Document:

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                                                                     EXHIBIT 4.1
FORM NO.2

                                     [LOGO]

                                     BERMUDA

                             THE COMPANIES ACT 1981

         ALTERED MEMORANDUM OF ASSOCIATION OF COMPANY LIMITED BY SHARES
                              SECTION 7(1) AND (2)

                            MEMORANDUM OF ASSOCIATION

                                       OF

                           FLAG TELECOM GROUP LIMITED
--------------------------------------------------------------------------------
                   (hereinafter referred to as "the Company")

1.   The liability of the members of the Company is limited to the amount (if
     any) for the time being unpaid on the shares respectively held by them.

2.   We, the undersigned, namely,

<Table>
<Caption>
Name and Address                     Bermudian Status    Nationality     Number of Shares
                                       (Yes or No)                          Subscribed
<S>                                       <C>              <C>                  <C>
Judith Collis
Cedar House, 41 Cedar Avenue
Hamilton HM 12, Bermuda                   Yes              British              1

Ruby L. Rawlins
Cedar House, 41 Cedar Avenue
Hamilton HM 12, Bermuda                   Yes              British              1

Bernett Cox
Cedar House, 41 Cedar Avenue
Hamilton HM 12, Bermuda                   Yes              British              1

Elcie Place
Cedar House, 41 Cedar Avenue
Hamilton HM 12, Bermuda                   Yes              British              1
</Table>

do hereby respectively agree to take such number of shares of the Company as may
be allotted to us respectively by the provisional directors of the Company, not
exceeding the number of shares for

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which we have respectively subscribed, and to satisfy such calls as may be made
by the directors, provisional directors or promoters of the Company in respect
of the shares allotted to us respectively.

3.   The Company is to be an Exempted Company as defined by the Companies Act
     1981.

4.   The Company, with the consent of the Minister of Finance, has power to hold
     land situate in Bermuda not exceeding ___ in all, including the following
     parcels:-

     Not Applicable.

5.   The authorised share capital of the Company is US$12,000.00 divided into
     12,000 shares of US$1.00 each. The minimum subscribed share capital of the
     Company is $12,000.00 in United States currency.

6.   The objects for which the Company is formed and incorporated are:-

(i)      To carry on business as a holding company and to acquire and hold
         shares, stocks, debenture stock, bonds, mortgages, obligations and
         securities of any kind issued or guaranteed by any wholly-owned
         subsidiaries of the Company which carry on directly or indirectly the
         whole or any part of the business to design, construct, operate, own
         and maintain fibre optic submarine cable networks and to sell, lease
         and otherwise deal in capacity on such Networks, to provide
         telecommunications services and services for the laying, maintenance
         and repair of telecommunications cables and to construct, own, operate
         and maintain all structures, buildings, cableships and other plant and
         equipment associated with any of the foregoing (the "Business");

(ii)     To acquire any such shares and other securities as are mentioned in the
         preceding paragraph (i) by subscription, syndicate participation,
         tender, purchase, exchange or otherwise and to

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         subscribe for the same, either conditionally or otherwise, and to
         guarantee the subscription thereof and to exercise and enforce all
         rights and powers conferred by or incident to the ownership thereof;

(iii)    To coordinate the administration, policies, management, supervision,
         control, research, planning, trading and any and all other activities
         of, and to act as financial advisers and consultants to, any company or
         companies now or hereafter incorporated or acquired to carry on the
         whole or a part of the Business which may be or may become a Group
         Company (which expression, in this and the next following paragraph,
         means any company, wherever incorporated, which is or becomes a
         wholly-owned subsidiary of the Company or within the meaning assigned
         to this term in the Companies Act 1981);

(iv)     To provide financing and financial investment, management and advisory
         services to any Group Company, which shall include but not be limited
         to granting or providing credit and financial accommodation, lending
         and making advances with or without interest to any Group Company and
         lending to or depositing with any bank funds or other assets to provide
         security (by way of mortgage, charge, pledge, lien or otherwise) for
         loans or other forms of financing granted to such Group Company by such
         bank provided that the Company shall not be deemed to have the power to
         act as executor or administrator, or as trustee, except in connection
         with the issue of bonds and debentures by the Company or any Group
         Company;

(v)      Packaging of goods of all kinds;

(vi)     Acquiring, owning, selling, chartering, repairing or dealing in ships
         and aircraft;

(vii)    All forms of engineering;

(viii)   Acquiring by purchase or otherwise and holding as an investment
         inventions, patents, trade marks, trade names, trade secrets, designs
         and the like;

(ix)     Employing, providing, hiring out and acting as agent for artists,
         actors, entertainers of all sorts, authors, composers, producers,
         directors, engineers and experts or specialists of any kind; and

(x)      To enter into any guarantee, contract of indemnity or suretyship and to
         assure, support or secure with or without consideration or benefit the
         performance of any obligations of any person or persons and to
         guarantee the fidelity of individuals filling or about to fill
         situations of trust or confidence.

