# EDGAR Filing Document

**Accession Number:** 0001875609
**File Stem:** 0001104659-23-006373
**Filing Date:** 2023-1
**Character Count:** 118486
**Document Hash:** bf1ab4010797510ab18046e8a67294b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-006373.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001104659-23-006373

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230125

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Swvl Holdings Corp
- **CENTRAL INDEX KEY:** 0001875609
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41339
- **FILM NUMBER:** 23549704

**BUSINESS ADDRESS:**
- **STREET 1:** THE OFFICES 4
- **STREET 2:** ONE CENTRAL
- **CITY:** DUBAI
- **STATE:** C0
- **ZIP:** NA
- **BUSINESS PHONE:** 97 1552 132989

**MAIL ADDRESS:**
- **STREET 1:** THE OFFICES 4
- **STREET 2:** ONE CENTRAL
- **CITY:** DUBAI
- **STATE:** C0
- **ZIP:** NA

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pivotal Holdings Corp
- **DATE OF NAME CHANGE:** 20210728

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of January 2023 (Report No. 3)**

**Commission File Number: 001-41339**

**Swvl Holdings Corp**

**The Offices 4, One Central**

**Dubai World Trade Centre**

**Dubai, United Arab Emirates**

**(Address of principal executive office)**

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

Form 20-F ⌧ Form 40-F ◻

**CONTENTS**

***Reverse Share Split***

On January 4, 2023, the board of directors of Swvl Holdings Corp ("Swvl" or the "Company") approved a reverse stock split of Class A ordinary shares, par value $0.0001 per share (the "Ordinary Shares"), at the ratio of one-for-25 such that every 25 issued Ordinary Shares would be combined into one ordinary share, with a par value of $0.0025 each (the "Reverse Share Split"). The Company's board of directors also approved an amendment and restatement to the Company's Memorandum and Articles of Association (the "Amended and Restated M&A"), which are furnished herewith as Exhibit 99.1. No shareholder approval is required for the Reverse Share Split pursuant to the BVI Business Companies Act (as revised).

The Reverse Share Split is expected to be effective on January 25, 2023, following which the trading of the Company's Ordinary Shares will begin trading on the Nasdaq Global Market on a split-adjusted basis start of trade on January 26, 2023. All options and warrants of the Company outstanding immediately prior to the Reverse Share Split will be appropriately adjusted by dividing the number of shares of the Ordinary Shares into which the options and warrants are exercisable or convertible by 25 and multiplying the exercise or conversion price thereof by 25, as a result of the Reverse Share Split.

***Press Release***

 ****

On January 25, 2023, the Company issued a press release titled: "Swvl Announces Reverse Share Split." A copy of this press release is furnished herewith as Exhibit 99.2.

This Report of Foreign Private Issuer on Form 6-K ("Report") is incorporated by reference into Swvl's Registration Statement on Form S-8 (Registration No. 333-265464) filed with the Securities and Exchange Commission, to be a part thereof from the date on which this Report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

 **EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit** | **Description of Exhibit** |
| [99.1](tm234229d1_ex99-1.htm) | [Amended and Restated Memorandum and Articles of Association.](tm234229d1_ex99-1.htm) |
| [99.2](tm234229d1_ex99-2.htm) | [Press release titled: "Swvl Announces Reverse Share Split."](tm234229d1_ex99-2.htm) |

---

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
|  | **SWVL HOLDINGS CORP** | **SWVL HOLDINGS CORP** |
| Date: January 25, 2023 | By: | /s/ Youssef Salem |
|  | Name: | Youssef Salem |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Company no. 2070410**

![](tm234229d1_ex99-1img01.jpg)

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**Swvl Holdings Corp**

**Incorporated this 23rd day of July 2021**

**Amended and Restated on 30<sup>th</sup> day of March 2022**

**Amended and Restated on 31<sup>st</sup> day of March 2022**

**Amended and Restated on [●] day of January 2023**

**Maples Corporate Services (BVI) Limited**

**Kingston Chambers**

**PO Box 173**

**Road Town, Tortola**

**British Virgin Islands**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Swvl Holdings Corp**

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| | |
|:---|:---|
| 1 | The name of the Company is **Swvl Holdings Corp**. |

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2 The Company is a company limited by shares.

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| | |
|:---|:---|
| 3 | The first Registered Office of the Company shall be at the offices of Maples Corporate Services (BVI) Limited, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. The Directors or Members may from time to time change the Registered Office of the Company by Resolution of Directors or Resolution of Members. |

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| | |
|:---|:---|
| 4 | The first Registered Agent of the Company will be Maples Corporate Services (BVI) Limited of Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. The Directors or Members may from time to time change the Registered Agent of the Company by Resolution of Directors or Resolution of Members. |

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| | |
|:---|:---|
| 5 | 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 the laws of the British Virgin Islands. |

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| | |
|:---|:---|
| 6 | The liability of each Member is limited to the amount unpaid on such Member's shares. |

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7 The Company is authorised to issue a maximum of 75,000,000 shares divided into two classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 20,000,000
 Class A ordinary shares with a par value of US$0.0025 each (the "**Class A Common Shares** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 55,000,000
 preferred shares with a par value of US$0.0001 each (the "**Preference Shares** "),

each Share having the rights and restrictions set out in the Memorandum and Articles.

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| | |
|:---|:---|
| 8 | For the purposes of section 9 of the Statute, any rights, privileges, restrictions and conditions attaching to any of the Shares as provided for in the Memorandum and Articles are deemed to be set out and stated in full in this Memorandum. |

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9 Each Class A Common Share confers on the holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 right to one vote on any Resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 right to an equal share in any dividend paid by the Company in accordance with the Statute;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 right to an equal share in the distribution of the surplus assets of the Company.

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| | |
|:---|:---|
| 10 | The Preference Shares shall have such rights as specified by the board of Directors pursuant to the Resolution of Directors approving the issue of such Preference Share(s), and in any such Resolution of Directors the board of Directors shall agree to amend and restate the Memorandum and Articles to fully set out such rights and instruct the registered agent of the Company to file the amended Memorandum and Articles with the Registrar. For the avoidance of doubt, the Directors shall not require any approval of the Members in respect of the issuance of Preference Shares, any amendments to the terms of Preference Shares and the related amendments to the Memorandum and Articles. |

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11 Shares may only be issued as registered shares and the Company is not authorised to issue bearer shares. Registered shares may not be exchanged for bearer shares or converted to bearer shares.

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

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| | |
|:---|:---|
| 13 | Subject to the provisions of the Statute, the Company may from time to time amend this Memorandum or the Articles of Association by a Resolution of Members passed by a supermajority or by a Resolution of Directors. |

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We, Maples Corporate Services (BVI) Limited of Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 23rd day of July 2021.

---

| |
|:---|
| Incorporator |
| (Signed: Denery Moses) |
| Denery Moses |
| Authorised Signatory |
| Maples Corporate Services (BVI) Limited |

---

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**Swvl Holdings Corp**

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| | |
|:---|:---|
| **1** | **Interpretation** |

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1.1 In
 the Articles, unless there is something in the subject or context inconsistent therewith:

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| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company. |
| "**Auditor**" | means the person for the time being performing the duties of auditor of the Company (if any). |
| **"business day"** | means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City. |
| "**Class A Common Share**" | has the meaning given to such term in the Memorandum. |
| "**Clearing House**" | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a Recognised Exchange or interdealer quotation system in such jurisdiction. |
| "**Company**" | means the above named company. |
| "**Directors**" | means the then current directors of the Company. |
| "**Distribution**" | means any distribution (including an interim or final dividend). |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act. |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act, 2001 of the British Virgin Islands. |
| "**Exchange Act**" | has the meaning given to that term in Article 17.8(c). |

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| | |
|:---|:---|
| "**Material Ownership Interests**" | has the meaning given to that term in Article 17.8(d). |
| "**Member**" | has the same meaning as in the Statute. |
| "**Memorandum**" | means the memorandum of association of the Company. |
| "**Other Investments**" | has the meaning given to that term in Article 45. |
| "**Preference Share**" | has the meaning given to such term in the Memorandum. |
| "**Proposing Person**" | shall mean the following persons: (i) the Member or Requisitioning Members of record providing the notice of Director Nomination(s) or other business proposed to be brought before a general meeting, and (ii) the beneficial owner(s), if different, on whose behalf the Director Nomination(s) or other business proposed to be brought before a general meeting is made. |
| "**Recognised Exchange**" | means an exchange that is a member of the World Federation of Exchanges or an exchange that is recognised by the BVI Financial Services Commission by notice published in the Government of the Virgin Islands Official Gazette including, but not limited to, the New York Stock Exchange and NASDAQ. |
| "**Register of Members**" | means the register of Members maintained in accordance with the Statute. |
| "**Registered Agent**" | means the then current registered agent of the Company. |
| "**Registered Office**" | means the then current registered office of the Company. |
| "**Resolution of Directors**" | means:<br>(a) a resolution passed by a majority of votes of the Directors or a majority of votes of the members of a committee of the Directors as, being entitled to do so, vote at a meeting of the Directors or a meeting of a committee of the Directors, unless a higher threshold is required pursuant to the Memorandum or the Articles; or<br>(b) a resolution in writing signed by all of the Directors or all of the members of a committee of the Directors. |
| "**Resolution of Members**" | means a resolution passed by a majority of votes of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Members unless a higher threshold is required pursuant to the Memorandum or the Articles (it being understood that, unless otherwise provided in the Memorandum or the Articles, absent Members, Members who are present but do not vote, blanks and abstentions shall not be counted for purposes of determining if a majority has been obtained).<br>For the avoidance of doubt, a Resolution of Members may not be consented to in writing and section 88 of the Statute shall not apply to the Company. |

