# EDGAR Filing Document

**Accession Number:** 0001973368
**File Stem:** 0001493152-25-025480
**Filing Date:** 2025-12
**Character Count:** 113521
**Document Hash:** cf6712079b77c7cd8951b15d6cec51f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-025480.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001493152-25-025480

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20251201

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SRIVARU Holding Ltd
- **CENTRAL INDEX KEY:** 0001973368
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41884
- **FILM NUMBER:** 251537068

**BUSINESS ADDRESS:**
- **STREET 1:** WEST BAY ROAD
- **STREET 2:** P.O. BOX 10655
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1006
- **BUSINESS PHONE:** (888) 227-8066

**MAIL ADDRESS:**
- **STREET 1:** WEST BAY ROAD
- **STREET 2:** P.O. BOX 10655
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1006

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

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

**For the month of November 2025**

**Commission file number: 001-41884**

**SRIVARU Holding Limited**

**3rd Floor, Genesis House, Unit 18, Genesis Close, George Town, P.O. Box 10655**

**Grand Cayman, KY1-1006**

**Cayman Islands**

**+1 (888) 227-8066**

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 ☐

In connection with the Extraordinary General Meeting of Shareholders (the "**Meeting**") of SRIVARU Holding Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the "**Company**"), the Company hereby furnishes the notice and proxy statement of the Meeting and the form of proxy card as Exhibits 99.1 and 99.2, respectively.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Notice and Proxy Statement of the Meeting dated December 11, 2025, to be mailed to the shareholders of the Company in connection with the Meeting](ex99-1.htm) |
| 99.2 | [Form of Proxy Card for use in connection with the Meeting posted on the Company's website on November 20, 2025, to be mailed to shareholders of the Company](ex99-2.htm) |
| 99.3 | [Form of VStock Notice for use in connection with the Meeting posted on the Company's website on November 20, 2025, to be mailed to shareholders of the Company](ex99-3.htm) |
| 99.4 | [Form of Intermediary Notice for use in connection with the Meeting posted on the Company's website on November 20, 2025, to be mailed to shareholders of the Company](ex99-4.htm) |

---

**SIGNATURES**

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

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| | | |
|:---|:---|:---|
|  | SRIVARU Holding Limited | SRIVARU Holding Limited |
| Date: November 28, 2025 | By: | */s/ Mohanraj Ramasamy* |
|  |  | Mohanraj Ramasamy |
|  |  | Chief Executive Officer and Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**SRIVARU Holding Limited**

(incorporated in the Cayman Islands with limited liability)

(OTC: SVUHF)

**NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS**

**NOTICE IS HEREBY GIVEN THAT** the extraordinary general meeting (the "**Meeting**") of the shareholders of SRIVARU Holding Limited (the "**Company**") will be held by Conference Call (link shared by VStock) on December 11, 2025, at 8:30 a.m., Eastern Time.

The Meeting and any or all adjournments or postponements thereof will be held for shareholders to consider and, if thought fit, pass the following resolutions:

&nbsp;&nbsp;&nbsp;&nbsp;1. "**RESOLVED,** as an ordinary resolution **,** that the Board of Directors of the Company hereby approves the reduction of the par value of
 all issued and unissued ordinary shares from US$0.50 to US$0.0001 per share and the authorized share capital of the Company remain
 US$10,000,000 and the resulting amendment to the Company's Memorandum and Articles of Association, and further RESOLVED THAT
 such reduction be submitted to the shareholders for approval by special resolution at the Extraordinary General Meeting."

The Board of Directors has fixed the close of business on November 21, 2025 as the record date (the "**Record Date**") for determining the shareholders entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof. Only holders of the ordinary shares of the Company on the Record Date are entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof.

Shareholders may obtain a copy of the proxy materials from the Company's website at svmh.ai.

Management is soliciting proxies. Shareholders who are entitled to attend and vote at the Meeting or any adjournment or postponement thereof are entitled to appoint one or more proxies to attend and vote on that shareholder's behalf. Registered shareholders who wish to appoint a proxy are requested to complete, date, and sign the enclosed form of proxy in accordance with the instructions set out in the form of proxy and in the proxy statement accompanying this Notice and (i) vote it online at https://ts.vstocktransfer.com/pxlogin, (ii) vote it by email at vote@vstocktransfer.com, or (iii) mail it or deposit it to VStock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598. Beneficial holders of shares held in street name are entitled to vote those shares in accordance with the instructions provided by their broker. To ensure that their shares are voted at the upcoming meeting of shareholders, they must follow the instructions provided by their broker.

For the proxy to be valid, the duly completed and signed form of proxy must be received before the time appointed for holding the Meeting or any adjournment or postponement of the Meeting. A shareholder may appoint as his, her, or its proxy a person other than those named in the enclosed form of proxy. A proxy needs not be a shareholder of the Company.

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| |
|:---|
| By Order of the Board of Directors, |
| /s/ Mohanraj Ramasamy |
| Mohanraj Ramasamy |
| Chief Executive Officer and Director |

---

November 20, 2025

**SRIVARU HOLDING LIMITED**

**EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS**

**December 11, 2025**

**8:30 a.m., Eastern Time**

**PROXY STATEMENT**

The board of directors (the "**Board of Directors**") of SRIVARU Holding Limited (the "**Company**") is soliciting proxies for the extraordinary general meeting of shareholders (the "**Meeting**") of the Company to be held on December 11, 2025, at 8:30 a.m., Eastern Time by Conference Call (link shared by VStock) or at any adjournment or postponement thereof.

Registered shareholders and duly appointed proxyholders will be able to attend, participate, and vote at the Meeting. Beneficial shareholders who hold their ordinary shares through a broker, investment dealer, bank, trust corporation, custodian, nominee, or other intermediary who have not duly appointed themselves as proxyholders will be able to attend as guest, but will not be able to participate in or vote at the Meeting.

Holders of ordinary shares of the Company of record at the close of business on November 21, 2025 (the "**Record Date**") are entitled to attend and vote at the Meeting or at any adjournment or postponement thereof. One or more shareholders holding at least a majority of the paid up voting share capital of the Company present in person or by proxy or (in the case of a shareholder being a corporate entity) by its duly authorized representative representing and entitled to vote at the meeting shall form a quorum.

Any shareholder entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and vote on such shareholder's behalf. A proxy needs not be a shareholder of the Company. *Each holder of the Company's ordinary shares shall be entitled to one vote in respect of each ordinary share held by such holder on the Record Date*.

**PROPOSALS TO BE VOTED ON**

At the Meeting, the resolutions will be proposed as follows:

1. "**RESOLVED,** as an ordinary resolution**,** that the Board of Directors of the Company hereby approves the reduction of the par value of all issued and unissued ordinary shares from US$0.50 to US$0.0001 per share and the authorized share capital of the Company remain US$10,000,000 and the resulting amendment to the Company's Memorandum and Articles of Association, and further RESOLVED THAT such reduction be submitted to the shareholders for approval by special resolution at the Extraordinary General Meeting."

**The Board of Directors recommends a vote "FOR" of the Proposals No. 1**

**VOTING PROCEDURE FOR HOLDERS OF ORDINARY SHARES**

Shareholders entitled to vote at the Meeting may do so at the Meeting. Shareholders who are entitled to attend and vote at the Meeting or any adjournment or postponement thereof are also entitled to appoint one or more proxies to attend and vote on that shareholder's behalf. Registered shareholders who wish to appoint a proxy are requested to complete, date, and sign the enclosed form of proxy in accordance with the instructions set out in the form of proxy and in the proxy statement accompanying this Notice and (i) vote it online at https://ts.vstocktransfer.com/pxlogin, (ii) vote it by email at vote@vstocktransfer.com, or (iii) mail it or deposit it to VStock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598. Beneficial holders of shares held in street name are entitled to vote those shares in accordance with the instructions provided by their broker. To ensure that their shares are voted at the upcoming meeting of shareholders, they must follow the instructions provided by their broker.

**ANNUAL REPORT TO SHAREHOLDERS**

Pursuant to the Marketplace Rules of OTC Market, which permit companies to make available their annual report to shareholders on or through the company's website, the Company posts its annual reports on the Company's website. The Company adopted this practice to avoid the considerable expense associated with mailing physical copies of such report to record holders.

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

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

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| | |
|:---|:---|
| **Q:** | **Why am I receiving this proxy statement?** |

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**A:** The Company is holding an extraordinary general meeting of shareholders to approve the reduction of the par value of the Company's ordinary shares; and, the Amended M&As.

The Company has included in this proxy statement important information about the Meeting. You should read this information carefully and in its entirety. The enclosed voting materials allow you to vote your shares without attending the Meeting. Your vote is very important and the Company encourages you to submit your proxy as soon as possible.