7.       The Company has the powers set out below:

(a)      To borrow and raise money in any currency or currencies and to secure
         or discharge any debt or obligation in any manner and in particular
         (without prejudice to the generality of the foregoing) by mortgages of
         or charges upon all or any part of the undertaking, property and assets
         (present and future) and uncalled capital of the Company or by the
         creation and issue of securities in connection with the Business;

(b)      To enter into any guarantee, contract of indemnity or suretyship and in
         particular (without prejudice to the generality of the foregoing) to
         guarantee, support or secure, with or without consideration, whether by
         personal obligation or by mortgaging or charging all or any part of the
         undertaking, property and assets (present and future) and uncalled
         capital of the Company

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         or by both such methods or in any other manner, the performance of any
         obligations or commitments of, and the repayment or payment of the
         principal amounts of and any premiums, interest, dividends and other
         moneys payable on or in respect of any securities or liabilities of,
         any person, including (without prejudice to the generality of the
         foregoing) any company which is for the time being a subsidiary or a
         holding Company of the Company or another subsidiary of a holding
         company of the Company or otherwise associated with the Company;

(c)      To accept, draw, make, create, issue, execute, discount, endorse,
         negotiate and deal in bills of exchange, promissory notes, and other
         instruments and securities, whether negotiable or otherwise;

(d)      To sell, exchange, mortgage, charge, let on rent, share of profit,
         royalty or otherwise, grant licences, easements, options, servitudes
         and other rights over, and in any other manner deal with or dispose of,
         all or any part of the undertaking, property and assets (present and
         future) of the Company for any consideration and in particular (without
         prejudice to the generality of the foregoing) for any securities;

(e)      To issue and allot securities of the Company for cash or in payment or
         part payment for any real or personal property purchased or otherwise
         acquired by the Company or any services rendered to the Company or as
         security for any obligation or amount (even if less than the nominal
         amount of such securities) or for any other purpose;

(f)      To grant pensions, annuities, or other allowances, including allowances
         on death, to any directors, officers or employees or former directors,
         officers or employees of the Company or any company which at any time
         is or was a subsidiary or a holding company or another subsidiary of a
         holding company of the Company or otherwise associated with the Company
         or of any predecessor in business of any of them, and to the relations,
         connections or dependents of any such persons, and to other persons
         whose service or services have directly or indirectly been of benefit
         to the Company or whom the Company considers have any moral claim on
         the Company or to their relations connections or dependents, and to
         establish or support any associations, institutions, clubs, schools,
         building and housing schemes, funds and trusts, and to make payment
         towards insurance or other arrangements likely to benefit any such
         persons or otherwise advance the interests of the Company or of its
         members or for any national, charitable, benevolent, educational,
         social, public, general or useful object;

(g)      To purchase its own shares in accordance with the provisions of Section
         42A of the Companies Act 1981;

(h)      To acquire or undertake the whole or any part of the business, property
         and liabilities of any person carrying on any business that the Company
         is authorized to carry on;

(i)      To apply for, register, purchase, lease, acquire, hold, use, control,
         licence, sell, assign or dispose of patents, patent rights, copyrights,
         trade marks, formulae, licences, inventions, processes, distinctive
         marks and similar rights;

(j)      To enter into partnership or into any arrangement for sharing of
         profits, union of interests, cooperation, joint venture, reciprocal
         concession or otherwise with any person carrying on or engaged in or
         about to carry on or engage in any business or transaction that the
         Company is authorized to carry on or engage in or any business or
         transaction capable of being conducted so as to benefit the Company;

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(k)      To take or otherwise acquire and hold securities in any other body
         corporate having objects altogether or in part similar to those of the
         Company or carrying on any business capable of being conducted so as to
         benefit the Company;

(l)      Subject to section 96 to lend money to any employee or to any person
         having dealings with the Company or with whom the Company proposes to
         have dealings or to any other body corporate any of whose shares are
         held by the Company or to any other body corporate which is a holding
         company of the Company;

(m)      To apply for, secure or acquire by grant, legislative enactment,
         assignment, transfer, purchase or otherwise and to exercise, carry out
         and enjoy any charter, licence, power, authority, franchise,
         concession, right or privilege, that any government or authority or any
         body corporate or other public body may be empowered to grant, and to
         pay for, aid in and contribute toward carrying it into effect and to
         assume any liabilities or obligations incidental thereto;

(n)      To establish and support or aid in the establishment and support of
         associations, institutions, funds or trusts for the benefit of
         employees or former employees of the Company or its predecessors, or
         the dependents or connections of such employees or former employees,
         and grant pensions and allowances, and make payments towards insurance
         or for any object similar to those set forth in this paragraph, and to
         subscribe or guarantee money for charitable, benevolent, educational or
         religious objects or for any exhibition or for any public, general or
         useful objects;

(o)      To promote any company for the purpose of acquiring or taking over any
         of the property and liabilities of the Company or for any other purpose
         that may benefit the Company;

(p)      To purchase, lease, take in exchange, hire or otherwise acquire any
         personal property and any rights or privileges that the Company
         considers necessary or convenient for the purposes of its business;

(q)      To construct, maintain, alter, renovate and demolish any buildings or
         works necessary or convenient for its objects;

(r)      To take land in Bermuda by way of lease or letting agreement for a term
         not exceeding twenty-one years, being land bona fide required for the
         purposes of the business of the Company and with the consent of the
         Minister granted in his discretion to take land in Bermuda by way of
         lease or letting agreement for a similar period in order to provide
         accommodation or recreational facilities for its officers and employees
         and when no longer necessary for any of the above purposes to terminate
         or transfer the lease or letting agreement;

(s)      Except to the extent, if any, as may be otherwise expressly provided in
         its incorporating Act or memorandum and subject to the Companies Act
         1981 the Company shall have power to invest the moneys of the Company
         by way of mortgage of real or personal property of every description in
         Bermuda or elsewhere and to sell, exchange, vary, or dispose of such
         mortgage as the Company shall from time to time determine;

(t)      To construct, improve, maintain, work, manage, carry out or control the
         whole or any part of the Business;

(u)      To raise and assist in raising money for, and aid by way of bonus,
         loan, promise, endorsement, guarantee or otherwise, any person and
         guarantee the performance or fulfilment of any contracts or