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| | |
|:---|:---|
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**SEC**" | has the meaning given to that term in Article 3.1. |
| "**Share**" | means a Common Share or a Preference Share in the Company and includes a fraction of such share in the Company. |
| "**Solicitation Statement**" | has the meaning given to that term in Article 17.8(e). |
| "**Statute**" | means the BVI Business Companies Act, 2004 of the British Virgin Islands. |
| "**Specified Party**" | has the meaning given to that term in Article 45. |
| "**Synthetic Equity Interest**" | shall mean any transaction, agreement or arrangement (or series of transactions, agreements or arrangements), including, without limitation, any derivative, swap, hedge, repurchase or so-called "stock borrowing" agreement or arrangement, the purpose or effect of which is to, directly or indirectly: (a) give a person or entity economic benefit and/or risk similar to ownership of shares of any class or series of the Company, in whole or in part, including due to the fact that such transaction, agreement or arrangement provides, directly or indirectly, the opportunity to profit or avoid a loss from any increase or decrease in the value of any shares of any class or series of the Company, (b) mitigate loss to, reduce the economic risk of or manage the risk of share price changes for, any person or entity with respect to any shares of any class or series of the Company, (c) otherwise provide in any manner the opportunity to profit or avoid a loss from any decrease in the value of any shares of any class or series of the Company, or (d) increase or decrease the voting power of any person or entity with respect to any shares of any class or series of the Company. |
| "**Timely Notice**" | has the meaning given to that term in Article 17.8. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Statute. |

---

1.2 In
 the Articles:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the masculine gender include the feminine gender and words importing the feminine
 gender include the masculine gender;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written"
 and "in writing" include all modes of representing or reproducing words in visible
 form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall"
 shall be construed as imperative and "may" shall be construed as permissive;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references
 to provisions of any law shall be construed to include any rules and regulations promulgated
 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 phrase introduced by the terms "including", "include", "in particular"
 or any similar expression shall be construed as illustrative and shall not limit the sense
 of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 term "and/or" is used herein to mean both "and" as well as "or."
 The use of "and/or" in certain contexts in no respects qualifies or modifies the
 use of the terms "and" or "or" in others. The term "or" shall
 not be interpreted to be exclusive and the term "and" shall not be interpreted
 to require the conjunctive (in each case, unless the context otherwise requires);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any
 requirements as to delivery under the Articles include delivery in the form of an Electronic
 Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any
 requirements as to execution or signature under the Articles including the execution of the
 Memorandum and Articles themselves can be satisfied in the form of an electronic signature
 as provided for in the Electronic Transactions Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) section
 8(2) of the Electronic Transactions Act shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 term "clear days" in relation to the period of a notice means that period excluding
 the day when the notice is received or deemed to be received and the day for which it is
 given or on which it is to take effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 term "holder" in relation to a Share means a person whose name is entered in the
 Register of Members as the holder of such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the
 term "supermajority" in relation to a Resolution of Members means, notwithstanding
 anything to the contrary in the definition of "Resolution of Members", a majority
 of not less than seventy five (75) per cent. of the votes of all those entitled to vote on
 the resolution regardless of how many actually vote or abstain, meaning that absent Members,
 Members who are present but do not vote, blanks and abstentions shall be counted for the
 purpose of determining if a supermajority has been obtained.

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| | |
|:---|:---|
| **2** | **Commencement of Business** |

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2.1 The
 business of the Company may be commenced as soon after incorporation of the Company as the
 Directors shall see fit.

2.2 The
 Directors may pay, out of any monies of the Company, all expenses incurred or sustained in
 the formation and establishment of the Company, including the expenses of incorporation.

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| | |
|:---|:---|
| **3** | **Issue of Shares** |

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3.1 Subject
 to the Statute and the provisions, if any, in the Memorandum (and to any direction that may
 be given by the Company in general meeting) and, where applicable, the rules and regulations
 of any applicable Recognised Exchange, the United States Securities and Exchange Commission
 (the "**SEC**") and/or any other competent regulatory authority and without
 prejudice to any rights attached to any existing Shares, the Directors may allot, issue,
 grant options over or otherwise dispose of Shares (including fractions of a Share) with or
 without preferred, deferred or other rights or restrictions, whether in regard to Distribution,
 voting, return of investment or otherwise and to such persons, at such times, for such consideration,
 and on such other terms as they think proper, and may also (subject to the Statute and the
 Articles) vary such rights. A bonus share issued by the Company shall be deemed to have been
 fully paid for on issue.

3.2 The
 Company may issue rights, options, warrants or convertible securities or instruments of similar
 nature conferring the right upon the holders thereof to subscribe for, purchase or receive
 any class of Shares or other securities in the Company on such terms as the Directors may
 from time to time determine.

3.3 The
 Company may issue units of securities in the Company, which may be comprised of whole or
 fractional Shares, rights, options, warrants or convertible securities or securities of similar
 nature conferring the right upon the holders thereof to subscribe for, purchase or receive
 any class of Shares or other securities in the Company, upon such terms as the Directors
 may from time to time determine.

3.4 Section 46
 of the Statute does not apply to the Company.

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| | |
|:---|:---|
| **4** | **Register of Members** |

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4.1 The
 Company shall maintain or cause to be maintained the Register of Members in accordance with
 the Statute.

4.2 Where
 Shares are listed on a Recognised Exchange, the Directors may determine that the Company
 shall maintain or cause to be maintained its Register of Members in such manner and form
 as is customary for such Recognised Exchange.

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| | |
|:---|:---|
| **5** | **Closing Register of Members and Fixing Record Date** |

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5.1 For
 the purpose of determining Members entitled to notice of, or to vote at, any meeting of Members
 or any adjournment thereof, or Members entitled to receive payment of any Distribution, or
 in order to make a determination of Members for any other purpose, the Directors may provide
 that the Register of Members shall be closed for transfers for a stated period which shall
 not in any case exceed forty (40) days.

5.2 In
 lieu of, or apart from, closing the Register of Members, the Directors may fix in advance
 or arrears a date as the record date for any such determination of Members entitled to notice
 of, or to vote at, any meeting of the Members or any adjournment thereof, or for the purpose
 of determining the Members entitled to receive payment of any Distribution, or in order to
 make a determination of Members for any other purpose.

5.3 If
 the Register of Members is not so closed and no record date is fixed for the determination
 of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled
 to receive payment of a Distribution, the date on which notice of the meeting is sent or
 the date on which the Resolution of Directors resolving to pay such Distribution is passed,
 as the case may be, shall be the record date for such determination of Members. When a determination
 of Members entitled to vote at any meeting of Members has been made as provided in this Article,
 such determination shall apply to any adjournment thereof (unless otherwise provided by a
 Resolution of Directors).

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|:---|:---|
| **6** | **Certificates for Shares** |

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6.1 A
 Member shall only be entitled to a share certificate if the Directors resolve by Resolution
 of Directors that share certificates shall be issued. Share certificates representing Shares,
 if any, shall be in such form as the Directors may determine. Share certificates shall be
 signed by one or more Directors or other persons authorised by the Directors or shall be
 given under Seal. The Directors may authorise certificates to be issued with the authorised
 signature(s) or Seal affixed by mechanical process. All certificates for Shares shall
 be consecutively numbered or otherwise identified and shall specify the Shares to which they
 relate. All certificates surrendered to the Company for transfer shall be cancelled and,
 subject to the Articles, no new certificate shall be issued until the former certificate
 representing a like number of relevant Shares shall have been surrendered and cancelled.

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

6.3 If
 a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms
 (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred
 or sustained by the Company in investigating evidence, as the Directors may prescribe, and
 (in the case of defacement or wearing out) upon delivery of the old certificate.

6.4 Every
 share certificate sent in accordance with the Articles will be sent at the risk of the Member
 or other person entitled to the certificate. The Company will not be responsible for any
 share certificate lost or delayed in the course of delivery.

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|:---|:---|
| **7** | **Transfer of Shares** |

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7.1 Subject
 to the terms of the Articles, any Member may transfer all or any of his, her or its Shares
 by an instrument of transfer provided that such transfer complies with the rules and
 regulations of the applicable Recognised Exchange, the SEC and/or any other competent regulatory
 authority or otherwise under applicable law. If the Shares in question were issued in conjunction
 with rights, options or warrants issued pursuant to the Articles on terms that one cannot
 be transferred without the other, the Directors shall refuse to register the transfer of
 any such Share without evidence satisfactory to them of the like transfer of rights, options
 or warrants.

7.2 The
 instrument of transfer of any Share shall be in writing and shall be executed by or on behalf
 of the transferor (and if registration as a holder of the Shares imposes a liability to the
 Company on the transferee, signed by or on behalf of the transferee) and contain the name
 and address of the transferee. The transferor shall be deemed to remain the holder of a Share
 until the name of the transferee is entered in the Register of Members.

7.3 Where
 Shares are listed on a Recognised Exchange, in accordance with section 54A of the Statute,
 the Shares may be transferred without the need for a written instrument of transfer if the
 transfer is carried out in accordance with the law, rules, procedures and other requirements
 applicable to shares listed on the Recognised Exchange and Articles 7.1 and 7.2 shall be
 interpreted accordingly.

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| | |
|:---|:---|
| **8** | **Redemption, Repurchase and Surrender of Shares** |

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8.1 Subject
 to the provisions of the Statute (save that sections 60, 61 and 62 of the Statute shall not
 apply to the Company), the terms attached to Shares, as specified in the Memorandum and the
 Articles, may provide for such Shares to be redeemed or to be liable to be redeemed at the
 option of the Member or the Company on such terms as so specified.

8.2 Subject
 to the provisions of the Statute (save that sections 60, 61 and 62 of the Statute shall not
 apply to the Company), the Company may purchase or otherwise acquire its own Shares (including
 any redeemable Shares) in such manner and on such other terms as the Directors may agree
 with the relevant Member.

8.3 The
 Company may make a payment in respect of the redemption, purchase or other acquisition of
 its own Shares in any manner permitted by the Statute.

8.4 The
 Company may accept the surrender for no consideration of any fully paid Share including,
 for the avoidance of doubt, a Treasury Share. Any such surrender shall be in writing and
 signed by the Member holding the Share or Shares.

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| | |
|:---|:---|
| **9** | **Treasury Shares** |

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Subject to the Statute, the Directors may, prior to the purchase, redemption or surrender of any Share, resolve by Resolution of Directors that such Share shall be held as a Treasury Share.

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| | |
|:---|:---|
| **10** | **Commission on Sale of Shares** |

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The Company may pay a commission to any person in consideration of his, her or its subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or, subject to the Statute, the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.