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

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| | |
|:---|:---|
| **A:** | The Board of Directors, on behalf of the Company are seeking an affirmative vote from shareholders on the following eight proposals: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. as an ordinary resolution, Calling of An Extraordinary General Meeting ("EGM") of the shareholders of the Company be and is hereby convened for 11 December 2025 at 8:30 a.m. Eastern Standard Time, to consider and, if thought fit, approve a special resolution to:

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| | |
|:---|:---|
| ◌ | reduce the par value of every issued and unissued ordinary share of the Company from US$0.50 to US$0.0001 per share and the authorized share capital of the Company remain US$10,000,000; and |
| ◌ | amend the Company's Memorandum and Articles of Association accordingly. |

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

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| | |
|:---|:---|
| **A:** | **THE BOARD OF DIRECTORS HAS DETERMINED THAT TO APPROVE THE REDUCTION OF THE PAR VALUE OF THE COMPANY'S ORDINARY SHARES; AND, THE AMENDED M&AS ARE IN THE BEST INTERESTS OF THE COMPANY AND ITS SHAREHOLDERS AND HAS APPROVED THE PROPOSALS DESCRIBED HEREIN. THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THE PROPOSALS.** |

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

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| | |
|:---|:---|
| **A:** | The Meeting will be held on December 11, 2025 at 8:30 a.m., Eastern Time by Conference Call (link shared by VStock) |

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

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| | |
|:---|:---|
| **A:** | The Record Date for the Meeting is November 21, 2025. Holders of ordinary shares of the Company as of the close of business on the Record Date are entitled to both notice of, and to vote at, the Meeting or any adjournment or postponement thereof. As of the Record Date, there were 14,359,907 ordinary shares outstanding. *Each holder of the Company's ordinary shares shall be entitled to one vote in respect of each ordinary share held by such holder on the Record Date*. |

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

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|:---|:---|
| **A:** | At the Meeting, one or more shareholders holding at least a majority of the paid up voting share capital of the Company present in person or by proxy or (in the case of a shareholder being a corporate entity) by its duly authorized representative and entitled to vote at the meeting shall form a quorum. |

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

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| | |
|:---|:---|
| **A:** | The approval of Proposal No. 1 requires the affirmative vote of a simple majority of votes cast by all shareholders as, being entitled to do so, vote in person or, by proxy, in the case of a shareholder being a corporation, by its duly authorized representative, at the Meeting. |

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A properly executed proxy card marked "Abstain" with respect to the proposals will not be voted.

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

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| | |
|:---|:---|
| **A:** | The registered shareholders have three voting options. You may vote using one of the following methods: |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) By Internet, which the Company encourages if you have Internet
access, at: https://ts.vstocktransfer.com/pxlogin;

&nbsp;&nbsp;&nbsp;&nbsp;(2) By email at vote@vstocktransfer.com; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) By mail or deposit to VStock Transfer, LLC, 18 Lafayette Place,
Woodmere, New York 11598.

Beneficial holders of shares held in street name are entitled to vote those shares in accordance with the instructions provided by their broker. To ensure that their shares are voted at the upcoming meeting of shareholders, they must follow the instructions provided by their broker.

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

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| | |
|:---|:---|
| **A:** | The Meeting is open to all holders of the Company's ordinary shares as of the Record Date, all duly appointed proxyholders, any person entitled to an ordinary share in consequence of the death or bankruptcy of a Member, directors of the Company and the Company's auditors. You may attend the Meeting by the link provided by VStock. |

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

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| | |
|:---|:---|
| **A:** | Yes. Representatives of the Company will answer questions related to the proposals at the end of the Meeting. |

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

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

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

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| | |
|:---|:---|
| **A:** | If you fail to vote or fail to instruct your broker or other nominee how to vote on the proposals, it will have no effect on such proposals. It will be treated as a "non-vote." |

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

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| | |
|:---|:---|
| **A:** | Yes. You may change your vote at any time before your proxy is voted at the Meeting. You may do this in one of three ways: |

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

&nbsp;&nbsp;&nbsp;&nbsp;2. by logging on to the Internet website specified on your proxy
card in the same manner you would submit your proxy electronically or by calling the telephone number specified on your proxy card, in
each case if you are eligible to do so and following the instructions on the proxy card; or

&nbsp;&nbsp;&nbsp;&nbsp;3. by attending the Meeting in person at [location], and casting
your votes.

Your attendance alone will not revoke any proxy.

If your shares are held in an account at a broker or other nominee, you should contact your broker or other nominee to change your vote.

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

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

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

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|:---|:---|
| **A:** | If you have questions about the proposals, or if you need assistance in submitting your proxy or voting your shares or need additional copies of this proxy statement or the enclosed proxy card, you should contact the Company by mail at, 3rd Floor, Genesis House, Unit 18, Genesis Close, George Town, P.O. Box 10655, Grand Cayman KY1-1006, Cayman Islands, or call +1(888) 227-8066. If your shares are held in a stock brokerage account or by a bank or other nominee, you should contact your broker, bank, or other nominee for additional information. |

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

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|:---|:---|
| **A:** | After carefully reading and considering the information contained in this proxy statement, please vote your shares as soon as possible, so that your shares will be represented at the Meeting. Please follow the instructions set forth on the proxy card or on the voting instruction form provided by the record holder if your shares are held in the name of your broker or other nominee. |

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|:---|:---|
| **Q:** | **Who is paying for the expenses involved in preparing and mailing this proxy statement?** |

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

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**PROPOSAL NO. 1<br> REDUCTION SHARES PAR VALUE**

**General**

The Company is proposing to reduce the par value of all issued and unissued ordinary shares of the Company from US$0.50 to US$0.0001 per share, while maintaining the Company's total authorized share capital at US$10,000,000. In connection with this change, the company will make the necessary amendments to the Company's Memorandum and Articles of Association to reflect the new par value.

**Vote Required to Approve Proposal No. 1**

Proposal No. 1 will be approved if it receives the affirmative vote of a simple majority of the votes cast by the shareholders present in person or by proxy and entitled to vote at the Meeting, assuming a quorum is attained.

**Resolution**

The Board of Directors proposes to solicit shareholder approval of Proposal No. 1.

The full text of the resolution to be put to the shareholders to consider and to vote upon at the Meeting in relation to the Reverse Share Split is:

"**RESOLVED,** as an ordinary resolution**,** that the Board of Directors of the Company hereby approves the reduction of the par value of all issued and unissued ordinary shares from US$0.50 to US$0.0001 per share and the authorized share capital of the Company remain US$10,000,000 and the resulting amendment to the Company's Memorandum and Articles of Association, and further RESOLVED THAT such reduction be submitted to the shareholders for approval by special resolution at the Extraordinary General Meeting."

**THE BOARD OF DIRECTORS RECOMMENDS<br> A VOTE *FOR*<br> REDUCTION SHARES PAR VALUE**

**OTHER MATTERS**

The Board of Directors is not aware of any other matters to be submitted to the Meeting. If any other matters properly come before the Meeting, it is the intention of the persons named in the enclosed form of proxy to vote the shares they represent as the Board of Directors may recommend.

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| | |
|:---|:---|
|  | By order of the Board of Directors |
| Date: November 20, 2025 | /s/ Mohanraj Ramasamy |
|  | Mohanraj Ramasamy |
|  | Chief Executive Officer and Director |

---

**ANNEX A**

**THE COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**FOURTH amended AND restated**

**MEMORANDUM of ASSOCIATION**

**OF**

**SRIVARU Holding Limited**

**(ADOPTED BY SPECIAL RESOLUTION DATED 11 DECEMBER 2025 AND EFFECTIVE ON 11 DECEMBER 2025)**

**THE COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**FOURTH amended AND restated**

**MEMORANDUM of ASSOCIATION**

**OF**

**SRIVARU Holding Limited**

**(ADOPTED BY SPECIAL RESOLUTION DATED 11 DECEMBER 2025 AND EFFECTIVE ON 11 DECEMBER 2025)**

1. The
 name of the company is SRIVARU Holding Limited (the "**Company** ").

2. The
 registered office of the Company will be situated at the offices of Amicorp Cayman Fiduciary
 Limited, 3rd Floor, Genesis House, Unit 18, Genesis Close, George Town, P.O. Box 10655, Grand
 Cayman KY1-1006, Cayman Islands or at such other location as the Directors may from time
 to time determine.

3. The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to carry out any object not prohibited by any law as provided by
 Section 7(4) of the Companies Act (as amended) of the Cayman Islands (the "**Companies Act** ").

4. 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 Companies Act.

5. The
 Company will 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 section 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.

6. The
 liability of the shareholders of the Company is limited to the amount, if any, unpaid on
 the shares respectively held by them.

7. The
 authorised share capital of the Company is US$10,000,000 divided into 100,000,000,000 (one
 hundred billion) ordinary shares with a nominal or par value of US$0.0001 each provided always
 that subject to the Companies Act and the Articles of Association, the Company shall have
 the power to redeem or purchase any of its shares and to sub-divide or consolidate the said
 shares or any of them and to issue all or any part of its capital whether original, redeemed,
 increased or reduced with or without any preference, priority, special privilege or other
 rights or subject to any postponement of rights or to any conditions or restrictions whatsoever
 and so that unless the conditions of issue shall otherwise expressly provide every issue
 of shares whether stated to be ordinary, preference or otherwise shall be subject to the
 powers on the part of the Company hereinbefore provided.

8. The
 Company may exercise the power contained in Section 206 of the Companies Act to deregister
 in the Cayman Islands and be registered by way of continuation in some other jurisdiction.

**ANNEX B**

**THE COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**fourth amended AND restated**

**Articles OF association**

**of**

**SRIVARU Holding Limited**

**(ADOPTED BY SPECIAL RESOLUTION DATED 11 DECEMBER 2025 AND EFFECTIVE ON 11 DECEMBER 2025)**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **CLAUSE** | **PAGE** |
| TABLE A | 3 |
| Interpretation | 3 |
| Preliminary | 6 |
| Shares | 7 |
| Modification Of Rights | 8 |
| Certificates | 8 |
| Fractional Shares | 8 |
| Lien | 9 |
| Calls On Shares | 9 |
| Forfeiture Of Shares | 10 |
| Transfer Of Shares | 11 |
| Transmission Of Shares | 12 |
| Alteration Of SHARE Capital | 12 |
| Redemption, Purchase and Surrender Of Shares | 13 |
| Treasury Shares | 13 |
| General Meetings | 14 |
| Notice Of General Meetings | 15 |
| Proceedings At General Meetings | 15 |
| Votes Of shareholders | 17 |
| Corporations Acting By Representatives At Meetings | 18 |

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| | |
|:---|:---|
| CLEARING HOUSES | 18.0 |
| Directors | 18.0 |
| Alternate Director | 20.0 |
| Powers And Duties Of Directors | 20.0 |
| Borrowing Powers Of Directors | 22.0 |
| The Seal | 22.0 |
| Disqualification Of Directors | 22.0 |
| Proceedings Of Directors | 23.0 |
| Dividends | 25.0 |
| Accounts, Audit and annual return and declaration | 26.0 |
| Capitalisation Of reserves | 27.0 |
| Share Premium Account | 27.0 |
| Notices | 28.0 |
| Indemnity | 29.0 |
| Non-Recognition Of Trusts | 30.0 |
| Winding Up | 30.0 |
| Amendment Of Articles Of Association | 31.0 |
| Closing of register or fixing record date | 31.0 |
| Registration By Way Of Continuation | 31.0 |
| Mergers and Consolidation | 32.0 |
| disclosure | 32.0 |

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**COMPANIES ACT (AS AMENDED)**

**Company Limited by Shares**

**fourth amended AND restated**

**ARTICLES OF ASSOCIATION**

**OF**

**SRIVARU Holding Limited**

**(ADOPTED BY SPECIAL RESOLUTION DATED 11 DECEMBER 2025 AND EFFECTIVE ON 11 DECEMBER 2025)**

**TABLE A**

The Regulations contained or incorporated in Table 'A' in the First Schedule of the Companies Act shall not apply to SRIVARU Holding Limited (the "**Company**") and the following Articles shall comprise the Articles of Association of the Company.

