Document:

Execution
      Copy

     

    
      
        

      

    WARRANT
      INSTRUMENT

     

    ASIA
      TIME CORPORATION

    

    600,000
      WARRANTS EXPIRING 2010

     

    November
      13, 2007

     

      
        

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

      
        	
                Clause

              	 	
                Page

              
	 	 	 
	
                1.

              	
                INTERPRETATION
                  

              	
                1

              
	
                2.

              	
                CONSTITUTION
                  AND FORM OF WARRANTS AND CERTIFICATES 

              	
                4

              
	
                3.

              	
                SUBSCRIPTION
                  RIGHTS 

              	
                5

              
	
                4.

              	
                LISTING
                  AND REGISTRATION 

              	
                5

              
	
                5.

              	
                EXERCISE
                  OF SUBSCRIPTION RIGHTS 

              	
                5

              
	
                6.

              	
                
                  [INTENTIONALLY
                    OMITTED] 

                

              	
                6

              
	
                7.

              	
                
                  COVENANTS

                

              	
                6

              
	
                8.

              	
                WARRANTIES
                  AND UNDERTAKINGS 

              	
                7

              
	
                9.

              	
                ADJUSTMENTS
                  

              	
                8

              
	
                10.

              	
                
                  [INTENTIONALLY
                    OMITTED]

                

              	
                10

              
	
                11.

              	
                WINDING
                  UP OF THE COMPANY 

              	
                10

              
	
                12.

              	
                TRANSFER
                  AND TRANSMISSION OF WARRANTS 

              	
                10

              
	
                13.

              	
                MEETINGS
                  OF WARRANTHOLDERS 

              	
                11

              
	
                14.

              	
                INFORMATION
                  RIGHTS OF WARRANTHOLDERS 

              	
                11

              
	
                15.

              	
                REPLACEMENT
                  CERTIFICATES 

              	
                11

              
	
                16.

              	
                NOTICES
                  

              	
                12

              
	
                17.

              	
                CONTRACTS
                  (RIGHTS OF THIRD PARTIES) ACT 1999 

              	
                12

              
	
                18.

              	
                GOVERNING
                  LAW AND JURISDICTION 

              	
                12

              

      

    

    
      
        
        

        
        

        
          	
                  SCHEDULE
                    1 

                	
                  FORM
                    OF GLOBAL CERTIFICATE 

                	
                  15

                
	
                  SCHEDULE
                    2 

                	
                  FORM
                    OF INDIVIDUAL CERTIFICATE 

                	
                  23

                
	
                  SCHEDULE
                    3 

                	
                  PROVISIONS
                    AS TO MEETINGS AND RESOLUTIONS OF WARRANTHOLDERS 

                	
                  30

                

        

      

    

    

    Warrant
      Instrument

     

    
      
        
        

      

      
        -
          i
          -

        
          

        

      

      
        
        

      

    

    

    THIS
      WARRANT INSTRUMENT
      (this
“Instrument”)
      is
      agreed on November 13, 2007 

     

    BETWEEN
      

     

    
      
        	
                (1)

              	
                ASIA
                  TIME CORPORATION,
                  a
                  company incorporated in the State of Delaware whose registered
                  office is
                  at c/o Corporation Service Company, 2711
                  Centerville Road, Suite 400, Wilmington, Delaware (the “Company”);
                  and

              

      

       

      
        	
                (2)

              	
                ABN
                  AMRO BANK, N.V. (the
                  “Subscriber”).

              

      

       

    

    WHEREAS

     

    
      	
              (A)

            	
              The
                Company, by resolution of the Directors (the “Directors’
                Resolution”),
                has been authorised to create and issue warrants to subscribe for
                the
                Warrant Shares (as defined below) on the terms set out in this
                Instrument.

            

    

     

    
      	
              (B)

            	
              All
                the registered holders of shares in the Company have irrevocably
                waived
                all pre-emption rights conferred on them (whether by the Articles
                or
                otherwise) in relation to the issue of Warrants and shares in the
                Company
                pursuant to this Instrument. 

            

    

     

    
      	
              (C)

            	
              The
                Warrants are the subject of an agency agreement dated November 13,
                2007
                (as amended from time to time, the “Warrant Agency
                Agreement”)
                between the Company and The Bank of New York, London Branch as agent
                (the
                “Agent”
                which expression includes any successor appointed from time to time
                in
                connection with the Warrants) and The Bank of New York in its capacity
                as
                registrar (the “Registrar”,
                which expression shall include any successor registrar appointed
                from time
                to time in connection with the Warrants).

            

    

     

    
      	
              (D)

            	
              Certain
                provisions of these Conditions are summaries of the Warrant Agency
                Agreement and subject to its detailed provisions. The Warrantholders
                are
                bound by, and are deemed to have notice of all the provisions of
                the
                Warrant Agency Agreement applicable to them. Copies of the Warrant
                Agency
                Agreement are available for inspection during normal business hours
                at the
                Specified Office of the Agent. 

            

    

     

    
      	
              1.

            	
              INTERPRETATION

            

    

     

    
      	
              1.1

            	
              In
                this Instrument:

            

    

     

    “Adjustment
      Event”
means
      the occurrence of any of the events or corporate actions in Condition 9
      that are prohibited without the Majority Warrantholders’ consent.

     

    “Affiliate”
means,
      in relation to a person, a Subsidiary or a Holding Company of that person and
      any other Subsidiary of a Holding Company of that person.

     

    “Aggregate
      Subscription Rights”
means
      the Subscription Rights attaching to all Warrants created and issued pursuant
      to
      this Instrument.

     

    “Alternative
      Stock Exchange”
means
      at any time, in the case of the Common Shares, if they are not at that time
      listed and traded on AMEX, the principal stock exchange or securities market
      on
      which the Common Shares are then listed or quoted or dealt in.

     

    “AMEX”
means
      The American Stock Exchange.

    
       

      Warrant
        Instrument

       

    

    
      
        
        

      

      
        -
          1
          -

        
          

        

      

      
        
        

      

    

     

    “Articles”
means
      articles of incorporation and by-laws of the Company.

     

    “Business
      Day”
means
      a
      day (which for these purposes ends at 5.30 pm local time) on which commercial
      banks and foreign exchange markets settle payments and are open for general
      business (including dealing in foreign exchange and foreign currency deposits)
      in New York City and the city or cities in which the specified offices of the
      Agent and Registrar are located other than a Saturday or Sunday.

     

    “Certificate”
in
      relation to a Warrant means a certificate substantially in the form set out
      in
      Schedule 1 evidencing the Subscription Rights and other rights from time to
      time
      vested in the Warrantholder.

     

    “Clearstream”
means
      Clearstream Banking, société anonym.

     

    “Commencement
      Date”
means
      the date which is one year after the Listing.

     

    “Common
      Shares”
means
      the shares of common stock of the Company as defined in and having attached
      to
      them the rights and privileges set out in the Articles.

     

    “Conditional
      Notice of Exercise”
means
      any Notice of Exercise the effectiveness of which is subject to a condition
      precedent which (as at the date of determination) has not been
      satisfied.

     

    “Directors”
means
      the members of the board of directors of the Company and “Director”
means
      any one of them. 

     

    “Distribution”
means
      any distribution or payment or benefit given by the Company of its assets,
      profits, reserves or capital to any of its shareholders in their capacity as
      shareholders after the date of this Instrument.

     

    “Effective
      Date”
means
      November 13, 2007.

     

    “Euroclear”
means
      Euroclear Bank S.A./N.A.

     

    “Exercise
      Date”
any
      date on which a Notice of Exercise is effective. 

     

    “Exercise
      Period”
means
      the period from (and including) the Commencement Date to (and excluding) the
      Termination Date. 

     

    “Extraordinary
      Resolution”
has
      the
      meaning given in paragraph 17 of Schedule 3.

     

    “Group”
means
      the Company and its Subsidiaries from time to time.

     

    “Holding
      Company”
means
      a
      company or corporation of which another company or corporation is a
      Subsidiary.

     

    “Liquidation”
means
      a
      dissolution and subsequent liquidation of the Company.

     

    “Listing”
means
      in relation to the Common Shares, a listing of the Common Shares on AMEX or
      any
      Alternative Stock Exchange.

     

    “Majority
      Warrantholders”
means
      the percentage required for the passing of binding resolutions pursuant to
      Paragraph 17 or 19 (as the case may be) of Schedule 3.

    
      
         

        Warrant
          Instrument

         

      

    

    
      
        
        

      

      
        -
          2
          -

        
          

        

      

      
        
        

      

    

     

    “Notice
      of Exercise”
in
      relation to a Warrant, means a notice in the form set out as the schedule to
      the
      Certificate for that Warrant.

     

    “PRC”
means
      the People’s Republic of China, excluding for purposes of this Instrument, Hong
      Kong Special Administrative Region, Macau Special Administrative Region and
      islands of Taiwan. 

     

    “Register”
means
      the register of Warrantholders maintained pursuant to Condition 12.

     

    “Specified
      Office”
means,
      with respect to the Agent, One Canada Square, London, E14 5AL, United Kingdom;
      and with respect the Registrar, 101 Barclay Street, New York, NY 10286, United
      States of America, or such other office as may be designated under the terms
      of
      the Warrant Agency Agreement. 

     

    “Subscription
      Price”
means
      US$0.0001 per Warrant Share subject to adjustment in accordance with
      Condition 9.

     

    “Subscription
      Rights”
means
      the rights for the time being conferred by a Warrant to subscribe for Warrant
      Shares.

     

    “Subsidiary”
of
      a
      company, corporation, partnership or similar entity means any company,
      corporation, partnership or similar entity:

     

    
      	 	
              (a)

            	
              which
                is controlled, directly or indirectly, by the first-mentioned company,
                corporation, partnership or similar
                entity;

            

    

     

    
      	 	
              (b)

            	
              more
                than half the issued share capital of which is beneficially owned,
                directly or indirectly, by the first-mentioned company, corporation,
                partnership or similar entity; or

            

    

     

    
      	 	
              (c)

            	
              which
                is a Subsidiary of another Subsidiary of the first-mentioned company,
                corporation, partnership or similar
                entity.

            

    

     

    “Termination
      Date”
means
      the earlier to occur of: (1) November 6, 2010; (2) the date on which all
      Subscription Rights have been exercised in full; and (3) the date on which
      all
      Subscription Rights have lapsed in accordance with Condition 11.3
      hereof.

     

    “Warrant”
means
      each warrant of the Company created and issued under this Instrument including
      all Subscription Rights and other rights conferred by this Instrument and so
      that references to particular Warrants or to a specified number of Warrants
      (whether one or more) at any time are to be construed as a reference to a
      proportion of the Aggregate Subscription Rights represented by the Warrants
      in
      question.

     

    “Warrantholder”
in
      relation to a Warrant, means the person or persons in whose name the Warrant
      is
      registered in the Register.

     

    “Warrantholder’s
      Share”
in
      relation to a Warrantholder, means his portion of the Warrant Shares as shown
      in
      the Register.

     

    “Warrant
      Shares”
means
      the number of Common Shares for which 600,000 Warrants are exerciseable
      initially at a ratio of one Warrant for one Warrant Share subject to adjustment
      in accordance with the terms of this Instrument. 

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              3
              -

            
              

            

          

          
            
            

          

        

         

      

    

    
      	
              1.2

            	
              The
                Schedules form part of this Instrument and shall be construed and
                have the
                same full force and effect as if expressly set out in the body of
                this
                Instrument.

            

    

     

    
      	
              1.3

            	
              In
                this Instrument:

            

    

     

    
      	 	
              (a)

            	
              headings
                are inserted for convenience only and are to be ignored in construing
                this
                Instrument;

            

    

     

    
      	 	
              (b)

            	
              a
                reference to a recital, Condition or Schedule, unless stated otherwise,
                is
                a reference to a recital or Condition of, or a Schedule to, this
                Instrument;

            

    

     

    
      	 	
              (c)

            	
              reference
                to this Instrument or any other document shall be construed as a
                reference
                to this Instrument or that document as in force for the time being
                and as
                amended, varied, supplemented or novated in accordance with its terms
                and
                (where such consent is required by the terms of this Instrument as
                a
                condition to such amendment, variation, supplement or novation being
                made)
                the prior consent of an Extraordinary
                Resolution;

            

    

     

    
      	 	
              (d)

            	
              a
                reference to a “person” shall be construed as a reference to any person,
                firm, company, corporation, government, state or agency of a state
                or any
                association or partnership (whether or not having separate legal
                personality) of two or more of the foregoing;

            

    

     

    
      	 	
              (e)

            	
              a
                reference to “control” with respect to a company, corporation, partnership
                or similar entity means that a person, company, corporation, partnership
                or other entity is able (directly or indirectly) to direct its affairs
                and/or to control the composition of its board of directors or equivalent
                body or to the extent relevant owns (directly or indirectly) a majority
                of
                any voting shares in such company, corporation, partnership or
                entity;

            

    

     

    
      	 	
              (f)

            	
              a
                reference to an enactment includes a reference to that enactment
                as
                re-enacted, amended or extended before the date of this Instrument
                and any
                subordinate legislation made before the date of this Instrument under
                it;
                and

            

    

     

    
      	 	
              (g)

            	
              wherever
                from the context it appears appropriate, each term stated in either
                the
                singular or the plural shall include the singular and the plural.
                

            

    

     

    
      	
              2.

            	
              CONSTITUTION
                AND FORM OF WARRANTS AND
                CERTIFICATES

            

    

     

    
      	
              2.1

            	
              On
                the Effective Date, in exchange for US$0.0001 per Warrant, the receipt
                and
                sufficiency of which are hereby acknowledged, the Company agrees
                to issue
                600,000 Warrants to the Subscriber and provide to the Subscriber
                on that
                day the Certificate evidencing such Warrants required under Condition
                2.6
                below. 

            

    

     

    
      	
              2.2

            	
              Pursuant
                to the Directors’
                Resolution, the Company grants the right, exercisable on the terms
                and
                subject to the
                conditions set out in this Instrument, the Articles and applicable
                law,
                for each Warrantholder to subscribe in cash at the Subscription Price
                per
                Warrant Share for the number of Warrant Shares equal to the
                Warrantholder’s
                Share. 

            

    

     

    
      	
              2.3

            	
              The
                Company agrees to comply with the provisions of this Instrument and
                specifically, but without limitation, give effect to all Subscription
                Rights.

            

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
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              4
              -

            
              

            

          

          
            
            

          

        

      

    

     

    
      	
              2.4

            	
              This
                Instrument shall inure to the benefit of the Warrantholders and their
                subsequent successors or assignees.

            

    

     

    
      	
              2.5

            	
              The
                Warrants are to be in registered form and are to be transferable
                in
                accordance with Condition 12. The Warrants are issued subject to
                the
                Articles and otherwise on the terms of this Instrument which are
                binding
                upon the Company and each Warrantholder and all persons claiming
                through
                them.

            

    

     

    
      	
              2.6

            	
              Entitlement
                to the Subscription Rights and other rights attaching to the Warrants
                held
                by a Warrantholder are to be evidenced by the issue to the Warrantholder
                of a Certificate.

            

    

     

    Warrants
      are being issued to Warrantholders outside the United States in reliance on
      Regulation S under the U.S. Securities Act 1933, as amended (the “Securities
      Act”) and will be represented by a Global Certificate. The Global Certificate
      will be deposited with, and registered in the name of a nominee for, a common
      depositary for Euroclear and Clearstream. 

     

    Ownership
      of beneficial interests in the Global Certificate will be limited to persons
      that have accounts with Euroclear or Clearstream or persons that may hold
      interests through such participants. Beneficial interests in the Global
      Certificate will be shown on, and transfers thereof will be effected through,
      records maintained in book-entry form by Euroclear, Clearstream and their
      participants as applicable. The Global Certificate will be exchangeable for
      Warrant Certificates in definitive form only in certain limited
      circumstances.

     

    
      	
              3.

            	
              SUBSCRIPTION
                RIGHTS

            

    

     

    
      	
              3.1

            	
              The
                Warrants shall vest on the Effective
                Date.

            

    

     

    
      	
              3.2

            	
              The
                Warrants shall lapse on the Termination
                Date.

            

    

     

    
      	
              4.

            	
              LISTING
                AND REGISTRATION

            

    

     

    
      	
              4.1

            	
              The
                Company hereby covenants to:

            

    

     

    
      	 	
              (a)

            	
              list
                the Warrant Shares on AMEX or any Alternative Stock Exchange on or
                prior
                to the Commencement Date;

            

    

     

    
      	 	
              (b)

            	
              register
                the Warrant Shares on an effective 1933 Act registration statement
                with
                the United States Securities and Exchange Commission within one year
                of
                the Effective Date; and

            

    

     

    
      	 	
              (c)

            	
              keep
                such registration statement effective and maintain such AMEX or any
                Alternative Stock Exchange listing until thirty (30) days after the
                Termination Date.

