 shall be examined by the Auditor and compared by him with the books, accounts and vouchers
 relating thereto; and he shall make a written report thereon stating whether such statement
 and balance sheet are drawn up so as to present fairly the financial position of the Company
 and the results of its operations for the period under review and, in case information shall
 have been called for from Directors or officers of the Company, whether the same has been
 furnished and has been satisfactory. The financial statements of the Company shall be audited
 by the Auditor in accordance with generally accepted auditing standards. The Auditor shall
 make a written report thereon in accordance with generally accepted auditing standards and
 the report of the Auditor shall be submitted to the Members in general meeting. The generally
 accepted auditing standards referred to herein may be those of a country or jurisdiction
 other than the Cayman Islands. If so, the financial statements and the report of the Auditor
 should disclose this act and name such country or jurisdiction.

<u>NOTICES</u>

159. Any
 Notice or document, whether or not, to be given or issued under these Articles from the Company
 to a Member shall be in writing or by cable, telex or facsimile transmission message or other
 form of electronic transmission or communication and any such Notice and document may be
 served or delivered by the Company on or to any Member either personally or by sending it
 through the post in a prepaid envelope addressed to such Member at his registered address
 as appearing in the Register or at any other address supplied by him to the Company for the
 purpose or, as the case may be, by transmitting it to any such address or transmitting it
 to any telex or facsimile transmission number or electronic number or address or website
 supplied by him to the Company for the giving of Notice to him or which the person transmitting
 the notice reasonably and bona fide believes at the relevant time will result in the Notice
 being duly received by the Member or may also be served by advertisement in appropriate newspapers
 in accordance with the requirements of the Designated Stock Exchange or, to the extent permitted
 by the applicable laws, by placing it on the Company's website and giving to the member
 a notice stating that the notice or other document is available there (a "notice of
 availability"). The notice of availability may be given to the Member by any of the
 means set out above. In the case of joint holders of a share all notices shall be given to
 that one of the joint holders whose name stands first in the Register and notice so given
 shall be deemed a sufficient service on or delivery to all the joint holders.

160. Any
 Notice or other document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 served or delivered by post, shall where appropriate be sent by airmail and shall be deemed
 to have been served or delivered on the day following that on which the envelope containing
 the same, properly prepaid and addressed, is put into the post; in proving such service or
 delivery it shall be sufficient to prove that the envelope or wrapper containing the notice
 or document was properly addressed and put into the post and a certificate in writing signed
 by the Secretary or other officer of the Company or other person appointed by the Board that
 the envelope or wrapper containing the notice or other document was so addressed and put
 into the post shall be conclusive evidence thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
 from the server of the Company or its agent. A notice placed on the Company's website
 is deemed given by the Company to a Member on the day following that on which a notice of
 availability is deemed served on the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 served or delivered in any other manner contemplated by these Articles, shall be deemed to
 have been served or delivered at the time of personal service or delivery or, as the case
 may be, at the time of the relevant despatch or transmission; and in proving such service
 or delivery a certificate in writing signed by the Secretary or other officer of the Company
 or other person appointed by the Board as to the act and time of such service, delivery,
 despatch or transmission shall be conclusive evidence thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may
 be given to a Member in the English language or such other language as may be approved by
 the Directors, subject to due compliance with all applicable Statutes, rules and regulations.

161. (1)
 Any Notice or other document delivered or sent by post to or left at the registered address
 of any Member in pursuance of these Articles shall, notwithstanding that such Member is then
 dead or bankrupt or that any other event has occurred, and whether or not the Company has
 notice of the death or bankruptcy or other event, be deemed to have been duly served or delivered
 in respect of any share registered in the name of such Member as sole or joint holder unless
 his name shall, at the time of the service or delivery of the notice or document, have been
 removed from the Register as the holder of the share, and such service or delivery shall
 for all purposes be deemed a sufficient service or delivery of such Notice or document on
 all persons interested (whether jointly with or as claiming through or under him) in the
 share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A notice may be given by the Company to the person entitled to a share in consequence of the death, mental disorder or bankruptcy of a Member by sending it through the post in a prepaid letter, envelope or wrapper addressed to him by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death, mental disorder or bankruptcy had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any person who by operation of law, transfer or other means whatsoever shall become entitled to any share shall be bound by every notice in respect of such share which prior to his name and address being entered on the Register shall have been duly given to the person from whom he derives his title to such share.