**Interpretation**

1. In
 these Articles the following defined terms will have the meanings ascribed to them, if not
 inconsistent with the subject or context:

"**Articles**" means these articles of association of the Company, as amended or substituted from time to time.

"**Branch Register**" means any branch Register of such category or categories of Members as the Company may from time to time determine.

"**Class**" or "**Classes**" means any class or classes of Shares as may from time to time be issued by the Company.

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

"**Companies Act**" means the Companies Act (as amended) of the Cayman Islands.

"**Designated Stock Exchange**" means any national securities exchange or automated quotation system on which the Company's securities are then traded, including but not limited to the Nasdaq Stock Market LLC.

"**Directors**" means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof.

"**Electronic Facility**" means without limitation, website addresses and conference call systems, and any device, system, procedure, method or other facility whatsoever providing an electronic means of venue for a general meeting of the Company.

"**Exchange Act**" means the Securities Exchange Act of 1934 of the United States of America, as amended, or any similar federal statute of the United States of America and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

"**Memorandum of Association**" means the memorandum of association of the Company, as amended or substituted from time to time.

"**Office**" means the registered office of the Company as required by the Companies Act.

"**Officers**" means the officers for the time being and from time to time of the Company.

"**Ordinary Resolution**" means a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed
 by a simple majority of such Shareholders as, being entitled to do so, vote in person or,
 where proxies are allowed, by proxy at a general meeting of the Company and where a poll
 is taken regard shall be had in computing a majority to the number of votes to which each
 Shareholder is entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved
 in writing by all of the Shareholders entitled to vote at a general meeting of the Company
 in one or more instruments each signed by one or more of the Shareholders and the effective
 date of the resolution so adopted shall be the date on which the instrument, or the last
 of such instruments, if more than one, is executed.

"**paid up**" means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up.

"**Person**" means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires, other than in respect of a Director or Officer in which circumstances Person shall mean any person or entity permitted to act as such in accordance with the laws of the Cayman Islands.

"**Principal Register**", where the Company has established one or more Branch Registers pursuant to the Companies Act and these Articles, means the Register maintained by the Company pursuant to the Companies Act and these Articles that is not designated by the Directors as a Branch Register.

"**Register**" means the register of Members of the Company required to be kept pursuant to the Companies Act and includes any Branch Register(s) established by the Company in accordance with the Companies Act or any listed shares register (as defined in the Companies Act).

"**Seal**" means the common seal of the Company (if adopted) including any facsimile thereof.

"**Secretary**" means any Person appointed by the Directors to perform any of the duties of the secretary of the Company.

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

"**Share**" means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes or sub-classes as the context may require. For the avoidance of doubt, in these Articles the expression "Share" shall include a fraction of a Share.

"**Share Premium Account**" means the share premium account established in accordance with these Articles and the Companies Act.

"**Shareholder**" or "**Member**" means a Person who is registered as the holder of Shares in the Register and includes each subscriber to the Memorandum of Association pending entry in the Register of such subscriber.

"**signed**" means bearing a signature or representation of a signature affixed by mechanical means.

"**Special Resolution**" means a special resolution of the Company passed in accordance with the Companies Act, being a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed
 by a majority of not less than two-thirds of such Shareholders as, being entitled to do so,
 vote in person or, where proxies are allowed, by proxy at a general meeting of the Company
 of which notice specifying the intention to propose the resolution as a special resolution
 has been duly given and where a poll is taken regard shall be had in computing a majority
 to the number of votes to which each Shareholder is entitled; or

(b) approved
 in writing by all of the Shareholders entitled to vote at a general meeting of the Company
 in one or more instruments each signed by one or more of the Shareholders and the effective
 date of the special resolution so adopted shall be the date on which the instrument or the
 last of such instruments, if more than one, is executed.

"**Treasury Shares**" means Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled.

2. In
 these Articles, save where the context requires otherwise:

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

(b) words
 importing the masculine gender only shall include the feminine gender and any Person as the
 context may require;

(c) the
 word "may" shall be construed as permissive and the word "shall"
 shall be construed as imperative;

(d) reference
 to a dollar or dollars or USD (or $) and to a cent or cents is reference to dollars and cents
 of the United States of America;

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

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

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

3. Subject
 to the preceding Articles, any words defined in the Companies Act shall, if not inconsistent
 with the subject or context, bear the same meaning in these Articles.

**Preliminary**

4. The
 business of the Company may be commenced at any time after incorporation.

5. The
 Office shall be at such address in the Cayman Islands as the Directors may from time to time
 determine. The Company may in addition establish and maintain such other offices and places
 of business and agencies in such places as the Directors may from time to time determine.

6. The
 expenses incurred in connection with the formation of the Company and in connection with
 the offer for subscription and issue of Shares shall be paid by the Company. Such expenses
 may be amortised over such period as the Directors may determine and the amount so paid shall
 be charged against income and/or capital in the accounts of the Company as the Directors
 shall determine.

7. The
 Directors shall keep, or cause to be kept, the Register at such place or (subject to compliance
 with the Companies Act and these Articles) places as the Directors may from time to time
 determine. In the absence of any such determination, the Register shall be kept at the Office.
 The Directors may keep, or cause to be kept, one or more Branch Registers as well as the
 Principal Register in accordance with the Companies Act, provided always that a duplicate
 of such Branch Register(s) shall be maintained with the Principal Register in accordance
 with the Companies Act and the rules or requirements of any Designated Stock Exchange. Notwithstanding
 anything set out in these Articles and pursuant to section 40B of the Companies Act, the
 Company is authorised to evidence and transfer title to listed shares (as defined in the
 Companies Act) of the Company in accordance with the laws applicable to and the rules and
 regulations of any Designated Stock Exchange.

**Shares**

8. Subject
 to these Articles and, where applicable, the rules of the Designated Stock Exchange and/or
 any competent regulatory authority, all Shares for the time being unissued shall be under
 the control of the Directors who may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue,
 allot and dispose of the same to such Persons, in such manner, on such terms and having such
 rights and being subject to such restrictions as they may from time to time determine; and

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

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

9. The
 Directors, or the Shareholders by Ordinary Resolution, may authorise the division of Shares
 into any number of Classes and sub-classes and the different Classes and sub-classes shall
 be authorised, established and designated (or re-designated as the case may be) and the variations
 in the relative rights (including, without limitation, voting, dividend and redemption rights),
 restrictions, preferences, privileges and payment obligations as between the different Classes
 (if any) may be fixed and determined by the Directors or the Shareholders by Ordinary Resolution.

10. The
 Company may insofar as may be permitted by law, pay a commission to any Person in consideration
 of their subscribing or agreeing to subscribe whether absolutely or conditionally for any
 Shares. Such commissions may be satisfied by the payment of cash or the lodgement of fully
 or partly paid-up Shares or partly in one way and partly in the other. The Company may also
 pay such brokerage as may be lawful on any issue of Shares.

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

**Modification Of Rights**

12. Whenever
 the capital of the Company is divided into different Classes (and as otherwise determined
 by the Directors) the rights attached to any such Class may, subject to any rights or restrictions
 for the time being attached to any Class only be materially adversely varied or abrogated
 with the consent in writing of the holders of not less than two-thirds of the issued Shares
 of the relevant Class, or with the sanction of a resolution passed at a separate meeting
 of the holders of the Shares of such Class by a majority of two-thirds of the votes cast
 at such a meeting. To every such separate meeting all the provisions of these Articles relating
 to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the necessary quorum shall be one or more Persons
 at least holding or representing by proxy one-third in nominal or par value amount of the
 issued Shares of the relevant Class (but so that if at any adjourned meeting of such holders
 a quorum as above defined is not present, those Shareholders who are present shall form a
 quorum) and that, subject to any rights or restrictions for the time being attached to the
 Shares of that Class, every Shareholder of the Class shall on a poll have one vote for each
 Share of the Class held by them. For the purposes of this Article the Directors may treat
 all the Classes or any two or more Classes as forming one Class if they consider that all
 such Classes would be affected in the same way by the proposals under consideration **,** but in any other case shall treat them as separate Classes. The Directors may vary the rights
 attaching to any Class without the consent or approval of Shareholders provided that the
 rights will not, in the determination of the Directors, be materially adversely varied or
 abrogated by such action.

13. The
 rights conferred upon the holders of the Shares of any Class issued with preferred or other
 rights shall not, subject to any rights or restrictions for the time being attached to the
 Shares of that Class, be deemed to be materially adversely varied or abrogated by, *inter alia*, the creation, allotment or issue of further Shares ranking *pari passu* therewith or Shares issued with preferred or other rights.