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| | |
|:---|:---|
| **11** | **Non Recognition of Trusts** |

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The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

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| | |
|:---|:---|
| **12** | **Lien on Shares** |

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12.1 The
 Company shall have a first and paramount lien on all Shares (whether fully paid-up or not)
 registered in the name of a Member (whether solely or jointly with others) for all debts,
 liabilities or engagements to or with the Company (whether presently payable or not) by such
 Member or his, her or its estate, either alone or jointly with any other person, whether
 a Member or not, but the Directors may at any time declare any Share to be wholly or in part
 exempt from the provisions of this Article. The registration of a transfer of any such Share
 shall operate as a waiver of the Company's lien thereon. The Company's lien on a Share shall
 also extend to any amount payable in respect of that Share.

12.2 The
 Company may sell, in such manner as the Directors think fit, any Shares on which the Company
 has a lien, if a sum in respect of which the lien exists is presently due and payable, and
 is not paid within fourteen (14) clear days after notice has been received or deemed to have
 been received by the holder of the Shares, or to the person entitled to it in consequence
 of the death or bankruptcy of the holder, demanding payment and stating that if the notice
 is not complied with the Shares may be sold.

12.3 To
 give effect to any such sale the Directors may authorise any person to execute an instrument
 of transfer of the Shares sold to, or in accordance with the directions of, the purchaser.
 The purchaser or his, her or its nominee shall be registered as the holder of the Shares
 comprised in any such transfer, and he, she or it shall not be bound to see to the application
 of the purchase money, nor shall his, her or its title to the Shares be affected by any irregularity
 or invalidity in the sale or the exercise of the Company's power of sale under the Articles.

12.4 The
 net proceeds of such sale after payment of costs, shall be applied in payment of such part
 of the amount in respect of which the lien exists as is presently payable and any balance
 shall (subject to a like lien for sums not presently payable as existed upon the Shares before
 the sale) be paid to the person entitled to the Shares at the date of the sale.

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| | |
|:---|:---|
| **13** | **Call on Shares** |

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13.1 Subject
 to the terms of the allotment and issue of any Shares, the Directors may make calls upon
 the Members in respect of any monies unpaid on their Shares, and each Member shall (subject
 to receiving at least fourteen (14) clear days' notice specifying the time or times of payment)
 pay to the Company at the time or times so specified the amount called on the Shares. A call
 may be revoked or postponed, in whole or in part, as the Directors may determine. A call
 may be required to be paid by instalments. A person upon whom a call is made shall remain
 liable for calls made upon him or her notwithstanding the subsequent transfer of the Shares
 in respect of which the call was made.

13.2 A
 call shall be deemed to have been made at the time when the Resolution of Directors authorising
 such call was passed.

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

13.4 If
 a call remains unpaid after it has become due and payable, the person from whom it is due
 shall pay interest on the amount unpaid from the day it became due and payable until it is
 paid at such rate as the Directors may determine (and in addition all expenses that have
 been incurred or sustained by the Company by reason of such non-payment), but the Directors
 may waive payment of the interest or expenses wholly or in part.

13.5 An
 amount payable in respect of a Share on issue or allotment or at any fixed date shall be
 deemed to be a call and if it is not paid all the provisions of the Articles shall apply
 as if that amount had become due and payable by virtue of a call.

13.6 The
 Company may issue Shares with different terms as to the amount and times of payment of calls,
 or the interest to be paid.

13.7 The
 Company may, by Resolution of Directors, if the Directors think fit, receive an amount from
 any Member willing to advance all or any part of the monies uncalled and unpaid upon any
 Shares held by him or her, and may (until the amount would otherwise become payable) pay
 interest at such rate as may be agreed upon between the Directors and the Member paying such
 amount in advance.

13.8 No
 such amount paid in advance of calls shall entitle the Member paying such amount to any portion
 of a dividend or other Distribution payable in respect of any period prior to the date upon
 which such amount would, but for such payment, become payable.

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| | |
|:---|:---|
| **14** | **Forfeiture of Shares** |

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14.1 If
 a call or instalment of a call remains unpaid after it has become due and payable the Company
 may give to the person from whom it is due not less than fourteen (14) clear days' notice
 requiring payment of the amount unpaid together with any interest which may have accrued
 and any expenses incurred or sustained by the Company by reason of such non-payment. The
 notice shall specify where payment is to be made and shall state that if the notice is not
 complied with the Shares in respect of which the call was made will be liable to be forfeited.

14.2 If
 the notice is not complied with, any Share in respect of which it was given may, before the
 payment required by the notice has been made, be forfeited by a Resolution of Directors.
 Such forfeiture shall include all Distributions or other monies payable in respect of the
 forfeited Share and not paid before the forfeiture.

14.3 A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
 manner as the Directors think fit and at any time before a sale, re-allotment or disposition
 the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes
 of its disposal a forfeited Share is to be transferred to any person the Directors may authorise
 some person to execute an instrument of transfer of the Share in favour of that person.

14.4 A
 person any of whose Shares have been forfeited shall cease to be a Member in respect of them
 and shall surrender to the Company for cancellation the certificate for the Shares forfeited.

14.5 A
 certificate in writing under the hand of one Director or officer of the Company that a Share
 has been forfeited on a specified date shall be conclusive evidence of the facts stated in
 it as against all persons claiming to be entitled to the Share. The certificate shall (subject
 to the execution of an instrument of transfer) constitute a good title to the Share and the
 person to whom the Share is sold or otherwise disposed of shall not be bound to see to the
 application of the purchase money, if any, nor shall his, her or its title to the Share be
 affected by any irregularity or invalidity in the proceedings in reference to the forfeiture,
 sale or disposal of the Share.

14.6 The
 provisions of the Articles as to forfeiture shall apply in the case of non payment of any
 sum which, by the terms of issue of a Share, becomes payable at a fixed time as if it had
 been payable by virtue of a call duly made and notified.

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| | |
|:---|:---|
| **15** | **Transmission of Shares** |

---

15.1 If
 a Member dies the survivor or survivors (where he, she or it was a joint holder) or his,
 her or its legal personal representatives (where he, she or it was a sole holder), shall
 be the only persons recognised by the Company as having any title to his, her or its Shares.
 The estate of a deceased Member is not thereby released from any liability in respect of
 any Share, for which he, she or it was a joint or sole holder.

15.2 Any
 person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation
 or dissolution of a Member (or in any other way than by transfer) may, upon such evidence
 being produced as may be required by the Directors, elect, by a notice in writing sent by
 him or her to the Company, either to become the holder of such Share or to have some person
 nominated by him or her registered as the holder of such Share. If he, she or it elects to
 have another person registered as the holder of such Share he, she or it shall sign an instrument
 of transfer of that Share to that person. 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 relevant Member before his, her or its death or bankruptcy or liquidation
 or dissolution, as the case may be.

15.3 A
 person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or
 dissolution of a Member (or in any other case than by transfer) shall be entitled to the
 same Distributions and other advantages to which he, she or it would be entitled if he, she
 or it were the holder of such Share. However, he, she or it shall not, before becoming a
 Member in respect of a Share, be entitled in respect of it to exercise any right conferred
 by membership in relation to general meetings of the Company and the Directors may at any
 time give notice requiring any such person to elect either to be registered himself or to
 have some person nominated by him or her be registered as the holder of the Share (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 relevant Member before
 his, her or its death or bankruptcy or liquidation or dissolution or any other case than
 by transfer, as the case may be). If the notice is not complied with within ninety (90) days
 of being received or deemed to be received (as determined pursuant to the Articles) the Directors
 may thereafter withhold payment of all Distributions or other monies payable in respect of
 the Share until the requirements of the notice have been complied with.

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| | |
|:---|:---|
| **16** | **Offices and Places of Business** |

---

Subject to the provisions of the Statute, the Company may by Resolution of Directors change the location of its Registered Office and its Registered Agent, provided that the Company's Registered Office shall at all times be the office of the Registered Agent. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.

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| | |
|:---|:---|
| **17** | **General Meetings** |

---

17.1 All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

17.2 The
 Company may, but shall not be obliged to, in each year hold a general meeting as its annual
 general meeting, and, where called, shall specify the meeting as such in the notices calling
 it. Any annual general meeting shall be held at such time and place as the Directors shall
 appoint.

17.3 The
 Directors, by Resolution of Directors, or the chairman, if any, of the board of Directors,
 acting alone, may, and the Directors shall upon receipt of a valid Members' Requisition,
 call general meetings. Only those matters set forth in the notice of the general meeting
 or, solely with respect to an annual general meeting or an extraordinary general meeting
 convened upon a Members' Requisition, properly requested in accordance with Article 17.8,
 may be considered or acted upon at a general meeting. In addition to the other requirements
 set forth in the Articles, for any proposal of business to be considered at a general meeting,
 it must be a proper subject for action by Members of the Company under the Statute.

17.4 A
 Members' requisition is a requisition of Members holding at the date of deposit of the requisition
 not less than thirty (30) per cent. of the voting power of the issued Shares which as at
 that date carry the right to vote in respect of the matter for which the meeting is requested.

17.5 The
 Members' requisition must state the objects of the meeting and must be signed by the requisitionists
 and deposited at the Registered Office, and may consist of several documents in like form
 each signed by one or more requisitionists.

17.6 If
 there are no Directors as at the date of the deposit of the Members' requisition or if the
 Directors do not within twenty-one (21) days from the date of the deposit of the Members'
 requisition duly proceed to convene a general meeting to be held within a further twenty-one
 (21) days, the requisitionists, or any of them representing more than one-half of the total
 voting rights of all of the requisitionists, may themselves convene a general meeting, but
 any meeting so convened shall be held no later than the day which falls three (3) months
 after the expiration of the said twenty-one (21) day period.

17.7 A
 general meeting convened as aforesaid by requisitionists shall be convened in the same manner
 as nearly as possible as that in which general meetings are to be convened by Directors.