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         obligations of any person, and in particular guarantee the payment of
         the principal of and interest on the debt obligations of any such
         person;

(v)      To borrow or raise or secure the payment of money in such manner as the
         Company may think fit;

(w)      To draw, make, accept, endorse, discount, execute and issue bills of
         exchange, promissory notes, bills of lading, warrants and other
         negotiable or transferable instruments;

(x)      When properly authorized to do so, to sell, lease, exchange or
         otherwise dispose of the undertaking of the Company or any part thereof
         as an entirety or substantially as an entirety for such consideration
         as the Company thinks fit;

(y)      To sell, improve, manage, develop, exchange, lease, dispose of, turn to
         account or otherwise deal with the property of the Company in the
         ordinary course of its business;

(z)      To adopt such means of making known the products of the Company as may
         seem expedient, and in particular by advertising, by purchase and
         exhibition of works of art or interest, by publication of books and
         periodicals and by granting prizes and rewards and making donations;

(aa)     To cause the Company to be registered and recognized in any foreign
         jurisdiction, and designate persons therein according to the laws of
         that foreign jurisdiction or to represent the Company and to accept
         service for and on behalf of the Company of any process or suit;

(bb)     To allot and issue fully-paid shares of the Company in payment or part
         payment of any property purchased or otherwise acquired by the Company
         or for any past services performed for the Company;

(cc)     To distribute among the members of the Company in cash, kind, specie or
         otherwise as may be resolved, by way of dividend, bonus or in any other
         manner considered advisable, any property of the Company, but not so as
         to decrease the capital of the Company unless the distribution is made
         for the purpose of enabling the Company to be dissolved or the
         distribution, apart from this paragraph, would be otherwise lawful;

(dd)     To establish agencies and branches;

(ee)     To take or hold mortgages, hypothecs, liens and charges to secure
         payment of the purchase price, or of any unpaid balance of the purchase
         price, of any part of the property of the Company of whatsoever kind
         sold by the Company, or for any money due to the Company from
         purchasers and others and to sell or otherwise dispose of any such
         mortgage, hypothec, lien or charge;

(ff)     To pay all costs and expenses of or incidental to the incorporation and
         organization of the Company;

(gg)     To invest and deal with the moneys of the Company not immediately
         required for the objects of the Company in such manner as may be
         determined;

(hh)     To do any of the things authorized by this Clause 7 and all things
         authorized by its memorandum as principals, agents, contractors,
         trustees or otherwise, and either alone or in conjunction with others;
         and

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(ii)     To do all such other things as are incidental or conducive to the
         attainment of the objects and the exercise of the powers of the
         Company.

The Company may exercise its powers beyond the boundaries of Bermuda to the
extent to which the laws in force where the powers are sought to be exercised
permit.

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Signed by each subscriber in the presence of at least one witness attesting the
signature thereof:-

     /s/ Judy Collis                                   /s/ H Laverne Eve
------------------------------                   -------------------------------

     /s/ Ruby Rawlins                                  /s/ H Laverne Eve
------------------------------                   -------------------------------

     /s/ Bernett Cox                                   /s/ H Laverne Eve
------------------------------                   -------------------------------

     /s/ Elcie Place                                   /s/ H Laverne Eve
------------------------------                   -------------------------------

            (Subscribers)                                    (Witnesses)

Subscribed this      15th      day of   August,      2002

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STAMP DUTY (To be affixed)

NOT APPLICABLE<Page>

                                                                     EXHIBIT 4.2

                                   BYE - LAWS

                                       of

                           FLAG TELECOM GROUP LIMITED

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                  Page No.
<S>                                                                                  <C>
INTERPRETATION........................................................................1

1.   Interpretation...................................................................1

BOARD OF DIRECTORS....................................................................4

2.   Board of Directors...............................................................4
3.   Management of the Company........................................................4
4.   Power to appoint managing director or chief executive officer....................5
5.   Power to appoint manager.........................................................5
6.   Power to authorise specific actions..............................................5
7.   Power to appoint attorney........................................................5
8.   Power to delegate to a committee.................................................5
9.   Power to appoint and dismiss employees...........................................7
10.  Power to borrow and charge property..............................................7
11.  Exercise of power to purchase shares of or discontinue the Company...............7
12.  Election of Directors............................................................7
13.  Defects in appointment of Directors..............................................8
14.  Alternate Directors..............................................................8
15.  Removal of Directors.............................................................9
16.  Vacancies on the Board...........................................................9
17.  Notice of meetings of the Board.................................................10
18.  Quorum at meetings of the Board.................................................10
19.  Meetings of the Board...........................................................10
20.  Unanimous written resolutions...................................................11
21.  Contracts and disclosure of Directors' interests................................11
22.  Remuneration of Directors.......................................................12
23.  Other interests of Directors....................................................12

OFFICERS.............................................................................12

24.  Officers of the Company.........................................................12
25.  Appointment of Officers.........................................................12
26.  Remuneration of Officers........................................................13
27.  Duties of Officers..............................................................13
28.  Chairman of meetings............................................................13
29.  Register of Directors and Officers..............................................13

MINUTES..............................................................................13

30.  Obligations of Board to keep minutes............................................13

INDEMNITY............................................................................14
</Table>

                                        i
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<Table>
<S>                                                                                  <C>
31.  Indemnification of Directors and Officers of the Company........................14
32.  Waiver of claim by Member.......................................................15