**Certificates**

14. No
 Person shall be entitled to a certificate for any or all of their Shares, unless the Directors
 shall determine otherwise.

15. Every
 share certificate of the Company shall bear any legends required under applicable laws, including
 the Securities Act. If any share certificate is lost, destroyed or stolen, the Directors
 may require the holder or holders of the relevant Share to provide an indemnity in a form
 acceptable to the Directors. Upon such indemnity being provided, a new share certificate
 may be issued to the holder or holders entitled to such lost, destroyed or stolen share certificate,
 unless the Directors determine otherwise.

**Fractional Shares**

16. The
 Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be
 subject to and carry the corresponding fraction of liabilities (whether with respect to nominal
 or par value, premium, contributions, calls or otherwise), limitations, preferences, privileges,
 qualifications, restrictions, rights (including, without prejudice to the generality of the
 foregoing, voting and participation rights) and other attributes of a whole Share. If more
 than one fraction of a Share of the same Class is issued to or acquired by the same Shareholder
 such fractions shall be accumulated.

**Lien**

17. The
 Company has a first and paramount lien on every Share (not being a share which is fully paid
 as to its par value and share premium) for all amounts (whether presently payable or not)
 payable at a fixed time or called in respect of that Share (including any premium payable).
 The Directors may at any time declare a Share to be wholly or in part exempt from the provisions
 of this Article. The Company's lien on a Share extends to any amount payable in respect
 of it.

18. The
 Company may sell, in such manner as the Directors may determine, any Share on which the Company
 has a lien, but no sale shall be made unless an amount in respect of which the lien exists
 is presently payable nor until the expiration of fourteen (14) days after a notice in writing,
 demanding payment of such part of the amount in respect of which the lien exists as is presently
 payable, has been given to the registered holder for the time being of the Share, or the
 Persons entitled thereto by reason of their death or bankruptcy.

19. For
 giving effect to any such sale, the Directors may authorise some Person to transfer the Shares
 sold to the purchaser thereof. The purchaser shall be registered as the holder of the Shares
 comprised in any such transfer and they shall not be bound to see to the application of the
 purchase money, nor shall their title to the Shares be affected by any irregularity or invalidity
 in the proceedings in reference to the sale.

20. The
 proceeds of the sale after deduction of expenses, fees and commission incurred by the Company
 shall be received by the Company and applied in payment of such part of the amount in respect
 of which the lien exists as is presently payable, and the residue shall (subject to a like
 lien for sums not presently payable as existed upon the Shares prior to the sale) be paid
 to the Person entitled to the Shares immediately prior to the sale.

**Calls On Shares**

21. Subject
 to the terms of allotment, the Directors may from time to time make calls upon the Shareholders
 in respect of any moneys unpaid on their Shares, and each Shareholder shall (subject to receiving
 at least fourteen (14) days' notice specifying the time or times of payment) pay to
 the Company at the time or times so specified the amount called on such Shares.

22. The
 joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

23. 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 upon the sum at the rate
 of eight per cent. (8%) per annum from the day appointed for the payment thereof to the time
 of the actual payment, but the Directors shall be at liberty to waive payment of that interest
 wholly or in part.

24. The
 provisions of these Articles as to the liability of joint holders and as to payment of interest
 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 amount of the Share, or by way
 of premium, as if the same had become payable by virtue of a call duly made and notified.

25. The
 Directors may make arrangements on the issue of partly paid Shares for a difference between
 the Shareholders, or the particular Shares, in the amount of calls to be paid and in the
 times of payment.

26. The
 Directors may, if they think fit, receive from any Shareholder willing to advance the same
 all or any part of the moneys uncalled and unpaid upon any partly paid Shares held by them,
 and upon all or any of the moneys so advanced may (until the same would, but for such advance,
 become presently payable) pay interest at such rate (not exceeding without the sanction of
 an Ordinary Resolution, eight per cent. (8%) per annum) as may be agreed upon between the
 Shareholder paying the sum in advance and the Directors.

**Forfeiture Of Shares**

27. If
 a Shareholder fails to pay any call or instalment of a call in respect of any Shares on the
 day appointed for payment, the Directors may, at any time thereafter during such time as
 any part of such call or instalment remains unpaid, serve a notice on them requiring payment
 of so much of the call or instalment as is unpaid, together with any interest which may have
 accrued.

28. The
 notice shall name a further day (not earlier than the expiration of fourteen (14) days from
 the date of the notice) on or before which the payment required by the notice is to be made,
 and shall state that in the event of non-payment at or before the time appointed the Shares
 in respect of which the call was made will be liable to be forfeited.

29. If
 the requirements of any such notice as aforesaid are not complied with, any Share in respect
 of which the notice has been given may at any time thereafter, before the payment required
 by notice has been made, be forfeited by a resolution of the Directors to that effect.

30. A
 forfeited Share may be sold or otherwise disposed of on such terms and in such manner as
 the Directors think fit, and at any time before a sale or disposition the forfeiture may
 be cancelled on such terms as the Directors think fit.

31. A
 Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the
 forfeited Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys
 which at the date of forfeiture were payable by them to the Company in respect of the Shares
 forfeited, but their liability shall cease if and when the Company receives payment in full
 of the amount unpaid on the Shares forfeited.

32. A
 statutory declaration in writing that the declarant is a Director, and that a Share has been
 duly forfeited on a date stated in the declaration, shall be conclusive evidence of the facts
 in the declaration as against all Persons claiming to be entitled to the Share.

33. The
 Company may receive the consideration, if any, given for a Share on any sale or disposition
 thereof pursuant to the provisions of these Articles as to forfeiture and may execute a transfer
 of the Share in favour of the Person to whom the Share is sold or disposed of and that Person
 shall be registered as the holder of the Share, and shall not be bound to see to the application
 of the purchase money, if any, nor shall their title to the Shares be affected by any irregularity
 or invalidity in the proceedings in reference to the disposition or sale.

34. 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 due and payable, whether on account of
 the amount of the Share, or by way of premium, as if the same had been payable by virtue
 of a call duly made and notified.

**Transfer Of Shares**

35. Subject
 to these Articles and the rules or regulations of the Designated Stock Exchange or any relevant
 rules of the Commission or securities laws (including, but not limited to the Exchange Act),
 a Shareholder may transfer all or any of their 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 Directors and may be under hand or, if the transferor or transferee
 is a clearing house or its nominee(s), by hand or by machine imprinted signature or by such
 other manner of execution as the Directors may approve from time to time.

36. The
 instrument of transfer of any Share shall be (i) in any usual or common form; (ii) such form
 as is prescribed by the Designated Stock Exchange; or (iii) in any other form the Directors
 may determine and shall be executed by or on behalf of the transferor (or otherwise as prescribed
 by the rules and regulations of the Designated Stock Exchange) and if in respect of a nil
 or partly paid up Share, or if so required by the Directors, shall also be executed on behalf
 of the transferee and shall be accompanied by the certificate (if any) of the Shares to which
 it relates and such other evidence as the Directors may reasonably require to show the right
 of the transferor to make the transfer. The transferor shall be deemed to remain a Shareholder
 until the name of the transferee is entered in the Register in respect of the relevant Shares.

37. Subject
 to the terms of issue thereof and the rules or regulations of the Designated Stock Exchange
 or any relevant rules of the SEC or securities laws (including, but not limited to the Exchange
 Act), the Directors may determine to decline to register any transfer of Shares without assigning
 any reason therefor.

38. Subject
 to the terms of issue thereof and the rules or regulations of the Designated Stock Exchange
 or any relevant rules of the SEC or securities laws (including, but not limited to the Exchange
 Act), the registration of transfers may be suspended and the Register closed at such times
 and for such periods as the Directors may from time to time determine.

39. All
 instruments of transfer that are registered shall be retained by the Company, but any instrument
 of transfer that the Directors decline to register shall (except in any case of fraud) be
 returned to the Person depositing the same.

**Transmission Of Shares**

40. The
 legal personal representative of a deceased sole holder of a Share shall be the only Person
 recognised by the Company as having any title to the Share. In the case of a Share registered
 in the name of two or more holders, the survivors or survivor, or the legal personal representatives
 of the deceased holder of the Share, shall be the only Person recognised by the Company as
 having any title to the Share.

41. Any
 Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder
 shall upon such evidence being produced as may from time to time be required by the Directors,
 have the right either to be registered as a Shareholder in respect of the Share or, instead
 of being registered themself, to make such transfer of the Share as the deceased or bankrupt
 Person could have made; but the Directors shall, in either case, have the same right to decline
 or suspend registration as they would have had in the case of a transfer of the Share by
 the deceased or bankrupt Person before the death or bankruptcy.

42. A
 Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder
 shall be entitled to the same dividends and other advantages to which they would be entitled
 if they were the registered Shareholder, except that they shall not, before being registered
 as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right
 conferred by membership in relation to meetings of the Company.

**Alteration Of SHARE Capital**

43. The
 Company may from time to time by Ordinary Resolution increase the share capital by such sum,
 to be divided into Shares of such Classes and amount, as the resolution shall prescribe.

44. The
 Company may by Ordinary Resolution:

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

(b) convert
 all or any of its paid up Shares into stock and reconvert that stock into paid up Shares
 of any denomination;

(c) subdivide
 its existing Shares, or any of them into Shares of a smaller amount provided that in the
 subdivision the proportion between the amount paid and the amount, if any, unpaid on each
 reduced Share shall be the same as it was in case of the Share from which the reduced Share
 is derived; and

(d) cancel
 any Shares that, 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 share capital by the amount of the
 Shares so cancelled.

45. The
 Company may by Special Resolution reduce its share capital and any capital redemption reserve
 in any manner authorised by law.

