Document:

SPECIMEN
ORDINARY SHARE CERTIFICATE

     

    
      	
              NUMBER

            	
              SHARES

            
	 
      	 
      
	
              OS
      - _________

            	 
      

    

     

    S.E.
ASIA EMERGING MARKET CO., LTD

     

    INCORPORATED
UNDER THE LAWS OF THE BRITISH VIRGIN ISLANDS

     

    ORDINARY
SHARES

     

    SEE
REVERSE FOR

    CERTAIN
DEFINITIONS

     

    
      	
              THIS
      CERTIFIES THAT

            	
              CINS
      [   ]                  

            
	 
      	 
      
	
              IS
      THE OWNER OF

            	 
      

    

     

    FULLY
PAID AND NON-ASSESSABLE ORDINARY SHARES OF NO PAR VALUE

     

    S.E.
ASIA EMERGING MARKET CO., LTD

    

    transferable
on the books of  S.E. ASIA EMERGING MARKET CO., LTD (the
“Company”) in person or by duly authorized attorney upon surrender of this
certificate properly endorsed. In the event that the Company does not consummate
a Business Combination by [●] [24 MONTHS FROM THE DATE OF THE FINAL PROSPECTUS
RELATING TO THE COMPANY’S INITIAL PUBLIC OFFERING], the Company is required to
liquidate the trust account into which a substantial amount of the net proceeds
of the Company’s initial public offering were placed, and the holder(s) of this
certificate for ordinary shares (“Ordinary Shares”) shall be entitled to receive
a pro-rata portion of funds from such trust account. This certificate is not
valid unless countersigned by the Transfer Agent and registered by the
Registrar. Witness the seal of the Company and the facsimile signatures of its
duly authorized officers.

    

    Dated:

    

    S.E.
ASIA EMERGING MARKET CO., LTD

    

    BRITISH
VIRGIN ISLANDS

    SEAL

    2010

    

    AUTHORIZED
OFFICER

    

    

    (Signature)

    CHIEF
EXECUTIVE OFFICER

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (Seal)

    

    (Signature)

    SECRETARY

    

    COUNTERSIGNED
AND REGISTERED:

    CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

    TRANSFER
AGENT AND REGISTRAR

    BY:

    

    (Reverse
of Certificate)

     

    S.E.
ASIA EMERGING MARKET CO., LTD

    

    The Company will furnish without charge
to each shareholder who so requests, the powers, designations, preferences and
relative participating, optional or other special rights of each class of shares
or series thereof of the Company and the qualifications, limitations, or
restrictions of such preferences and/or rights. This certificate and the shares
represented hereby are issued and shall be held subject to all the provisions of
the Memorandum and Articles of Association of the Company and all amendments
thereto and resolutions of the Board of Directors providing for the issue of
securities (copies of which may be obtained from the secretary of the Company),
to all of which the holder of this certificate by acceptance hereof
assents.

    

    The following abbreviations, when used
in the inscription on the face of this certificate, shall be construed as though
they were written out in full according to applicable laws or
regulations:

    

    TEN COM — as tenants in
common

    TEN ENT — as tenants by the
entireties

    JT TEN — as joint tenants with right of
survivorship and not as tenants in common

    

    UNIF GIFT
MIN ACT — ......................... Custodian
..........................

                                                       
(Cust)
                                       (Minor)

    under
Uniform Gifts to Minors

    Act
...............................................................

                                                        (State)

    

    Additional
abbreviations may also be used though not in the above list.

    

    For value
received                                                                                       ,
hereby sell(s), assign(s) and transfer(s) unto

    

    PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE(S)

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

      
        

      

    

    (PLEASE
PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES), INCLUDING ZIP CODE, OF
ASSIGNEE(S))

    

    
      

    

     

    
      

    

    shares of
the capital stock represented by the within Certificate, and do hereby
irrevocably constitutes and appoints

     

    
      

    

    Attorney
to transfer the said stock on the books of the within named Company with full
power of substitution in the premises.

    

    Dated:

    

    
      

    

    NOTICE:
THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN
UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATEVER.

    

    Signature(s)
Guaranteed:

    

    
      
        
          	
                  By

                	 
      

        

      

    

    THE
SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
17Ad-15).

    

    The
holder(s) of this certificate shall be entitled to receive a pro-rata portion of
funds from the trust account only in the event that the Company liquidates the
trust account because it does not consummate a Business Combination by [●] [24
MONTHS FROM THE DATE OF THE FINAL PROSPECTUS RELATING TO THE COMPANY’S INITIAL
PUBLIC OFFERING]. In no other circumstances shall the holder(s) have any right
or interest of any kind in or to the trust account.SPECIMEN
WARRANT CERTIFICATE

    

    
      
        	
                NUMBER

              	
                CLASS
      A WARRANTS

              
	
                WA-___________

              	 
      

      

    

     

    (THIS
WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M.