17.8 For
 nominations of candidates for appointment as Director ()"**Director Nominations** ")
 or other business to be properly brought (x) by a Member before an annual general meeting
 or (y) by Requisitioning Members before an extraordinary general meeting convened upon
 a Members' Requisition, the Director Nomination or other business must be (i) specified
 in the notice of the general meeting (or any supplement thereto) given by or at the direction
 of the Directors by Resolution of Directors, (ii) brought before the general meeting
 by the person presiding over the meeting or (iii) otherwise properly requested to be
 brought before the meeting by a Member of the Company or by the Requisitioning Members, as
 applicable, in accordance with this Article 17.8. For Director Nomination or other business
 to be properly requested to be brought (x) by a Member before an annual general meeting
 or (y) by Requisitioning Members before an extraordinary general meeting convened upon
 a Members' Requisition, the Member or Requisitioning Members must (i) be Member(s) of
 the Company of record at the time of the giving of the notice for such general meeting, (ii) be
 entitled to vote at such general meeting, (iii) have given Timely Notice (as defined
 below) thereof in writing to any Director addressed to the Registered Office, (iv) have
 provided any updates or supplements to such notice at the times and in the forms required
 by the Articles and (v) together with the beneficial owner(s), if any, on whose behalf
 the nomination or business proposal is made, have acted in accordance with the representations
 set forth in the Solicitation Statement (as defined below) required by the Articles. To be
 timely, a Member's written notice in respect of an annual general meeting must be received
 by any Director at the Registered Office not later than the close of business on the one
 hundred twentieth (120th) day nor earlier than the close of business on the one hundred fiftieth
 (150th) day prior to the one (1) year anniversary of the preceding year's annual
 general meeting; provided, however, that in the event the annual general meeting is first
 convened more than thirty (30) days before or more than sixty (60) days after such anniversary
 date, or if no annual general meeting was held in the preceding year, notice by the Member
 to be timely must be received by any Director at the Registered Office not earlier than the
 close of business on the one hundred twentieth (120th) day prior to the date of such annual
 general meeting and not later than the close of business on tenth (10th) day following the
 day on which public announcement of the date of such meeting is first made (such notice within
 such time periods shall be referred to as "**Timely Notice** "). Notwithstanding
 anything to the contrary provided herein, (x) for the first annual general meeting,
 a Member's notice shall be timely (and be considered a Timely Notice) if received by
 any Director at the Registered Office not later than the close of business on the later of
 the ninetieth (90th) day prior to the scheduled date of such annual general meeting or the
 tenth (10th) day following the day on which public announcement of the date of such annual
 general meeting is first made or sent by the Company and (y) for any extraordinary general
 meeting convened upon a Members' Requisition, the Requisitioning Members' notice
 shall be timely (and be considered a Timely Notice) if received by any Director at the Registered
 Office on the date of delivery of the Members' Requisition. Any such Timely Notice
 must set forth, as to each matter the Member or Requisitioning Members propose to bring before
 the general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to each person whom the Member or the Requisitioning Members propose to nominate for appointment
 as a Director, (i) the name, age, business address and residence address of the nominee,
 (ii) the principal occupation or employment of the nominee, (iii) the class and
 number of Shares or any other securities of the Company that are held of record or are beneficially
 owned by the nominee and of its affiliates and any derivative positions held or beneficially
 held by the nominee and of its affiliates, (iv) whether and the extent to which any
 hedging or other transaction or series of transactions has been entered into by or on behalf
 of the nominee or any of its affiliates with respect to any securities of the Company, and
 a description of any other agreement, arrangement or understanding (including any short position
 or any borrowing or lending of any securities), the effect or intent of which is to mitigate
 loss to, or to manage the risk or benefit of share price changes for, or to increase or decrease
 the voting power of the nominee or any of its affiliates, (v) a description of all agreements,
 arrangements or understandings between or among the Member or the Requisitioning Members,
 as applicable, or any of its or their affiliates and each nominee or any of its affiliates
 and any other person or persons (naming such person or persons) pursuant to which the nominations
 are to be made by the Member or the Requisitioning Members or concerning the nominee's
 potential service as a Director, (vi) a written statement executed by the nominee acknowledging
 that as Director, the nominee will owe fiduciary duties under the Statute with respect to
 the Company and its Members, and (vii) all information relating to such person that
 is required to be disclosed in solicitations of proxies for appointment of directors in an
 appointment contest, or is otherwise required, in each case pursuant to the Statute or other
 applicable law, rule or regulation (including such person's written consent to
 being named in the proxy statement as a nominee and to serving as a Director if appointed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 to any other business that the Member or the Requisitioning Members propose to bring before
 the general meeting, a description in reasonable detail of the business desired to be brought
 before the general meeting, the reasons for conducting such business at the general meeting,
 the text, if any, of any resolutions or Articles amendment proposed for adoption, and any
 material interest in such business of each Proposing Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the
 name and address of the Member or Requisitioning Members giving the notice, as they appear
 on the Company's books, and the names and addresses of the other Proposing Persons
 (if any) and (ii) as to each Proposing Person, such Proposing Peron's written
 consent to the public disclosure of information provided to the Company pursuant to this
 Article 17.8 and the following information: (a) the class or series and number
 of all Shares of the Company which are, directly or indirectly, owned beneficially or of
 record by such Proposing Person or any of its affiliates or associates, including any Shares
 of the Company as to which such Proposing Person or any of its affiliates or associates has
 a right to acquire beneficial ownership at any time in the future, (b) all Synthetic
 Equity Interests in which such Proposing Person or any of its affiliates or associates, directly
 or indirectly, holds an interest including a description of the material terms of each such
 Synthetic Equity Interest, including, identification of the counterparty to each such Synthetic
 Equity Interest and disclosure, for each such Synthetic Equity Interest, as to (x) whether
 or not such Synthetic Equity Interest conveys any voting rights, directly or indirectly,
 in such Shares to such Proposing Person, (y) whether or not such Synthetic Equity Interest
 is required to be, or is capable of being, settled through delivery of such Shares and (z) whether
 or not such Proposing Person and/or, to the extent known, the counterparty to such Synthetic
 Equity Interest has entered into other transactions that hedge or mitigate the economic effect
 of such Synthetic Equity Interest, (c) any proxy (other than a revocable proxy given
 in response to a public proxy solicitation made pursuant to, and in accordance with, the
 Statute or the Exchange Act of 1934, as amended, of the United States of America (the "**Exchange Act** "), agreement, arrangement, understanding or relationship pursuant to which such
 Proposing Person has or shares a right to, directly or indirectly, vote any Shares of the
 Company, (d) any rights to dividends or other distributions on the Shares of the Company,
 directly or indirectly, owned beneficially by such Proposing Person that are separated or
 separable from the underlying shares of the Company, (e) any performance-related fees
 (other than an asset based fee) that such Proposing Person, directly or indirectly, is entitled
 to based on any increase or decrease in the value of Shares of the Company or any Synthetic
 Equity Interests (the disclosures to be made pursuant to the foregoing clauses (a) through
 (e) are referred to, collectively, as "**Material Ownership Interests** ")
 and (iii) a description of the material terms of all agreements, arrangements or understandings
 (whether or not in writing) entered into by any Proposing Person or any of its affiliates
 or associates with any other person for the purpose of acquiring, holding, disposing or voting
 of any Shares of the Company, (f) all information that would be required to be set forth
 in a Schedule 13D filed pursuant to Rule 13d-1(a) or an amendment pursuant to Rule 13d-2(a) if
 such a statement were required to be filed under the Exchange Act by such Proposing Person
 and/or any of its respective affiliates or associates, and (g) any other information
 relating to such Proposing Person that would be required to be disclosed in a proxy statement
 or other filing required to be made in connection with solicitations of proxies or consents
 by such Proposing Person in support of the business proposed to be brought before the meeting
 pursuant to the Statute, the Exchange Act or any other applicable laws, rules or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) a
 description of all agreements, arrangements or understandings by and among any of the Proposing
 Persons, or by and among any Proposing Persons and any other person (including with any proposed
 nominee(s)), pertaining to the nomination(s) or other business proposed to be brought
 before the general meeting (which description shall identify the name of each other person
 who is party to such an agreement, arrangement or understanding), and (ii) identification
 of the names and addresses of other Members (including beneficial owners) known by any of
 the Proposing Persons to support such nominations or other business proposal(s), and to the
 extent known the class and number of Shares owned beneficially or of record by such other
 Member(s) or other beneficial owner(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 statement whether or not the Member or Requisitioning Members giving the notice and/or the
 other Proposing Person(s), if any, will deliver a proxy statement and form of proxy to holders
 of, in the case of a business proposal, at least the percentage of voting power of all of
 the Shares of the Company required under applicable law to approve the proposal or, in the
 case of a Director Nomination, at least the percentage of voting power of all of the Shares
 of the Company reasonably believed by such Proposing Person to be sufficient to appoint the
 nominee or nominees proposed to be nominated by such Member or Requisitioning Members (such
 statement, the "**Solicitation Statement** ").

A Member or the Requisitioning Members must also submit a supporting statement indicating the reasons for bringing such proposal.

17.9 A
 Member or Requisitioning Members providing Timely Notice of Director Nomination or other
 business proposed to be brought before a general meeting shall further update and supplement
 such notice, if necessary, so that the information (including the Material Ownership Interests
 information) provided or required to be provided in such notice pursuant to the Articles
 shall be true and correct as of the record date for the meeting and as of the date that is
 ten (10) business days prior to such general meeting, and such update and supplement
 must be received by any Director at the Registered Office not later than the close of business
 on the fifth (5th) business day after the record date for the general meeting (in the case
 of the update and supplement required to be made as of the record date), and not later than
 the close of business on the eighth (8th) business day prior to the date of the general meeting
 (in the case of the update and supplement required to be made as of ten (10) business
 days prior to the meeting). If a Member or the Requisitioning Members do not comply with
 this Article 17 in providing notice of Director Nomination or other business proposed
 to be brought before a general meeting, such notice shall not be deemed to be Timely Notice.

17.10 Only
 such persons who are nominated for appointment as a Director in accordance with the provisions
 of the Articles shall be eligible for appointment and to serve as Directors once appointed
 in accordance with the Articles and only such other business shall be conducted at an general
 meeting as shall have been brought before the meeting in accordance with the provisions of
 the Articles. The Directors or a designated committee thereof, through a Resolution of Directors,
 shall have the power to determine whether a Director Nomination or any other business proposed
 to be brought before the meeting was made in accordance with the provisions of the Articles.
 If neither the Directors nor such designated committee makes a determination as to whether
 any Director Nomination or other proposal was made in accordance with the provisions of the
 Articles, the presiding person of the general meeting shall have the power and duty to determine
 whether the Director Nomination or other proposal was made in accordance with the provisions
 of the Articles. If the Directors or a designated committee thereof or the presiding person,
 as applicable, determines that any Director Nomination or other proposal was not made in
 accordance with the provisions of the Articles, such proposal or nomination shall be disregarded
 and shall not be presented for action at the general meeting.