**Redemption, Purchase and Surrender Of Shares**

46. Subject
 to the Companies Act and the rules of the Designates Stock Exchange, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares on terms that they are to be redeemed or are liable to be redeemed at the option of
 the Company or the Shareholder on such terms and in such manner as the Directors may determine;

(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner as the
 Directors may determine and agree with the Shareholder;

(c) make
 a payment in respect of the redemption or purchase of its own Shares in any manner authorised
 by the Companies Act, including out of its capital; and

(d) accept
 the surrender for no consideration of any paid up Share (including any redeemable Share)
 on such terms and in such manner as the Directors may determine.

47. Any
 Share in respect of which notice of redemption has been given shall not be entitled to participate
 in the profits of the Company in respect of the period after the date specified as the date
 of redemption in the notice of redemption.

48. The
 redemption, purchase or surrender of any Share shall not be deemed to give rise to the redemption,
 purchase or surrender of any other Share.

49. The
 Directors may when making payments in respect of redemption or purchase of Shares, if authorised
 by the terms of issue of the Shares being redeemed or purchased or with the agreement of
 the holder of such Shares, make such payment either in cash or in specie including, without
 limitation, interests in a special purpose vehicle holding assets of the Company or holding
 entitlement to the proceeds of assets held by the Company or in a liquidating structure.

**Treasury Shares**

50. Shares
 that the Company purchases, redeems or acquires (by way of surrender or otherwise) may, at
 the option of the Company, be cancelled immediately or held as Treasury Shares in accordance
 with the Companies Act. In the event that the Directors do not specify that the relevant
 Shares are to be held as Treasury Shares, such Shares shall be cancelled.

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

52. The
 Company shall be entered in the Register as the holder of the Treasury Shares provided that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given time,
 whether for the purposes of these Articles or the Companies Act, save that an allotment of
 Shares as fully paid bonus shares in respect of a Treasury Share is permitted and Shares
 allotted as fully paid bonus shares in respect of a treasury share shall be treated as Treasury
 Shares.

53. Treasury
 Shares may be disposed of by the Company on such terms and conditions as determined by the
 Directors.

**General Meetings**

54. The
 Directors may, whenever they think fit, convene a general meeting of the Company.

55. For
 so long as the Company's Shares are traded on a Designated Stock Exchange, the Company
 shall in each year hold a general meeting as its annual general meeting at such time and
 place (including any Electronic Facility) as may be determined by the Directors in accordance
 with the rules of the Designated Stock Exchange, unless such Designated Stock Exchange does
 not require the holding of an annual general meeting.

56. The
 Directors may cancel or postpone any duly convened general meeting at any time prior to such
 meeting, except for general meetings requisitioned by the Shareholders in accordance with
 these Articles, for any reason or for no reason at any time prior to the time for holding
 such meeting or, if the meeting is adjourned, the time for holding such adjourned meeting.
 The Directors shall give Shareholders notice in writing of any cancellation or postponement.
 A postponement may be for a stated period of any length or indefinitely as the Directors
 may determine.

57. General
 meetings shall also be convened on the requisition in writing of any Shareholder or Shareholders
 entitled to attend and vote at general meetings of the Company and to exercise at least a
 majority of the votes permitted to be exercised at any such meeting deposited at the Office
 specifying the objects of the meeting by notice given no later than 21 days from the date
 of deposit of the requisition signed by the requisitionists, and if the Directors do not
 convene such meeting for a date not later than 45 days after the date of such deposit, the
 requisitionists themselves may convene the general meeting in the same manner, as nearly
 as possible, as that in which general meetings may be convened by the Directors, and all
 reasonable expenses incurred by the requisitionists as a result of the failure of the Directors
 to convene the general meeting shall be reimbursed to them by the Company.

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

**Notice Of General Meetings**

59. At
 least fourteen (14) clear days' notice of a general meeting in writing counting from
 the date service is deemed to take place as provided in these Articles specifying the place,
 including by means of Electronic Facility, the day and the hour of the meeting and the general
 nature of the business, shall be given in the manner hereinafter provided or in such other
 manner (if any) as may be prescribed by the Company by Ordinary Resolution to such Persons
 as are, under these Articles, entitled to receive such notices from the Company, but with
 the consent of all the Shareholders entitled to receive notice of some particular meeting
 and attend and vote thereat, that meeting may be convened by such shorter notice or without
 notice and in such manner as those Shareholders may think fit.

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

**Proceedings At General Meetings**

61. All
 business carried out at a general meeting shall be deemed special with the exception of sanctioning
 a dividend, the consideration of the accounts, balance sheets, any report of the Directors
 or of the Company's auditors, and the fixing of the remuneration of the Company's
 auditors. No special business shall be transacted at any general meeting without the consent
 of all Shareholders entitled to receive notice of that meeting unless notice of such special
 business has been given in the notice convening that meeting. In addition, no business may
 be transacted at any general meeting, other than business that is either specified in the
 notice of the meeting given by or at the direction of the Directors (or any duly authorised
 committee thereof) (including on the requisition of Shareholders in accordance with these
 Articles) or otherwise properly brought before an annual general meeting by or at the direction
 of the Directors (or any duly authorised committee thereof).

62. No
 business shall be transacted at any general meeting unless a quorum of Shareholders is present
 at the time when the meeting proceeds to business. Save as otherwise provided by these Articles,
 one or more Shareholders holding at least a majority of the paid up voting share capital
 of the Company present in person or by proxy and entitled to vote at that meeting shall form
 a quorum.

63. If
 within half an hour from the time appointed for the meeting a quorum is not present, the
 meeting, if convened upon the requisition of Shareholders, shall be dissolved. In any other
 case it shall stand adjourned to the same day in the next week, at the same time and place,
 or to such other day, time and/or place (including any Electronic Facility) as the Directors
 may determine, and if at the adjourned meeting a quorum is not present within half an hour
 from the time appointed for the meeting the Shareholder or Shareholders present and entitled
 to vote shall form a quorum.

64. If
 the Directors wish to make this facility available for a specific general meeting or all
 general meetings of the Company, participation in any general meeting of the Company may
 be by means of a telephone or similar communication equipment (including by means of Electronic
 Facility) by way of which all Persons participating in such meeting can communicate with
 each other and such participation shall be deemed to constitute presence in person at the
 meeting.

65. The
 chair, if any, of the board of Directors shall preside as chair at every general meeting
 of the Company.

66. If
 there is no such chair, or if at any general meeting they are not present within fifteen
 minutes after the time appointed for holding the meeting or is unwilling to act as chair,
 any Director or Person nominated by the Directors shall preside as chair, failing which the
 Shareholders present in person or by proxy shall choose any Person present to be chair of
 that meeting.

67. The
 chair of the general meeting may adjourn a meeting from time to time and from place to place
 (including any Electronic Facility) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 the consent of any general meeting at which a quorum is present (and shall if so directed
 by the meeting); or

(b) without
 the consent of such meeting if, in their sole opinion, they consider it necessary to do so
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) secure
 the orderly conduct or proceedings of the meeting; or

(ii) give
 all persons present in person or by proxy and having the right to speak and / or vote at
 such meeting, the ability to do so,

but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting, or adjourned meeting, is adjourned for fourteen (14) days or more, notice of the adjourned meeting shall be given in the manner provided for the original meeting. Save as aforesaid, it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting.

68. At
 any general meeting a resolution put to the vote of the meeting shall be decided on a show
 of hands, unless a poll is (before or on the declaration of the result of the show of hands)
 demanded by the chair or one or more Shareholders present in person or by proxy entitled
 to vote, and unless a poll is so demanded, a declaration by the chair that a resolution has,
 on a show of hands, been carried, or carried unanimously, or by a particular majority, or
 lost, and an entry to that effect in the book of the proceedings of the Company, shall be
 conclusive evidence of the fact, without proof of the number or proportion of the votes recorded
 in favour of, or against, that resolution.

69. At
 any annual general meeting where a resolution for the election of directors is proposed in
 accordance with these Articles, a plurality of the votes cast shall be sufficient to elect
 a Director.

70. If
 a poll is duly demanded it shall be taken in such manner as the chair directs, and the result
 of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

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

72. A
 poll demanded on the election of a chair of the meeting or on a question of adjournment shall
 be taken forthwith. A poll demanded on any other question shall be taken at such time as
 the chair of the meeting directs.

**Votes Of shareholders**

73. Subject
 to any rights and restrictions for the time being attached to any Share, on a show of hands
 every Shareholder present in person and every Person representing a Shareholder by proxy
 shall, at a general meeting of the Company, each have one vote and on a poll every Shareholder
 and every Person representing a Shareholder by proxy shall have one vote for each Share of
 which they or the Person represented by proxy is the holder.

74. In
 the case of joint holders 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.

75. A
 Shareholder of unsound mind, or in respect of whom an order has been made by any court having
 jurisdiction in lunacy, may vote in respect of Shares carrying the right to vote held by
 them, whether on a show of hands or on a poll, by their committee, or other Person in the
 nature of a committee appointed by that court, and any such committee or other Person, may
 vote in respect of such Shares by proxy.

76. No
 Shareholder shall be entitled to vote at any general meeting of the Company unless all calls,
 if any, or other sums presently payable by them in respect of Shares carrying the right to
 vote held by them have been paid.

77. On
 a poll votes may be given either personally or by proxy.

78. An
 instrument appointing a proxy shall be in writing and shall be executed by or on behalf of
 the appointor. Such instrument appointing a proxy may be in any usual or common form or such
 other form as the Directors may approve (including an appointment of proxy made by way of
 electronic communication). A proxy need not be a Shareholder.

79. The
 instrument appointing a proxy shall be deposited at the Office or at such other place or
 in such other manner as is specified for that purpose in the notice convening the meeting
 no later than the time for holding the meeting or, if the meeting is adjourned, the time
 for holding such adjourned meeting.

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

81. A
 resolution in writing signed by all the Shareholders for the time being entitled to receive
 notice of and to attend and vote at general meetings of the Company (or being corporations
 by their duly authorised representatives) shall be as valid and effective as if the same
 had been passed at a general meeting of the Company duly convened and held.