            

    

     

    
      	
              5.

            	
              EXERCISE
                OF SUBSCRIPTION RIGHTS

            

    

     

    
      	
              5.1

            	
              The
                Subscription Rights may be exercised in whole or in part on any one
                or
                more Business Days during the Exercise
                Period.

            

    

     

    
      	
              5.2

            	
              The
                Subscription Rights conferred by a Warrant may be exercised by the
                Warrantholder completing and duly executing a Notice of Exercise
                and
                lodging the relevant Certificate (with the relevant Notice of Exercise
                attached) at the Specified Office of the Agent together with a remittance
                for the total Subscription Price of the Warrant Shares in respect
                of which
                Subscription Rights are to be
                exercised.

            

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
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              5
              -

            
              

            

          

          
            
            

          

        

      

    

     

    
      	
              5.3

            	
              Once
                lodged in accordance with Condition 5.2, a Notice of Exercise is
                (except
                to the extent specified in this Condition) irrevocable.
                

            

    

     

    
      	
              5.4

            	
              Subject
                to the Articles and compliance with any applicable law, regulatory
                requirement, judgment, order or decree, the Warrant Shares shall
                be
                allotted, issued to and registered in the name of the Warrantholder
                or any
                Affiliate of the Warrantholder nominated by the Warrantholder in
                the
                relevant Notice of Exercise no later than ten days after the Exercise
                Date.

            

    

     

    
      	
              5.5

            	
              The
                Warrant Shares shall:

            

    

     

    
      	 	
              (a)

            	
              be
                allotted and issued fully paid;

            

    

     

    
      	 	
              (b)

            	
              rank
                pari
                passu
                in
                all respects from the effective date of issue with the shares of
                common
                stock of the Company then in issue;

            

    

     

    
      	 	
              (c)

            	
              be
                entitled to all dividends and Distributions paid on any date or by
                reference to any date on or after the Exercise Date or in the event
                of a
                Conditional Notice of Exercise on or after the date on which the
                condition
                is fully satisfied;

            

    

     

    
      	 	
              (d)

            	
              be
                issued in the form in force as at the date of this Instrument; and
                

            

    

     

    
      	 	
              (e)

            	
              otherwise
                have the rights and privileges prescribed in the
                Articles.

            

    

     

    
      	
              5.6

            	
              If
                Warrants are exercised or transferred (in accordance with Condition
                12) in
                respect of part only of a Warrantholder’s
                Share while any Subscription Rights remain, the Company shall issue
                a new
                Certificate for the balance of the Warrantholder’s
                Share.

            

    

     

    
      	
              5.7

            	
              No
                fraction of a Warrant Share shall be issued on the exercise of a
                Warrant
                but, if more than one (1) Warrant is exercised at the same time by
                the
                same Warrantholder, then, for the purpose of determining the number
                of
                Warrant Shares to be issued and whether any (and if so, what) fraction
                of
                a Warrant Share arises, the number of Warrant Shares arising on the
                exercise of each Warrant (including, for this purpose, fractions)
                shall be
                first aggregated.

            

    

     

    
      	
              6.

            	
              [Intentionally
                Omitted]

            

    

     

    
      	
              7.

            	
              
                COVENANTS

              

            

    

     

    
      	
              7.1

            	
              The
                Company agrees to pay (a) any and all stamp or other similar documentary
                taxes or duties (including any interest and penalties thereon or
                in
                connection therewith) payable in connection with the authorisation,
                issuance or delivery of the Warrants or any Warrant Shares, and the
                execution, delivery and performance of the Warrant Agency Agreement
                and
                this Instrument; and (b) any value-added tax payable in connection
                with
                the commissions or other amounts payable or allowed under the Warrant
                Agency Agreement, this Instrument and the Company shall indemnify
                promptly
                upon demand the Subscriber and any other Warrantholders against any
                liabilities, losses, costs, expenses (including, without limitation,
                legal
                fees and value added tax thereon) and claims, actions or demands
                which it
                may incur as a result of or arising out of or in relation to any
                failure
                to pay or delay in paying any of the
                same.

            

    

     

    
      
        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              6
              -

            
              

            

          

          
            
            

          

        

         

      

    

    
      	
              7.2

            	
              While
                the Warrants are outstanding, the Company
                will:

            

    

     

    
      	 	
              (a)

            	
              keep
                available for issue and free from pre-emptive rights, out of its
                authorised but unissued share capital such number of Common Shares
                as will
                enable the Warrant Shares to be satisfied in full as and when the
                Subscription Rights may be exercised;
                and

            

    

     

    
      	 	
              (b)

            	
              ensure
                that the directors of the Company have all necessary authorisations
                to
                allot such Common Shares at any time.

            

    

     

    
      	
              8.

            	
              WARRANTIES
                AND UNDERTAKINGS

            

    

     

    On
      the
      date of this Instrument, the Effective Date, the date of any transfer or
      transmission of Warrants in accordance with Condition 12 and any Exercise Date,
      the Company represents and warrants to the Warrantholders and undertakes to
      procure that:

     

    
      	 	
              (a)

            	
              it
                is a corporation duly organised under the laws of its jurisdiction
                of
                incorporation with power to enter into this Instrument and to exercise
                its
                rights and perform its obligations hereunder and all corporate and
                other
                action (other than the passing of any applicable shareholders resolution
                on exercise of the Warrants) required to authorise its execution
                of this
                Instrument and its performance of its obligations hereunder have
                been duly
                taken;

            

    

     

    
      	 	
              (b)

            	
              all
                the registered holders of Common Shares in the Company have irrevocably
                waived all pre-emption rights conferred on them (whether by the Articles
                or otherwise) in relation to the issue of Warrants and Common Shares
                in
                the Company pursuant to this
                Instrument;

            

    

     

    
      	 	
              (c)

            	
              in
                any proceedings (whether arbitration or otherwise) taken in the United
                States or the PRC in relation to this Instrument, the choice of English
                law as the governing law of this Instrument and any arbitral award
                with
                respect to this Instrument obtained in the United Kingdom will be
                recognised and enforced in the United States or the PRC, after compliance
                with the applicable procedural rules in the United States or the
                PRC, as
                the case may be;

            

    

     

    
      	 	
              (d)

            	
              the
                Company’s use of the proceeds from the exercise of any Warrants will not
                conflict with, or result in a breach or violation of Rules and Regulations
                enforced by the Office of Foreign Assets Control of the U.S. Department
                of
                the Treasury (the “OFAC
                Regulations”)
                by any of the parties to this Instrument and neither the Company
                nor any
                of its subsidiaries nor any director, officer, agent or employee
                of any of
                them, has been designated a sanctioned person under the OFAC Regulations;
                

            

    

     

    
      	 	
              (e)

            	
              neither
                the Company nor any of its subsidiaries is or will be an open-end
                investment company, unit investment trust or face-amount certificate
                company that is or is required to be registered under Section 8 of
                the US
                Investment Company Act of 1940;

            

    

     

    
      	 	
              (f)

            	
              the
                Warrants, upon issue, will be issued to the Warrantholder in accordance
                with the constitution documents of the Company and any Warrant Shares
                to
                be allotted and issued upon exercise of the Warrants will rank
                pari
                passu
                in
                all respects inter
                se
                and with all other Common Shares then in
                issue;

            

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              7
              -

            
              

            

          

          
            
            

          

        

         

      

    

    
      	 	
              (g)

            	
              each
                of the Warrants has been duly authorised by the Company and, when
                duly
                executed, issued and delivered in accordance with this Instrument
                will
                constitute valid, legally binding and enforceable obligations of
                the
                Company;

            

    

     

    
      	 	
              (h)

            	
              each
                of the Warrants and the Warrant Shares into which the Warrants are
                exercisable will, when issued, be free of all options, rights of
                pre-emption, rights to acquire, mortgages, charges, pledges, liens
                or
                other forms of security or encumbrances on, over or effecting any
                of them
                and no person is or shall be entitled to any of the
                foregoing;

            

    

     

    
      	 	
              (i)

            	
              it
                has the requisite power to and is and will at all relevant times
                be
                entitled to issue and sell each of the Warrants and the Warrant Shares
                into which the Warrants are exercisable under the terms set out herein;
                and

            

    

     

    
      	 	
              (j)

            	
              this
                Instrument has been duly authorized, executed and delivered by the
                Company
                and constitutes binding obligations on the Company in accordance
                with its
                terms.

            

    

     

    
      	
              9.

            	
              ADJUSTMENTS

            

    

     

    
      	
              9.1

            	
              The
                number of Warrant Shares issuable upon exercise of a Warrant (or
                any
                shares or other securities or property receivable or issuable upon
                exercise of a Warrant) and the Subscription Price are subject to
                adjustment upon occurrence of the following
                events:

            

    

     

    
      	 	
              (a)

            	
              The
                Subscription Price of a Warrant shall be proportionally decreased
                and the
                number of Warrant Shares issuable upon exercise of a Warrant (or
                any
                shares or other securities at the time issuable upon exercise of
                a
                Warrant) shall be proportionally increased to reflect any share split
                or
                subdivision of the Common Shares. The Subscription Price of a Warrant
                shall be proportionally increased and the number of Warrant Shares
                issuable upon exercise of a Warrant (or any shares or other securities
                at
                the time issuable upon exercise of a Warrant) shall be proportionally
                decreased to reflect any combination of the Common
                Shares.

            

    

     

    
      	 	
              (b)

            	
              In
                case the Company shall make or issue, or shall fix a record date
                for the
                determination of eligible holders entitled to receive, a dividend
                or other
                distribution with respect to the Common Shares (or any shares or
                other
                securities at the time issuable upon exercise of the Warrant) payable
                in
                (a) shares or other securities of the Company or (b) assets,
                then, in each such case, a Warrantholder on exercise of a Warrant
                at any
                time after the consummation, effective date or record date of such
                dividend or other distribution, shall receive, in addition to the
                Common
                Shares (or such other shares or securities) issuable on such exercise
                prior to such date, and without the payment of additional consideration
                therefor, the shares or such other assets of the Company to which
                such
                Warrantholder would have been entitled upon such date if such
                Warrantholder had exercised such Warrant on the date hereof and had
                thereafter, during the period from the date hereof to and including
                the
                date of such exercise, retained such shares and/or all other additional
                shares available to it as aforesaid during such period giving effect
                to
                all adjustments called for by this Condition
                9.

            

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              8
              -

            
              

            

          

          
            
            

          

        

         

      

    

    
      	 	
              (c)

            	
              If
                the Company, by reclassification of shares or otherwise, shall change
                any
                of the shares as to which purchase rights under a Warrant exist into
                the
                same or a different number of shares of any other class or classes,
                a
                Warrant shall thereafter represent the right to acquire such number
                and
                kind of shares as would have been issuable as the result of such
                change
                with respect to the shares that were subject to the purchase rights
                under
                a Warrant immediately prior to such reclassification or other change
                and
                the Subscription Price therefore shall be equitably adjusted, all
                subject
                to further adjustment as provided in this Condition
                9.

            

    

     

    
      	 	
              (d)

            	
              In
                case of any reorganization of the capital shares of the Company (other
                than a combination, reclassification or subdivision of shares otherwise
                provided for herein), or any merger or consolidation of the Company
                with
                or into another corporation, or the sale of all or substantially
                all the
                assets of the Company then, and in each such case, as a part of such
                reorganization, merger, consolidation, sale or transfer, lawful provision
                shall be made so that a Warrantholder shall thereafter be entitled
                to
                receive, upon exercise of a Warrant, during the period specified
                herein
                and upon payment of the Subscription Price then in effect, the number
                of
                shares or other securities or property of the successor corporation
                resulting from such reorganization, merger, consolidation, sale or
                transfer that a holder of the Common Shares deliverable upon exercise
                of a
                Warrant would have been entitled to receive in such reorganization,
                consolidation, merger, sale or transfer if such Warrant had been
                exercised
                immediately before such reorganization, merger, consolidation, sale
                or
                transfer, all subject to further adjustment as provided in this Condition
                9. The foregoing provisions of this Condition 9.1(d) shall similarly
                apply
                to successive reorganizations, consolidations, mergers, sales and
                transfers and to the shares or securities of any other corporation
                that
                are at the time receivable upon the exercise of a Warrant. If the
                per-share consideration payable to a Warrantholder for shares in
                connection with any such transaction is in a form other than cash
                or
                marketable securities, then the value of such consideration shall
                be
                determined in good faith by the Company’s Board of Directors. In all
                events, appropriate adjustment (as determined in good faith by the
                Company’s Board of Directors) shall be made in the application of the
                provisions of the Warrants with respect to the rights and interests
                of the
                Warrantholder after the transaction, to the end that the provisions
                of the
                Warrants shall be applicable after that event, as near as reasonably
                may
                be, in relation to any shares or other property deliverable after
                that
                event upon exercise of a Warrant.

            

    

     

    
      	
              9.2

            	
              In
                each case of any adjustment in the Subscription Price, or number
                or type
                of shares issuable upon exercise of a Warrant, the chief financial
                officer
                (or any person of an equivalent position) of the Company shall compute
                such adjustment in accordance with the terms of the Warrants and
                prepare a
                certificate setting forth such adjustment and showing in detail the
                facts
                upon which such adjustment is based, including a statement of the
                adjusted
                Subscription Price. The Company shall promptly send (by facsimile
                or
                electronic mail, and by either first class mail, postage prepaid
                or
                overnight delivery) a copy of each such certificate to each
                Warrantholder.

            

    

     

    
      	
              9.3

            	
              The
                Agent shall not be under duty to (i) monitor whether any event or
                circumstance has happened or exists which may require an adjustment
                to be
                made to the Subscription Price or (ii) itself calculate any adjustment
                to
                the Subscription Price, and will not be responsible to the holders
                of the
                Warrants for any loss resulting from any failure by it to do
                so.

            

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              9
              -

            
              

            

          

          
            
            

          

        

         

      

    

    
      	
              10.

            	
              [Intentionally
                Omitted]

            

    

     

    
      	
              11.

            	
              WINDING
                UP OF THE COMPANY

            

    

     

    
      	
              11.1

            	
              The
                Warrantholders shall be (i) notified by the Company of and invited
                to
                attend any general shareholder’s
                meeting of the Company having on its agenda the possible voluntary
                winding
                up or dissolution of the Company by operation of law, and (ii) notified
                by
                the Company as soon as reasonably practicable of any order of involuntary
                winding up or dissolution of the
                Company.

            

    

     

    
      	
              11.2

            	
              In
                the event of a winding up or dissolution of the Company,
                each Warrantholder shall be deemed to have exercised all Warrants
                held by
                it and it shall be treated as if it had been a holder of Warrant
                Shares
                equal to the entitlement under its Subscription Rights prior to any
                order
                or resolution for the winding up or dissolution of the Company and
                to
                receive out of the proceeds of the reimbursement of the
                Company’s
                share capital and the distribution of any liquidation surplus any
                sum to
                which it is entitled to as the holder of those Warrant Shares (or
                would be
                entitled if the Warrantholder’s
                Subscription Rights had been so
                exercised).

            

    

     

    
      	
              11.3

            	
              Subject
                to compliance with this Condition 11, the Warrants and the Subscription
                Rights shall lapse on liquidation of the
                Company.

            

    

     

    
      	
              12.

            	
              TRANSFER
                AND TRANSMISSION OF
                WARRANTS

            

    

     

    
      	
              12.1

            	
              The
                Company shall cause a register (the “Register”)
                to be kept at the specified office of the Registrar in which will
                be
                entered the names and addresses of the Warrantholders and the particulars
                of the Warrants held by them and all transfers and any exercise of
                the
                Warrants.

            

    

     

    
      	
              12.2

            	
              Warrants
                may, subject to the terms of the Warrant Agency Agreement and to
                the
                Conditions below be transferred in whole or in part in an authorised
                denomination by lodging the relevant Warrant Certificate (with the
                form of
                application for transfer in respect thereof duly executed and duly
                stamped
                where applicable) at the specified office of the Registrar or
                Agent.

            

    

     

    
      	
              12.3

            	
              No
                transfer of a Warrant will be valid unless and until entered on the
                Register. A Warrant may be registered only in the name of, and transferred
                only to, a named person (or persons, not exceeding four in
                number).