<u>SIGNATURES</u>

162. For
 the purposes of these Articles, a cable or telex or facsimile or electronic transmission
 message purporting to come from a holder of shares or, as the case may be, a Director, or,
 in the case of a corporation which is a holder of shares from a director or the secretary
 thereof or a duly appointed attorney or duly authorised representative thereof for it and
 on its behalf, shall in the absence of express evidence to the contrary available to the
 person relying thereon at the relevant time be deemed to be a document or instrument in writing
 signed by such holder or Director in the terms in which it is received.

<u>WINDING UP</u>

163. (1)
 The Board shall have power in the name and on behalf of the Company to present a petition
 to the court for the Company to be wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.

164. (1)
 Subject to any special rights, privileges or restrictions as to the distribution of available
 surplus assets on liquidation for the time being attached to any class or classes of shares
 (i) if the Company shall be wound up and the assets available for distribution amongst the
 Members of the Company shall be more than sufficient to repay the whole of the capital paid
 up at the commencement of the winding up, the excess shall be distributed pari passu amongst
 such members in proportion to the amount paid up on the shares held by them respectively
 and (ii) if the Company shall be wound up and the assets available for distribution amongst
 the Members as such shall be insufficient to repay the whole of the paid-up capital such
 assets shall be distributed so that, a nearly as may be, the losses shall be borne by the
 Members in proportion to the capital paid up, or which ought to have been paid up, at the
 commencement of the winding up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of the Members as the liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability.

<u>INDEMNITY</u>

165. (1)
 The Directors, Secretary and other officers and the liquidator or trustees (if any) for the
 time being acting in relation to any of the affairs of the Company and every one of them,
 and every one of their heirs, executors and administrators, shall be indemnified and secured
 harmless out of the assets and profits of the Company from and against all actions, costs,
 charges, losses, damages and expenses which they or any of them, their or any of their heirs,
 executors or administrators, shall or may incur or sustain by or by reason of any act done,
 concurred in or omitted in or about the execution of their duty, or supposed duty, in their
 respective offices or trusts; and none of them shall be answerable for the acts, receipts,
 neglects or defaults of the other or others of them or for joining in any receipts for the
 sake of conformity, or for any bankers or other persons with whom any moneys or effects belonging
 to the Company shall or may be lodged or deposited for safe custody, or for insufficiency
 or deficiency of any security upon which any moneys of or belonging to the Company shall
 be placed out on or invested, or for any other loss, misfortune or damage which may happen
 in the execution of their respective offices or trusts, or in relation thereto; PROVIDED
 THAT this indemnity shall not extend to any matter in respect of any fraud or dishonesty
 which may attach to any of said persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of his duties with or for the Company; PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud or dishonesty which may attach to such Director.

<u>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION</u><br> <u>AND NAME OF COMPANY</u>

166. No
 Article shall be rescinded, altered or amended and no new Article shall be made until the
 same has been approved by a special resolution of the Members. A special resolution shall
 be required to alter the provisions of the Memorandum of Association or to change the name
 of the Company.

<u>INFORMATION</u>

167. No
 Member shall be entitled to require discovery of or any information respecting any detail
 of the Company's trading or any matter which is or may be in the nature of a trade
 secret or secret process which may relate to the conduct of the business of the Company and
 which in the opinion of the Directors it will be inexpedient in the interests of the members
 of the Company to communicate to the public.

<u>FINANCIAL YEAR END</u>

168. Unless
 otherwise determined by the Board, the financial year end of the Company shall be 30 of June
 in each year.

**Schedule**

**Terms of Series A Preferred Stock**

Notwithstanding any provisions to the contrary in the Memorandum and Articles of Association, the terms contained in this Schedule shall prevail over any such provisions in the event of any conflict.

**1. Number of Shares, Designation, and Issue Price.**

2,575,250 preference shares, US$0.0001 par value per share, of the Company are constituted as a series of preference shares of the Company and designated as Series A Convertible Preferred Stock (the "Series A Preferred Stock"). The issue price of the Series A Preferred Stock shall be US$2.50 per share (the "Issue Price").