**Corporations Acting By Representatives At Meetings**

82. Any
 corporation which is a Shareholder or a Director 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 of any meeting of holders of a Class or of the Directors or of
 a committee of Directors, and the Person so authorised shall be entitled to exercise the
 same powers on behalf of the corporation which they represent as that corporation could exercise
 if it were an individual Shareholder or Director.

**CLEARING HOUSES**

83. If
 a clearing house (or its nominee) is a Member of the Company it may, by resolution of its
 directors or other governing body or by power of attorney, authorise such person or persons
 as it thinks fit to act as its representative or representatives at any general meeting of
 the Company or at any general meeting of any class of Members of the Company provided that,
 if more than one person is so authorised, the authorisation shall specify the number and
 Class of Shares in respect of which each such person is so authorised. A person so authorised
 pursuant to this Article shall be entitled to exercise the same powers on behalf of the clearing
 house (or its nominee) which they represent as that clearing house (or its nominee) could
 exercise if it were an individual Member holding the number and Class of Shares specified
 in such authorisation.

**Directors**

84. The
 board of Directors may from time to time fix the maximum and minimum number of Directors
 to be appointed but unless such numbers are fixed as aforesaid the minimum number of Directors
 shall be one (1) and the maximum number of Directors shall be unlimited.

85. The
 Directors shall be divided into three (3) classes designated as Class I, Class II and Class
 III, respectively. Directors shall be assigned to each class in accordance with a resolution
 or resolutions adopted by the board of Directors. At the first annual general meeting of
 Members following adoption of these Articles, the term of office of the Class I Directors
 shall expire and Class I Directors shall be elected for a full term of two (2) years. At
 the second annual general meeting of Members following adoption of these Articles, the term
 of office of the Class II Directors shall expire and Class II Directors shall be elected
 for a full term of two (2) years. At the third annual general meeting of Members following
 adoption of these Articles, the term of office of the Class III Directors shall expire and
 Class III Directors shall be elected for a full term of two (2) years. At each succeeding
 annual general meeting of Members, Directors shall be elected for a full term of two (2)
 years to succeed the Directors of the class whose terms expire at such annual general meeting.
 Notwithstanding the foregoing provisions of this Article, each Director shall hold office
 until the expiration of his or her term and until his or her successor shall have been duly
 elected and qualified or until his or her earlier death, resignation or removal. No decrease
 in the number of Directors constituting the board of Directors shall shorten the term of
 any incumbent Director.

86. The
 board of Directors shall in each case prior to an annual general meeting determine the maximum
 number of Directors to be appointed at each annual general meeting. At any annual general
 meeting where a resolution for the election of directors is proposed in accordance with these
 Articles, a plurality of the votes cast shall be sufficient to elect a Director.

87. For
 a nomination for election of a Director to be made by a Member of the Company at an annual
 general meeting, (A) such Member must be a Member of record on both (x) the date of the giving
 of the notice by such Member provided for in this Article and (y) the record date for the
 determination of Members entitled to vote at such annual general meeting, and on each such
 date beneficially own more than ten per cent. (10%) of the issued Shares, (B) such Member
 must have given timely notice thereof in proper written form to the Secretary of the Company
 and (C) the appointment of such Director (if approved by the Member's at the annual
 general meeting) must not result in the maximum numbers of directors (if any) established
 in accordance with these Articles being exceeded. To be timely for the purposes of this Article,
 the Member's notice shall be delivered to or mailed and received by the Secretary of
 the Company not less than ninety (90) nor more than one hundred and twenty (120) days prior
 to the meeting; provided, however, that in the event less than one hundred (100) days'
 notice or prior public disclosure of the date of the meeting is given or made to Members,
 notice by the Member to be timely must be so received not later than the close of business
 on the tenth (10th) day following the earlier of the day on which such notice of the date
 of the meeting was mailed or such public disclosure was made. To be in proper written form
 for purposes of this Article, a Member's notice to the Secretary must include details
 of the person whom the Member proposes to nominate for election as a director including all
 information relating to such person that is required to be disclosed pursuant to any applicable
 law and rules of the Designated Stock Exchange. Such notice must be accompanied by a written
 consent of the proposed nominee to being named as a nominee and to serve as a Director if
 elected.

88. The
 remuneration of the Directors may be determined by the Directors.

89. There
 shall be no shareholding qualification for Directors.

90. The
 Directors shall have power at any time and from time to time to appoint any Person to be
 a Director, either as a result of a casual vacancy or as an additional Director, subject
 to the maximum number (if any) imposed and assign such Director to such class as they may
 determine. Any Director appointed in accordance with the preceding sentence shall hold office
 for the remainder of the full term of the class of Directors in which the new directorship
 was created or the vacancy occurred and until such Director's successor shall have
 been duly elected and qualified or until his or her earlier resignation, death or removal.
 When the number of Directors is increased or decreased, the board of Directors shall, subject
 to Article 85 above, determine the class or classes to which the increased or decreased number
 of Directors shall be apportioned; provided, however, that no decrease in the number of Directors
 shall shorten the term of any incumbent Director.

**Alternate Director**

91. Any
 Director may in writing appoint any other Director or any other Person approved by the board
 of Directors (in accordance with these Articles) to be their alternate and, save to the extent
 provided otherwise in the form of appointment, such alternate shall have authority to sign
 written resolutions on behalf of the appointing Director, but shall not be authorised to
 sign such written resolutions where they have been signed by the appointing Director, and
 to act in such Director's place at any meeting of the Directors. Every such alternate
 shall be entitled to attend and vote at meetings of the Directors as the alternate of the
 Director appointing them and where they are a Director to have a separate vote in addition
 to their own vote. A Director may at any time in writing revoke the appointment of an alternate
 appointed by them. Such alternate shall not be an Officer solely as a result of their appointment
 as an alternate other than in respect of such times as the alternate acts as a Director.
 The remuneration of such alternate shall be payable out of the remuneration of the Director
 appointing them and the proportion thereof shall be agreed between them.

**Powers And Duties Of Directors**

92. Subject
 to the Companies Act, these Articles and to any resolutions passed in a general meeting,
 the business of the Company shall be managed by the Directors, who may pay all expenses incurred
 in setting up and registering the Company and may exercise all powers of the Company. No
 resolution passed by the Company in general meeting shall invalidate any prior act of the
 Directors that would have been valid if that resolution had not been passed.

93. The
 Directors may from time to time appoint any Person, whether or not a Director to hold such
 office in the Company as the Directors may think necessary for the administration of the
 Company, including but not limited to, the office of president, one or more vice-presidents,
 treasurer, assistant treasurer, manager or controller, and for such term and at such remuneration
 (whether by way of salary or commission or participation in profits or partly in one way
 and partly in another), and with such powers and duties as the Directors may think fit. Any
 Person so appointed by the Directors may be removed by the Directors or by the Company by
 Ordinary Resolution. The Directors may also appoint one or more of their number to the office
 of managing director upon like terms, but any such appointment shall ipso facto terminate
 if any managing director ceases from any cause to be a Director, or if the Company by Ordinary
 Resolution resolves that his tenure of office be terminated.

94. The
 Directors may appoint any Person to be a Secretary (and if need be an assistant Secretary
 or assistant Secretaries) who shall hold office for such term, at such remuneration and upon
 such conditions and with such powers as they think fit. Any Secretary or assistant Secretary
 so appointed by the Directors may be removed by the Directors or by the Company by Ordinary
 Resolution.

95. The
 Directors may delegate any of their powers to committees consisting of such member or members
 of their body as they think fit; any committee so formed shall in the exercise of the powers
 so delegated conform to any regulations that may be imposed on it by the Directors.

96. The
 Directors may from time to time and at any time by power of attorney (whether under Seal
 or under hand) or otherwise appoint any company, firm or Person or body of Persons, whether
 nominated directly or indirectly by the Directors, to be the attorney or attorneys or authorised
 signatory (any such person being an "**Attorney** "
 or "**Authorised Signatory** ", respectively)
 of the Company for such purposes and with such powers, authorities and discretion (not exceeding
 those vested in or exercisable by the Directors under these Articles) and for such period
 and subject to such conditions as they may think fit, and any such power of attorney or other
 appointment may contain such provisions for the protection and convenience of Persons dealing
 with any such Attorney or Authorised Signatory as the Directors may think fit, and may also
 authorise any such Attorney or Authorised Signatory to delegate all or any of the powers,
 authorities and discretion vested in them.

97. The
 Directors may from time to time provide for the management of the affairs of the Company
 in such manner as they shall think fit and the provisions contained in the three next following
 Articles shall not limit the general powers conferred by this Article.

98. The
 Directors from time to time and at any time may establish any committees, local boards or
 agencies for managing any of the affairs of the Company and may appoint any Person to be
 a member of such committees or local boards and may appoint any managers or agents of the
 Company and may fix the remuneration of any such Person.

99. The
 Directors from time to time and at any time may delegate to any such committee, local board,
 manager or agent any of the powers, authorities and discretions for the time being vested
 in the Directors and may authorise the members for the time being of any such local board,
 or any of them to fill any vacancies therein and to act notwithstanding vacancies and any
 such appointment or delegation may be made on such terms and subject to such conditions as
 the Directors may think fit and the Directors may at any time remove any Person so appointed
 and may annul or vary any such delegation, but no Person dealing in good faith and without
 notice of any such annulment or variation shall be affected thereby.

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

101. The
 Directors may agree with a Shareholder to waive or modify the terms applicable to such Shareholder's
 subscription for Shares without obtaining the consent of any other Shareholder; provided
 that such waiver or modification does not amount to a variation or abrogation of the rights
 attaching to the Shares of such other Shareholders.