            

    

     

    
      	
              12.4

            	
              The
                Registrar will within five Business Days (as defined below) of any
                duly
                made application for the transfer of a Warrant, deliver a new Warrant
                Certificate to the transferee (and, in the case of a transfer of
                part only
                of a Warrant, deliver a Warrant Certificate for the untransferred
                balance
                to the transferor), at the specified office of the Registrar, or
                (at the
                risk and, if mailed at the request of the transferee or, as the case
                may
                be, the transferor otherwise than by ordinary mail, at the expense
                of the
                transferee or, as the case may be, the transferor) mail the Warrant
                by
                insured mail to such address as the transferee or, as the case may
                be, the
                transferor may request.

            

    

     

    
      	
              12.5

            	
              Any
                transfer will be effected without charge subject to (i) the person
                making such application for transfer paying or procuring the payment
                of
                any taxes, duties and other governmental charges in connection therewith,
                (ii) the Registrar being satisfied with the documents of title and/or
                identity of the person making the application and (iii) such
                reasonable regulations as the Company may from time to time agree
                with the
                Registrar and the Agent.

            

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              10
              -

            
              

            

          

          
            
            

          

        

      

    

     

    
      	
              12.6

            	
              Neither
                the Company nor the Registrar will be required to register the transfer
                of
                any Warrant (or part thereof) following the Exercise Date with respect
                to
                such Warrant, except to the extent any unexercised Subscription Rights
                may
                be transferred (and in that case the transfer may be registered instead
                of
                or after issuance of a new Certificate showing the balance of such
                Warrantholder’s
                Share).

            

    

     

    
      	
              12.7

            	
              All
                transfers of Warrants and entries on the Register will be made subject
                to
                the detailed regulations concerning transfer of Warrants in the Warrant
                Agency Agreement. The regulations may be changed by the Company to
                reflect
                changes in legal requirements or in any other manner which is not
                prejudicial to the interests of Warrantholders with the prior approval
                of
                the Registrar and the Agent.

            

    

     

    
      	
              13.

            	
              MEETINGS
                OF WARRANTHOLDERS

            

    

     

    
      	
              13.1

            	
              The
                provisions of Schedule 3 apply in relation to meetings of Warrantholders.
                

            

    

     

    
      	
              13.2

            	
              Any
                right for the time being attached to the Warrants (including the
                Subscription Rights) may from time to time (whether or not the Company
                is
                being wound up) be altered or abrogated at the instigation or with
                the
                approval of the Company with the prior sanction of the Majority
                Warrantholders.

            

    

     

    
      	
              14.

            	
              INFORMATION
                RIGHTS OF WARRANTHOLDERS

            

    

     

    
      	
              14.1

            	
              The
                Company shall send to each Warrantholder a copy of its annual report,
                annual audited accounts and all documents required by law to be annexed
                to
                it and copies of each statement, notice or circular issued to the
                holders
                of Common Shares concurrently with the issue of such documents to
                such
                holders. 

            

    

     

    
      	
              14.2

            	
              The
                Warrantholders shall be entitled to attend all meetings of the Company's
                shareholders, but shall not be entitled to vote in their capacity
                as
                Warrantholders.

            

    

     

    
      	
              14.3

            	
              Each
                Warrantholder shall keep confidential any information received by
                it in
                its capacity as a Warrantholder which is of a confidential nature,
                provided however that a Warrantholder may disclose any such information:
                

            

    

     

    
      	 	
              (a)

            	
              to
                an actual or potential assignee or transferee, or their advisers
                subject
                to such person undertaking a duty of confidentiality to the Company
                on
                similar terms; or

            

    

     

    
      	 	
              (b)

            	
              to
                the extent the information is already in the public domain; or
                

            

    

     

    
      	 	
              (c)

            	
              if
                required by law, any court or other proceedings, or any regulatory
                or other governmental authority; or

            

    

     

    
      	 	
              (d)

            	
              to
                its advisers in connection with any action or proposed or contemplated
                action under or pursuant to this
                Instrument.

            

    

     

    
      	
              15.

            	
              REPLACEMENT
                CERTIFICATES

            

    

     

    If
      a
      Certificate is mutilated, defaced, lost, stolen or destroyed, it will be
      replaced at the specified office of the Registrar or the Agent upon payment
      by
      the claimant of such reasonable costs as may be incurred in connection with
      that
      replacement and on such terms as to evidence and indemnity as the Company may
      reasonably require. A mutilated or defaced Certificate shall be surrendered
      before a replacement is issued. Any issue of a new Certificate pursuant to
      this
      Condition shall be noted by the Registrar with full particulars on the Register,
      including details of any indemnity required in relation thereto.

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              11
              -

            
              

            

          

          
            
            

          

        

      

    

     

    
      	
              16.

            	
              NOTICES

            

    

     

    Each
      notice to Warrantholders required for the purposes of any provision of this
      Instrument shall be given in accordance with the Articles as if the
      Warrantholder was a shareholder of the Company.

     

    So
      long as any of the Warrants are represented by the Global Certificate, notices
      required to be given to Warrantholders holding Warrants represented by such
      Global Certificate in accordance with this Condition may be given by delivery
      of
      the relevant notice to the Euroclear operator and Clearstream (as if the
      Warrantholders) for communication by them to the relevant accountholders.

     

    
      	
              17.

            	
              CONTRACTS
                (RIGHTS OF THIRD PARTIES) ACT
                1999

            

    

     

    A
      person
      other than a Warrantholder who is not a party to this Instrument shall have
      no
      rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any
      term of this Instrument. This Condition does not affect any right or remedy
      of
      any person which exists or is available otherwise than pursuant to that Act.
      

     

    
      	
              18.

            	
              GOVERNING
                LAW AND JURISDICTION

            

    

     

    
      	
              18.1

            	
              This
                Instrument and the Warrants are governed by, and construed in accordance
                with, English law.

            

    

     

    
      	
              18.2

            	
              The
                Company and each Shareholder irrevocably agrees for the benefit of
                each of
                the Warrantholders that the courts of England shall have exclusive
                jurisdiction to hear and determine any suit, action or proceedings,
                and to
                settle any disputes, which may arise out of or in connection with
                this
                Instrument (respectively “Proceedings”
                and “Disputes”)
                and, for such purposes, irrevocably submits to the jurisdiction of
                such
                courts.

            

    

     

    
      	
              18.3

            	
              The
                Company and each Shareholder irrevocably
                waives any objection which it might now or hereafter have to Proceedings
                being brought or Disputes settled in the courts of England and agrees
                not
                to claim that any such court is an inconvenient or inappropriate
                forum.

            

    

     

    
      	
              18.4

            	
              The
                submissions to the jurisdiction of the courts of England shall not
                (and
                shall not be construed so as to) limit the right of the Warrantholders
                or
                any of them to take Proceedings against any of the Company or the
                Shareholders in any other court of competent jurisdiction nor shall
                the
                taking of Proceedings in any one or more jurisdictions preclude the
                taking
                of Proceedings in any other jurisdiction (whether concurrently or
                not) if
                and to the extent permitted by applicable
                law.

            

    

     

    
      	
              18.5

            	
              The
                Company and each Shareholder hereby consents generally in respect
                of any
                Proceedings to the giving of any relief or the issue of any process
                in
                connection with such Proceedings including the making, enforcement
                or
                execution against any property whatsoever (irrespective of its use
                or
                intended use) of any order or judgment which may be made or given
                in such
                Proceedings.

            

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              12
              -

            
              

            

          

          
            
            

          

        

         

      

    

    
      	
              18.6

            	
              The
                Company and each Shareholder agrees that the Warrantholders or any
                of them
                may elect by written notice that any Dispute shall be finally settled
                by
                arbitration in accordance with the Rules of the London Court of
                International Arbitration (the “LCIA”)
                as at present in force and as modified by this Condition 18.6 (the
                “Rules”),
                which Rules shall be deemed incorporated in this Instrument. The
                number of
                arbitrators shall be three. The parties may nominate and the LCIA
                Court
                may appoint arbitrators from among the nationals of any country,
                whether
                or not a party is a national of that country. Each arbitrator appointed
                shall be an attorney experienced in international securities transactions.
                The seat of arbitration shall be London, England and the language
                of
                arbitration shall be English. Sections 45 and 69 of the Arbitration
                Act
                1996 shall not apply.

            

    

     

    
      	
              18.7

            	
              Without
                prejudice to any other mode of service allowed under any relevant
                law, the
                Company and each Shareholder: 

            

    

     

    
      	 	
              (a)

            	
              irrevocably
                appoints The
                London Law Agency of 69 Southampton Row, London WC1B 4ET,
                as its agent for service of process in relation to any Proceedings
                before
                the English courts in connection with this Instrument; and
                

            

    

     

    
      	 	
              (b)

            	
              agrees
                that failure by a process agent to notify the Company or that Shareholder
                of any Proceedings will not invalidate the Proceedings
                concerned.

            

    

     

    
      	
              18.8

            	
              To
                the extent that the Company may in any jurisdiction claim for itself
                or
                its assets or revenues immunity from suit, execution, attachment
                (whether
                in aid of execution, before judgment or otherwise) or other legal
                process
                and to the extent that in any such jurisdiction there may be attributed
                to
                itself or its assets or revenues such immunity (whether or not claimed),
                such person hereby irrevocably agrees not to claim and hereby irrevocably
                waives such immunity to the full extent permitted by the laws of
                such
                jurisdiction.

            

    

     

    [Remainder
      of Page Intentionally Left Blank]

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              13
              -

            
              

            

          

          
            
            

          

        

      

    

    IN
      WITNESS whereof
      this Instrument has been executed as an agreement on the date first above
      written.

     

     

    The
      Company

     

    ASIA
      TIME CORPORATION

    

      
        	
                By:

              	
                /s/
                  Kwong Kai Shun

              	 
	
                Name:

              	
                Kwong
                  Kai Shun

              	 
	
                Title:

              	
                CEO

              	 

      

    

     

     

    The
      Subscriber

     

    ABN
      AMRO BANK N.V.

     

    

      
        	
                By:

              	
                /s/
                  Graeme Booth

              	 	
                /s/
                  A. Gardner

              
	
                Name:

              	
                Graeme
                  Booth

              	 	
                A.
                  Gardner

              
	
                Title:

              	
                Managing
                  Director

              	 	
                Regional
                  Counsel

              

      

    

     

    Signature
      Page To

    Warrant
      Instrument

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      1

     

    FORM
      OF GLOBAL CERTIFICATE

     

    The Warrants
      covered hereby have not been registered under the U.S. Securities Act of 1933,
      as amended (the "Securities Act") and may not be offered and sold
      or exercised within the United States or to, or for the account or benefit
      of,
      U.S. persons, except in either case in accordance with Regulation S under the
      Securities Act or pursuant to an effective registration statement or an
      applicable exemption from registration under the Securities Act. Terms used
      above have the meanings given to them by Regulation S

     

    
      
        	
                ISIN:

              	
                ●

              
	
                Common
                  Code:

              	
                ●

              

      

    

     

    ASIA
      TIME CORPORATION

    (Incorporated
      under the laws of the State of Delaware)

     

    Warrants
      to Subscribe for Warrant Shares

     

    GLOBAL
      CERTIFICATE

     

    
      	
              1.

            	
              Introduction:
                This Global Certificate is issued in respect of 600,000 Warrants
                (the
                “Warrants”)
                of Asia Time Corporation (the “Issuer”).
                

            

    

     

    The
      Warrants are constituted under a Warrant Instrument dated [·]
      2007
      (the “Instrument”),
      and
      are the subject of an agency agreement dated [·],
      2007
      (as amended or supplemented from time to time, the “Agency
      Agreement”)
      and
      made between the Issuer, The Bank of New York, as registrar (the “Registrar”,
      which
      expression includes any successor registrar appointed from time to time in
      connection with the Warrants), and The Bank of New York, London Branch as agent
      (the “Agent”,
      which
      expression includes any successor agents appointed from time to time in
      connection with the Warrants). Terms not defined herein shall have the meaning
      specified in the Instrument.

     

    
      	
              2.

            	
              References
                to Conditions:
                Any reference herein to the “Conditions”
                is to the terms and conditions of the Warrants and any reference
                to a
                numbered “Condition”
                is to the correspondingly numbered provision thereof.
                

            

    

     

    3.    
Registered
      holder:
      This is
      to certify that:

     

    [The
      Bank
      of New York Depositary (Nominees) Limited] is the person registered in the
      register maintained by the Registrar in relation to the Warrants (the
“Register”)
      as the
      duly registered holder (the “Holder”)
      of:

    
       

      Warrant
        Instrument

       

    

    
      
        
        

      

      
        -
          15
          -

        
          

        

      

      
        
        

      

    

     

    600,000

     

    WARRANTS

     

    granting
      the right to subscribe in cash for fully paid Warrant Shares at the Subscription
      Price per Warrant set out below subject to the Issuer’s Articles and otherwise
      on the terms and conditions set out in the Instrument.

     

    
      
        	
                Subscription
                  Price

              	 
	
                payable
                  on exercise:

              	
                US$0.0001
                  per Warrant Share, subject to adjustment as set out in the
                  Instrument.

              

      

    

     

    
      	
              4.

            	
              Promise
                of the Issuer: The
                Issuer, for value received, hereby promises to give effect to all
                Subscription Rights all subject to and in accordance with the
                Conditions.

            

    

     

    
      	
              5.

            	
              Transfers
                in Whole: Transfers
                of this Global Certificate shall be limited to transfers in whole,
                but not
                in part, to nominees of a common depositary for Euroclear Bank S.A./N.V.,
                as operator of the Euroclear System (“Euroclear”)
                and Clearstream Banking, société anonyme (“Clearstream”)
                or to a successor of such common depositary or to such successor’s
                nominee.

            

    

     

    
      	
              6.

            	
              Exchange
                for Individual Warrant Certificates: This
                Global Certificate will be exchanged in whole (but not in part) for
                duly
                authenticated and completed individual Warrant certificates (“Individual
                Warrant Certificates”)
                in substantially the form (subject to completion) set out in
                Schedule 2 to the Instrument if Euroclear and/or Clearstream is
                closed for business for a continuous period of fourteen (14) days
                (other than by reason of legal holidays) or announces an intention
                permanently to cease business.

            

    

     

    Such
      exchange shall be effected in accordance with paragraph 7 (Delivery
      of Individual Warrant Certificates).
      The
      Issuer shall notify the Holder of the occurrence of any of the events specified
      above as soon as practicable thereafter.

     

    
      	
              7.

            	
              Delivery
                of Individual Warrant Certificates: Whenever
                this Global Certificate is to be exchanged for Individual Certificates,
                such Individual Certificates shall be issued in an aggregate number
                of
                Warrants equal to the number of Warrants represented by this Global
                Certificate within five (5) business days of the delivery, by or on
                behalf of the Holder, Euroclear and/or Clearstream to the Registrar
                of
                such information as is required to complete and deliver such Individual
                Certificates (including, without limitation, the names and addresses
                of
                the persons in whose names the Individual Certificates are to be
                registered and the number of Warrants held by such person) against
                the
                surrender of this Global Certificate at the Specified Office (as
                defined
                in the Conditions) of the Registrar. Such exchange shall be effected
                in
                accordance with the provisions of the Agency Agreement and the regulations
                concerning the transfer and registration of Warrants scheduled thereto
                and, in particular, shall be effected without charge to any Holder,
                but
                against such indemnity as the Registrar may require in respect of
                any tax
                or other duty of whatsoever nature which may be levied or imposed
                in
                connection with such exchange. In this paragraph, “business day”
                means a day on which commercial banks are open for business
                (including dealings in foreign currencies) in the city in which the
                Registrar has its Specified Office.

            

    

     

    
      	
              8.

            	
              Conditions
                apply: Save
                as otherwise provided herein, the Holder of this Global Certificate
                shall
                have the benefit of, and be subject to, the Conditions and, for the
                purposes of this Individual Certificate, any reference in the Conditions
                to “Certificate”
                or “Certificates”
                shall, except where the context otherwise requires, be construed
                so as to
                include this Individual
                Certificate.

            

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              16
              -

            
              

            

          

          
            
            

          

        

      

    

     

    
      	
              9.

            	
              Notices:
                Notwithstanding
                Condition 16 (Notices),
                so long as this Global Certificate is held on behalf of Euroclear
                and/or
                Clearstream or any other clearing system (an “Alternative
                Clearing System”),
                notices to Holders of Warrants represented by this Global Certificate
                (“Warrantholders”)
                may be given by delivery of the relevant notice to Euroclear and/or
                Clearstream or (as the case may be) such Alternative Clearing
                System.

            

    

     

    
      	
              10.

            	
              Meetings:
                The
                Holder of this Global Certificate shall be treated at any meeting
                of
                Warrantholders as having one (1) vote in respect of each Warrant
                for which
                this Global Certificate may be
                exchanged.

            

    

     

    
      	
              11.