MEETINGS.............................................................................16

33.  Notice of annual general meeting................................................16
34.  Notice of special general meeting...............................................16
35.  Accidental omission of notice of general meeting; Business to be conducted......16
36.  Meeting called on requisition of Members........................................16
37.  Short notice....................................................................17
38.  Postponement of meetings........................................................17
39.  Quorum for general meeting......................................................17
40.  Adjournment of meetings.........................................................17
41.  Attendance at meetings..........................................................18
42.  Written resolutions.............................................................18
43.  Attendance of Directors.........................................................19
44.  Voting at meetings..............................................................19
45.  Voting on show of hands.........................................................19
46.  Decision of chairman............................................................19
47.  Demand for a poll...............................................................19
48.  Seniority of joint holders voting...............................................20
49.  Instrument of proxy.............................................................21
50.  Representation of corporations at meetings......................................22

SHARE CAPITAL AND SHARES.............................................................22

51.  Rights of shares................................................................22
52.  Power to issue shares...........................................................23
53.  Variation of rights and alteration of share capital.............................24
54.  Registered holder of shares.....................................................24
55.  Death of a joint holder.........................................................24
56.  Share certificates..............................................................24
57.  Calls on shares.................................................................25
58.  Forfeiture of shares............................................................25

REGISTER OF MEMBERS..................................................................25

59.  Contents of Register of Members.................................................25
60.  Inspection of Register of Members...............................................25
61.  Determination of record dates...................................................26

TRANSFER OF SHARES...................................................................26

62.  Instrument of transfer..........................................................26
63.  [reserved]......................................................................26
64.  [reserved]......................................................................27
</Table>

                                       ii
<Page>

<Table>
<S>                                                                                  <C>
65.  Lien on shares..................................................................27

TRANSMISSION OF SHARES...............................................................27

66.  Representative of deceased Member...............................................27
67.  Registration on death or bankruptcy.............................................28

DIVIDENDS AND OTHER DISTRIBUTIONS....................................................28

68.  Declaration of dividends by the Board...........................................28
69.  Other distributions.............................................................28
70.  Reserve fund....................................................................28
71.  Deduction of amounts due to the Company.........................................28
72.  Unclaimed dividends.............................................................29
73.  Interest on dividend............................................................29

CAPITALIZATION.......................................................................29

74.  Issue of bonus shares...........................................................29

ACCOUNTS AND FINANCIAL STATEMENTS....................................................29

75.  Records of account..............................................................29
76.  Financial year end..............................................................30
77.  Financial statements............................................................30

AUDIT................................................................................30

78.  Appointment of Auditor..........................................................30
79.  Remuneration of Auditor.........................................................30
80.  Vacation of Office of Auditor...................................................30
81.  Access to Books of the Company..................................................30
82.  Report of the Auditor...........................................................30

NOTICES..............................................................................31

83.  Notices to Members of the Company...............................................31
84.  Notices to joint Members........................................................31
85.  [reserved]......................................................................31

SEAL OF THE COMPANY..................................................................31

86.  The seal........................................................................31
87.  Manner in which seal is to be affixed...........................................31

BENEFITS, PENSIONS AND INSURANCE.....................................................32
</Table>

                                       iii
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<Table>
<S>                                                                                  <C>
88.  Benefits........................................................................32
89.  Insurance.......................................................................32
90.  Limitation on Accountability....................................................32

UNTRACED MEMBERS.....................................................................33

91.  Sale of Shares..................................................................33
92.  Instrument of Transfer..........................................................33
93.  Proceeds of Sale................................................................33

WINDING UP...........................................................................34

94.  Determination to liquidate......................................................34
95.  Winding up/distribution by liquidator...........................................34

AMALGAMATION.........................................................................34

96.  Amalgamation....................................................................34

ADDITIONAL REQUIREMENTS..............................................................35

97.  Additional Requirements.........................................................35

ALTERATION OF BYE-LAWS...............................................................35

98.  Alteration of Bye-laws..........................................................35
</Table>

Schedule - Form A (Bye-law 49)
Schedule - Form B (Bye-law 58)
Schedule - Form C (Bye-law 62)
Schedule - Form D (Bye-law 67)

                                       iv
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                                 INTERPRETATION

1.   INTERPRETATION

     (1)    In these Bye-laws the following words and expressions shall, where
not inconsistent with the context, have the following meanings respectively:

            (a)    "Act" means the Companies Act 1981 as amended and replaced
from time to time;

            (b)    "Alternate Director" means an alternate Director appointed in
accordance with these Bye-laws;

            (c)    "Auditor" includes any individual or partnership;

            (d)    "Board" means the Board of Directors of the Company appointed
or elected pursuant to these Bye-laws and acting by resolution in accordance
with the Act and these Bye-laws or the Directors present at a meeting of
Directors at which there is a quorum;

            (e)    "Business Day" means any day, other than a Saturday, a Sunday
or any day on which banks in Hamilton, Bermuda, London, England or New York, New
York, United States, are authorised or obligated by law or executive or other
order to close;

            (f)    "Code" means the United States Internal Revenue Code of 1986,
as amended from time to time, or any federal statute from time to time in effect
that has replaced such statute, and any reference in these Bye-laws to a
provision of the Code or a rule or regulation promulgated thereunder means such
provision, rule or regulation as amended from time to time or any provision of a
federal law, or any federal rule or regulation, from time to time in effect that
has replaced such provision, rule or regulation;

            (g)    "Common Shares" means the Company's common shares initially
having a par value of $1.00 per share, and includes a fraction of a Common
Share;

            (h)    "Company" means the company for which these Bye-laws are
approved and confirmed;

            (i)    "Director" means a director of the Company and shall include
an Alternate Director;

            (j)    "Dividend" includes a bonus or capitalisation issue of
shares;

            (k)    "Effective Date" means the first business day after the date
on which the conditions specified in the Plan of Reorganization have been
satisfied or waived.