**2. Dividends.**

The holders of the Series A Preferred Stock shall be entitled to receive, out of funds legally available therefor, non-cumulative dividends at the rate of US$0.20 (8%) per share per annum, and no more, payable in preference and priority to any payment of any cash dividend on the ordinary shares of the Company (the "Ordinary Shares") or any other shares of capital stock of the Company other than the Series A Preferred Stock or other class or series of stock ranking on a par with, or senior to the Series A Preferred Stock in respect of dividends (such Ordinary Shares and other inferior stock being collectively referred to as "Junior Stock"), when and as declared by the Board.

At the election of the Company, dividends may be paid either in Ordinary Shares, in cash, or partly in Ordinary Shares and partly in cash. Dividends paid in Ordinary Shares shall be paid in full shares only, and fractional shares shall cause the number of Ordinary Shares to be issued to be increased to the next higher whole share. Each dividend paid in cash shall be mailed to the holders of record of the Series A Preferred Stock as their names and addresses appear on the register of members of the Company on the corresponding dividend payment date. Holders of Series A Preferred Stock will receive written notification from the Company if a dividend is to be paid in Ordinary Shares, which notification will specify the number of Ordinary Shares to be paid as a dividend and the recipient's aggregate holdings of Ordinary Shares as of that dividend payment date and after giving effect to the dividend.

**3. Liquidation, Dissolution, or Winding Up.**

(a) In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the holders of shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, after and subject to the payment in full of all amounts required to be distributed to the holders of any other class or series of stock of the Company ranking on liquidation prior and in preference to the Series A Preferred Stock (collectively referred to as "Senior Preferred Stock"), but before any payment shall be made to the holders of Junior Stock by reason of their ownership thereof, an amount equal to US$2.50 per share of Series A Preferred Stock plus any declared but unpaid dividends. If upon any such liquidation, dissolution, or winding up of the Company the remaining assets of the Company available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series A Preferred Stock the full amount to which they shall be entitled, the holders of shares of Series A Preferred Stock and any class or series of stock (the "Preferred Stock") ranking on liquidation on a parity with the Series A Preferred Stock shall share ratably in any distribution of the remaining assets and funds of the Company in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

(b) After payment of the full amount of the liquidating distribution to which they are entitled pursuant to paragraph (a), above, the holders of Series A Preferred Stock shall be entitled to participate on an as-converted basis in any distribution of assets by the Company to the holders of the Junior Stock.

(c) The merger or consolidation of the Company into or with another corporation which results in the exchange of outstanding shares of the Company for securities or other consideration issued or paid or caused to be issued or paid by such other corporation or an affiliate thereof (except if such merger or consolidation does not result in the transfer of more than 50 percent (50%) of the voting securities of the Company), or the sale of all or substantially all the assets of the Company, shall be deemed to be a liquidation, dissolution, or winding up of the Company for purposes of this paragraph. The amount deemed distributed to the holders of Series A Preferred Stock upon any such merger or consolidation shall be the cash or the value of the property, rights, and/or securities distributed to such holders by the acquiring person, firm, or other entity. The value of such property, rights, or other securities shall be determined in good faith by the Board.

**4. Voting.**

Each holder of outstanding shares of Series A Preferred Stock shall be entitled to that number of votes equal to the number of votes to which the Ordinary Shares underlying such shares of Series A Preferred Stock would be entitled if such Ordinary Shares were issued and outstanding (as adjusted from time to time pursuant to paragraph 5 hereof) at each meeting of stockholders of the Company (and written actions of stockholders in lieu of meetings) with respect to any and all matters presented to the stockholders of the Company for their action or consideration. Except as provided by law or by the provisions establishing any other series of Preferred Stock, holders of Series A Preferred Stock, and of any other outstanding series of Preferred Stock, shall vote together with the holders of Ordinary Shares as a single class. Holders of the Series A Preferred Stock shall have the right to receive notice of all meetings of shareholders simultaneously with the provision of such notice to holders of the Ordinary Shares.

**5. Optional Conversion and Dilution Adjustments.**

(a) Each holder of shares of Series A Preferred Stock may, at any time commencing on the 45th day after the last closing on the sale of Ordinary Shares pursuant to the initial public offering of the Ordinary Shares, at his or her option, convert any or all such shares (in minimum increments of 10,000 shares of Series A Preferred Stock per conversion if for less than all shares of Series A Preferred Stock owned) on the terms and conditions set forth in this paragraph 5, into fully paid and non-assessable Class B Ordinary Shares. Shares of Series A Preferred Stock are convertible into that number of Class B Ordinary Shares obtained by dividing the Issue Price of the aggregate number of shares of Series A Preferred Stock being converted by an amount equal to US$2.50, which number may be adjusted as provided in paragraphs (c) and (d), below (the "Conversion Price").