            	
              Contracts
                (Rights of Third Parties) Act 1999: No
                rights are conferred on any person under the Contracts (Rights of
                Third
                Parties) Act 1999 to enforce any term of this Global Certificate
                but this
                does not affect any right or remedy of a third party which exists
                or is
                available from that Act.

            

    

     

    
      	
              12.

            	
              Payment:
                Delivery
                of Warrant Shares in respect of Warrants represented by this Global
                Certificate will be made against presentation for endorsement and
                if no
                further delivery of Warrant Shares falls to be made in respect of
                any
                Warrants, surrender of this Global Certificate at the Specified Office
                of
                any Agent.

            

    

     

    
      	
              13.

            	
              Determination
                of entitlement: This
                Global Certificate is evidence of entitlement only and is not a document
                of title. Entitlements are determined by the Register and only the
                Holder
                is entitled to deliver the Warrant Shares in respect of this Global
                Certificate.

            

    

     

    
      	
              14.

            	
              Authentication:
                This
                Global Certificate shall not be valid for any purpose until it has
                been
                authenticated for and on behalf of The Bank of New York, as
                registrar.

            

    

     

    
      	
              15.

            	
              Governing
                law: This
                Global Certificate is governed by, and shall be construed in accordance
                with, English law.

            

    

    
       

      Warrant
        Instrument

       

      
        
          
          

        

        
          -
            17
            -

          
            

          

        

        
          
          

        

      

    

    AS
      WITNESS the
      manual or facsimile signature of a duly authorised person on behalf of the
      Issuer.

     

    ASIA
      TIME CORPORATION 

     

    
      

        
          	
                  By:
                    

                	 	
                
	 	
                  [manual
                    or facsimile signature]

                
	 	
                  (duly
                    authorised)

                

        

      

    

     

     

    ISSUED
      on [·],
      2007

     

    AUTHENTICATED
      for and on behalf of

    THE
      BANK OF NEW YORK

    as
      registrar without recourse, warranty

    or
      liability 

     

    

      
        	
                By:
                  

              	 	
              
	 	
                [manual
                  signature]

              
	 	
                (duly
                  authorised)

              

      

    

     

    
      
        Warrant
          Instrument

      

    

     

    
      
        
        

      

      
        -
          18
          -

        
          

        

      

      
        
        

      

    

     

    FORM
      OF TRANSFER

     

    FOR
      VALUE RECEIVED ___________________, being the registered holder of this
      Global Certificate, hereby transfers
      to______________________________________________________of__________________________________________________________________________________

    ____________________________________________________________________________________,
      [●] Warrants (the “Warrants”) of Asia Time Corporation (the
“Issuer”) and irrevocably requests and authorises
      The Bank of
      New York in its capacity as Registrar, in relation to the Warrants (or any
      successor to The Bank of New York in its capacity as such) to effect the
      relevant transfer by means of appropriate entries in the register kept by
      it.

     

    

      
        	
                Dated:

              	 	 

      

    

    

    

      
        	
                By:

              	 	 

      

    

    (duly
      authorised)

     

    Notes

     

    The
      name
      of the person by or on whose behalf this form of transfer is signed must
      correspond with the name of the registered holder as it appears on the face
      of
      this Global Certificate.

     

    
      	
              (a)

            	
              A
                representative of such registered holder should state the capacity
                in
                which he signs, e.g., executor.

            

    

     

    
      	
              (b)

            	
              The
                signature of the person effecting a transfer shall conform to any
                list of
                duly authorised specimen signatures supplied by the registered holder
                or
                be certified by a recognised bank, notary public or in such other
                manner
                as the Registrar or the Agent may
                require.

            

    

     

    
      	
              (c)

            	
              Any
                transfer of Warrants shall be in an amount equal to 10,000 Warrants
                or
                integral multiples of 10,000 Warrants in excess
                thereof.

            

    

     

    
      
        Warrant
          Instrument

      

    

     

    
      
        
        

      

      
        -
          19
          -

        
          

        

      

      
        
        

      

    

    [Attached
      to the Global Certificate:]

     

    [Terms
      and Conditions as set out in the Warrant Instrument]

     

    [At
      the foot of the Terms and Conditions:]

     

    
      	
              AGENT

            	
              REGISTRAR

            
	
              The
                Bank of New York, London Branch

              One
                Canada Square

              London,
                E14 5AL, United Kingdom

            	
              The
                Bank of New York

              101
                Barclay Street, New York

              NY
                10286, United States of
                America

            

    

    
       

      
        
          Warrant
            Instrument

        

      

       

      
        
          
          

        

        
          -
            20
            -

          
            

          

        

        
          
          

        

      

    

     

    SCHEDULE
      TO THE GLOBAL CERTIFICATE

     

    NOTICE
      OF EXERCISE

     

    To:   The
      Directors

          
      ASIA TIME CORPORATION

    

    We
      exercise our Subscription Rights representing [·]
      Warrant
      Shares and attached to this Notice of Exercise a bankers draft for [●], being
      the total Subscription Price payable in respect thereof.

     

    Signed
      by        
______________________

     

    Print
      Name    ______________________

     

    for
      and
      on behalf of _____________________(Warrantholder)

     

    Full
      Name        
______________________

     

    Address           
      ______________________

     

                      
      ______________________

     

               
      ___________________

        

                 
      ____________________

     

    We
      direct
      you to allot the Warrant Shares to be issued pursuant to this Notice in the
      following numbers to the following proposed allottees:

     

    
      
        	 	
                No.
                  of Shares

              	 	
                Name
                  of Proposed Allottee

              	 	
                Address
                  of Proposed Allottee

              	 
	
                1.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                2.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                3.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                4.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                5.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                6.

              	 	 	 	 	 	 

      

    

     
      
      
        
          Warrant
            Instrument

        

      

       

    

    
      
        
        

      

      
        -
          21
          -

        
          

        

      

      
        
        

      

    

     

    We
      request that share certificates for the Warrant Shares to be issued pursuant
      to
      this Notice of Exercise be sent by [courier/registered
      post/other]
      at our
      risk to us at the first address shown above or to the Agent. We agree that
      these
      Warrant Shares are allotted and issued subject to the Issuer’s
      Articles.

     

    Signed        _________________________

     

    Full
      Name      _________________________

     

    Address                   
      _________________________

     

                _________________________

     

                _________________________

     

                _________________________

     

    Lodged
      by: (the
      Agent to whom share certificate(s) should be sent).

     

    Name
      of
      Agent_________________________

     

    
      Address                   
        _________________________

       

                  _________________________

       

                  _________________________

       

                  _________________________

      
         

                    _________________________

        
          
            
               

              Warrant
                Instrument

            

          

           

        

      

      
        
          
          

        

        
          -
            22
            -

          
            

          

        

        
          
          

        

      

    

     

    SCHEDULE
      2

     

    FORM
      OF INDIVIDUAL CERTIFICATE

     

    The Warrants
      covered hereby have not been registered under the U.S. Securities Act of 1933,
      as amended (the "Securities Act") and may not be offered and sold
      or exercised within the United States or to, or for the account or benefit
      of,
      U.S. persons, except in either case in accordance with Regulation S under the
      Securities Act or pursuant to an effective registration statement or an
      applicable exemption from registration under the Securities Act. Terms used
      above have the meanings given to them by Regulation S

     

    Certificate
      No:  [l]

     

    Date
      of
      issue:  
      [l]

     

    ASIA
      TIME CORPORATION 

    (Incorporated
      under the laws of the State of Delware)

     

    Warrants
      to Subscribe for Warrant Shares

     

    INDIVIDUAL
      CERTIFICATE

     

    
      	
              1.

            	
              Introduction:
                This Individual Certificate is issued in respect of [·]
                Warrants (the “Warrants”)
                of Asia Time Corporation (the “Issuer”).
                

            

    

     

    The
      Warrants are constituted under a Warrant Instrument dated [·],
      2007
      (the “Instrument”),
      and
      are the subject of an agency agreement dated [·],
      2007
      (as amended or supplemented from time to time, the “Agency
      Agreement”)
      and
      made between the Issuer, The Bank of New York, as registrar (the “Registrar”,
      which
      expression includes any successor registrar appointed from time to time in
      connection with the Warrants), and The Bank of New York, London Branch as
      principal paying and transfer agent (the “Agent”,
      which
      expression includes any successor agents appointed from time to time in
      connection with the Warrants). Terms not defined herein shall have the meaning
      specified in the Instrument.

     

    
      	
              2.

            	
              References
                to Conditions:
                Any reference herein to the “Conditions”
                is to the terms and conditions of the Warrants and any reference
                to a
                numbered “Condition”
                is to the correspondingly numbered provision thereof.
                

            

    

     

    3.    
Registered
      holder:
      This is
      to certify that:

     

    ________________________

     

    of
      ______________________

     

    ________________________

     

    is
      the
      person registered in the register maintained by the Registrar in relation to
      the
      Warrants (the “Register”)
      as the
      duly registered holder (the “Holder”)
      of:

    
      
        
          
             

            Warrant
              Instrument

          

        

         

      

    

    
      
        
        

      

      
        -
          23
          -

        
          

        

      

      
        
        

      

    

     

    [l]

     

    WARRANTS

     

    Warrant
      granting the right to subscribe in cash for fully paid Warrant Shares at the
      Subscription Price per share set out below subject to the Issuer’s Articles and
      otherwise on the terms and conditions set out in the Instrument.

     

    Subscription
      Price payable on exercise: US$0.0001 per Warrant Share, subject to adjustment
      in
      accordance with the Instrument.

     

    
      	
              4.

            	
              Promise
                of the Issuer: The
                Issuer, for value received, hereby promises to give effect to all
                Subscription Rights all subject to and in accordance with the
                Conditions.

            

    

     

    
      	
              5.

            	
              Conditions
                apply: Save
                as otherwise provided herein, the Holder of this Individual Certificate
                shall have the benefit of, and be subject to, the Conditions and,
                for the
                purposes of this Individual Certificate, any reference in the Conditions
                to “Certificate”
                or “Certificates”
                shall, except where the context otherwise requires, be construed
                so as to
                include this Individual
                Certificate.

            

    

     

    
      	
              6.

            	
              Meetings:
                The
                Holder of this Individual Certificate shall be treated at any meeting
                of
                Warrantholders as having one (1) vote in respect of each Warrant
                for which
                this Individual Certificate may be
                exchanged.

            

    

     

    
      	
              7.

            	
              Contracts
                (Rights of Third Parties) Act 1999: No
                rights are conferred on any person under the Contracts (Rights of
                Third
                Parties) Act 1999 to enforce any term of this Individual Certificate
                but
                this does not affect any right or remedy of a third party which exists
                or
                is available from that Act.

            

    

     

    
      	
              8.

            	
              Payment:
                Delivery
                of Warrant Shares in respect of Warrants represented by this Individual
                Certificate will be made against presentation for endorsement and
                if no
                further delivery of Warrant Shares falls to be made in respect of
                any
                Warrants, surrender of this Individual Certificate at the Specified
                Office
                of any Agent.

            

    

     

    
      	
              9.

            	
              Determination
                of entitlement: This
                Individual Certificate is evidence of entitlement only and is not
                a
                document of title. Entitlements are determined by the Register and
                only
                the Holder is entitled to deliver Warrant Shares in respect of this
                Individual Certificate.

            

    

     

    
      	
              10.

            	
              Authentication:
                This
                Individual Certificate shall not be valid for any purpose until it
                has
                been authenticated for and on behalf of The Bank of New York, as
                registrar.

            

    

     

    
      	
              11.

            	
              Governing
                law: This
                Individual Certificate is governed by, and shall be construed in
                accordance with, English law.

            

    

    
      
        
          
             

            Warrant
              Instrument

          

        

      

    

    
      
        
        

      

      
        -
          24
          -

        
          

        

      

      
        
        

      

    

    AS
      WITNESS the
      manual or facsimile signature of a duly authorised person on behalf of the
      Issuer.

     

    ASIA
      TIME CORPORATION 

    

    
       

      
        
          
            	
                    By:
                      

                  	 	
                  
	 	
                    [manual
                      or facsimile signature]

                  
	 	
                    (duly
                      authorised)

                  

          

        

      

       

    ISSUED
      on [·], 2007

     

    AUTHENTICATED
      for and on behalf of

    THE
      BANK OF NEW YORK

    as
      registrar without recourse, warranty

    or
      liability 

     

     

    
      	
              By:
                

            	 	
            
	 	
              [manual
                signature]

            
	 	
              (duly
                authorised)

            

    

    
      
      

    

    
      
        
          
            
               

              Warrant
                Instrument

               

            

          

        

      

    

    
      
        
        

      

      
        -
          25
          -

        
          

        

      

      
        
        

      

    

     

    FORM
      OF TRANSFER

     

    FORM
      OF TRANSFER

     

    FOR
      VALUE RECEIVED ________________, being the registered holder of this
      Individual Certificate, hereby transfers
      to__________________________________________of_______________________________________________________________________________________________
      ___________________________________________________________________________________,
      [●] Warrants (the “Warrants”) of Asia Time Corporation (the
“Issuer”) and irrevocably requests and authorises
      The Bank of
      New York in its capacity as Registrar, in relation to the Warrants (or any
      successor to The Bank of New York in its capacity as such) to effect the
      relevant transfer by means of appropriate entries in the register kept by
      it.

     

     

    
      
        	
                Dated:

              	 	 

      

      

      

        
          	
                  By:

                	 	 

        

      

       

      (duly
        authorised)

       

    

     

    Notes

     

    The
      name
      of the person by or on whose behalf this form of transfer is signed must
      correspond with the name of the registered holder as it appears on the face
      of
      this Individual Certificate.

     

    
      	
              (a)

            	
              A
                representative of such registered holder should state the capacity
                in
                which he signs, e.g., executor.

            

    

     

    
      	
              (b)

            	
              The
                signature of the person effecting a transfer shall conform to any
                list of
                duly authorised specimen signatures supplied by the registered holder
                or
                be certified by a recognised bank, notary public or in such other
                manner
                as the Registrar or the Agent may
                require.

            

    

     

    
      	
              (c)

            	
              Any
                transfer of Warrants shall be in an amount equal to [●] Warrants or
                integral multiples of [●] Warrants in excess
                thereof.

            

    

    
       

      Warrant
        Instrument

       

      
        
          
          

        

        
          -
            26 -

          
            

          

        

        
          
          

        

      

    

     

    [Attached
      to the Individual Certificate:]

     

    [Terms
      and Conditions as set out in the Warrant Instrument]

     

    [At
      the foot of the Terms and Conditions:]

     

    
    

    
      	
              AGENT

            	
              REGISTRAR

            
	
              The
                Bank of New York, London Branch

              One
                Canada Square

              London,
                E14 5AL, United Kingdom

            	
              The
                Bank of New York

              101
                Barclay Street, New York

              NY
                10286, United States of
                America

            

    

     

    Warrant
      Instrument

     

    
      
        
        

      

      
        -
          27
          -

        
          

        

      

      
        
        

      

    

    SCHEDULE
      TO THE CERTIFICATE

     

    NOTICE
      OF EXERCISE

     

    To:   The
      Directors

            
      ASIA TIME CORPORATION

    

    We
      exercise our Subscription Rights representing [·]
      Warrant
      Shares and attached to this Notice of Exercise a bankers draft for [●], being
      the total Subscription Price payable in respect thereof. 

    
       

      Signed
        by                
______________________

       

      Print
        Name    ______________________

       

      for
        and
        on behalf of _____________________(Warrantholder)

       

      Full
        Name         
______________________

       

      Address           
        ______________________

       

                        
        ______________________

       

                                
        ___________________

          

                 
        ___________________

       

    

    We
      direct
      you to allot the Warrant Shares to be issued pursuant to this Notice of Exercise
      in the following numbers to the following proposed allottees:

     

    
      	
            	
              No.
                of Shares

            	 	
              Name
                of Proposed Allottee

            	 	
              Address
                of Proposed Allottee

            	 
	
              1.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              2.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              3.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              4.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              5.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
              6.

            	 

    

     

    We
      request that share certificates for the Warrant Shares to be issued pursuant
      to
      this Notice of Exercise be sent by [courier/registered
      post/other]
      at our
      risk to us at the first address shown above or to the agent lodging the
      Individual Certificate as mentioned below. We agree that these shares are
      allotted and issued subject to the Issuer’s Articles.

    
       

      Signed                       
        _________________________

       

      Full
        Name      _________________________

      
         

        Warrant
          Instrument

         

      

      
        
          
          

        

        
          -
            28
            -

          
            

          

        

        
          
          

        

      

       

      Address                   
        _________________________

       

                  _________________________

       

                  _________________________

       

                  _________________________

       

      
        Lodged
          by: (agent to whom share certificate(s) should be sent).