            (l)    "Exchange Act" means the United States Securities Exchange
Act of 1934, as amended from time to time, or any U.S. federal statute from time
to time in effect that

<Page>

has replaced such statute, and any reference in these Bye-laws to a provision of
the Exchange Act or a rule or regulation promulgated thereunder means such
provision, rule or regulation as amended from time to time or any provision of a
federal law, or any federal rule or regulation, from time to time in effect that
has replaced such provision, rule or regulation;

            (m)    "general meeting," "general meeting of the Company," "Special
general meeting" and "special general meeting of the Company" each means a
meeting of the Members of the Company having the right to attend and vote
thereat;

            (n)    "Member" means the Person registered in the Register of
Members as the holder of shares in the Company and, when two or more Persons are
so registered as joint holders of shares, means the Person whose name stands
first in the Register of Members as one of such joint holders or all of such
Persons as the context so requires;

            (o)    "Notice" means written notice as further defined in these
Bye-laws unless otherwise specifically stated;

            (p)    "Officer" means any Person appointed by the Board to hold an
office in the Company;

            (q)    "Person" means any individual, company, corporation, firm,
partnership, limited liability company, trust or any other business, enterprise,
entity or person, whether or not recognised as constituting a separate legal
entity;

            (r)    "Plan of Reorganization" means that certain Third Amended and
Restated Joint Plan of Reorganization of FLAG Telecom Holdings Company (a
predecessor of the Company) and certain of its Subsidiaries, filed with the
United States Bankruptcy Court, Southern District of New York, Case Nos.
02-11732 through 02-11736 and 02-11975 through 02-11979 (ALG) (Jointly
administered), as may be amended from time to time.

            (s)    "Register of Directors and Officers" means the Register of
Directors and Officers referred to in these Bye-laws;

            (t)    "Register of Members" means the Register of Members referred
to in these Bye-laws and includes any branch register;

            (u)    "Resident Representative" means any Person appointed to act
as resident representative and includes any deputy or assistant resident
representative;

            (v)    "Sarbanes-Oxley Act of 2002" means that certain U.S. federal
legislation adopted on July 30, 2002, as amended or supplemented from time to
time, or any U.S. federal statute or regulation adopted by the U.S. Securities
and Exchange Commission in effect that has replaced, amended or supplemented or
will replace, amend or supplement such statute, and any reference in these
Bye-laws to a provision of the Sarbanes-Oxley Act of 2002 or a rule or
regulation promulgated thereunder or in connection therewith means such
provision, rule or regulation as amended or supplemented from time to time or
any provision of a federal law, or any federal rule or regulation, from time to
time in effect that has replaced such provision, rule or regulation.

                                        2
<Page>

            (w)    "Secretary" means the person appointed to perform any or all
the duties of secretary of the Company and includes any deputy or assistant
secretary;

            (x)    "Securities Act" means the United States Securities Act of
1933, as amended from time to time, or any U.S. federal statute from time to
time in effect which has replaced such statute, and any reference in these
Bye-laws to a provision of the Securities Act or a rule or regulation
promulgated thereunder means such provision, rule or regulation as amended from
time to time or any provision of a federal law, or any federal rule or
regulation, from time to time in effect that has replaced such provision, rule
or regulation;

            (y)    "share" means any share or any class or series of shares in
the share capital of the Company, whether issued and outstanding or not, and
includes a fraction of a share;

            (z)    "Subsidiary", with respect to any Person, means a company,
more than fifty percent (50%) (or, in the case of a wholly owned subsidiary, one
hundred percent (100%)) of the outstanding voting shares of which are owned,
directly or indirectly, by such Person or by one or more other Subsidiaries of
such Person, or any such Person and one or more other Subsidiaries;

            (aa)   "Unadjusted Basis", when used with respect to the aggregate
voting rights held by any Member, refers to the determination of such rights;

            (bb)   "United States" and "U.S." each mean the United States of
America and any territory and political subdivision thereof;

            (cc)   "Warrant" means any warrant of the Company issued pursuant to
Bye-law 52(5) hereof.

     (2)    In these Bye-laws, where not inconsistent with the context:

            (a)    words denoting the plural number include the singular number
and vice versa;

            (b)    words denoting the masculine gender include the feminine
gender;

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

            (d)    the word:

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

                   (ii)   "shall" shall be construed as imperative; and

            (e)    unless otherwise provided herein words or expressions defined
in the Act shall bear the same meaning in these Bye-laws.

                                        3
<Page>

     (3)    Expressions referring to writing or written shall, unless the
contrary intention appears, include facsimile, printing, lithography,
photography, electronic mail and other modes of representing words in a visible
form.

     (4)    Headings used in these Bye-laws are for convenience only and are not
to be used or relied upon in the construction hereof.

     (5)    In these Bye-laws, (i) powers of delegation shall not be
restrictively construed but the widest interpretation shall be given thereto,
(ii) the word "Board" in the context of the exercise of any power contained in
these Bye-laws includes any committee consisting of one or more individuals
appointed by the Board, any Director holding executive office and any local or
divisional Board, manager or agent of the Company to which or, as the case may
be, to whom the power in question has been delegated in accordance with these
Bye-laws, (iii) no power of delegation shall be limited by the existence of any
other power of delegation and (iv) except where expressly provided by the terms
of delegation, the delegation of a power shall not exclude the concurrent
exercise of that power by any Person who is for the time being authorised to
exercise it under Bye-laws or under another delegation of the powers.