17.11 Except
 as otherwise required by applicable law, nothing in this Article 17 shall obligate the
 Company or the Directors to include in any proxy statement or other Member communication
 distributed on behalf of the Company or the Directors information with respect to any nominee
 for appointment of a Director or any other business submitted or proposed by a Member.

17.12 Notwithstanding
 the foregoing provisions of this Article 18, if the nominating or proposing Member or
 the Requisitioning Members (or a qualified representative of the Member or the Requisitioning
 Members) do not appear at the general meeting to present a Director Nomination or any other
 business, such Director Nomination or other business shall be disregarded, notwithstanding
 that proxies in respect of such vote may have been received by the Company. For purposes
 of this Article 17, to be considered a qualified representative of the proposing Member
 or Requisitioning Members, a person must be authorised by a written instrument executed by
 such Member or Requisitioning Members or an electronic transmission delivered by such Member
 or Requisitioning Members to act for such Member or Requisitioning Members as proxy at the
 meeting of Members and such person must produce such written instrument or electronic transmission,
 or a reliable reproduction of the written instrument or electronic transmission, to the presiding
 person at the general meeting.

17.13 For
 purposes of the Articles, "**public announcement**" shall mean disclosure in
 a press release reported by the Dow Jones News Service, Associated Press or comparable international
 or national news service or in a document publicly filed by the Company with the SEC pursuant
 to section 13, 14 or 15(d) of the Exchange Act or the rules of the Recognised Exchange.

17.14 Notwithstanding
 the foregoing provisions of the Articles, a Member and the Requisitioning Members shall also
 comply with all applicable requirements of the Statute and all applicable laws, rules and
 regulations with respect to the matters set forth in the Articles.

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| | |
|:---|:---|
| **18** | **Notice of General Meetings** |

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18.1 At
 least seven (7) clear days' notice shall be given of any general meeting. Every notice
 shall specify the place, the day and the hour of the meeting and the general nature of the
 business to be conducted at the general meeting and shall be given in the manner hereinafter
 mentioned or in such other manner if any as may be prescribed by the Company, provided that
 a general meeting of the Company shall, whether or not the notice specified in this Article has
 been given and whether or not the provisions of the Articles regarding general meetings have
 been complied with, be deemed to have been duly convened if it is so agreed:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an extraordinary general meeting, by a majority in number of the Members having
 a right to attend and vote at the meeting, together holding not less than ninety five (95)
 per cent. in par value (if all the issued Shares have a par value), or otherwise by number
 of the Shares giving that right.

18.2 Notwithstanding
 any other provision of the Articles, the accidental omission to give notice of a general
 meeting to, or the non receipt of notice of a general meeting by, any person entitled to
 receive such notice, or the accidental failure to refer in any notice or other document to
 a meeting as an "annual general meeting" or "extraordinary general meeting",
 as the case may be, shall not invalidate the proceedings of that general meeting.

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| | |
|:---|:---|
| **19** | **Proceedings at General Meetings** |

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19.1 No
 business shall be transacted at any general meeting unless a quorum is present. A majority
 in voting power of the Shares entitled to vote at such meeting, present in person or by proxy
 or if a corporation or other non-natural person by its duly authorised representative or
 proxy, shall be a quorum unless the Company has only one Member entitled to vote at such
 general meeting in which case the quorum shall be that one Member present in person or by
 proxy or (in the case of a corporation or other non-natural person) by its duly authorised
 representative or proxy.

19.2 A
 person may participate at a general meeting by conference telephone or other communications
 equipment by means of which all the persons participating in the meeting can communicate
 with each other. Participation by a person in a general meeting in this manner is treated
 as presence in person at that meeting.

19.3 Any
 action taken by the Members must be taken or effected at a general meeting and may not be
 taken or effected by a written resolution or written consent of Members or otherwise in lieu
 thereof.

19.4 If
 a quorum is not present within half an hour from the time appointed for the meeting to commence
 or if during such a meeting a quorum ceases to be present, the meeting, if convened upon
 a Members' Requisition, shall be dissolved and in any other case it shall stand adjourned
 to the same day in the next week at the same time and/or place or to such other day, time
 and/or place 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 to commence, the
 Members present shall be a quorum.

19.5 The
 Directors may, at any time prior to the time appointed for the meeting to commence, appoint
 any person to act as chairman of a general meeting of the Company or, if the Directors do
 not make any such appointment, the chairman, if any, of the board of Directors shall preside
 as chairman at such general meeting. If there is no such chairman, or if he, she or it shall
 not be present within fifteen minutes after the time appointed for the meeting to commence,
 or is unwilling to act, the Directors present shall appoint one of their number to be chairman
 of the meeting.

19.6 If
 no Director is willing to act as chairman or if no Director is present within fifteen minutes
 after the time appointed for the meeting to commence, the Members present shall choose one
 of their number to be chairman of the meeting.

19.7 The
 chairman may, with the consent of a meeting at which a quorum is present (and shall if so
 directed by the meeting) adjourn the meeting from time to time and from place to place, but
 no business shall be transacted at any adjourned meeting other than the business left unfinished
 at the meeting from which the adjournment took place.

19.8 When
 a general meeting is adjourned for thirty (30) days or more, notice of the adjourned meeting
 shall be given as in the case of an original meeting. Otherwise it shall not be necessary
 to give any such notice of an adjourned meeting.

19.9 A
 resolution put to the vote of the meeting shall be decided on a show of hands unless before,
 or on the declaration of the result of, the show of hands, the Directors, by Resolution of
 Directors, or the chairman demands a poll, or any other Member or Members collectively present
 in person or by proxy (or in the case of a corporation or other non-natural person, by its
 duly authorised representative or proxy) and holding at least ten (10) per cent. in
 par value (if all the issued Shares have a par value), or otherwise by number of the Shares
 giving a right to attend and vote at the meeting demand a poll.

19.10 Unless
 a poll is duly demanded and the demand is not withdrawn, a declaration by the chairman that
 a resolution has been carried or carried unanimously, or by a particular majority, or lost
 or not carried by a particular majority, and an entry to that effect in the minutes of the
 proceedings of the meeting, shall be conclusive evidence of that fact without proof of the
 number or proportion of the votes recorded in favour of or against such resolution.

19.11 The
 demand for a poll may be withdrawn.

19.12 Except
 on a poll demanded on the appointment of a chairman or on a question of adjournment, a poll
 shall be taken as the chairman directs, and the result of the poll shall be deemed to be
 the resolution of the general meeting at which the poll was demanded.

19.13 A
 poll demanded on the appointment of a chairman or on a question of adjournment shall be taken
 forthwith. A poll demanded on any other question shall be taken at such date, time and place
 as the chairman of the general meeting directs, and any business other than that upon which
 a poll has been demanded or is contingent thereon may proceed pending the taking of the poll.

19.14 In
 the case of an equality of votes, whether on a show of hands or on a poll, the chairman shall
 not be entitled to a second or casting vote.

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| | |
|:---|:---|
| **20** | **Votes of Members** |

---

20.1 Subject
 to any rights or restrictions attached to any Shares, on a show of hands every Member who
 (being an individual) is present in person or by proxy or, if a corporation or other non-natural
 person is present by its duly authorised representative or by proxy, shall have one vote
 and on a poll every Member present in any such manner shall have one vote for every Share
 of which he, she or it is the holder.

20.2 In
 the case of joint holders the vote of the senior holder who tenders a vote, whether in person
 or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised
 representative or proxy), shall be accepted to the exclusion of the votes of the other joint
 holders, and seniority shall be determined by the order in which the names of the holders
 stand in the Register of Members.

20.3 A
 Member of unsound mind, or in respect of whom an order has been made by any court having
 jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his, her or
 its committee, receiver, curator bonis, or other person on such Member's behalf appointed
 by that court, and any such committee, receiver, curator bonis or other person may vote by
 proxy.

20.4 No
 person shall be entitled to vote at any general meeting unless he, she or it is registered
 as a Member on the record date for such meeting nor unless all calls or other monies then
 due and payable by him or her in respect of Shares have been paid.

20.5 No
 objection shall be raised as to the qualification of any voter except at the general meeting
 or adjourned general meeting at which the vote objected to is given or tendered and every
 vote not disallowed at the meeting shall be valid. Any objection made in due time in accordance
 with this Article shall be referred to the chairman whose decision shall be final and
 conclusive.

20.6 On
 a poll or on a show of hands votes may be cast either personally or by proxy (or in the case
 of a corporation or other non-natural person by its duly authorised representative or proxy).
 A Member may appoint more than one proxy or the same proxy under one or more instruments
 to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument
 of proxy shall state which proxy is entitled to vote on a show of hands and shall specify
 the number of Shares in respect of which each proxy is entitled to exercise the related votes.

20.7 On
 a poll, a Member holding more than one Share need not cast the votes in respect of his, her
 or its Shares in the same way on any resolution and therefore may vote a Share or some or
 all such Shares either for or against a resolution and/or abstain from voting a Share or
 some or all of the Shares and, subject to the terms of the instrument appointing him or her,
 a proxy appointed under one or more instruments may vote a Share or some or all of the Shares
 in respect of which he, she or it is appointed either for or against a resolution and/or
 abstain from voting a Share or some or all of the Shares in respect of which he, she or it
 is appointed.

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| | |
|:---|:---|
| **21** | **Proxies** |

---

21.1 The
 instrument appointing a proxy shall be in writing and shall be executed under the hand of
 the appointor or of his, her or its attorney duly authorised in writing, or, if the appointor
 is a corporation or other non natural person, under the hand of its duly authorised representative.
 A proxy need not be a Member.

21.2 The
 Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument
 of proxy sent out by the Company, specify the manner by which the instrument appointing a
 proxy shall be deposited and the place and the time (being not later than the time appointed
 for the commencement of the meeting or adjourned meeting to which the proxy relates) at which
 the instrument appointing a proxy shall be deposited. In the absence of any such direction
 from the Directors in the notice convening any meeting or adjourned meeting or in an instrument
 of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically
 at the Registered Office not less than 48 hours before the time appointed for the meeting
 or adjourned meeting to commence at which the person named in the instrument proposes to
 vote.