      

       

      Name
        of
        Agent_________________________

       

      
        Address                   
          _________________________

         

                    _________________________

         

                    _________________________

         

                    _________________________

        
           

                      _________________________

        

      

    

    
      
         

        Warrant
          Instrument

         

        
          
            
            

          

          
            -
              29
              -

            
              

            

          

          
            
            

          

        

      

    

     

    SCHEDULE
      3

     

    PROVISIONS
      AS TO MEETINGS AND

    RESOLUTIONS
      OF WARRANTHOLDERS

     

    1.    CALLING
      OF MEETINGS

     

    The
      Issuer may at any time, and shall upon a written request signed by
      Warrantholders holding Warrants conferring not less than ten percent (10%)
      of
      the Aggregate Subscription Rights then
      outstanding, convene a meeting of Warrantholders in default of which those
      Warrantholders may convene the meeting themselves provided that the costs of
      any
      meeting convened on the written request of a Warrantholder shall be borne by
      the
      Warrantholders. Each meeting shall be held at such reasonably convenient and
      appropriate place as the Directors may approve.

     

    2.    NOTICE
      OF MEETINGS

     

    At
      least
      twenty-one (21) days' notice of a meeting of Warrantholders shall be given
      to
      Warrantholders. Any meeting of Warrantholders may be called by shorter notice
      if
      it is so agreed by Warrantholders holding Warrants conferring not less than
      sixty-six point sixty-seven (66.67%) of the Aggregate Subscription Rights then
      outstanding. The notice shall specify the date, time and place of the meeting
      and the terms of the resolutions to be proposed. The accidental omission to
      give
      notice to, or the non-receipt of any a notice by, any of the Warrantholders
      does
      not invalidate the proceedings at the meeting.

     

    3.    CHAIRMAN

     

    A
      person
      (who is a Warrantholder or its duly authorized representative) nominated in
      writing by the Issuer may take the chair at any meeting but if no nomination
      is
      made, or if at any meeting the person nominated is not present within fifteen
      (15) minutes after the time appointed for the holding of the meeting, the
      Warrantholders present may choose one (1) of their number to be
      chairman.

     

    4.    QUORUM
      AT MEETINGS

     

    At
      any
      meeting, two (2) or more persons holding Warrants and/or being proxies and
      being
      or representing in total registered Warrantholders holding not less than ten
      percent (10%) of the Aggregate Subscription Rights then outstanding is a quorum
      for the transaction of business. No business other than the choosing of a
      chairman may be transacted at any meeting unless a quorum is present at the
      beginning of business. If Warrants have only been issued to one (1) person
      at
      any time, whilst that person remains the sole Warrantholder, a quorum at any
      meeting of Warrantholders is, for all purposes, that Warrantholder or any proxy
      for that Warrantholder.

     

    5.    ABSENCE
      OF QUORUM

     

    If,
      within half an hour after the time appointed for any meeting a quorum is not
      present, the meeting shall, if convened upon the requisition of Warrantholders,
      be dissolved. In any other case it stands adjourned for such period, being
      not
      less than fourteen (14) days nor more than twenty-eight (28) days, and to such
      time and place, as may be appointed by the chairman. 

     
      Warrant
        Instrument

       

    

    
      
        
        

      

      
        -
          30
          -

        
          

        

      

      
        
        

      

    

     

    6.    ADJOURNMENT
      OF MEETINGS

     

    The
      chairman may with the consent of (and shall if directed by) any meeting adjourn
      the meeting from time to time and from place to place but no business may be
      transacted at an adjourned meeting except business which might lawfully have
      been transacted at the meeting from which the adjournment took
      place.

     

    7.    NOTICE
      OF ADJOURNMENT OF MEETINGS

     

    At
      least
      five (5) days' notice of any meeting adjourned (for whatever reason) shall
      be
      given to Warrantholders in the same manner as of an original meeting, and that
      notice shall state the quorum required at the adjourned meeting. 

     

    8.    RESOLUTION
      ON SHOW OF HANDS

     

    Every
      question submitted to a meeting shall be decided in the first instance by a
      show
      of hands. In case of equality of votes the chairman shall both on a show of
      hands and on a poll have a casting vote in addition to the vote or votes (if
      any) to which the chairman may be entitled as a Warrantholder or as a
      proxy.

     

    9.    DEMAND
      FOR POLL

     

    At
      any
      meeting, unless a poll is demanded by the chairman or by one (1) or more
      Warrantholders (or by their proxies) being or representing Warrantholders having
      not less then ten percent (10%) of the Aggregate Subscription Rights then
      outstanding (before or on the declaration of the result of a show of hands),
      a
      declaration by the chairman of the result of the show of hands is conclusive
      evidence of the fact without proof of the number or proportion of the votes
      recorded in favour of or against that resolution.

     

    10.         
      MANNER
      OF TAKING POLL

     

    If
      at any
      meeting a poll is demanded, it shall be taken in such manner and, at such time
      as the chairman directs, and the result of the poll is deemed to be the
      resolution of the meeting at which the poll was demanded. Except where the
      relevant poll is demanded for the election of a chairman or on any question
      of
      adjournment (where such poll shall be taken at once) the poll may be taken
      at
      any adjourned meeting. If the poll is to be taken at an adjourned meeting,
      the
      demand for a poll does not prevent the continuance of the meeting for the
      transaction of any business other than the question on which the poll has been
      demanded.

     

    11.         
      PERSONS
      ENTITLED TO ATTEND, SPEAK AND VOTE

     

    The
      Issuer (through its representatives) and its legal and financial advisers are
      entitled to attend and speak at any meeting of Warrantholders. No other person
      may attend or vote at any meeting of Warrantholders or to join with others
      in
      requesting the convening of such a meeting unless he is a Warrantholder or
      the
      duly appointed corporate representative of a corporate Warrantholder. None
      of
      the Issuer, any of its Subsidiaries or Shareholders may vote in respect of
      Warrants held by it or on its behalf nor shall holding any such Warrants count
      towards a quorum.

     
      Warrant
        Instrument

       

      
        
          
          

        

        
          -
            31
            -

          
            

          

        

        
          
          

        

      

    

     

    12.         
      AGREEMENT
      APPOINTING A PROXY

     

    Each
      instrument appointing a proxy must be in writing signed by a duly authorised
      officer of the Warrantholder. The instrument of proxy shall, unless the contrary
      is stated in it, be valid for the meeting to which it relates and need not
      be
      witnessed. A person appointed to act as a proxy need not be a
      Warrantholder.

     

    13.         
      DEPOSIT
      OF INSTRUMENT APPOINTING A PROXY

     

    The
      instrument appointing a proxy and the power of attorney or other authority
      (if
      any) under which is it signed or a notarially certified or office copy of the
      power or authority shall be deposited at such place or places as the Issuer
      (or
      the Warrantholders in default of the Issuer convening the meeting) may in the
      notice of meeting direct (or if no such place is specified then at the Issuer's
      registered office) not less than forty-eight (48) hours before the time
      appointed for holding the meeting or adjourned meeting or the taking of a poll
      at which the person named in that instrument proposes to vote. The instrument
      of
      proxy is invalid if not deposited in accordance with this paragraph. A vote
      given in accordance with the terms of an instrument appointing a proxy is valid
      notwithstanding the previous revocation of the instrument of proxy or of the
      authority under which the instrument of proxy is given or transfer of the
      Warrants in respect of which it is given unless previous notice in writing
      of
      that revocation or transfer has been received at the Issuer's registered office
      no later than the Business Day prior to the relevant meeting. No instrument
      appointing a proxy is valid after the expiration of twelve (12) months from
      the
      date stated in it as the date of its execution.

     

    14.         
      VOTES

     

    Subject
      as provided in paragraph 11 of this Schedule, at any meeting:

     

    
      	 	
              (a)

            	
              on
                a show of hands each Warrantholder who is present in person (or in
                the
                case of a corporation by a duly authorised representative) and each
                person
                who is a proxy has one (1) vote;
                and

            

    

     

    
      	 	
              (b)

            	
              on
                a poll each Warrantholder who is present in person or by proxy as
                aforesaid has a number of votes equal to the proportion (expressed
                as a
                percentage figure rounded up or, as appropriate, down to the nearest
                one
                tenth (1/10) of one percent (1%)) of the outstanding Aggregate
                Subscription Rights represented by Warrants held by him. Any person
                entitled to more than one (1) vote need not use all his votes or
                cast all
                the votes to which he is entitled in the same
                way.

            

    

     

    15.         
      POWERS
      OF MEETINGS OF WARRANTHOLDERS

     

    A
      meeting
      of Warrantholders in addition to all other powers conferred by law (but without
      prejudice to any powers conferred on other persons by this Instrument) has
      the
      following powers exercisable by Extraordinary Resolution, namely, power
      to:

     

    
      	 	
              (a)

            	
              sanction
                any compromise or arrangement proposed to be made between the Issuer
                and
                the Warrantholders or any of them;

            

    

     

    
      	 	
              (b)

            	
              sanction
                any proposal by the Issuer for the modification, abrogation, variation
                or
                compromise of, or arrangement in respect of, the rights of the
                Warrantholders against the Issuer whether those rights arise under
                this
                Instrument or otherwise;

            

    

     
      Warrant
        Instrument

       

      
        
          
          

        

        
          -
            32
            -

          
            

          

        

        
          
          

        

      

    

    
    

     

    
      	 	
              (c)

            	
              sanction
                any proposal by the Issuer for the exchange, substitution or the
                conversion of the Warrants into, shares, stock, bonds, debentures,
                debenture stock or other obligations or securities of the Issuer,
                or any
                other body corporate formed or to be
                formed;

            

    

     

    
      	 	
              (d)

            	
              assent
                to any modification of the provisions contained in this Instrument
                which
                shall be proposed by the Issuer;

            

    

     

    
      	 	
              (e)

            	
              authorise
                any person to concur in and execute and do all such document, acts
                and
                things as may be necessary to carry out and give effect to any
                Extraordinary Resolution;

            

    

     

    
      	 	
              (f)

            	
              discharge
                or exonerate any person from any liability in respect of any act
                or
                omission for which the person may have become responsible under this
                Instrument;

            

    

     

    
      	 	
              (g)

            	
              give
                any authority, direction or sanction which under the provisions of
                this
                Instrument is required to be given by Extraordinary Resolution;
                and

            

    

     

    
      	 	
              (h)

            	
              appoint
                any person (whether Warrantholders or not) as a committee or committees
                to
                represent the interest of the Warrantholders and to confer upon the
                committee any powers or discretions which the Warrantholders could
                themselves exercise by Extraordinary
                Resolution.

            

    

     

    
      	
              16.

            	
              EXTRAORDINARY
                RESOLUTION BINDING ON ALL
                WARRANTHOLDERS

            

    

     

    An
      Extraordinary Resolution is binding on all the Warrantholders, whether or not
      present at the meeting, and each of the Warrantholders is bound to give effect
      to the Extraordinary Resolution. The passing of an Extraordinary Resolution
      is
      conclusive evidence that the circumstances of that resolution justified the
      passing thereof.

     

    17.         
      DEFINITION
      OF EXTRAORDINARY RESOLUTION

     

    “Extraordinary
      Resolution”
means
      a
      resolution passed at a meeting of the Warrantholders duly convened and held
      and
      carried by a majority consisting of not less then sixty-six point sixty-seven
      percent (66.67%) of the votes cast on a show of hands or, if a poll is duly
      demanded, by a majority consisting of not less than sixty-six point sixty-seven
      percent (66.67%) of the votes cast on a poll or an instrument approved as set
      out in paragraph 19 of this Schedule.

     

    18.         
      MINUTES
      OF MEETINGS

     

    Minutes
      of all resolutions and proceedings at every meeting shall be made and duly
      entered in books to be provided for that purpose by the Issuer. Minutes signed
      by the chairman of the meeting at which the resolutions were passed or
      proceedings transacted or by the chairman of the next succeeding meeting of
      the
      Warrantholders, constitutes conclusive evidence of the matters contained in
      those minutes. Until the contrary is proved, every meeting in respect of the
      proceedings of which minutes have been made and signed in this way is deemed
      to
      have been duly convened and held and all resolutions passed or proceedings
      transacted after that is deemed to have been duly passed and
      transacted.

     
      Warrant
        Instrument

       

      
        
          
          

        

        
          -
            33
            -

          
            

          

        

        
          
          

        

      

    

     

    19.         
      WRITTEN
      RESOLUTION

     

    Anything
      which, under the terms of this Instrument, may be done by resolution passed
      at a
      meeting of the Warrantholders (including specifically, but without limitation,
      the passing of an Extraordinary Resolution) may be done, without a meeting
      and
      without any previous notice being required, by resolution in writing signed
      by
      or on behalf of Warrantholders holding not less then sixty-six point sixty-seven
      percent (66.67%) of the Aggregate Subscription Rights then outstanding. The
      signatures to such a resolution need not be on a single document if each is
      on a
      document which accurately states the terms of the resolution.

     

    
      Warrant
        Instrument

       

      
        
          
          

        

        
          -
            34
            -Execution
        Copy 

       

       

       

    

    
      

    

     

     

     

    WARRANT
      AGENCY AGREEMENT

     

     

    
 

    ASIA
      TIME CORPORATION

    

    600,000
      WARRANTS EXPIRING 2010

    

    

    

    

    

    November
      13, 2007

     

    
 

    
      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    CONTENTS

    

    
      	
              Clause

            	 	
              Page

            
	 	 	 
	
              1.

            	
              INTERPRETATION

            	
              1

            
	
              2.

            	
              APPOINTMENT
                OF THE AGENT

            	
              3

            
	
              3.

            	
              THE
                WARRANTS; AUTHENTICATION

            	
              4

            
	
              4.

            	
              EXCHANGES
                OF GLOBAL WARRANT CERTIFICATE FOR INDIVIDUAL WARRANT
                CERTIFICATES

            	
              4

            
	
              5.

            	
              TRANSFERS
                OF WARRANTS

            	
              5

            
	
              6.

            	
              REPLACEMENT
                WARRANT CERTIFICATES

            	
              5

            
	
              7.

            	
              EXERCISE
                OF WARRANTS AND DELIVERY OF WARRANT SHARES

            	
              6

            
	
              8.

            	
              [INTENTIONALLY
                LEFT BLANK]

            	
              8

            
	
              9.

            	
              MISCELLANEOUS
                DUTIES OF THE AGENT

            	
              8

            
	
              10.

            	
              TERMS
                OF APPOINTMENT

            	
              8

            
	
              11.

            	
              CHANGES
                IN AGENT

            	
              10

            
	
              12.

            	
              INDEMNITY

            	
              12

            
	
              13.

            	
              COMMISSIONS,
                FEES AND EXPENSES

            	
              12

            
	
              14.

            	
              CURRENCY
                INDEMNITY

            	
              13

            
	
              15.

            	
              NOTICES

            	
              14

            
	
              16.

            	
              LAW
                AND JURISDICTION

            	
              15

            
	
              17.

            	
              MODIFICATION

            	
              16

            
	
              18.

            	
              RIGHTS
                OF THIRD PARTIES

            	
              16

            
	
              19.

            	
              COUNTERPARTS

            	
              16

            
	
              SCHEDULE
                1 

            	
              REGULATIONS
                CONCERNING TRANSFERS AND REGISTRATION OF WARRANTS

            	
              18

            
	
              SCHEDULE
                2 

            	
              SPECIFIED
                OFFICES OF THE AGENT

            	
              20

            

    

    

    
      	 	
              - i
                -

            	
              Warrant
                Agency Agreement

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS
      WARRANT AGENCY AGREEMENT
      (this
“Agreement”)
      is made
      on November 13, 2007. 

     

    BY
      AND AMONG:

     

    
      	
              (1)

            	
              ASIA
                TIME CORPORATION (the
                “Company”);
                

            

    

     

    
      	
              (2)

            	
              THE
                BANK OF NEW YORK,
                as registrar (the “Registrar”);
                and 

            

    

     

    
      	
              (3)

            	
              THE
                BANK OF NEW YORK, LONDON BRANCH,
                as agent (the “Agent”).

            

    

     

    WHEREAS:

     

    
      	
              (A)

            	
              The
                Company proposes to issue certain warrants (the “Warrants”)
                as set out in the Warrant Instrument (defined
                below).

            

    

     

    
      	
              (B)

            	
              The
                Company, incorporated in the State of Delaware, has authorised the
                issue
                of the Warrants and the right of conversion into Shares upon exercise
                of
                the Warrants by a resolution of the board of directors of the Company
                dated November 9, 2007.