     (6)    A reference to anything being done by electronic means includes its
being done by means of any electronic or other communications equipment or
facilities and reference to any communication being delivered or received, or
being delivered or received at a particular place, includes the transmission of
an electronic or similar communication, and to a recipient identified in such
manner or by such means as the Board may from time to time approve or prescribe,
either generally or for a particular purpose.

     (7)    A reference to a signature or to anything being signed or executed
include such forms of electronic signature or other means of verifying the
authenticity of an electronic or similar communication as the Board may from
time to time approve or prescribe, either generally or for a particular purpose.

     (8)    A reference to any statute or statutory provision (whether in
Bermuda or elsewhere) includes a reference to any modification or re-enactment
of it for the time being in force and to every rule, regulation or order made
under it (or under any such modification or re-enactment) and for the time being
in force and any reference to any rule, regulation or order made under any such
statute or statutory provision includes a reference to any modification or
replacement of such rule, regulation or order for the time being in force.

                               BOARD OF DIRECTORS

2.   BOARD OF DIRECTORS

     The business of the Company shall be managed and conducted by the Board.

3.   MANAGEMENT OF THE COMPANY

     (1)    In managing the business of the Company, the Board may exercise all
such powers of the Company as are not, by statute or by these Bye-laws, required
to be exercised by

                                        4
<Page>

the Company in general meeting and the business and affairs of the Company shall
be so controlled by the Board. The Board also may present any petition and make
any application in connection with the winding up or liquidation of the Company.

     (2)    No regulation or alteration to these Bye-laws made by the Company in
general meeting shall invalidate any prior act of the Board which would have
been valid if that regulation or alteration had not been made.

     (3)    The Board may procure that the Company pays all expenses incurred in
promoting and incorporating the Company.

4.   POWER TO APPOINT MANAGING DIRECTOR OR CHIEF EXECUTIVE OFFICER

     The Board may from time to time appoint one or more Directors to the office
of managing director or chief executive officer of the Company who shall,
subject to the control of the Board, supervise and administer all of the general
business and affairs of the Company.

5.   POWER TO APPOINT MANAGER

     The Board may appoint a Person or a body of Persons to act as manager of
the Company's day to day business and may entrust to and confer upon such
manager such powers and duties as it deems appropriate for the transaction or
conduct of such business.

6.   POWER TO AUTHORISE SPECIFIC ACTIONS

     The Board may from time to time and at any time authorise any Person or
body of Persons to act on behalf of the Company for any specific purpose and in
connection therewith to execute any agreement, document or instrument in the
name and on behalf of the Company.

7.   POWER TO APPOINT ATTORNEY

     The Board may from time to time and at any time by power of attorney
appoint any Person or body of Persons, whether nominated directly or indirectly
by the Board, to be an attorney of the Company for such purposes and with such
powers, authorities and discretions (not exceeding those vested in or
exercisable by the Board) and for such period (or for unspecified length of
time) and subject to such conditions as it may think fit and any such power of
attorney may contain such provisions for the protection and convenience of
Persons dealing with any such attorney as the Board may think fit and may also
authorise any such attorney to sub-delegate all or any of the powers,
authorities and discretions so vested in the attorney. Such attorney may, if so
authorised under the seal of the Company, execute any deed or instrument under
such attorney's personal seal with the same effect as the affixation of the seal
of the Company.

8.   POWER TO DELEGATE TO A COMMITTEE

     The Board may delegate any of its powers to a committee of Directors (or
Alternate Directors) appointed by the Board; PROVIDED, HOWEVER, that the members
of any such committee must possess the characteristics required by the
Sarbanes-Oxley Act of 2002, whether or not the

                                        5
<Page>

Company is subject to the Sarbanes-Oxley Act of 2002, and any applicable rules
or regulations of any U.S. national securities exchange on which the Common
Shares are listed. Without limiting the foregoing, such committees may include:

            (a)    a Finance Committee, which shall, among other things,
establish, review and monitor the investment policies of the Company and the
Company's Subsidiaries or other companies associated with the Company, review
investment decisions and review and monitor any provider of investment
consulting services;

            (b)    an Audit Committee, which shall, among other things, have
direct authority to: (i) appoint the independent auditors of the Company on
behalf of the Board, when authorised by the Act, subject to the powers of the
Members, (ii) set compensation for and oversee work of independent auditors of
the Company and the Company's Subsidiaries; (iii) engage independent counsel and
other advisors; (iv) adopt procedures for receiving accounting complaints and
anonymous submissions for the Company's or the Company's Subsidiaries employees
regarding questionable accounting practices; (v) establish pre-approval
procedures for all audit and non-audit services provided by the auditors, or any
of their affiliates, to the Company or the Company's Subsidiaries; and
(vi) establish an internal audit function of the Company and the Company's
Subsidiaries;

            (c)    a Compensation Committee, which shall, among other things,
establish and review the compensation policies and procedures of the Company and
the Company's Subsidiaries and make recommendations to the Board with respect to
compensation of Officers; and

            (d)    a Nominating Committee, which shall, among other things,
propose to the Members or to continuing Directors, before any election of
Directors by Members or the filling of any vacancy by the Board, a slate of
director candidates equal in number to the vacancies to be filled (for purposes
of paragraph (e) of this Bye-law 8 only, "Director" shall not include Alternate
Director).