(b) To exercise his, her or its conversion privilege, the holder of any shares of Series A Preferred Stock shall surrender to the Company during regular business hours at the principal executive offices of the Company, or at such other place as may be designated by the Company, (1) the certificate or certificates for the shares to be converted, duly endorsed for transfer to the Company (if required by it); (2) a signed conversion notice provided by the Company, or a facsimile of the conversion notice, stating that the holder irrevocably elects to convert such shares; and (3) if required, funds equal to any declared and unpaid dividend to which such holder is entitled. Conversion shall be deemed to have been effected on the date when such delivery is made, and such date is referred to herein as the "Conversion Date." As soon as practicable after the Conversion Date, the Company shall issue and send (with receipt to be acknowledged) to the holder thereof or the holder's designee, at the address designated by such holder, a certificate or certificates for the number of full Class B Ordinary Shares to which the holder is entitled as a result of such conversion or shall cause the issuance of such Class B Ordinary Shares to be entered into the books of the Company. The holder shall be deemed to have become a stockholder of record of the number of Class B Ordinary Shares into which the shares of Series A Preferred Stock have been converted as of the close of business on the applicable Conversion Date unless the transfer books of the Company are closed on that date, in which event he shall be deemed to have become a stockholder of record of such shares on the next succeeding date on which the transfer books are open. Upon conversion of only a portion of the number of shares of Series A Preferred Stock represented by a certificate or certificates surrendered for conversion, the Company shall issue and send (with receipt to be acknowledged) to the holder thereof or the holder's designee, at the address designated by such holder, a new certificate covering the number of shares of Series A Preferred Stock representing the unconverted portion of the certificate or certificates so surrendered.

(c) In the event of any stock dividend on the Ordinary Shares, any stock split, reverse stock split, stock combination, reclassification of the Ordinary Shares, merger, consolidation, or combination of the Company with any other corporation or corporations, the Conversion Price shall be proportionately adjusted so that the holders of the Series A Preferred Stock after such event shall be entitled to receive upon conversion the number and kind of shares which such holders would have owned or been entitled to receive had such Series A Preferred Stock been converted immediately prior to such event. Such adjustment shall be made successively upon the occurrence of the events listed in this paragraph (c).

(d) If the Company, at any time while the shares of Series A Preferred Stock are outstanding, sells or grants any option to purchase or sells or grants any right to reprice its securities, or otherwise disposes of or issues (or announces any sale, grant, or any option to purchase or other disposition) any Ordinary Shares or Ordinary Share Equivalents entitling any Person to acquire Ordinary Shares at an effective price per share that is lower than the then Conversion Price (such lower price, the "Base Conversion Price" and such issuances, collectively, a "Dilutive Issuance") (if the holder of the Ordinary Shares or Ordinary Share Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices, or otherwise, or due to warrants, options, or rights per share which are issued in connection with such issuance, be entitled to receive Ordinary Shares at an effective price per share that is lower than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive Issuance), then the Conversion Price shall be adjusted on a weighted average basis in accordance with the following formula:

● CP2 = CP1 \* (A+B) / (A+C)

● CP2 = Series A-1 Conversion Price in effect immediately after new issue

● CP1 = Series A-1 Conversion Price in effect immediately prior to new issue

● A = Number of shares of Common Stock deemed to be outstanding immediately prior to new issue (includes all outstanding Ordinary Shares, all shares of outstanding Preferred Stock on an as-converted basis, and all outstanding options and Ordinary Share Equivalents on an as-exercised basis)

● B = Aggregate consideration received by the Corporation with respect to the new issue divided by CP1