            

    

     

    
      	
              (C)

            	
              The
                Warrants will be in registered form. The Warrants will be represented
                by a
                global certificate (the “Global
                Warrant Certificate”),
                which will be exchangeable for individual note certificates (“Individual
                Warrant Certificates”
                and, together with the Global Warrant Certificate, “Warrant
                Certificates”)
                in the circumstances specified
                therein.

            

    

     

    
      	
              (D)

            	
              The
                Company, the Registrar, and the Agent wish to record certain arrangements
                which they have made in relation to the
                Warrants.

            

    

     

    IT
      IS AGREED
      as
      follows:

     

    
      	
              1.

            	
              
                INTERPRETATION

              

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    In
      this
      Agreement, the following expressions have the following meanings:

     

    “Agent”
means
      the Agent at its Specified Office appointed pursuant to this Agreement and/or,
      if applicable, any successor agent at its respective Specified Office appointed
      from time to time in accordance with Clause 11 (Changes
      in Agent)
      and any
      of its respective Successors; 

     

    “Business
      Day”
means
      any day on which banks are open for general business (including dealings in
      foreign currencies) in New York and in the city where the Specified Office
      of
      the Agent is located;

     

    “Clearing
      Systems”
means
      Euroclear and Clearstream;

     

    “Clearstream”
means
      Clearstream Banking, société anonyme;

     

    “Common
      Depositary”
means
      The Bank of New York, in its capacity as common depositary for Euroclear and
      Clearstream;

     

    
      	 	
              -
                1-

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Conditions”
means
      the terms and conditions of the Warrants (as set out in the Warrant Instrument
      and as modified from time to time in accordance with their terms), and any
      reference to a numbered “Condition”
is
      to
      the correspondingly numbered provision thereof;

     

    “Euroclear”
means
      Euroclear Bank S.A./N.V., as operator of the Euroclear System;

     

    “Exercise
      Date”
has
      the
      meaning given in the Warrant Instrument; 

     

    “Holder”
of
      a
      Warrant means the person in whose name such Warrant is for the time being
      registered in the Register (or, in the case of a joint holding, the first named
      thereof) and “Warrantholder”
shall
      be construed accordingly;

     

    “Hong
      Kong”
means
      the Hong Kong Special Administrative Region of the People’s Republic of
      China;

     

    “Majority
      Warrantholders”
has
      the
      meaning given in the Warrant Instrument;

     

    “Registrar”
means
      the Registrar at its Specified Office appointed pursuant to this Agreement
      and/or, if applicable, any successor registrar at its respective Specified
      Office appointed from time to time in accordance with Clause 11
      (Changes
      in Agent)
      and any
      of its respective Successors;

     

    “Register”
means
      the register maintained by the Registrar at its Specified Office;

     

    “Regulations”
means
      the regulations concerning the transfer of Warrants as the same may from time
      to
      time be agreed by the Company and the Registrar (the initial such regulations
      being set out in the Schedule 1);

     

    “Specified
      Office”
means,
      in relation to the Agent or the Registrar:

     

    
      	 	
              (a)

            	
              the
                office specified against its name in the Schedule 2;
                or

            

    

     

    
      	 	
              (b)

            	
              such
                other office as such Agent or Registrar may specify in accordance
                with
                Clause 11.8 (Changes
                in Specified Offices);

            

    

     

    “Subscription
      Price”
has
      the
      meaning given in the Warrant Instrument;

     

    “Subscription
      Rights”
has
      the
      meaning given in the Warrant Instrument;

     

    “Successor”
means,
      in relation to any person, an assignee or successor in title of such person
      who,
      under the law of its jurisdiction of incorporation or domicile, has assumed
      the
      rights and obligations of such person under this Agreement or to which under
      such laws the same have been transferred;

     

    “Warrant
      Share”
has
      the
      meaning given in the Warrant Instrument; and

     

    “Warrant
      Instrument”
means
      the Instrument between the Company and ABN AMRO Bank, N.V. as subscriber, of
      even date herewith. 

     

    
      	 	
              -
                2
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              1.2

            	
              Clauses
                and Schedules

            

    

     

    Any
      reference in this Agreement to a Clause or a sub-clause or a Schedule is, unless
      otherwise stated, to a clause or a sub-clause hereof or a schedule
      hereto.

     

    
      	
              1.3

            	
              Principal
                and Interest

            

    

     

    In
      this
      Agreement, any reference to principal or interest includes any additional
      amounts payable in relation thereto under the Conditions.

     

    
      	
              1.4

            	
              Terms
                defined in the Conditions and the Trust
                Deed

            

    

     

    Terms
      and
      expressions used but not defined herein have the respective meanings given
      to
      them in the Warrant Instrument, the Conditions and the Trust Deed.

     

    
      	
              1.5

            	
              Statutes

            

    

     

    Any
      reference in this Agreement to a statute, any provision thereof or to any
      statutory instrument, order or regulation made thereunder shall be construed
      as
      a reference to such statute, provision, statutory instrument, order or
      regulation as the same may have been, or may from time to time be, amended
      or
      re-enacted.

     

    
      	
              1.6

            	
              Headings

            

    

     

    Headings
      and sub-headings are for ease of reference only and shall not affect the
      construction of this Agreement.

     

    
      	
              1.7

            	
              Singular
                and Plural

            

    

     

    Words
      denoting the singular shall include the plural and vice
      versa.

     

    
      	
              1.8

            	
              Amended
                Documents

            

    

     

    Save
      where the contrary is indicated, any reference in this Agreement to any
      agreement or other document shall be construed as a reference to such agreement
      or other document as the same may have been, or may from time to time be,
      amended, varied, novated or supplemented.

     

    
      	
              2.

            	
              
                APPOINTMENT
                  OF THE AGENT

              

            

    

     

    
      	
              2.1

            	
              Appointment

            

    

     

    The
      Company appoints the Agent and the Registrar as its agent and registrar in
      relation to the Warrants for the purposes specified in this Agreement acting
      through their respective Specified Offices. The Agent and the Registrar shall
      act solely as agent and registrar of the Company and need have no concern for
      the interest of the Warrantholders.

     

    
      	
              2.2

            	
              Acceptance
                of Appointment

            

    

     

    The
      Agent
      and the Registrar accept their appointments as agent and registrar,
      respectively, of the Company in relation to the Warrants and agree to comply
      with, and shall only be obliged to perform the duties expressed to be required
      by, this Agreement. The obligations of the Agent and the Registrar are several
      and not joint.

     

    
      	 	
              -
                3
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              
                THE
                  WARRANTS;
                  AUTHENTICATION

              

            

    

     

    
      	
              3.1

            	
              The
                Global Warrant Certificate

            

    

     

    On
      the
      Closing Date: (a) the Company shall deliver the Global Warrant Certificate
      to
      the Registrar for authentication; and (b) the Registrar shall deliver the
      authenticated Global Warrant Certificate to a common depositary for the Clearing
      Systems. 

     

    
      	
              3.2

            	
              Availability
                of Individual Warrant
                Certificates

            

    

     

    If
      the
      Company is required to deliver Individual Warrant Certificates pursuant to
      the
      terms of the Global Warrant Certificate, the Company shall promptly arrange
      for
      a stock of Individual Warrant Certificates (unauthenticated and with the names
      of the registered Holders left blank but executed on behalf of the Company
      and
      otherwise complete) to be made available to the Registrar. The Company shall
      also arrange for such Global Warrant Certificates and Individual Warrant
      Certificates as are required to enable the Registrar and the Agent to perform
      their respective obligations under Clause 4 (Exchanges
      of Global Warrant Certificate for Individual Warrant
      Certificates),
      Clause 5 (Transfers
      of Warrants)
      and
      Clause 6 (Replacement
      Warrant Certificates)
      to be
      made available to or to the order of the Registrar and the Agent from time
      to
      time.

     

    
      	
              3.3

            	
              Authority
                to Authenticate

            

    

     

    The
      Registrar is authorised by the Company to authenticate the Global Warrant
      Certificate and the Individual Warrant Certificates (if any) by the signature
      of
      any of its officers or any other person duly authorised for the purpose by
      the
      Registrar.

     

    
      	
              3.4

            	
              Duties
                of the Registrar and the
                Agent

            

    

     

    Each
      of
      the Registrar and the Agent shall hold in safe custody all unauthenticated
      Global Warrant Certificates and Individual Warrant Certificates delivered to
      it
      in accordance with Clause 3.2 (Availability
      of Individual Warrant Certificates)
      and
      shall ensure that they are authenticated and delivered only in accordance with
      the terms hereof, of the Global Warrant Certificate (if applicable) and of
      the
      Conditions. Without limitation of the foregoing, each of the Registrar and
      Agent
      hereby accept their responsibilities under the Warrant Instrument.

     

    
      	
              4.

            	
              
                EXCHANGES
                  OF GLOBAL WARRANT CERTIFICATE FOR INDIVIDUAL WARRANT
                  CERTIFICATES

              

            

    

     

    If
      the
      Global Warrant Certificate becomes exchangeable for Individual Warrant
      Certificates in accordance with its terms, the Registrar shall authenticate
      and
      deliver to each person designated by a Clearing System, an Individual Warrant
      Certificate in accordance with the terms of this Agreement and the Global
      Warrant Certificate.

     

    
      	 	
              -
                4
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              
                TRANSFERS
                  OF WARRANTS

              

            

    

     

    
      	
              5.1

            	
              Maintenance
                of the Register

            

    

     

    The
      Registrar shall maintain outside the United Kingdom a register (the
“Register”)
      in
      respect of the Warrants, which shall be kept at its Specified Office in
      accordance with the Conditions and be made available by the Registrar to the
      Company and the Agent for inspection. The Register shall show the aggregate
      principal amount, serial numbers and dates of issue of Warrant Certificates,
      the
      names and addresses of the initial Holders thereof and the dates of all
      transfers to, and the names and addresses of, all subsequent Holders thereof,
      each Warrantholder’s portion of the Warrant Shares, all cancellations of Warrant
      Certificates and all replacements of Warrant Certificates. 

     

    
      	
              5.2

            	
              Registration
                of Transfers in the
                Register

            

    

     

    The
      Registrar shall receive requests for the transfer of Warrants in accordance
      with
      the Conditions and the Regulations and shall make the necessary entries in
      the
      Register.

     

    
      	
              5.3

            	
              Agent
                to Receive Requests for Transfers of
                Warrants

            

    

     

    The
      Agent
      shall receive requests for the transfer of Warrants in accordance with the
      Conditions and the Regulations and assist, if required, in the issue of new
      Warrant Certificates to give effect to such transfers and, in particular, upon
      any such request being duly made, shall promptly notify the Registrar
      of:

     

    
      	 	
              (a)

            	
              the
                aggregate amount of the Warrants to be
                transferred;

            

    

     

    
      	 	
              (b)

            	
              the
                name(s) and address(es) to be entered on the Register of the Holder(s)
                of
                the new Warrant Certificate(s) to be issued, in order to give effect
                to
                such transfer; and

            

    

     

    
      	 	
              (c)

            	
              the
                place and manner of delivery of the new Warrant Certificate(s) to
                be
                delivered in respect of such
                transfer,

            

    

     

    and
      shall
      forward the Warrant Certificate(s) relating to the Warrants to be transferred
      (with the relevant form(s) of transfer duly completed) to the Registrar with
      such notification.

     

    
      	
              5.4

            	
              Miscellaneous

            

    

     

    Upon
      notification by the Company of receipt of service of demands, requests,
      instructions, orders, judgements or awards, the Registrar shall (to the extent
      required by law) forthwith make such entries in the Register to give effect
      to
      such demands, requests, instructions, orders, judgments or awards.

     

    
      	
              6.

            	
              
                REPLACEMENT
                  WARRANT CERTIFICATES

              

            

    

     

    
      	
              6.1

            	
              Delivery
                of Replacements

            

    

     

    Subject
      to receipt of replacement Global Warrant Certificates and/or Individual Warrant
      Certificates (as the case may be), the Registrar shall, upon and in accordance
      with the written instructions of the Company (which instructions may, without
      limitation, include terms as to the payment of expenses and as to evidence,
      security and indemnity), complete, authenticate and deliver a Global Warrant
      Certificate or Individual Warrant Certificate which the Company has determined
      to issue as a replacement for any Global Warrant Certificate or Individual
      Warrant Certificate which has been mutilated or defaced or which has been or
      is
      alleged to have been destroyed, stolen or lost, provided
      that the
      Agent
      shall not deliver any Global Warrant Certificate or Individual Warrant
      Certificate as a replacement for any Global Warrant Certificate or Individual
      Warrant Certificate which has been mutilated or defaced otherwise than against
      surrender of the same and shall not issue any replacement Global Warrant
      Certificate or Individual Warrant Certificate until the applicant has furnished
      the Agent with such evidence and indemnity as the Company and/or the Agent
      may
      reasonably require and has paid such costs and expenses as may be incurred
      in
      connection with such replacement.

     

    
      	 	
              -
                5
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              6.2

            	
              Replacements
                to be Numbered

            

    

     

    Each
      replacement Global Warrant Certificate or Individual Warrant Certificate
      delivered hereunder shall bear a unique certificate number.

     

    
      	
              6.3

            	
              Cancellation
                and destruction

            

    

     

    The
      Agent
      shall cancel and destroy each mutilated or defaced Global Warrant Certificate
      or
      Individual Warrant Certificate surrendered to it in respect of which a
      replacement has been delivered.

     

    
      	
              6.4

            	
              Notification

            

    

     

    Upon
      written request therefor, the Agent shall notify the Company and the Registrar
      of the delivery by it of any replacement Global Warrant Certificate or
      Individual Warrant Certificate, specifying the certificate number thereof and
      the certificate number (if any and if known) of the Global Warrant Certificate
      or Individual Warrant Certificate which it replaces, and confirming (if such
      is
      the case) that the Global Warrant Certificate or Individual Warrant Certificate
      which it replaces has been cancelled and destroyed.

     

    
      	
              7.

            	
              
                EXERCISE
                  OF WARRANTS AND DELIVERY OF WARRANT
                  SHARES

              

            

    

     

    
      	
              7.1

            	
              Notice
                of Exercise

            

    

     

    The
      Subscription Rights conferred by a Warrant may be exercised by the Warrantholder
      completing and duly executing a Notice of Exercise and lodging the relevant
      Warrant Certificate (with the Notice of Exercise attached) at the Specified
      Office of the Agent together with a remittance for the total Subscription Price
      of the Warrant Shares in respect of which Subscription Rights are to be
      exercised. The Agent may refuse to accept any Notice of Exercise which has
      not
      been correctly completed or executed or which is incomplete (as determined
      by
      the Agent in its discretion) but shall incur no liability for doing so.

     

    No
      Notice
      of Exercise will be effective until the Notice of Exercise and the relevant
      Warrant Certificate have been received by the Agent and the applicable
      Subscription Price has been remitted to the Agent. Any Notice of Exercise,
      Warrant Certificate or payment received by the Agent on a day which is not
      a
      Business Day or after 3.30 pm in London on a Business Day, will be deemed
      effective on the next succeeding Business Day. 

     

    
      	 	
              -
                6
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              7.2

            	
              Replacement
                Warrant Certificates

            

    

     

    If
      any
      Global Warrant Certificate or Individual Warrant Certificate is presented or
      surrendered for exercise to the Agent and the Agent or the Registrar has
      delivered a replacement therefor or has been notified that the same has been
      replaced, the Agent shall forthwith notify the Company and the Registrar of
      such
      presentation or surrender and shall not request the Company to make delivery
      of
      any Warrant Shares against the same until it is so instructed by the
      Company.

     

    
      	
              7.3

            	
              Application
                by Agent

            

    

     

    On
      the
      Business Day on which the Agent receives (or is deemed to receive) the documents
      and payment required under Clause 7.1 above, or, if the Notice of Exercise
      is conditional, on the Business Day on which the final condition thereunder
      is
      satisfied, or, in either case, on the immediately following Business Day, the
      Agent shall remit the Subscription Price to the Company, send a copy of the
      Notice of Exercise to the Company and request the Company to allot, issue to
      and
      register Warrant Shares in accordance with Condition 5 of the Warrant Instrument
      in the name of the Warrantholder or, as the case may be, any Affiliate of the
      Warrantholder, as nominated by the Warrantholder in the relevant Notice of
      Exercise. 

     

    
      	
              7.4

            	
              Allotment
                of Warrant Shares 

            

    

     

    On
      receiving a request from the Agent, the Company shall cause the Warrant Shares
      to be allotted, issued and registered in the name of the Warrantholder (or
      its
      Affiliate) in accordance with Condition 5 of the Warrant Instrument and as
      notified by the Agent and shall notify the Agent of such allotment, issuance
      and
      registration promptly thereafter. 