    NEW YORK
CITY TIME, ON [●], 2015 [FIVE YEARS FROM THE DATE OF THE FINAL 

    PROSPECTUS
RELATING TO THE COMPANY’S INITIAL PUBLIC OFFERING])

     

    S.E. ASIA
EMERGING MARKET CO., LTD

     

    CINS
[    ]         

     

    CLASS A
WARRANT

     

    THIS
WARRANT CERTIFIES THAT, for value received

    

    or
registered agents, is the registered holder of a Class A Warrant or Class A
Warrants expiring at 5:00 p.m. New York City time on [●], 2015 [five years from
the date of the final prospectus relating to the Company’s initial public
offering] (the “Warrant”) to purchase one fully paid and non-assessable ordinary
share, no par value per share (the “Shares”), of S.E. ASIA EMERGING MARKET CO.,
LTD, a British Virgin Islands business company organized with limited liability
(the “Company”), for each Warrant evidenced by this certificate (the “Warrant
Certificate”).

    

    Each Warrant entitles the holder to
purchase one (1) Share, at a price of  $6.00 per Share (the “Warrant
Price”), subject to adjustment. Each Warrant will become exercisable on the
later of (i) the Company’s completion of a business combination through a share
exchange, share reconstruction and amalgamation or contractual control
arrangement with, purchasing all or substantially all of the assets of, or
engaging in any other similar business combination (each a “Business
Combination”) or (ii) [●], 2011 [ONE YEAR FROM THE DATE OF THE FINAL PROSPECTUS
RELATING TO THE COMPANY’S INITIAL PUBLIC OFFERING], and will expire unless
exercised on the earlier of (i) 5:00 p.m., New York City time on [●], 2015 [FIVE
YEARS FROM THE DATE OF THE FINAL PROSPECTUS RELATING TO THE COMPANY’S INITIAL
PUBLIC OFFERING]; (ii) ________, 2012, in the event an initial Business
Combination is not consummated by such time; or (iii) earlier upon redemption
(the “Expiration Date”).  The Company shall only be obligated to issue
Shares upon surrender of this Warrant Certificate and payment of the Warrant
Price at the office or agency of the Warrant Agent, Continental Stock Transfer
& Trust Company (such payment to be made by check made payable to the
Warrant Agent).  In no event shall the registered holder(s) of this
Warrant be entitled to receive a net-cash settlement, Shares or other
consideration in lieu of physical settlement in Shares of the Company. The term
Warrant Price as used in this Warrant Certificate refers to the price per Share
at which Shares may be purchased at the time the Warrant is
exercised.  The Warrant will not become exercisable and shall be
worthless in the event the Company fails to consummate a Business Combination
within 24 months of the date of the final prospectus relating to the Company’s
initial public offering.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    The
Company shall not be obligated to deliver any securities pursuant to the
exercise of a Warrant and shall have no obligation to settle such Warrant
exercise unless a registration statement under the Securities Act of 1933 (as
amended, the “Act”) with respect to the Shares underlying the Warrant is
effective.  In the event that a registration statement with respect to the
Shares is not effective under the Act, the holder of such Warrant shall not be
entitled to exercise such Warrant and such Warrant may have no value and expire
worthless.

    

    No fraction of a Share will be issued
upon any exercise of a Warrant. If, upon exercise of a Warrant, a holder would
be entitled to receive a fractional interest in a Share, the Company will, upon
exercise, round up to the nearest whole number the number of Shares to be issued
to the warrant holder.

    

    Upon any exercise of the Warrant for
less than the total number of full Shares provided for herein, there shall be
issued to the registered holder(s) hereof or its assignee(s) a new Warrant
Certificate covering the number of Shares for which the Warrant has not been
exercised.

    

    Warrant Certificates, when surrendered
at the office or agency of the Warrant Agent by the registered holder(s) hereof
in person or by attorney duly authorized in writing, may be exchanged in the
manner and subject to the limitations provided in the Warrant Agreement (as
defined below), but without payment of any service charge, for another Warrant
Certificate or Warrant Certificates of like tenor and evidencing in the
aggregate a like number of Warrants.

    

    Upon due presentment for registration
of transfer of the Warrant Certificate at the office or agency of the Warrant
Agent, a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the
transferee(s) in exchange for this Warrant Certificate, subject to the
limitations provided in the Warrant Agreement, without charge except for any
applicable tax or other governmental charge.