     All Board committees shall conform to such directions as the Board shall
impose on them or as may otherwise be provided by or mandated pursuant to the
Sarbanes-Oxley Act of 2002 or any applicable rule or regulation of any U.S.
national securities exchange on which the Common Shares are listed; PROVIDED,
that each member of a committee shall have one vote, and each committee shall
have the right as it deems appropriate to retain outside advisors and experts.
Each committee may adopt rules for the conduct of its affairs, including rules
governing the adoption of resolutions by unanimous written consent, and the
place, time, and notice of meetings, as shall be advisable and as shall not be
inconsistent with: (i) these Bye-laws regarding Board meetings; (ii) any
applicable resolution adopted by the Board; (iii) the Sarbanes-Oxley Act of
2002; or (iv) any applicable rule or regulation of any U.S. national securities
exchange on which the Common Shares are listed. Notwithstanding the foregoing,
no committee may hold a meeting within the United States. Each committee shall
cause minutes to be made of all meetings of such committee and of the attendance
thereat and shall cause such minutes and copies of resolutions adopted by
unanimous consent to be promptly inscribed or incorporated by the Secretary in
the minute book. Each committee shall be comprised of at least three (3)

                                        6
<Page>

Directors; PROVIDED, that the Compensation Committee shall be comprised of at
least two (2) Directors.

9.   POWER TO APPOINT AND DISMISS EMPLOYEES

     The Board may appoint, suspend or remove any manager, secretary, clerk,
agent or employee, including officers, of the Company and may fix their
remuneration and determine their duties.

10.  POWER TO BORROW AND CHARGE PROPERTY

     The Board may exercise all the powers of the Company to borrow money and to
mortgage or charge its undertaking, property and uncalled capital, or any part
thereof, and may issue debentures, debenture stock and other securities whether
outright or as security for any debt, liability or obligation of the Company or
any third party.

11.  EXERCISE OF POWER TO PURCHASE SHARES OF OR DISCONTINUE THE COMPANY

     (1)    The Company shall have the power to purchase its shares. The Board
may exercise all the powers of the Company to purchase all or any part of its
own shares pursuant to Section 42A of the Act.

     (2)    The Board may exercise all the powers of the Company to discontinue
the Company to a named country or jurisdiction outside Bermuda pursuant to
Section 132G of the Act.

12.  ELECTION OF DIRECTORS

     (1)    The Board shall consist of at least two (2) and no more than fifteen
(15) Directors, the exact number to be determined from time to time by
resolution adopted by the affirmative vote of a majority of the Directors then
in office; PROVIDED, HOWEVER, that if no such resolution shall be in effect the
number of Directors shall be thirteen (13) Directors. Any increase in the size
of the Board pursuant to this Bye-law 12(1) shall be deemed to be a vacancy and
may be filled in accordance with Bye-law 16 hereof.

     (2)    Directors shall be elected, except in the case of a vacancy (as
provided for in Bye-law 15 or 16, as the case may be), by the Members in the
manner set forth in paragraph (3) of this Bye-law 12 at an annual general
meeting or any special general meeting called for the purpose and shall serve
until such Director's successor shall have been duly elected or appointed or
until such Director's office is otherwise vacated.

     (3)    Subject to the terms of any class or series of shares issued by the
Company, no Person other than a Director retiring at the meeting shall, unless
recommended by the Board or a committee thereof for election, be eligible for
election as a Director at any general meeting unless not less than 120 days
before the date appointed for the meeting there shall have been lodged at the
Company notice in writing signed by Members holding at least 10% of the issued
and outstanding shares entitled to vote at the meeting for which such notice is
given of their intention to propose such person for election and also notice in
writing signed by the person to be

                                        7
<Page>

proposed of his or her willingness to be elected. Each such notice shall also
include (i) a representation that the Members are holders of record of shares
entitled to vote at such meeting and intend to appear in person or by proxy at
the meeting to nominate the person or persons specified in the notice, (ii) the
class and number of shares which are beneficially owned by the Members, (iii) a
description of all arrangements or understandings between the Members and each
nominee and any other person or persons whose nominations are to be made by the
Members and (iv) such other information regarding each nominee proposed by such
Members as would be required to be included in a proxy statement filed pursuant
to Regulation 14A under the Exchange Act, whether or not the Company is then
subject to such regulation.

     (4)    The Board shall be divided into three classes of Directors, namely
Class 1, Class 2 and Class 3, each class to have approximately the same number
of Directors as determined by the Board or any Nominating Committee of the
Board. The initial term of the Class 1 Directors shall expire at the second
annual general meeting following the adoption of these Bye-laws. The initial
term of the Class 2 Directors shall expire at the third annual general meeting
following the adoption of these Bye-laws. The initial term of the Class 3
Directors shall expire at the fourth annual general meeting following adoption
of these Bye-laws. Following their initial terms, all classes of Directors shall
be elected to three-year terms. Each Director shall serve until the expiration
of such Director's term or until such Director's successor shall have been duly
elected or appointed or until such Director's office is otherwise vacated.

     (5)    For the purposes of this Bye-law 12 only, "Director" shall not
include an Alternate Director.

13.  DEFECTS IN APPOINTMENT OF DIRECTORS

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

14.  ALTERNATE DIRECTORS

     (1)    Any Director may appoint a person or persons to act as a Director in
the alternative to himself or herself by notice in writing deposited with the
Secretary. Any person so elected or appointed shall have all the rights and
powers of the Director or Directors for whom such person is appointed; PROVIDED,
that such person shall not be counted more than once in determining whether or
not a quorum is present.

     (2)    An Alternate Director shall be entitled to receive notice of all
meetings of the Board and to attend and vote at any such meeting at which a
Director or Directors for whom such Alternate Director was appointed in the
alternative is not personally present and generally to perform at such meeting
all the functions of such Director or Directors for whom such Alternate Director
was appointed.