     

    
      	
              7.5

            	
              Cancellation
                of Warrant Certificates

            

    

     

    The
      Agent
      shall cancel each Warrant Certificate against presentation and surrender of
      which the Company notifies the Agent that it has made delivery of Warrant Shares
      in full and the Agent shall deliver each Warrant Certificate so cancelled by
      it
      to, or to the order of, the Registrar.

     

    
      	
              7.6

            	
              Partial
                Exercise

            

    

     

    If
      at any
      time and for any reason the Company makes a partial delivery of Warrant Shares
      in respect of the Global Warrant Certificate or any Individual Warrant
      Certificate presented for exercise to it, the Agent shall endorse thereon a
      statement indicating the amount and the date of such delivery. In addition,
      if,
      in respect of any Exercise Date, less than the full amount of any Warrant Shares
      due are delivered in respect of the Warrants, the Registrar will note on the
      Register a memorandum of the amount and date of any delivery of Warrant Shares
      then made and, if the Global Warrant Certificate or any Individual Warrant
      Certificate is presented for exercise in accordance with the Conditions and
      no
      delivery of Warrant Shares is then made, the date of such exercise.

     

    
      	 	
              -
                7
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              
                [INTENTIONALLY
                  LEFT BLANK]

              

            

    

     

    
      	
              9.

            	
              
                MISCELLANEOUS
                  DUTIES OF THE AGENT

              

            

    

     

    
      	
              9.1

            	
              Warrants
                in issue

            

    

     

    As
      soon
      as practicable after receiving a written request therefor, the Registrar shall
      notify the Company of the certificate numbers and amount of any Warrant
      Certificates against exercise of which delivery of Warrant Shares has been
      made
      and of the certificate numbers and amount of any Warrant Certificates (and
      the
      names and addresses of the Holders thereof) which have not yet been
      exercised.

     

    
      	
              9.2

            	
              Forwarding
                of Communications

            

    

     

    Each
      Agent shall promptly forward to the Company a copy of any notice or
      communication addressed to the Company which is received by such
      Agent.

     

    
      	
              9.3

            	
              Maintenance
                of records

            

    

     

    Each
      of
      the Agent and the Registrar shall maintain records of all documents received
      by
      it in connection with its duties hereunder and shall make such records available
      for inspection during their respective office hours by the Company and the
      Registrar or Agent (as the case may be) and, in particular the Registrar shall:
      (a) maintain a record of all Warrant Certificates delivered hereunder and of
      their redemption, payment, cancellation, mutilation, defacement, alleged
      destruction, theft, loss and replacement; and (b) make such records available
      for inspection at all reasonable times by the Company and the
      Agent.

     

    
      	
              9.4

            	
              Publication
                and Delivery of Notices

            

    

     

    The
      Registrar shall, upon and in accordance with the written instructions of the
      Company, received at least ten (10) days before the proposed publication date,
      arrange for the publication and delivery of any notice which is to be given
      to
      the Warrantholders and shall supply a copy thereof to the Agent, and each
      Clearing System. Such publication will be at the expense of the
      Company.

     

    
      	
              9.5

            	
              Documents
                available for inspection

            

    

     

    The
      Company shall provide to the Agent and the Registrar conformed copies of this
      Agreement and the Warrant Instrument (including the Conditions and the form
      of
      the Global Warrant Certificates and Individual Warrant Certificates).

     

    Each
      of
      the Agent and the Registrar shall make available for inspection during normal
      business hours at its Specified Office the documents referred to
      above.

     

    
      	
              10.

            	
              
                TERMS
                  OF APPOINTMENT

              

            

    

     

    
      	
              10.1

            	
              Rights
                and powers

            

    

     

    Each
      of
      the Agent and the Registrar may, in connection with its services
      hereunder:

     

    
      	 	
              (a)

            	
              except
                as ordered by a court of competent jurisdiction or otherwise required
                by
                law and regardless of any notice of ownership, trust or any other
                interest
                therein, any writing on the Warrant Certificate relating to any Warrant
                by
                any person (other than a duly executed form of transfer) or any notice
                of
                any previous loss or theft thereof, treat the registered Holder of
                any
                Warrant as its absolute owner for all purposes and make payments
                thereon
                accordingly;

            

    

     

    
      	 	
              - 8
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              assume
                that the terms of the Global Warrant Certificate and each Individual
                Warrant Certificate as issued are
                correct;

            

    

     

    
      	 	
              (c)

            	
              rely
                upon the terms of any notice, communication or other document believed
                by
                it to be genuine; and

            

    

     

    
      	 	
              (d)

            	
              engage
                the advice or services of any lawyers or other experts whose advice
                or
                services it considers necessary and rely upon any advice so obtained
                (whether or not limited by a monetary cap or otherwise) and such
                Agent
                and/or Registrar shall be protected and shall incur no liability
                as
                against the Company in respect of any action taken or not taken,
                or
                permitted to be taken or not taken, in accordance with such advice
                and in
                good faith.

            

    

     

    
      	
              10.2

            	
              Extent
                of Duties

            

    

     

    Each
      of
      the Agent and the Registrar shall only be obliged to perform the duties set
      out
      in this Agreement and the Conditions and no implied duties or obligations shall
      be read into this Agreement or the Conditions in respect of the Agent or the
      Registrar. Neither the Agent nor the Registrar shall:

     

    
      	 	
              (a)

            	
              be
                under any fiduciary duty or other obligation towards or have any
                relationship of agency for or with any person other than the Company
                or
                any relationship of trust for or with any person;
                

            

    

     

    
      	 	
              (b)

            	
              be
                responsible for or liable in respect of the legality, validity or
                enforceability of the Warrants, Warrant Certificate or this Agreement
                (other than in respect of authentication of Warrant Certificates
                by it in
                accordance with this Agreement) or any act or omission of any other
                person
                (including, without limitation, with respect to the Agent, the Registrar,
                and with respect to the Registrar, the Agent);
                or

            

    

     

    
      	 	
              (c)

            	
              be
                liable to the Company or any other party to this Agreement for any
                consequential loss (being loss of business, goodwill, opportunity
                or
                profit) arising out of any breach by the Agent or the Registrar of
                any of
                its obligations under this Agreement even if advised of the possibility
                of
                such loss or damage.

            

    

     

    
      	
              10.3

            	
              Freedom
                to Transact

            

    

     

    Each
      of
      the Agent and the Registrar may purchase, hold and dispose of Warrants and
      may
      enter into any transaction (including, without limitation, any depositary,
      trust
      or agency transaction) with any Holders of Warrants or with any other party
      hereto in the same manner as if it had not been appointed as the agent of the
      Company in relation to the Warrants and need not account for any
      profit.

     

    
      	 	
              - 9
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              11.

            	
              
                CHANGES
                  IN AGENT

              

            

    

     

    
      	
              11.1

            	
              Resignation

            

    

     

    The
      Agent
      or the Registrar may resign its appointment upon not less than thirty (30)
      days’
notice to the Company (with a copy, in the case of the Agent, to the Registrar,
      and in the case of the Registrar, to the Agent), provided
      that:

     

    
      	 	
              (a)

            	
              if
                such resignation would otherwise take effect less than thirty (30)
                days
                before or after the exercise date of any Warrant, it shall not take
                effect
                until the thirtieth day following such date;
                and

            

    

     

    
      	 	
              (b)

            	
              such
                resignation shall not take effect until a successor has been duly
                appointed in accordance with Clause 11.4 (Additional
                and Successor Agent)
                or Clause 11.5 (Agent
                may Appoint Successors)
                and notice of such appointment has been given to the
                Warrantholders.

            

    

     

    
      	
              11.2

            	
              Revocation

            

    

     

    The
      Company may revoke their appointment of the Agent or the Registrar by not less
      than thirty (30) days’ notice to the Agent or the Registrar (as applicable)
      (with a copy, in the case of the Agent to the Registrar, and in the case of
      the
      Registrar to the Agent), provided
      that
      such
      revocation shall not take effect until a successor has been duly appointed
      in
      accordance with Clause 11.4 (Additional
      and Successor Agent)
      or
      Clause 11.5 (Agent
      may Appoint Successors)
      and
      notice of such appointment has been given to the Warrantholders.

     

    
      	
              11.3

            	
              Automatic
                Termination

            

    

     

    The
      appointment of the Agent and/or the Registrar shall terminate forthwith if:
      (a)
      such person becomes incapable of acting; (b) a secured party takes possession,
      or a receiver, manager or other similar officer is appointed, of the whole
      or
      any part of the undertaking, assets and revenues of such person; (c) such person
      admits in writing its insolvency or inability to pay its debts as they fall
      due;
      (d) an administrator or liquidator of such person or the whole or any part
      of
      the undertaking, assets and revenues of such person is appointed (or application
      for any such appointment is made); (e) such person takes any action for a
      readjustment or deferment of any of its obligations or makes a general
      assignment or an arrangement or composition with or for the benefit of its
      creditors or declares a moratorium in respect of any of its indebtedness; (f)
      an
      order is made or an effective resolution is passed for the winding-up of such
      person; or (g) any event occurs in any jurisdiction which has an analogous
      effect to any of the foregoing. If the appointment of the Registrar or Agent
      is
      terminated in accordance with the preceding sentence, the Company shall
      forthwith appoint a successor in accordance with Clause 11.4 (Additional
      and Successor Agent).

     

    
      	
              11.4

            	
              Additional
                and Successor Agent

            

    

     

    The
      Company may (with the approval of the Majority Warrantholders) appoint a
      successor registrar or agent and shall forthwith give notice of any such
      appointment to the continuing Agent or Registrar (as applicable), whereupon
      the
      Company, the continuing Agent or Registrar and the successor agent or registrar
      shall acquire and become subject to the same rights and obligations between
      themselves as if they had entered into an agreement in the form mutatis
      mutandis of
      this
      Agreement.

     

    
      	 	
              - 10
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              11.5

            	
              Agent
                may Appoint Successors

            

    

     

    If
      the
      Registrar or the Agent gives notice of its resignation in accordance with
      Clause 11.1 (Resignation)
      and by
      the tenth day before the expiry of such notice a successor has not been duly
      appointed in accordance with Clause 11.4 (Additional
      and Successor Agent),
      the
      Registrar or (as the case may be) the Agent may itself, following such
      consultation with the Company as is practicable in the circumstances appoint
      as
      its successor any reputable and experienced financial institution and give
      notice of such appointment to the Company, the remaining Agent or Registrar
      and
      the Warrantholders, whereupon the Company, the remaining Agent or Registrar
      and
      such successor shall acquire and become subject to the same rights and
      obligations between themselves as if they had entered into an agreement in
      the
      form mutatis
      mutandis of
      this
      Agreement.

     

    
      	
              11.6

            	
              Release

            

    

     

    Upon
      any
      resignation or revocation taking effect under Clause 11.1 (Resignation)
      or 11.2
      (Revocation)
      or any
      termination taking effect under Clause 11.3 (Automatic
      Termination),
      the
      relevant Agent or Registrar shall:

     

    
      	 	
              (a)

            	
              be
                released and discharged from (i) its obligations under this Agreement
                (save that it shall remain entitled to the benefit of and be subject
                to
                Clause 10 (Terms
                of Appointment)
                and Clause 11 (Changes
                in Agent));
                and (ii) all liabilities relating to any
                successor;

            

    

     

    
      	 	
              (b)

            	
              in
                the case of the Registrar, deliver to the Company and to its successor
                a
                copy, certified as true and up-to-date by an officer or authorised
                signatory of the Registrar, of the records maintained by it in accordance
                with Clause 5.1 (Maintenance
                of the Register);
                and

            

    

     

    
      	 	
              (c)

            	
              forthwith
                transfer all Warrant Shares and papers (including any unissued Warrant
                Certificates held by it hereunder and any documents held by it pursuant
                to
                Clause 9.5 (Documents
                available for inspection))
                to its successor and, upon appropriate notice, provide reasonable
                assistance to its successor for the discharge of its duties and
                responsibilities hereunder.

            

    

     

    
      	
              11.7

            	
              Merger

            

    

     

    Any
      legal
      entity into which the Agent or the Registrar is merged or converted or any
      legal
      entity resulting from any merger or conversion to which such Agent or Registrar
      is a party shall, to the extent permitted by applicable law, be the successor
      to
      such Agent or, as the case may be, the Registrar without any further formality,
      whereupon the Company, the continuing Agent or Registrar and such successor
      shall acquire and become subject to the same rights and obligations between
      themselves as if they had entered into an agreement in the form mutatis
      mutandis of
      this
      Agreement. Notice of any such merger or conversion shall forthwith be given
      by
      such successor to the Company, the continuing Agent or the Registrar and the
      Warrantholders.

     

    
      	
              11.8

            	
              Changes
                in Specified Offices

            

    

     

    If
      the
      Agent or the Registrar decides to change its Specified Office (which may only
      be
      effected within the same city unless the prior written approval of the Company
      and the Majority Warrantholders has been obtained), it shall give notice to
      the
      Company (with a copy to the Agent or the Registrar, as the case may be) of
      the
      address of the new Specified Office stating the date on which such change is
      to
      take effect, which date shall be not less than thirty (30) days after the date
      of such notice. The Company shall at its own expense not less than fourteen
      (14)
      days prior to the date on which such change is to take effect (unless the
      appointment of the relevant Agent or Registrar is to terminate pursuant to
      any
      of the foregoing provisions of this Clause 11 (Changes
      in Agent)
      on or
      prior to the date of such change) give notice thereof to the
      Warrantholders.

     

    
      	 	
              - 11
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              12.

            	
              
                INDEMNITY

              

            

    

     

    
      	
              12.1

            	
              By
                the Company

            

    

     

    The
      Company indemnifies each of the Agent and the Registrar against any loss,
      liability, cost, claim, action, demand or expense (including, but not limited
      to, the costs of any lawyers or other experts and all properly incurred costs,
      charges and expenses paid or incurred in disputing or defending any of the
      foregoing) which it may incur or which anyone appointed by the Agent or the
      Registrar, or to whom any of its functions may be delegated by it in the
      carrying out of its functions hereunder, may incur, or which may be made against
      it arising out of or in relation to or in connection with its appointment or
      the
      exercise of its functions, except such as may result from its wilful default,
      gross negligence or fraud or that of its officers, employees, appointees or
      delegates. The indemnity set out in this Clause 12.1 shall survive the
      termination or expiry of this Agreement and the resignation or removal of any
      Agent or Registrar.

     

    
      	
              12.2

            	
              Notwithstanding
                any contrary provision of this Agreement, neither the Agent nor the
                Registrar shall in any event be liable for any special, indirect,
                punitive
                or consequential loss or damage of any kind (including but not limited
                to
                lost profits), whether or not foreseeable, and whether or not the
                Agent or
                the Registrar is aware of, or the Agent or the Registrar has been
                advised
                of, the likelihood of such loss or damage and regardless of whether
                the
                claim for loss or damage is made in negligence, for breach of contract
                or
                otherwise.

            

    

     

    
      	
              13.

            	
              
                COMMISSIONS,
                  FEES AND EXPENSES

              

            

    

     

    
      	
              13.1

            	
              Fees

            

    

     

    The
      Company will pay to the Agent and the Registrar the commissions, fees and
      expenses in respect of the Agent’ and Registrar’s services (as applicable) as
      separately agreed with the Agent and the Registrar.

     

    
      	
              13.2

            	
              Costs

            

    

     

    The
      Company will also on demand by the Agent or the Registrar pay or discharge
      all
      costs, charges, liabilities and expenses properly incurred by the Agent or
      the
      Registrar in the preparation and execution of this Agreement, and in the
      performance of their functions under this Agreement, including but not limited
      to legal and travelling expenses incurred by the Agent or the Registrar in
      the
      negotiation or execution of this Agreement.

     

    The
      Company will also pay on demand all out-of-pocket expenses (including, but
      not
      limited to, legal, advertising and postage expenses) properly incurred by the
      Agent or the Registrar in connection with their services together with any
      applicable value added tax and stamp, issue, documentary or other taxes and
      duties. 

     

    
      	 	
              - 12
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Neither
      the Agent nor the Registrar shall have any obligation to act if it reasonably
      believes it will incur costs for which it will not be reimbursed.

     

    
      	
              13.3

            	
              Payments
                and Interest

            

    

     

    The
      Company will ensure that all the commissions, fees, costs, charges, liabilities
      and expenses incurred under this Clause 13 (Commission,
      Fees and Expenses),
      or
      otherwise, by the Agent or the Registrar are paid within thirty (30) days of
      receipt of a written demand. After such period any amounts owing by the Company
      to either the Agent or the Registrar will carry interest from the date of demand
      at the rate of two percent (2%) per annum over the base rate of a UK clearing
      bank (as selected by the Agent or the Registrar (as applicable) and notified
      to
      the Company).