● C = Number of shares of stock issued in the subject transaction

Notwithstanding the foregoing, no adjustment will be made under this paragraph 5(d) in respect of an Exempt Issuance, as defined below. The Company shall notify the holders in writing, no later than the fifth Business Day following the issuance of any Ordinary Shares or Ordinary Share Equivalents subject to this paragraph 5(d), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price, and other pricing terms (such notice, the "Dilutive Issuance Notice"). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this paragraph 5(d), upon the occurrence of any Dilutive Issuance, the holders of the Series A Preferred Stock are entitled to receive a number of Conversion Shares based upon the Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether the holder accurately refers to the Base Conversion Price in the Notice of Conversion. "Exempt Issuance" means the issuance of (1) Ordinary Shares issued under any Equity Incentive Plan of the Company, (2) Ordinary Shares or options to employees, officers, agents, consultants, or directors of the Company pursuant to any restricted shares award plan or shares option plan duly adopted by a majority of the members of the Board or a majority of the members of a committee of non-employee directors established for such purpose, and (3) securities upon the exercise of, or conversion of, any securities issued hereunder and/or other securities exercisable or exchangeable for, or convertible into, Ordinary Shares issued and outstanding on the Original Issue Date, provided that such securities have not been amended since the Original Issue Date to increase the number of such securities or to decrease the exercise or conversion price of any such securities. "Original Issue Date" means the date of the first issuance of any Series A Preferred Stock, regardless of the number of transfers of any particular Series A Preferred Stock and regardless of the number of certificates that may be issued to evidence such Series A Preferred Stock. "Ordinary Share Equivalents" means any securities of the Company which would entitle the holder thereof to acquire at any time Ordinary Shares, including without limitation, any debt, preferred stock, right, option, warrant, or other instrument that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

(e) No fractional Class B Ordinary Shares or scrip shall be issued upon conversion of Series A Preferred Stock. The number of full Class B Ordinary Shares issuable upon conversion thereof shall be computed on the basis of the aggregate number of shares of Series A Preferred Stock so surrendered. Instead of any fractional Class B Ordinary Shares which would otherwise be issuable upon conversion of any shares of Series A Preferred Stock, the Company shall increase the number of Class B Ordinary Shares into which the shares of Series A Preferred Stock are converted to the next higher whole share.

(f) The Company shall pay any and all issue and other taxes that may be payable in respect of any issue or delivery of Class B Ordinary Shares on conversion of Series A Preferred Stock pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of Class B Ordinary Shares in a name other than that in which the Series A Preferred Stock so converted were registered, and no such issue and delivery shall be made unless and until the person requesting such issue has paid to the Company the amount of any such tax, or has established, to the satisfaction of the Company, that such tax has been paid.

(g) The Company shall at all times reserve for issuance and maintain available, out of its authorised but unissued Class B Ordinary Shares, solely for the purpose of effecting the conversion of the Series A Preferred Stock, the full number of Class B Ordinary Shares deliverable upon the conversion of all Series A Preferred Stock from time to time outstanding. The Company shall from time to time (subject to obtaining necessary director and stockholder action), in accordance with the laws of the jurisdiction of its incorporation, increase the authorised number of its Class B Ordinary Shares if at any time the authorised number of its Class B Ordinary Shares remaining unissued shall not be sufficient to permit the conversion of all of the shares of Series A Preferred Stock at the time outstanding.

(h) All Class B Ordinary Shares which may be issued upon conversion of the shares of Series A Preferred Stock will upon issuance by the Company be validly issued, fully paid, and non-assessable and free from all taxes, liens, and charges with respect to the issuance thereof.

(i) All shares of Series A Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the time of conversion on the Conversion Date, except only the right of the holders thereof to receive Class B Ordinary Shares in exchange therefor and to receive payment of any declared but unpaid dividends thereon. Any shares of Series A Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Company may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorised number of shares of Series A Preferred Stock accordingly.

**6. Redemption.**

(a) The Series A Preferred Stock shall be redeemable in the sole and absolute discretion of the Company at any time, in whole or in part, at a redemption price ("Redemption Price") equal to the Issue Price plus declared and unpaid dividends.

(b) All holders of record of shares of Series A Preferred Stock then outstanding shall be given at least 10 days' prior written notice of the date fixed for redemption ("Redemption Date") and of the number of shares of Series A Preferred Stock of the holder to be redeemed pursuant to this paragraph 6. Such notice will be sent by overnight courier, to each record holder of Series A Preferred Stock at such holder's address last shown on the records of the Company or by email to such holder's email address last shown on the records of the Company.