21.3 The
 chairman may in any event at his, her or its discretion declare that an instrument of proxy
 shall be deemed to have been duly deposited. An instrument of proxy that is not deposited
 in the manner permitted, or which has not been declared to have been duly deposited by the
 chairman, shall be invalid.

21.4 The
 instrument appointing a proxy may be in any usual or common form (or such other form as the
 Directors may approve) and may be expressed to be for a particular meeting or any adjournment
 thereof or generally until revoked. An instrument appointing a proxy shall be deemed to include
 the power to demand or join or concur in demanding a poll.

21.5 Votes
 given in accordance with the terms of an instrument of proxy shall be valid notwithstanding
 the previous death or insanity of the principal or revocation of the proxy or of the authority
 under which the proxy was executed, or the transfer of the Share in respect of which the
 proxy is given unless notice in writing of such death, insanity, revocation or transfer was
 received by the Company at the Registered Office before the commencement of the general meeting,
 or adjourned meeting at which it is sought to use the proxy.

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| | |
|:---|:---|
| **22** | **Corporate Members** |

---

22.1 Any
 corporation or other non-natural person which is a Member may in accordance with its constitutional
 documents, or in the absence of such provision 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 class of Members, and the person so authorised shall be entitled
 to exercise the same powers on behalf of the corporation which he, she or it represents as
 the corporation could exercise if it were an individual Member.

22.2 If
 a Clearing House (or its nominee(s)), being a corporation, is a Member, it may authorise
 such persons as it sees fit to act as its representative at any meeting of the Company or
 at any meeting of any class of Members provided that the authorisation shall specify the
 number and class of Shares in respect of which each such representative is so authorised.
 Each person so authorised under the provisions of this Article shall be deemed to have
 been duly authorised without further evidence of the facts and be entitled to exercise the
 same rights and powers on behalf of the Clearing House (or its nominee(s)) as if such person
 was the registered holder of such Shares held by the Clearing House (or its nominee(s)).

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| | |
|:---|:---|
| **23** | **Shares that May Not be Voted** |

---

Shares in the Company that are beneficially owned by the Company (including Treasury Shares) shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.

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| | |
|:---|:---|
| **24** | **Directors** |

---

24.1 There
 shall be a board of Directors consisting of nine Directors, provided however that the Company
 may, by a Resolution of Directors, increase or reduce the number of Directors. No increase
 or reduction in the number of directors constituting the board of Directors shall shorten
 the term of any incumbent director.

24.2 The
 Directors shall be divided into three classes: Class I, Class II and Class III.
 The number of Directors in each class shall be as nearly equal as possible. The Class I
 Directors shall stand appointed for a term expiring at the Company's first annual general
 meeting, the Class II Directors shall stand appointed for a term expiring at the Company's
 second annual general meeting and the Class III Directors shall stand appointed for
 a term expiring at the Company's third annual general meeting.

24.3 Commencing
 at the Company's first annual general meeting, and at each annual general meeting thereafter,
 Directors appointed to succeed those Directors whose terms expire shall be appointed in accordance
 with Article 26 for a term of office to expire at the third succeeding annual general
 meeting after their appointment.

24.4 Except
 as the Statute may otherwise require, in the interim between annual general meetings or extraordinary
 general meetings called for the appointment of Directors and the filling of any vacancy in
 that connection, additional Directors and any vacancies in the board of Directors, including
 unfilled vacancies resulting from the removal of Directors for cause, may be filled by the
 vote of a majority of the remaining Directors then in office, notwithstanding that such majority
 may be less than a quorum required for a Resolution of Directors. For the avoidance of doubt,
 any vacancies in the board of Directors, including unfilled vacancies resulting from the
 removal of Directors for cause and unfilled vacancies resulting from increases or reductions
 in the number of Directors, may not be filled by a Resolution of Members.

24.5 All
 Directors shall hold office until the expiration of their respective terms of office and
 until their successors shall have been appointed and qualified. A Director appointed to fill
 a vacancy resulting from the death, resignation or removal of a Director shall serve for
 the remainder of the full term of the Director whose death, resignation or removal shall
 have created such vacancy and until his, her or its successor shall have been appointed and
 qualified.

24.6 No
 Director shall be permitted to appoint an alternate director pursuant to section 130 of the
 Statute.

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| | |
|:---|:---|
| **25** | **Powers and Duties of Directors** |

---

25.1 Subject
 to the provisions of the Statute, the Memorandum and the Articles and to any directions given
 by Resolution of Members, the business of the Company shall be managed by the Directors who
 may exercise all the powers of the Company. No alteration of the Memorandum or Articles and
 no such direction shall invalidate any prior act of the Directors which would have been valid
 if that alteration had not been made or that direction had not been given. A duly convened
 meeting of Directors at which a quorum is present may exercise all powers exercisable by
 the Directors.

25.2 All
 cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable
 instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted,
 endorsed or otherwise executed as the case may be in such manner as the Directors shall determine
 by resolution.

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

25.4 The
 Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
 its undertaking, property and assets (present and future) and to issue debentures, debenture
 stock, mortgages, bonds and other such securities whether outright or as security for any
 debt, liability or obligation of the Company or of any third party.

25.5 A
 Director, in exercising his, her or its powers or performing his, her or its duties, shall
 act honestly and in good faith and in what the Director believes to be in the best interests
 of the Company.

25.6 Section 175
 of the Statute shall not apply to the Company.

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| | |
|:---|:---|
| **26** | **Appointment and Removal of Directors** |

---

26.1 The
 Company may by Resolution of Members, and in accordance with Articles 17 and 24, appoint
 any person properly nominated for election as a Director at any general meeting to appoint
 Directors of the Company.

26.2 The
 Company may, by Resolution of Directors, appoint any person to be a Director either to fill
 a vacancy or as an additional Director provided that the appointment does not cause the number
 of Directors to exceed any number fixed by the Articles as the maximum number of Directors.

26.3 The
 Company may by Resolution of Directors passed by at least two-thirds of the Directors remove
 any Director with cause. Members may not act to remove Directors.

26.4 Sections
 114(2) and 114(3) of the Statute shall not apply to the Company.

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| | |
|:---|:---|
| **27** | **Vacation of Office of Director** |

---

The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director gives notice in writing to the Company that he, she or it resigns the office of
 Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Director dies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 court of competent jurisdiction has determined in a final non-appealable order that such
 Director is permanently and totally disabled and unable to engage in any substantial gainful
 activity by reason of a medically determinable physical or mental impairment that can be
 expected to result in death within twelve (12) months, or which has lasted or can be expected
 to last for a continuous period of not less than twelve (12) months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Director becomes disqualified to act as a Director under section 111 of the Statute.

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| | |
|:---|:---|
| **28** | **Proceedings of Directors** |

---

28.1 The
 quorum for the transaction of the business of the Directors may be fixed by the Directors,
 and unless so fixed shall be a majority of the Directors then in office.

28.2 Subject
 to the provisions of the Articles, the Directors may regulate their proceedings as they think
 fit. Questions arising at any meeting shall be decided by a Resolution of Directors. In the
 case of an equality of votes, the chairman shall not have a second or casting vote.

28.3 A
 person may participate in a meeting of the Directors or a meeting of any committee of Directors
 by conference telephone or other communications equipment by means of which all the persons
 participating in the meeting can communicate with each other at the same time. Participation
 by a person in a meeting in this manner is treated as presence in person at that meeting.
 Unless otherwise determined by the Directors the meeting shall be deemed to be held at the
 place where the chairman is located at the start of the meeting.

28.4 A
 Resolution of Directors in writing (in one or more counterparts) signed by all of the Directors
 or all of the members of a committee of the Directors or, in the case of a resolution in
 writing relating to the removal of any Director or the vacation of office by any Director,
 all of the Directors other than the Director who is the subject of such resolution shall
 be as valid and effectual as if it had been passed at a meeting of the Directors, or committee
 of Directors as the case may be, duly convened and held.

28.5 A
 Director may, or other officer of the Company on the direction of a Director shall, call
 a meeting of the Directors by at least two (2) days' notice in writing to every Director
 which notice shall set forth the general nature of the business to be considered unless notice
 is waived by all the Directors (or their alternates) either at, before or after the meeting
 is held. To any such notice of a meeting of the Directors all the provisions of the Articles
 relating to the giving of notices by the Company to the Members shall apply *mutatis mutandis.* 

28.6 The
 continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding
 any vacancy in their body, but if and so long as their number is reduced below the number
 fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing
 Directors or Director may act for the purpose of increasing the number of Directors to be
 equal to such fixed number, or of summoning a general meeting of the Company, but for no
 other purpose.

28.7 The
 Directors may appoint a chairman of their board and determine the period for which he, she
 or it is to hold office; but if no such chairman is appointed, or if at any meeting the chairman
 is not present within five minutes after the time appointed for the meeting to commence,
 the Directors present may choose one of their number to be chairman of the meeting.

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

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| | |
|:---|:---|
| **29** | **Presumption of Assent** |

---

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

---

| | |
|:---|:---|
| **30** | **Directors' Interests** |

---

30.1 A
 Director may hold any other office or place of profit under the Company (other than the office
 of Auditor) in conjunction with his, her or its office of Director for such period and on
 such terms as to remuneration and otherwise as the Directors may determine.

30.2 A
 Director may act by himself or herself or by, through or on behalf of his, her or its firm
 in a professional capacity for the Company and he, she or it or his, her or its firm shall
 be entitled to remuneration for professional services as if he, she or it were not a Director.

30.3 A
 Director may be or become a director or other officer of or otherwise interested in any company
 promoted by the Company or in which the Company may be interested as a shareholder, a contracting
 party or otherwise, and no such Director shall be accountable to the Company for any remuneration
 or other benefits received by him or her as a director or officer of, or from his, her or
 its interest in, such other company.