    

    The Company and the Warrant Agent may
deem and treat the registered holder(s) as the absolute owner(s) of this Warrant
Certificate (notwithstanding any notation of ownership or other writing hereon
made by anyone) for the purpose of any exercise hereof, of any distribution to
the registered holder(s), and for all other purposes, and neither the Company
nor the Warrant Agent shall be affected by any notice to the
contrary.

    

    This Warrant does not entitle the
registered holder(s) to any of the rights of a shareholder of the
Company.

    

    The Company reserves the right to
redeem the Warrant at any time prior to its exercise, with a notice of
redemption in writing to the holder(s) of record of the Warrant, giving 30 days’
notice of such redemption at any time after the Warrant becomes exercisable if
the last sales price of the Shares has been at least $9.00 per share on each of
20 trading days within a 30 trading day period ending on the third business day
prior to the date on which notice of such redemption is given and there is an
effective registration statement covering the Shares underlying the Warrants for
the continuous period beginning on the date on which notice is given and ending
on the date of redemption.  The redemption price of the Warrants is to be $.01
per Warrant. Any Warrant either not exercised or tendered back to the Company by
the end of the date specified in the notice of redemption shall be canceled on
the books of the Company and have no further value except for the $.01
redemption price.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    The terms of the Warrants are subject
to and qualified in their entirety by the warrant agreement (the “Warrant
Agreement”) between the Company and Continental Stock Transfer & Trust
Company, as Warrant Agent, dated [    ], 2010, all of which terms
and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent
at 17 Battery Place, New York, New York, 10004, and are available to any Warrant
holder on written request and without cost.  Further, the Warrant
Agreement provides that, upon the occurrence of certain events, the Warrant
Price and the number of Warrant Shares purchasable hereunder, set forth on the
face hereof, may be adjusted, subject to certain conditions.

    

    COUNTERSIGNED:

    CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

    WARRANT
AGENT

    BY:

    AUTHORIZED
OFFICER

    

    DATED:

    

    (Signature)

    CHIEF
EXECUTIVE OFFICER

    

    (Seal)

    

    (Signature)

    SECRETARY

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    [REVERSE
OF CERTIFICATE]

    

    SUBSCRIPTION
FORM

    

    To Be
Executed by the Registered Holder(s) in Order to Exercise Warrants

    

    The
undersigned Registered Holder(s) irrevocably elect(s) to exercise _________
Warrants represented by this Warrant Certificate, and to purchase the Shares
issuable upon the exercise of such Warrants, and requests that Certificates for
such shares shall be issued in the name(s) of

    

    
      
        	 
      
	
                  (PLEASE
      TYPE OR PRINT NAME(S) AND ADDRESS)

              
	 
      
	 
      
	 
      
	 
      
	 
      
	 
      
	
                (SOCIAL
      SECURITY OR TAX IDENTIFICATION
NUMBER(S))

              

      

    

    

    
      
        
          
            	
                    and
      be delivered to

                  	 
      
	 
      	
                    (PLEASE
      PRINT OR TYPE NAME(S) AND ADDRESS)

                  
	 
      	 
      
	 
      	 
      

          

        

      

    

    

    and, if
such number of Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such Warrants be
registered in the name of, and delivered to, the Registered Holder(s) at the
address(es) stated below:

    

    Dated:

    

    
      
        
          
            	 
      	 
      
	
                    (SIGNATURE(S))

                  	 
      
	 
      	 
      
	
                    (ADDRESS(ES))

                  	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                    (TAX
      IDENTIFICATION NUMBER(S))

                  	 
      

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    ASSIGNMENT

    

    To Be
Executed by the Registered Holder in Order to Assign Warrants

    

    For Value
Received,_____________________hereby sell(s), assign(s), and transfer(s)
unto

    

    _____________________________________________________

    (PLEASE
TYPE OR PRINT NAME(S) AND ADDRESS(ES))

    

    __________________________________________________________

    

    __________________________________________________________

    

    ___________________________________________________

    (SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER(S))

    

    and be
delivered
to    ________________________________________________________

    (PLEASE
PRINT OR TYPE NAME(S) AND ADDRESS(ES))

    

    of the
Warrants represented by this Warrant Certificate, and hereby irrevocably
constitute and

    

    appoint________________________________Attorney
to transfer this Warrant Certificate on the books of the Company, with full
power of substitution in the premises.

    

    Dated:

    

    
      
        	 
      	 
      
	
                (SIGNATURE(S))

              	 
      

      

    

    

    Notice:
The signature(s) to this assignment must correspond with the name(s) as written
upon the face of the certificate in every particular, without alteration or
enlargement or any change whatever.

    

    Signature(s)
Guaranteed:

    

    THE
SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
17Ad-15).

    

    THE
SIGNATURE(S) TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME(S) WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
CHICAGO STOCK EXCHANGE.

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