(c) All shares of Series A Preferred Stock which shall have been redeemed pursuant to this paragraph 6 shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate as of the Redemption Date, except only the right of the holders thereof to receive the Redemption Price. Any shares of Series A Preferred Stock so redeemed shall be retired and cancelled and may not be reissued as shares of such series, and the Company may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorised number of shares of Series A Preferred Stock accordingly.

**7. Registration Rights.**

(a) Subject to the provisions of paragraph 7(b), if, at any time during the period commencing upon the earlier of the closing of the Company's initial public offering and that date that is three (3) years after the first purchase of Series A Preferred Stock, one or more holders owning in the aggregate at least 50 percent (50%) of the Ordinary Shares issued upon conversion of Series A Preferred Stock ("Conversion Shares") make a written request to the Company for registration, under and in accordance with the provisions of the Securities Act of 1933, as amended (the "Securities Act"), of Conversion Shares constituting at least ten percent (10%) of the Conversion Shares then outstanding (a "Demand Registration"), the Company shall use its best efforts to cause such shares to be so registered; provided, however, that any Conversion Shares that constitute Class B Ordinary Shares shall automatically convert to Class A Ordinary Shares upon the filing with the SEC of a registration statement pursuant to such Demand Registration. If, however, the Company shall furnish to the holder or holders requesting a Demand Registration pursuant to this paragraph 7(a) a certificate signed by the President of the Company stating that, in the good faith judgment of the Board, a material acquisition or disposition by the Company is being negotiated or has been publicly announced or that such registration would have a material detrimental effect on the Company, the Company shall have the right to defer the filing of the requested registration statement for a period of not more than one hundred twenty (120) days after receipt of the request for such registration; provided, however, that the Company may not exercise its right to delay a registration request hereunder more than one (1) time in any twelve (12) month period. In addition, the Company shall not be obligated to effect a Demand Registration within six (6) months immediately following the effective date of a registration statement covering the Ordinary Shares. The Company shall not be obligated to effect more than one registration under this paragraph 7(a).

(b) If the Company at any time or from time to time proposes to register any securities under the Securities Act either for its own account or the account of any selling security holders (other than pursuant to (i) paragraph 7(a) hereof; (ii) a registration statement on Forms S-4 or S-8 or any successor or similar forms; (iii) a registration solely under Rule 145 of the Securities Act; or (iv) a registration on any form that does not permit secondary sales), the holders of Conversion Shares shall be entitled to "piggyback" registration rights (a "Piggyback Registration"), subject to the right of the Company and its underwriters, in view of market conditions, to reduce the number of Conversion Shares proposed to be registered; provided, however, that any Conversion Shares that constitute Class B Ordinary Shares shall automatically convert to Class A Ordinary Shares upon the filing with the SEC of a registration statement pursuant to such Piggyback Registration.

(c) The registration expenses (exclusive of underwriting discounts and special counsel fees of a holder of Conversion Shares) of the single Demand Registration and of Piggyback Registrations will be borne by the Company, and all other expenses of offerings registered pursuant to this paragraph 7 shall be borne pro rata among the holders of the Conversion Shares being registered and, if it participates, the Company.

(d) The registration rights provided herein shall be transferable. Any transfer of registration rights to a partner of any holder of Conversion Shares will be without restriction as to minimum shareholding.

**8. Protective Provisions.**

The consent of the holders of not less than a majority of the outstanding shares of Series A Preferred Stock, voting separately as a single class, in person or by proxy, either in writing without a meeting or at a special or annual meeting of shareholders called for the purpose, shall be necessary for the Company to (a) amend, alter, or repeal preferences, rights, powers, or other terms of the Series A Preferred Stock so as to affect materially and adversely the Series A Preferred Stock; (b) authorise or issue shares of any class of stock having any preference or priority as to dividend rights, redemption rights, or liquidation preference superior or equal to the Series A Preferred Stock; (c) take any action that involves the sale of a substantial portion of the Company's assets; or (d) effect the merger of the Company with another entity.

**9. Information Rights.**

The Company shall deliver unaudited annual financial statements to all holders of Series A Preferred Stock within 120 days after the conclusion of each of the Company's fiscal years; provided, that, if the Company files with the Securities and Exchange Commission an Annual Report on Form 20-F for a particular fiscal year, such filing shall constitute compliance with this paragraph 9.

**10. Sinking Fund.**

There shall be no sinking fund for the payment of dividends or liquidation preferences on the Series A Preferred Stock.