30.4 No
 person shall be disqualified from the office of Director or prevented by such office from
 contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such
 contract or any contract or transaction entered into by or on behalf of the Company in which
 any shall be in any way interested be or 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 or arising in connection with any such contract or transaction by reason of such
 Director holding office or of the fiduciary relationship thereby established. A Director
 shall be at liberty to vote in respect of any contract or transaction in which he, she or
 it is interested provided that the nature of the interest of any Director in any such contract
 or transaction shall be disclosed by him or her at or prior to its consideration and any
 vote thereon.

30.5 Any
 notice that a Director is a shareholder, director, officer or employee of any specified firm
 or company and is to be regarded as interested in any transaction with such firm or company
 shall be deemed a general notice of such interest for the purposes of the Statute and be
 sufficient disclosure for the purposes of voting on a Resolution of Directors in respect
 of a contract or transaction in which he, she or it has an interest, and after such general
 notice it shall not be necessary to give a general or special notice relating to any particular
 transaction.

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| | |
|:---|:---|
| **31** | **Minutes** |

---

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors present at each meeting.

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| | |
|:---|:---|
| **32** | **Delegation of Directors' Powers** |

---

32.1 Subject
 to the Statute, the Directors may delegate any of their powers, authorities and discretions,
 including the power to sub-delegate, to any committee consisting of one or more Directors.
 They may also, subject to the Statute, delegate to any managing director or any Director
 holding any other executive office such of their powers, authorities and discretions as they
 consider desirable to be exercised by him or her and the appointment of a managing director
 shall be revoked forthwith if he, she or it ceases to be a Director. Any such delegation
 may be made subject to any conditions the Directors may impose and either collaterally with
 or to the exclusion of their own powers and any such delegation may be revoked or altered
 by the Directors. Subject to any such conditions, the proceedings of a committee of Directors
 shall be governed by the Articles regulating the proceedings of Directors, so far as they
 are capable of applying.

32.2 Subject
 to the Statute, the Directors may establish any committees, local boards or agencies or appoint
 any person to be a manager or agent for managing the affairs of the Company and may appoint
 any person to be a member of such committees, local boards or agencies. Any such appointment
 may be made subject to any conditions the Directors may impose, and either collaterally with
 or to the exclusion of their own powers and any such appointment may be revoked or altered
 by the Directors. Subject to any such conditions, the proceedings of any such committee,
 local board or agency shall be governed by the Articles regulating the proceedings of Directors,
 so far as they are capable of applying.

32.3 The
 Directors may adopt formal written charters for committees. Each of these committees shall
 be empowered to do all things necessary to exercise the rights of such committee set forth
 in the Articles and shall have such powers as the Directors may delegate pursuant to the
 Articles and as required by the rules and regulations of any Recognised Exchange, the
 Securities and Exchange Commission and/or any other competent regulatory authority or otherwise
 under applicable law.

32.4 Each
 of the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance
 Committee, if established, shall consist of such number of Directors as the Directors shall
 from time to time determine (or such minimum number as may be required from time to time
 by the rules and regulations of the Recognised Exchange (after giving effect to any
 applicable exemptions and phase-in of the accommodations).

32.5 For
 so long as any class of Shares is listed on a Recognised Exchange, the Audit Committee, the
 Compensation Committee and the Nominating and Corporate Governance Committee shall be made
 up of such number of Independent Directors as is required from time to time by the rules and
 regulations of the Recognised Exchange (after giving effect to any applicable exemptions
 and phase-in of the accommodations).

32.6 Subject
 to the Statute, the Directors may by power of attorney or otherwise appoint any person to
 be the agent of the Company on such conditions as the Directors may determine, provided that
 the delegation is not to the exclusion of their own powers and may be revoked by the Directors
 at any time.

32.7 Subject
 to the Statute, the Directors may by power of attorney or otherwise appoint any company,
 firm, person or body of persons, whether nominated directly or indirectly by the Directors,
 to be the attorney or authorised signatory of the Company for such purpose and with such
 powers, authorities and discretions (not exceeding those vested in or exercisable by the
 Directors under the Articles) and for such period and subject to such conditions as they
 may think fit, and any such powers of attorney or other appointment may contain such provisions
 for the protection and convenience of persons dealing with any such attorneys or authorised
 signatories 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 discretions vested in him
 or her.

32.8 The
 Directors may appoint such officers of the Company (including any secretary) as they consider
 necessary on such terms, at such remuneration and to perform such duties, and subject to
 such provisions as to disqualification and removal as the Directors may think fit. Unless
 otherwise specified in the terms of his, her or its appointment an officer of the Company
 may be removed by Resolution of Directors or Resolution of Members. An officer of the Company
 may vacate his, her or its office at any time if he, she or it gives notice in writing to
 the Company that he, she or it resigns his, her or its office.

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| | |
|:---|:---|
| **33** | **No Minimum Shareholding** |

---

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

---

| | |
|:---|:---|
| **34** | **Remuneration of Directors** |

---

34.1 The
 remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors
 shall determine. The Directors shall also be entitled to be paid all travelling, hotel and
 other expenses properly incurred or sustained by them in connection with their attendance
 at meetings of Directors or committees of Directors, or general meetings of the Company,
 or separate meetings of the holders of any class of Shares or debentures of the Company,
 or otherwise in connection with the business of the Company or the discharge of their duties
 as a Director, or to receive a fixed allowance in respect thereof as may be determined by
 the Directors, or a combination partly of one such method and partly the other.

34.2 The
 Directors may by Resolution of Directors approve additional remuneration to any Director
 for any services which in the opinion of the Directors go beyond his, her or its ordinary
 routine work as a Director. Any fees paid to a Director who is also counsel, attorney or
 solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition
 to his, her or its remuneration as a Director.

---

| | |
|:---|:---|
| **35** | **Seal** |

---

35.1 The
 Company shall have a Seal. The Seal shall only be used by the authority of the Directors
 or of a committee of the Directors authorised by the Directors.

35.2 The
 Company may have for use in any place or places outside the British Virgin Islands a duplicate
 Seal or Seals each of which shall be a facsimile of the Seal of the Company and, if the Directors
 so determine, with the addition on its face of the name of every place where it is to be
 used.

35.3 A
 Director or officer, representative or attorney of the Company may without further authority
 of the Directors affix the Seal over his, her or its signature alone to any document of the
 Company required to be authenticated by him or her under seal or to be filed wheresoever.

---

| | |
|:---|:---|
| **36** | **Dividends, Distributions and Reserve** |

---

36.1 Subject
 to the Statute and this Article and except as otherwise provided by the rights attached
 to any Shares, the Directors may resolve by Resolution of Directors to pay Distributions
 on Shares in issue and authorise payment of the Distributions out of the funds of the Company
 lawfully available therefor. A dividend shall be deemed to be an interim dividend unless
 the terms of the Resolution of Directors pursuant to which the Directors resolve to pay such
 dividend specifically state that such dividend shall be a final dividend. No Distribution
 shall be authorised if such Distribution would cause the Company or its Directors to be in
 breach of the Statute.

36.2 The
 Directors may deduct from any Distribution payable to any Member all sums of money (if any)
 payable by him or her to the Company on account of calls or otherwise.

36.3 The
 Directors may resolve by Resolution of Directors that any Distribution or redemption be paid
 wholly or partly by the distribution of specific assets and in particular (but without limitation)
 by the distribution of shares, debentures, or securities of any other company or in any one
 or more of such ways and where any difficulty arises in regard to such distribution, the
 Directors may settle the same as they think expedient and in particular may issue fractional
 Shares and may fix the value for distribution of such specific assets or any part thereof
 and may determine that cash payments shall be made to any Members upon the basis of the value
 so fixed in order to adjust the rights of all Members and may vest any such specific assets
 in trustees in such manner as may seem expedient to the Directors.

36.4 Except
 as otherwise provided by the rights attached to any Shares, Distributions may be paid in
 any currency. The Directors may determine the basis of conversion for any currency conversions
 that may be required and how any costs involved are to be met.

36.5 The
 Directors may, before resolving to pay any Distribution, set aside such sums as they think
 proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable
 for any purpose of the Company and pending such application may, at the discretion of the
 Directors, be employed in the business of the Company.

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

36.7 No
 Distribution or redemption payment shall bear interest against the Company.

36.8 Any
 Distribution or redemption payment which cannot be paid to a Member and/or which remains
 unclaimed after six (6) months from the date on which such Distribution becomes payable
 may, in the discretion of the Directors, be paid into a separate account in the Company's
 name, provided that the Company shall not be constituted as a trustee in respect of that
 account and the dividend or other Distribution shall remain as a debt due to the Member.
 Any Distribution or redemption payment which remains unclaimed after a period of six (6) years
 from the date on which such Distribution or redemption payment becomes payable shall be forfeited
 and shall revert to the Company.

---

| | |
|:---|:---|
| **37** | **Books of Account** |

---

37.1 The
 Directors shall cause proper books of account (including, where applicable, underlying documentation
 including contracts and invoices) to be kept with respect to all sums of money received and
 expended by the Company and the matters in respect of which the receipt or expenditure takes
 place, all sales and purchases of goods by the Company and the assets and liabilities of
 the Company, in accordance with the Statute.

37.2 The
 Directors shall 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 Members not being Directors and no Member (not being a Director)
 shall have any right of inspecting any account or book or document of the Company except
 as conferred by Statute or authorised by the Directors or by the Company in general meeting.

37.3 The
 Directors may cause to be prepared and to be laid before the Company in general meeting profit
 and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts
 as may be required by law.

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| | |
|:---|:---|
| **38** | **Audit** |

---

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

38.2 If
 the Shares (or depositary receipts therefor) are listed or quoted on the Recognised Exchange,
 the Company shall conduct an appropriate review of all related party transactions as required
 by the rules and regulations of any Recognised Exchange, the Securities and Exchange
 Commission and/or any other competent regulatory authority or otherwise under applicable
 law and shall utilise the Audit Committee for the review, approval and ratification, as the
 case may be, of potential conflicts of interest.

38.3 The
 remuneration of the Auditor shall be fixed by the Audit Committee (if one exists).

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

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

---

| | |
|:---|:---|
| **39** | **Notices** |

---

39.1 Notices
 shall be in writing and may be given by the Company to any Member either personally or by
 sending it by courier, post, cable, fax or email to him or her or to his, her or its address
 as shown in the Register of Members (or where the notice is given by email by sending it
 to the email address provided by such Member). Any notice, if posted from one country to
 another, is to be sent by airmail. Notice may also be served by Electronic Communication
 in accordance with the rules of any Recognised Exchange or submitted to the SEC through
 its Electronic Data Gathering, Analysis and Retrieval system or by placing such notice on
 the Company's website.