102. Subject
 to the rules of the Designated Stock Exchange and/or any competent regulatory authority,
 the Directors shall have the authority to present a winding up petition on behalf of the
 Company on the grounds that the Company is unable to pay its debts within the meaning of
 section 93 of the Companies Act or where a winding up petition has been presented, apply
 on behalf of the Company, for the appointment of a provisional liquidator without the sanction
 of a resolution passed by the Company at a general meeting.

**Borrowing Powers Of Directors**

103. The
 Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
 its undertaking, property and uncalled capital or any part thereof, or to otherwise provide
 for a security interest to be taken in such undertaking, property or uncalled capital, and
 to issue debentures, debenture stock and other securities whenever money is borrowed or as
 security for any debt, liability or obligation of the Company or of any third party.

**The Seal**

104. The
 Seal (if any) shall not be affixed to any instrument except by the authority of a resolution
 of the Directors provided always that such authority may be given prior to or after the affixing
 of the Seal and if given after may be in general form confirming a number of affixings of
 the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant
 Secretary) or in the presence of any one or more Persons as the Directors may appoint for
 the purpose and every Person as aforesaid shall sign every instrument to which the Seal is
 so affixed in their presence.

105. The
 Company may maintain a facsimile of the Seal in such countries or places as the Directors
 may appoint and such facsimile Seal shall not be affixed to any instrument except by the
 authority of a resolution of the Directors provided always that such authority may be given
 prior to or after the affixing of such facsimile Seal and if given after may be in general
 form confirming a number of affixings of such facsimile Seal. The facsimile Seal shall be
 affixed in the presence of such Person or Persons as the Directors shall for this purpose
 appoint and such Person or Persons as aforesaid shall sign every instrument to which the
 facsimile Seal is so affixed in their presence and such affixing of the facsimile Seal and
 signing as aforesaid shall have the same meaning and effect as if the Seal had been affixed
 in the presence of and the instrument signed by a Director or a Secretary (or an assistant
 Secretary) or in the presence of any one or more Persons as the Directors may appoint for
 the purpose.

106. Notwithstanding
 the foregoing, a Secretary or any assistant Secretary shall have the authority to affix the
 Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity
 of the matter contained therein but which does not create any obligation binding on the Company.

**Disqualification Of Directors**

107. The
 office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes
 bankrupt or makes any arrangement or composition with their creditors;

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

(c) resigns
 their office by notice in writing to the Company;

(d) is
 removed from office by Ordinary Resolution;

(e) is
 removed from office by notice addressed to them at their last known address and signed by
 all of their co-Directors (not being less than two in number); or

(f) is
 removed from office pursuant to any other provision of these Articles.

**Proceedings Of Directors**

108. The
 Directors may meet together (either within or outside the Cayman Islands) for the despatch
 of business, adjourn, and otherwise regulate their meetings and proceedings as they think
 fit. Questions arising at any meeting shall be decided by a majority of votes. In case of
 an equality of votes the chair shall not have a second or casting vote. A Director may, and
 a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon
 a meeting of the Directors.

109. A
 Director may participate in any meeting of the Directors, or of any committee appointed by
 the Directors of which such Director is a member, by means of telephone or similar communication
 equipment by way of which all Persons participating in such meeting can communicate with
 each other and such participation shall be deemed to constitute presence in person at the
 meeting.

110. The
 quorum necessary for the transaction of the business of the Directors shall be a majority
 of the Directors in office from time to time. A Director represented by an alternate Director
 at any meeting shall be deemed to be present for the purposes of determining whether or not
 a quorum is present.

111. A
 Director who is in any way, whether directly or indirectly, interested in a contract or proposed
 contract with the Company shall declare the nature of their interest at a meeting of the
 Directors. A general notice given to the Directors by any Director to the effect that they
 are to be regarded as interested in any contract or other arrangement which may thereafter
 be made with that company or firm shall be deemed a sufficient declaration of interest in
 regard to any contract so made. A Director may vote in respect of any contract or proposed
 contract or arrangement notwithstanding that they may be interested therein and if they do
 so their vote shall be counted and they may be counted in the quorum at any meeting of the
 Directors at which any such contract or proposed contract or arrangement shall come before
 the meeting for consideration.

112. A
 Director may hold any other office or place of profit under the Company (other than the office
 of auditor) in conjunction with their office of Director for such period and on such terms
 (as to remuneration and otherwise) as the Directors may determine and no Director or intending
 Director shall be disqualified by their office from contracting with the Company either with
 regard to their tenure of any such other office or place of profit or as vendor, purchaser
 or otherwise, nor shall any such contract or arrangement entered into by or on behalf of
 the Company 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
 for any profit realised by any such contract or arrangement by reason of such Director holding
 that office or of the fiduciary relation thereby established. A Director, notwithstanding
 their interest, may be counted in the quorum present at any meeting of the Directors whereat
 they are or any other Director is appointed to hold any such office or place of profit under
 the Company or whereat the terms of any such appointment are arranged and they may vote on
 any such appointment or arrangement.

113. Any
 Director may act by themselves or their firm in a professional capacity for the Company,
 and they or their firm shall be entitled to remuneration for professional services as if
 they were not a Director; provided that nothing herein contained shall authorise a Director
 or their firm to act as auditor to the Company.

114. The
 Directors shall cause minutes to be made in books or loose-leaf folders provided for the
 purpose of recording:

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

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

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

115. When
 the chair of a meeting of the Directors signs the minutes of such meeting the same shall
 be deemed to have been duly held notwithstanding that all the Directors have not actually
 come together or that there may have been a technical defect in the proceedings.

116. A
 resolution in writing signed by all the Directors or all the members of a committee of Directors
 entitled to receive notice of a meeting of Directors or committee of Directors, as the case
 may be (an alternate Director, subject as provided otherwise in the terms of appointment
 of the alternate Director, being entitled to sign such a resolution on behalf of their appointer),
 shall be as valid and effectual as if it had been passed at a duly called and constituted
 meeting of Directors or committee of Directors, as the case may be. When signed a resolution
 may consist of several documents each signed by one or more of the Directors or their duly
 appointed alternate.

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

118. The
 Directors may elect a chair of their meetings and determine the period for which they are
 to hold office but if no such chair is elected, or if at any meeting the chair is not present
 within fifteen minutes after the time appointed for holding the meeting, the Directors present
 may choose one of their number to be chair of the meeting.

119. Subject
 to any regulations imposed on it by the Directors, a committee appointed by the Directors
 may elect a chair of its meetings. If no such chair is elected, or if at any meeting the
 chair is not present within fifteen minutes after the time appointed for holding the meeting,
 the committee members present may choose one of their number to be chair of the meeting.

120. A
 committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to
 any regulations imposed on it by the Directors, questions arising at any meeting shall be
 determined by a majority of votes of the committee members present and in case of an equality
 of votes the chair shall not have a second or casting vote.

121. All
 acts done by any meeting of the Directors or of a committee of Directors, or by any Person
 acting as a Director, shall notwithstanding that it be afterwards discovered that there was
 some defect in the appointment of any such Director or Person acting as aforesaid, or that
 they or any of them were disqualified, be as valid as if every such Person had been duly
 appointed and was qualified to be a Director.

**Dividends**

122. Subject
 to any rights and restrictions for the time being attached to any Shares, or as otherwise
 provided for in the Companies Act and these Articles, the Directors may from time to time
 declare dividends (including interim dividends) and other distributions on Shares in issue
 and authorise payment of the same out of the funds of the Company lawfully available therefor.

123. Subject
 to any rights and restrictions for the time being attached to any Shares, the Company by
 Ordinary Resolution may declare dividends, but no dividend shall exceed the amount recommended
 by the Directors.

124. The
 Directors may determine, before recommending or declaring any dividend, to set aside out
 of the funds legally available for distribution such sums as they think proper as a reserve
 or reserves which shall be applicable for meeting contingencies, or for equalising dividends
 or for any other purpose to which those funds may be properly applied and pending such application
 may, at the determination of the Directors, either be employed in the business of the Company
 or be invested in such investments as the Directors may from time to time think fit.

125. Any
 dividend may be paid in any manner as the Directors may determine. If paid by cheque it will
 be sent through the post to the registered address of the Shareholder or Person entitled
 thereto, or in the case of joint holders, to any one of such joint holders at their registered
 address or to such Person and such address as the Shareholder or Person entitled, or such
 joint holders as the case may be, may direct. Every such cheque shall be made payable to
 the order of the Person to whom it is sent or to the order of such other Person as the Shareholder
 or Person entitled, or such joint holders as the case may be, may direct.

126. The
 Directors when paying dividends to the Shareholders in accordance with the foregoing provisions
 of these Articles may make such payment either in cash or in specie and may determine the
 extent to which amounts may be withheld therefrom (including, without limitation, any taxes,
 fees, expenses or other liabilities for which a Shareholder (or the Company, as a result
 of any action or inaction of the Shareholder) is liable).

127. Subject
 to any rights and restrictions for the time being attached to any Shares, all dividends shall
 be declared and paid according to the amounts paid up on the Shares, but if and for so long
 as nothing is paid up on any of the Shares dividends may be declared and paid according to
 the par value of the Shares.

128. If
 several Persons are registered as joint holders of any Share, any of them may give effectual
 receipts for any dividend or other moneys payable on or in respect of the Share.

129. No
 dividend shall bear interest against the Company.

**Accounts, Audit and annual return and declaration**

130. The
 books of account relating to the Company's affairs shall be kept in such manner as
 may be determined from time to time by the Directors.

131. The
 books of account shall be kept at the Office, or at such other place or places as the Directors
 think fit, and shall always be open to the inspection of the Directors.

132. The
 Directors may from time to time determine whether and to what extent and at what times and
 places and under what conditions or regulations the accounts and books of the Company or
 any of them shall be open to the inspection of Shareholders not being Directors, and no Shareholder
 (not being a Director) shall have any right of inspecting any account or book or document
 of the Company except as conferred by law or authorised by the Directors or by Ordinary Resolution.