     

    
      	
              13.4

            	
              No
                Withholding

            

    

     

    All
      payments to be made by the Company under this Agreement shall be made free
      and
      clear of, and without any deduction for, any taxes, duties, assessments or
      governmental charges of whatever nature imposed, levied, collected, withheld
      or
      assessed under any applicable law by or within any relevant jurisdiction or
      any
      authority therein or thereof having the power to tax, unless such withholding
      or
      deduction is required by law. In such an event, the amount payable shall be
      increased to an amount which will result in the receipt by the Registrar and
      the
      Agent of such amount as would have been received by them had no such withholding
      or deduction been required.

     

    
      	
              14.

            	
              
                CURRENCY
                  INDEMNITY

              

            

    

     

    An
      amount
      received or recovered in a currency other than dollars (the “Contractual
      Currency”)
      (whether as a result of, or of the enforcement of, a judgment or order of a
      court of any jurisdiction or in the winding-up or dissolution of the Company,
      or
      otherwise), by any of the Agent of the Registrar in respect of any sum expressed
      to be due to it from the Company, will only discharge the Company, to the extent
      of the Contractual Currency amount which the recipient is able to purchase
      with
      the amount so received or recovered in that other currency on the date of that
      receipt or recovery (or, if it is not practicable to make that purchase on
      that
      date, on the first date on which it is practicable to do so).

     

    If
      that
      Contractual Currency amount is less than the Contractual Currency amount
      expressed to be due to the recipient under this Agreement, the Company will
      indemnify it against any loss sustained by it as a result. In any event, the
      Company will indemnify the recipient against the cost of making any such
      purchase.

     

    
      	 	
              - 13
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              15.

            	
              
                NOTICES

              

            

    

     

    
      	
              15.1

            	
              Addresses
                for Notices

            

    

     

    All
      notices and communications hereunder shall be made in writing (by letter or
      fax)
      and shall be sent as follows:

     

    
      	 	
              (a)

            	
              If
                to the Company, to it at:

            

    

     

    
      	 	
              Asia
                Time Corporation 

            
	 	
              Room
                1601-1604, 16/F., 

              CRE
                Centre, 

              889
                Cheung Sha Wan Road, 

              Kowloon,
                Hong Kong

            

    

    
      	 	
              Fax
                no. 

            	
              +
                852 2310 0032

            
	 	
              Attention:

            	
              Kwong
                Kai Shun/Michael Mak

            

    

      

    
      	 	
              (b)

            	
              If
                to the Agent or the Registrar, to it at the address or fax number
                specified against its name in Schedule 2 (or, in the case of an Agent
                not
                originally a party hereto, specified by notice to the parties hereto
                at
                the time of its appointment) for the attention of the person or department
                therein specified; and

            

    

     

    or,
      in
      any case, to such other address or fax number or for the attention of such
      other
      person or department as the addressee has by prior notice to the sender
      specified for the purpose.

     

    
      	
              15.2

            	
              Delivery

            

    

     

    Each
      communication and document to be made or delivered by one (1) party to another
      pursuant to this Agreement shall be deemed to have been delivered when
      despatched (in the case of any communication by facsimile) or (in the case
      of
      any communication made by letter) when left at the address or (as the case
      may
      be) ten days after being deposited in the post (postage pre-paid) in an envelope
      addressed to it at that address.

     

    
      	
              15.3

            	
              Notices
                to Warrantholders

            

    

     

    Any
      notice required to be given to Warrantholders under this Agreement shall be
      given in accordance with the Conditions; provided,
      however, that,
      so long
      as the Warrants are represented by the Global Warrant Certificate, notices
      to
      Warrantholders shall be given in accordance with the terms of the Global Warrant
      Certificate.

     

    
      	
              15.4

            	
              Notices
                in English

            

    

     

    All
      notices and other communications hereunder shall be made in the English language
      or shall be accompanied by a certified English translation thereof. Any
      certified English translation delivered hereunder shall be certified a true
      and
      accurate translation by a professionally qualified translator or by some other
      person competent to do so.

     

    
      	 	
              - 14
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              16.

            	
              
                LAW
                  AND JURISDICTION

              

            

    

     

    
      	
              16.1

            	
              Governing
                Law

            

    

     

    This
      Agreement and all matters arising from or connected with it are governed by,
      and
      shall be construed in accordance with, English law.

     

    
      	
              16.2

            	
              English
                Courts

            

    

     

    The
      Company irrevocably agrees that the courts of England have exclusive
      jurisdiction to settle any dispute (a “Dispute”),
      arising from or connected with this Agreement (including a dispute regarding
      the
      existence, validity or termination of this Agreement or the consequences of
      its
      nullity) and accordingly submits to the exclusive jurisdiction of the English
      courts.

     

    
      	
              16.3

            	
              Appropriate
                forum

            

    

     

    The
      parties agree that the courts of England are the most appropriate and convenient
      courts to settle any Dispute and, accordingly, that they will not argue to
      the
      contrary.

     

    
      	
              16.4

            	
              Rights
                of the Agent to take proceedings outside
                England

            

    

     

    Clause 16.2
      (English
      Courts)
      is for
      the benefit of the Agent and the Registrar only. As a result, nothing in this
      Clause prevents the Agent or the Registrar from taking proceedings relating
      to a
      Dispute (“Proceedings”)
      in any
      other courts with jurisdiction. To the extent allowed by law, the Agent and
      the
      Registrar may take concurrent Proceedings in any number of
      jurisdictions.

     

    
      	
              16.5

            	
              Service
                of process 

            

    

     

    The
      Company agrees that the documents which start any Proceedings and any other
      documents required to be served in relation to those Proceedings may be served
      on it by being delivered to The London Law Agency of 69 Southampton Row, London
      WC1B 4ET. If such person is not or ceases to be effectively appointed to accept
      service of process on behalf of the Company, the Company shall (i) promptly
      notify the Agent; and (ii) appoint a further person in England to accept service
      of process on its behalf and, failing such appointment within fifteen (15)
      days,
      the Agent shall be entitled to appoint such a person by written notice to the
      Company. Nothing in this paragraph shall affect the right of any party hereto
      to
      serve process in any other manner permitted by law. This Clause 16.5
      (Service
      of process)
      applies
      to Proceedings in England and to Proceedings elsewhere.

     

    
      	
              16.6

            	
              Arbitration

            

    

     

    The
      Company agrees that the Agent and/or the Registrar may elect by written notice
      to the Company that any Dispute shall be finally settled by arbitration in
      accordance with the Rules of the London Court of International Arbitration
      (the
“LCIA”)
      as at
      present in force and as modified by this Clause 16.6 (Arbitration)
      (the
“Rules”),
      which
      Rules shall be deemed incorporated in this Agreement. The number of arbitrators
      shall be three (3). The parties may nominate and the LCIA Court may appoint
      arbitrators from among the nationals of any country, whether or not a party
      is a
      national of that country. Each arbitrator appointed shall be an attorney
      experienced in international securities transactions. The seat of arbitration
      shall be London, England and the language of arbitration shall be English.
      Sections 45 and 69 of the Arbitration Act 1996 shall not apply.

     

    
      	 	
              - 15
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              17.

            	
              
                MODIFICATION

              

            

    

     

    This
      Agreement may be amended by further agreement among the parties hereto and
      without the consent of the Warrantholders.

     

    
      	
              18.

            	
              
                RIGHTS
                  OF THIRD PARTIES

              

            

    

     

    A
      person
      who is not a party to this Agreement has no right under the Contracts (Rights
      of
      Third Parties) Act 1999 to enforce any terms of this Agreement.

     

    
      	
              19.

            	
              
                COUNTERPARTS

              

            

    

     

    This
      Agreement may be executed in any number of counterparts and by different parties
      hereto in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which when so executed shall constitute one (1)
      and
      the same binding agreement between the parties.

     

    
      	 	
              - 16
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    AS
      WITNESS
      the
      parties have caused their respective duly authorised representatives to execute
      this Agreement on the day and year first before written.

     

    
      	
              The
                Company

            
	 
	
              ASIA
                TIME CORPORATION

            
	 	 
	
              By:

            	
              /s/
                Kwong Kai Shun

            
	
              Name:

            	
              Kwong
                Kai Shun

            
	
              Title:

            	
              CEO

            
	 	 
	
              The
                Registrar

            
	 
	
              THE
                BANK OF NEW YORK

            
	 	 
	
              By:

            	
              /s/
                Terence Yeung

            
	
              Name:

            	
              Terence
                Yeung

            
	
              Title:

            	
              Vice
                President

            
	 	 
	
              The
                Agent

            
	 
	
              THE
                BANK OF NEW YORK, LONDON BRANCH

            
	 	 
	
              By:

            	
              /s/
                Terence Yeung

            
	
              Name:

            	
              Terence
                Yeung

            
	
              Title:

            	
              Vice
                President

            

    

    

      
        	 	 	
                Signature
                  Page To

                Warrant
                  Agency Agreement

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

    
      REGULATIONS
        CONCERNING TRANSFERS AND REGISTRATION OF WARRANTS

    

     

    
      	
              1.

            	
              Subject
                to paragraph 4 and paragraph 11 below, Warrants may be transferred
                by
                execution of the relevant form of transfer under the hand of the
                transferor or, where the transferor is a corporation, under its common
                seal or under the hand of two (2) of its officers duly authorised
                in
                writing. Where the form of transfer is executed by an attorney or,
                in the
                case of a corporation, under seal or under the hand of two (2) of
                its
                officers duly authorised in writing, a copy of the relevant power
                of
                attorney certified by a financial institution in good standing or
                a notary
                public or in such other manner as the Registrar may require or, as
                the
                case may be, copies certified in the manner aforesaid of the documents
                authorising such officers to sign and witness the affixing of the
                seal
                must be delivered with the form of transfer. In this Schedule,
                “transferor”
                shall, where the context permits or requires, include joint transferors
                and shall be construed accordingly.

            

    

     

    
      	
              2.

            	
              The
                Warrant Certificate issued in respect of the Warrants to be transferred
                must be surrendered for registration, together with the form of transfer
                (including any certification as to compliance with restrictions on
                transfer included in such form of transfer) endorsed thereon, duly
                completed and executed, at the Specified Office of the Registrar
                or the
                Agent, and together with such evidence as the Registrar or (as the
                case
                may be) the Agent may reasonably require to prove the title of the
                transferor and the authority of the persons who have executed the
                form of
                transfer. The signature of the person effecting a transfer of a Warrant
                shall conform to any list of duly authorised specimen signatures
                supplied
                by the Holder of such Warrant or be certified by a financial institution
                in good standing, notary public or in such other manner as the Registrar
                or the Agent may require.

            

    

     

    
      	
              4.

            	
              No
                Warrantholder may require the transfer of a Warrant to be registered
                following an Exercise Date in respect of such Warrant, except to
                the
                extent any unexercised Subscription Rights may be transferred (and
                in that
                case the transfer may be registered instead of or after issuance
                of a new
                Certificate showing the balance of such Warrantholder’s
                Share).

            

    

     

    
      	
              5.

            	
              No
                Warrantholder which has executed a form of Proxy in relation to a
                Meeting
                may require the transfer of a Warrant covered by such form of Proxy
                to be
                registered until the earlier of the conclusion of the Meeting and
                its
                adjournment for want of a quorum.

            

    

     

    
      	
              6.

            	
              The
                executors or administrators of a deceased Holder of a Warrant (not
                being
                one of several joint Holders) and, in the case of the death of one
                (1) or
                more of several joint Holders, the survivor or survivors of such
                joint
                Holders, shall be the only persons recognised by the Company as having
                any
                title to such Warrant.

            

    

     

    
      	
              7.

            	
              Any
                person becoming entitled to any Warrants in consequence of the death
                or
                bankruptcy of the Holder of such Warrants may, upon producing such
                evidence that he holds the position in respect of which he proposes
                to act
                under this paragraph or of his title as the Registrar or the Agent
                may
                require (including legal opinions), become registered himself as
                the
                Holder of such Warrants or, subject to the provisions of these
                Regulations, the Warrants and the Conditions as to transfer, may
                transfer
                such Warrants. The Company, the Registrar and the Agent shall be
                at
                liberty to retain any amount payable upon the Warrants to which any
                person
                is so entitled until such person is so registered or duly transfers
                such
                Warrants.

            

    

     

    
      	 	
              - 18
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              Unless
                otherwise required by him and agreed by the Company and the Registrar,
                the
                Holder of any Warrants shall be entitled to receive only one Warrant
                Certificate in respect of his
                holding.

            

    

     

    
      	
              9.

            	
              The
                joint Holders of any Warrant shall be entitled to one (1) Warrant
                Certificate only in respect of their joint holding which shall, except
                where they otherwise direct, be delivered to the joint Holder whose
                name
                appears first in the Register in respect of the joint
                holding.

            

    

     

    
      	
              10.

            	
              Where
                there is more than one (1) transferee (to hold other than as joint
                Holders), separate forms of transfer (obtainable from the Specified
                Office
                of the Registrar or the Agent) must be completed in respect of each
                new
                holding.

            

    

     

    
      	
              11.

            	
              A
                Holder of Warrants may transfer all or part only of his holding of
                Warrants, provided
                that both
                the amount of Warrants transferred and the amount of the balance
                not
                transferred are in integral multiples of 10,000. Where a Holder of
                Warrants has transferred part only of his holding of Warrants, a
                new
                Warrant Certificate in respect of the balance of such holding will
                be
                delivered to him.

            

    

     

    
      	
              12.

            	
              The
                Company, the Agent and the Registrar shall, save in the case of the
                issue
                of replacement Warrants pursuant to Condition 17 (Replacement
                Certificates),
                make no charge to the Holders for the registration of any holding
                of
                Warrants or any transfer thereof or for the issue of any Warrants
                or for
                the delivery thereof at the Specified Office of the Agent or the
                Registrar
                or by uninsured post to the address specified by the Holder, but
                such
                registration, transfer, issue or delivery shall be effected against
                such
                indemnity from the Holder or the transferee thereof as the Registrar
                or
                the Agent may require in respect of any tax or other duty of whatever
                nature which may be levied or imposed in connection with such
                registration, transfer, issue or
                delivery.

            

    

     

    
      	
              13.

            	
              Provided
                a transfer of a Warrant is duly made in accordance with all applicable
                requirements and restrictions upon transfer and the Warrant(s) transferred
                are presented to the Agent and/or the Registrar in accordance with
                the
                Warrant Agency Agreement and these Regulations, and subject to unforeseen
                circumstances beyond the control of the Agent or the Registrar arising,
                the Agent or the Registrar will, within five (5) business days of
                the
                request for transfer being duly made, deliver at its Specified Office
                to
                the transferee or despatch by registered post (at the request and
                risk of
                the transferee) to such address as the transferee entitled to the
                Warrants
                in relation to which such Warrant Certificate is issued may have
                specified, a Warrant Certificate in respect of which entries have
                been
                made in the Register, all formalities complied with and the name
                of the
                transferee completed on the Warrant Certificate by or on behalf of
                the
                Registrar. For the purposes of this paragraph, “business
                day”
                means a day on which commercial banks are open for business (including
                dealings in foreign currencies) in the cities in which the Registrar
                and
                (if applicable) the Agent have their respective Specified
                Offices.

            

    

     

    
      	 	
              - 19
                -

            	
              Warrant
                Agency Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      2

    
      SPECIFIED
        OFFICES OF THE AGENT
        AND THE
        REGISTRAR

    

     

    The
      Registrar

     

    The
      Bank
      of New York

     

    101
      Barclay Street, New York

    NY
      10286,
      United States of America

     

    
      	
              Fax:

            	
              +1
                212 815 5802/5803

            
	
              Attention:

            	
              Global
                Corporate Trust

            

    

    

    With
      a
      copy to:

    

    The
      Bank
      of New York

    

    Level
      12,
      3 Pacific Place

    1
      Queen’s
      Road East

    Hong
      Kong

    

    
      	
              Fax:
                

            	
              852
                2295 3283

            
	
              Attention:
                

            	
              Corporate
                Trust

            

    

    

    

    The
      Agent

    

    The
      Bank
      of New York, London Branch

    

    One
      Canada Square

    London,
      E14 5AL, United Kingdom

    

    
      	
              Fax:

            	
              +44
                20 7964 6369

            
	
              Attention:

            	
              Global
                Corporate Trust

            

    

    

    With
      a
      copy to:

    

    The
      Bank
      of New York

    

    Level
      12,
      3 Pacific Place

    1
      Queen’s
      Road East

    Hong
      Kong

    

    
      	
              Fax:
                

            	
              852
                2295 3283

            
	
              Attention:
                

            	
              Corporate
                Trust

            

    

    

    
      	 	
              - 20
                -

            	
              Warrant
                Agency Agreement

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