39.2 Where
 a notice is sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) courier,
 service of the notice shall be deemed to be effected by delivery of the notice to a courier
 company, and shall be deemed to have been received on the third (3rd) day (not including
 Saturdays or Sundays or public holidays) following the day on which the notice was delivered
 to the courier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) post,
 service of the notice shall be deemed to be effected by properly addressing, pre paying and
 posting a letter containing the notice, and shall be deemed to have been received on the
 fifth (5th) day (not including Saturdays or Sundays or public holidays in the British Virgin
 Islands) following the day on which the notice was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cable,
 fax or other similar electronic means service of the notice shall be deemed to be effected
 by properly addressing and sending such notice and shall be deemed to have been received
 on the same day that it was transmitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) email
 service shall be deemed to be effected by transmitting the email to the email address provided
 by the intended recipient and shall be deemed to have been received on the same day that
 it was sent, and it shall not be necessary for the receipt of the email to be acknowledged
 by the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) submission
 to the SEC through its Electronic Data Gathering, Analysis and Retrieval system; service
 of the notice shall be deemed to have been effected one hour after the notice or document
 was submitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

39.3 A
 notice may be given by the Company to the person or persons which the Company has been advised
 are entitled to a Share or Shares in consequence of the death or bankruptcy of a Member in
 the same manner as other notices which are required to be given under the Articles and shall
 be addressed to them by name, or by the title of representatives of the deceased, or trustee
 of the bankrupt, or by any like description at the address supplied for that purpose by the
 persons claiming to be so entitled, or at the option of the Company by giving the notice
 in any manner in which the same might have been given if the death or bankruptcy had not
 occurred.

39.4 Notice
 of every general meeting shall be given in any manner authorised by the Articles to every
 holder of Shares carrying an entitlement to receive such notice on the record date for such
 meeting except that in the case of joint holders the notice shall be sufficient if given
 to the joint holder first named in the Register of Members and every person upon whom the
 ownership of a Share devolves by reason of his, her or its being a legal personal representative
 or a trustee in bankruptcy of a Member where the Member but for his, her or its death or
 bankruptcy would be entitled to receive notice of the meeting, and no other person shall
 be entitled to receive notices of general meetings.

---

| | |
|:---|:---|
| **40** | **Winding Up** |

---

40.1 If
 the Company shall be wound up the liquidator shall apply the assets of the Company in satisfaction
 of creditors' claims in such manner and order as such liquidator thinks fit. Subject to the
 rights attaching to any Shares, each Share will rank pari passu with each other Share in
 relation to the distribution of surplus assets on a winding up.

40.2 If
 the Company shall be wound up the liquidator may, subject to the rights attaching to any
 Shares and subject to contrary direction by Resolution of Members, divide amongst the Members
 in kind the whole or any part of the assets of the Company (whether such assets shall consist
 of property of the same kind or not) and may for that purpose value any assets and determine
 how the division shall be carried out as between the Members or different classes of Members.
 The liquidator may, subject to contrary direction by Resolution of Members, vest the whole
 or any part of such assets in trustees upon such trusts for the benefit of the Members as
 the liquidator, subject to contrary direction by Resolution of Members, shall think fit,
 but so that no Member shall be compelled to accept any asset upon which there is a liability.

---

| | |
|:---|:---|
| **41** | **Indemnity and Insurance** |

---

41.1 Subject
 to the Statute, every Director and officer of the Company (which for the avoidance of doubt,
 shall not include Auditors), together with every former Director and former officer of the
 Company (each an "**Indemnified Person**") shall be indemnified out of the assets
 of the Company to the fullest extent permissible under the Statue and the laws of the British
 Virgin Islands against any liability, action, proceeding, claim, demand, costs, damages or
 expenses, including legal expenses, whatsoever which they or any of them may incur as a result
 of any act or failure to act in carrying out their functions other than such liability (if
 any) that they may incur by reason of their own actual fraud or wilful default. No Indemnified
 Person shall be liable to the Company for any loss or damage incurred by the Company as a
 result (whether direct or indirect) of the carrying out of their functions unless that liability
 arises through the actual fraud or wilful default of such Indemnified Person. No person shall
 be found to have committed actual fraud or wilful default under this Article unless
 or until a court of competent jurisdiction shall have made a finding to that effect.

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

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

---

| | |
|:---|:---|
| **42** | **Financial Year** |

---

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

---

| | |
|:---|:---|
| **43** | **Transfer by Way of Continuation** |

---

The Company shall, subject to the provisions of the Statute, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the British Virgin Islands and to be deregistered in the British Virgin Islands.

---

| | |
|:---|:---|
| **44** | **Mergers and Consolidations** |

---

The Company shall, subject to the provisions of the Statute, have the power to merge or consolidate with one or more constituent companies (as defined in the Statute), upon such terms as the Directors may determine.

---

| | |
|:---|:---|
| **45** | **Corporate Opportunity** |

---

The Directors of the Company who are not employees of the Company (each a "**Specified Party**") have participated (directly or indirectly) in and may, and shall have no duty not to, continue to (A) participate (directly or indirectly) in venture capital and other direct investments in corporations, joint ventures, limited liability companies and other entities conducting business of any kind, nature or description ("**Other Investments**") and (B) have interests in, participate with and aid, and maintain seats on the boards of directors or similar governing bodies of, Other Investments, in each case that may, are or will be competitive with the business of the Company and its subsidiaries or in the same or similar lines of business as the Company and its subsidiaries, or that could be suitable for the Company or its subsidiaries. To the fullest extent permitted by applicable law, the Company, on behalf of itself and its subsidiaries, renounces any interest or expectancy of the Company and its subsidiaries in, or in being offered an opportunity to participate in, any such Other Investment or any business opportunities for such Other Investments that are from time to time presented to any Specified Party or are business opportunities in which a Specified Party participates or desires to participate, even if the Other Investment or business opportunity is one that the Company or its subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and each such Specified Party shall have no duty to communicate or offer any such Other Investment or business opportunity to the Company and, to the fullest extent permitted by applicable law, shall not be liable to the Company or any of its subsidiaries or any Member, including for breach of any fiduciary or other duty, by reason of the fact that such Specified Party (i) participates in any such Other Investment or pursues or acquires any such business opportunity, (ii) directs any such business opportunity to another person or (iii) fails to present any such Other Investment or business opportunity, or information regarding any such Other Investment or business opportunity, to the Company or its subsidiaries, unless such business opportunity is expressly offered to such Specified Party in writing solely in his or her capacity as a director of the Company.

We, Maples Corporate Services (BVI) Limited of Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 23rd day of July 2021.

---

| |
|:---|
| Incorporator |
| (Signed: Denery Moses) |
| Denery Moses |
| Authorised Signatory |
| Maples Corporate Services (BVI) Limited |

---

## Exhibit 99.2

**Exhibit 99.2**

**Swvl Announces Reverse Share Split**

**Dubai, United Arab Emirates – January 25, 2022** – Swvl Holdings Corp ("Swvl" or the "Company") (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that on January 4, 2023, the Company's Board of Directors approved a reverse stock split of its Class A ordinary shares, par value $0.0001 per share (the "Ordinary Shares"), at the ratio of one-for-25 such that every 25 issued Ordinary Shares would be combined into one Ordinary Share, with a par value of $0.0025 each (the "Reverse Share Split"). The Company's Board of Directors also approved an amendment and restatement to the Company's Memorandum and Articles of Association to reflect the Reverse Share Split. No shareholder approval is required for the Reverse Share Split pursuant to the BVI Business Companies Act (as revised).

The Reverse Share Split is expected to be effective on January 25, 2023, following which the trading of the Company's Ordinary Shares will begin trading on the Nasdaq Global Market ("Nasdaq") on a split-adjusted basis at the start of trade on January 26, 2023. All options and warrants of the Company outstanding immediately prior to the Reverse Share Split will be appropriately adjusted by dividing the number of shares of the Ordinary Shares into which the options and warrants are exercisable or convertible by 25 and multiplying the exercise or conversion price thereof by 25, as a result of the Reverse Share Split.

The Company's Ordinary Shares will continue to trade on the Nasdaq under the symbol "SWVL" but will trade under the new CUSIP G86302125. The Company expects that the Reverse Share Split will allow the Company to regain compliance with the Nasdaq $1.00 minimum bid price requirement.

**About Swvl**

Swvl is a global provider of transformative tech-enabled mass transit solutions, offering intercity, intracity, B2B and B2G transportation. The Company's platform provides complimentary semi-private alternatives to public transportation for individuals who cannot access or afford private options. Every day, Swvl's parallel mass transit systems are empowering individuals to go where they want, when they want – making mobility safer, more efficient, accessible, and environmentally friendly. Customers can book their rides on an easy-to-use proprietary app with varied payment options and access to high-quality private buses and vans.

For additional information about Swvl, please visit www.swvl.com.

**Forward Looking Statements**

This press release contains "forward-looking statements" relating to future events. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts.

These statements are based on the current expectations of Swvl's management and are not predictions of actual performance. For example, Swvl is using forward-looking statement in this press release when it discusses the effective date for its Reverse Share Split, the date that trading in its Ordinary Shares will begin on a split-adjusted basis, the adjustment of all options and warrants that are exercisable or convertible and the Company's expectation that the Reverse Share Split will allow the Company to regain compliance with the Nasdaq minimum bid price requirement. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Swvl. These statements are subject to a number of risks and uncertainties regarding Swvl's business, and actual results may differ materially. In addition, forward-looking statements provide Swvl's expectations, plans or forecasts of future events and views as of the date of this communication. Swvl anticipates that subsequent events and developments could cause Swvl's assessments and projections to change. However, while Swvl may elect to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Swvl's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon any forward-looking statements. Except as otherwise required by law, Swvl undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website, <u>www.sec.gov</u>, and in subsequent SEC filings.

**Contact**

Youssef Salem

Swvl CFO

<u>Investor.relations@swvl.com</u>