133. The
 accounts relating to the Company's affairs shall only be audited if the Directors so
 determine, in which case the financial year end and the accounting principles will be determined
 by the Directors. The financial year of the Company shall end on 31 December of each year
 or such other date as the Directors may determine.

134. The
 Directors in each year shall prepare, or cause to be prepared, an annual return and declaration
 setting forth the particulars required by the Companies Act and deliver a copy thereof to
 the Registrar of Companies in the Cayman Islands.

**Capitalisation Of reserves**

135. Subject
 to the Companies Act and these Articles, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve
 to capitalise an amount standing to the credit of reserves (including a Share Premium Account,
 capital redemption reserve and profit and loss account), whether or not available for distribution;

(b) appropriate
 the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount
 of Shares (whether or not fully paid) held by them respectively and apply that sum on their
 behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying
 up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

(ii) paying
 up in full unissued Shares or debentures of a nominal amount equal to that sum,

and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 any arrangements they think fit to resolve a difficulty arising in the distribution of a
 capitalised reserve and in particular, without limitation, where Shares or debentures become
 distributable in fractions the Directors may deal with the fractions as they think fit;

(d) authorise
 a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the
 Company providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures
 to which they may be entitled on the capitalisation, or

(ii) the
 payment by the Company on behalf of the Shareholders (by the application of their respective
 proportions of the reserves resolved to be capitalised) of the amounts or part of the amounts
 remaining unpaid on their existing Shares,

and any such agreement made under this authority being effective and binding on all those Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally
 do all acts and things required to give effect to any of the actions contemplated by this
 Article.

**Share Premium Account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. The
 Directors shall in accordance with the Companies Act establish a 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.

137. There
 shall be debited to any Share Premium Account on the redemption or purchase of a Share the
 difference between the nominal value of such Share and the redemption or purchase price provided
 always that at the determination of the Directors such sum may be paid out of the profits
 of the Company or, if permitted by the Companies Act, out of capital.

**Notices**

138. Any
 notice or document may be served by the Company or by the Person entitled to give notice
 to any Shareholder either personally, or by posting it airmail or air courier service in
 a prepaid letter addressed to such Shareholder at their address as appearing in the Register,
 or by electronic mail to an electronic mail address provided by such Shareholder, or by facsimile
 should the Directors deem it appropriate. Notice may also be served by electronic communication
 in accordance with the rules and regulations of the Designated Stock Exchange, the Commission
 and/or any other competent regulatory authority or by placing it on the Company's website.
 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 in respect of the joint holding, and notice
 so given shall be sufficient notice to all the joint holders.

139. Any
 Shareholder present, either personally or by proxy, at any meeting of the Company shall for
 all purposes be deemed to have received due notice of such meeting and, where requisite,
 of the purposes for which such meeting was convened.

140. Any
 notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post,
 shall be deemed to have been served five (5) clear days after the time when the letter containing
 the same is posted;

(b) facsimile,
 shall be deemed to have been served upon production by the transmitting facsimile machine
 of a report confirming transmission of the facsimile in full to the facsimile number of the
 recipient;

(c) recognised
 courier service, shall be deemed to have been served 48 hours after the time when the letter
 containing the same is delivered to the courier service;

(d) electronic
 mail or other electronic communication (such as transmission to any number, address or internet
 website (including the website of the Commission) or other electronic delivery methods as
 otherwise decided and approved by the Directors), shall be deemed to have been served immediately
 upon the time of the transmission by electronic mail or approved electronic communication,
 and it shall not be necessary for the receipt of the e-mail to be acknowledged by the recipient;
 or

(e) placing
 it on the Company's website; service of the notice shall be deemed to have been effected
 one hour after the notice or document was placed on the Company's website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

141. Any
 notice or document delivered or sent in accordance with the terms of these Articles shall
 notwithstanding that such Shareholder be then dead or bankrupt, and whether or not the Company
 has notice of their death or bankruptcy, be deemed to have been duly served in respect of
 any Share registered in the name of such Shareholder as sole or joint holder, unless their
 name shall at the time of the service of the notice or document, have been removed from the
 Register as the holder of the Share, and such service shall for all purposes be deemed a
 sufficient service of such notice or document on all Persons interested (whether jointly
 with or as claiming through or under him) in the Share.

142. Notice
 of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Shareholders holding Shares with the right to receive notice and who have supplied to the
 Company an address for the giving of notices to them; and

(b) every
 Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who
 but for their death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

**Indemnity**

143. Every
 Director (including for the purposes of this Article any alternate Director appointed pursuant
 to the provisions of these Articles), Secretary, assistant Secretary, or other Officer (but
 not including the Company's auditors) and the personal representatives of the same
 (each an "**Indemnified Person** ")
 shall be indemnified and secured harmless out of the assets and funds of the Company against
 all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred
 or sustained by such Indemnified Person, other than by reason of such Indemnified Person's
 own dishonesty, wilful default or fraud as determined by a court of competent jurisdiction,
 in or about the conduct of the Company's business or affairs (including as a result
 of any mistake of judgment) or in the execution or discharge of their duties, powers, authorities
 or discretions, including without prejudice to the generality of the foregoing, any costs,
 expenses, losses or liabilities incurred by such Indemnified Person in defending (whether
 successfully or otherwise) any civil proceedings concerning the Company or its affairs in
 any court whether in the Cayman Islands or elsewhere.

144. No
 Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 the acts, receipts, neglects, defaults or omissions of any other Director or Officer or agent
 of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 any loss on account of defect of title to any property of the Company; or

(c) on
 account of the insufficiency of any security in or upon which any money of the Company shall
 be invested; or

(d) for
 any loss incurred through any bank, broker or other similar Person; or

(e) for
 any loss occasioned by any negligence, default, breach of duty, breach of trust, error of
 judgement or oversight on such Indemnified Person's part; or

(f) for
 any loss, damage or misfortune whatsoever which may happen in or arise from the execution
 or discharge of the duties, powers, authorities, or discretions of such Indemnified Person's
 office or in relation thereto;

unless the same shall happen through such Indemnified Person's own dishonesty, wilful default or fraud as determined by a court of competent jurisdiction.

**Non-Recognition Of Trusts**

145. Subject
 to the proviso hereto, no Person shall be recognised by the Company as holding any Share
 upon any trust and the Company shall not, unless required by law, be bound by or be compelled
 in any way to recognise (even when having notice thereof) any equitable, contingent, future
 or partial interest in any Share or (except only as otherwise provided by these Articles
 or as the Companies Act requires) any other right in respect of any Share except an absolute
 right to the entirety thereof in each Shareholder registered in the Register, provided that,
 notwithstanding the foregoing, the Company shall be entitled to recognise any such interests
 as shall be determined by the Directors.

**Winding Up**

146. If
 the Company shall be wound up the liquidator shall apply the assets of the Company in such
 manner and order as they think fit in satisfaction of creditors' claims.

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

**Amendment Of Articles Of Association**

148. Subject
 to the Companies Act and the rights attaching to the various Classes, the Company may at
 any time and from time to time by Special Resolution alter or amend these Articles in whole
 or in part.

**Closing of register or fixing record date**

149. For
 the purpose of determining those Shareholders that are entitled to receive notice of, attend
 or vote at any meeting of Shareholders or any adjournment thereof, or those Shareholders
 that are entitled to receive payment of any dividend, or in order to make a determination
 as to who is a Shareholder for any other purpose, the Directors may, by any means in accordance
 with the requirements of any Designated Stock Exchange, provide that the Register shall be
 closed for transfers for a stated period which shall not exceed in any case forty (40) days.
 If the Register shall be so closed for the purpose of determining those Shareholders that
 are entitled to receive notice of, attend or vote at a meeting of Shareholders the Register
 shall be so closed for at least ten (10) days immediately preceding such meeting and the
 record date for such determination shall be the date of the closure of the Register.

150. In
 lieu of or apart from closing the Register, the Directors may fix in advance a date as the
 record date for any such determination of those Shareholders that are entitled to receive
 notice of, attend or vote at a meeting of the Shareholders and for the purpose of determining
 those Shareholders that are entitled to receive payment of any dividend the Directors may,
 at or within ninety (90) days prior to the date of declaration of such dividend, fix a subsequent
 date as the record date for such determination.

151. If
 the Register is not so closed and no record date is fixed for the determination of those
 Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders or
 those Shareholders that are entitled to receive payment of a dividend, the date on which
 notice of the meeting is posted or the date on which the resolution of the Directors declaring
 such dividend is adopted, as the case may be, shall be the record date for such determination
 of Shareholders. When a determination of those Shareholders that are entitled to receive
 notice of, attend or vote at a meeting of Shareholders has been made as provided in this
 Article, such determination shall apply to any adjournment thereof.

**Registration By Way Of Continuation**

152. The
 Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
 outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated,
 registered or existing. In furtherance of a resolution adopted pursuant to this Article,
 the Directors may cause an application to be made to the Registrar of Companies to deregister
 the Company in the Cayman Islands or such other jurisdiction in which it is for the time
 being incorporated, registered or existing and may cause all such further steps as they consider
 appropriate to be taken to effect the transfer by way of continuation of the Company.

**Mergers and Consolidation**

153. The
 Company may merge or consolidate in accordance with the Companies Act.

154. To
 the extent required by the Companies Act, the Company may by Special Resolution resolve to
 merge or consolidate the Company.

**disclosure**

155. The
 Directors, or any authorised service providers (including the Officers, the Secretary and
 the registered office agent of the Company), shall be entitled to disclose to any regulatory
 or judicial authority, or to any stock exchange on which the Shares may from time to time
 be listed, any information regarding the affairs of the Company including, without limitation,
 information contained in the Register and books of the Company.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

![](ex99-2_002.jpg)

## Exhibit 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

## Exhibit 99.4

**Exhibit 99.4**

![](ex99-4_001.jpg)