                                        8
<Page>

     (3)    An Alternate Director shall cease to be such if the Director for
whom such Alternate Director was appointed ceases for any reason to be a
Director but may be re-appointed by the Board as alternate to the person
appointed to fill the vacancy in accordance with these Bye-laws.

15.  REMOVAL OF DIRECTORS

     (1)    Subject to any provision to the contrary in these Bye-laws, Members
holding a majority of the issued and outstanding shares entitled to vote at a
general meeting or special meeting or conferring the right to vote on a
resolution to remove a Director may, at any special general meeting convened and
held in accordance with these Bye-laws, remove a Director, PROVIDED that the
notice of any such meeting convened for the purpose of removing a Director shall
contain a statement of the intention so to do and be served on such Director not
less than 14 days before the meeting and at such meeting such Director shall be
entitled to be heard on the motion for such Director's removal.

     (2)    A vacancy on the Board created by the removal of a Director under
the provisions of subparagraph (1) of this Bye-law may be filled by the Members
holding at least a majority of the issued and outstanding shares entitled to
vote at a general meeting or special meeting or conferring the right to vote on
such resolution and, in the absence of such election or appointment, the Board
may fill the vacancy in accordance with Bye-law 16. A Director so appointed
shall hold office for the balance of the term of such vacant Board position, or
until such Director's successor is elected or appointed or such Director's
office is otherwise vacated.

16.  VACANCIES ON THE BOARD

     (1)    The Board shall have the power from time to time and at any time to
appoint any person as a Director to fill a vacancy on the Board occurring as the
result of an increase in the size of the Board pursuant to Bye-law 12(1), the
death, disability, disqualification, resignation or removal of any Director or
if such Director's office is otherwise vacated and to appoint an Alternate
Director for any Director so appointed. A Director so appointed shall hold
office for the balance of the term of such vacant Board position, or until such
Director's successor is elected or appointed or such Director's office is
otherwise vacated.

     (2)    The Board may act notwithstanding any vacancy in its number but, if
and so long as its number is reduced below the number fixed by these Bye-laws as
the quorum necessary for the transaction of business at meetings of the Board,
the continuing Directors or Director may, notwithstanding that the number of
Directors is below the number fixed by or in accordance with these Bye-laws as
the quorum or that there is only one continuing Director, act for the purpose of
(i) summoning a general meeting of the Company or circulating a proposed written
resolution of the Members or (ii) preserving the assets of the Company.

     (3)    The office of Director shall be deemed to be vacated if the
Director:

            (a)    is removed from office pursuant to these Bye-laws or is
prohibited from being a Director by law;

                                        9
<Page>

            (b)    is or becomes bankrupt or makes any arrangement or
composition with his creditors generally;

            (c)    is or becomes of unsound mind or dies;

            (d)    resigns his or her office by notice in writing to the
Company.

17.  NOTICE OF MEETINGS OF THE BOARD

     (1)    The Chairman or Deputy Chairman, or any two (2) Directors may, and
the Secretary on the requisition of the Chairman or Deputy Chairman, or any two
(2) Directors shall, at any time summon a meeting of the Board. Notice of a
meeting of the Board must be provided reasonably in advance of such meeting, and
must state the date, time, place (which shall not be in the United States) and
the general nature of the business to be considered at the meeting unless the
Directors unanimously agree to waive notice of such meeting.

     (2)    Notice of a meeting of the Board shall be deemed to be duly given to
a Director if it is given to such Director verbally in person or by telephone or
otherwise communicated or sent to such Director by post, cable, telex,
telecopier, electronic mail, facsimile or other mode of representing words in a
visible form at such Director's last known address or any other address given by
such Director to the Company for this purpose.

     (3)    The Resident Representative shall, upon delivering written notice of
an address for the purposes of receipt of notice to the registered office of the
Company, be entitled to receive notice of, attend and be heard at and to receive
minutes of all meetings of the Board.

18.  QUORUM AT MEETINGS OF THE BOARD

     The quorum necessary for the transaction of business at a meeting of the
Board shall be a majority of the Directors then in office, present in person or
represented by an Alternate Director or another Director appointed in accordance
with the provisions of Section 91A of the Act.

19.  MEETINGS OF THE BOARD

     (1)    The Board may meet for the transaction of business, adjourn and
otherwise regulate its meetings as it sees fit.

     (2)    Directors may participate in any meeting of the Board by means of
such telephone, electronic or other communication facilities as permit all
persons participating in the meeting to communicate with each other
simultaneously and instantaneously, and participation in such a meeting shall
constitute presence in person at such meeting; PROVIDED, HOWEVER, that no
Director may participate in any such meeting of the Board while physically
present in the United States without obtaining prior advice from U.S. counsel
that such participation would not adversely impact the Company's financial or
tax position.

     (3)    A resolution put to the vote at a meeting of the Board shall be
carried by the affirmative vote of a majority of the votes cast and in the case
of an equality of votes the resolution shall fail.

                                       10
<Page>

20.  UNANIMOUS WRITTEN RESOLUTIONS

            A resolution in writing signed by all the Directors which may be in
counterparts, shall be as valid as if it had been passed at a meeting of the
Board duly called and constituted, such resolution to be effective on the date
on which the last Director signs the resolution, PROVIDED that no such
resolution shall be valid unless the last signature of a Director is affixed
outside the United States (but, notwithstanding Bye-law 19(2) hereof, a Director
who is not the last Director to sign may sign a resolution in writing even
though he or she is in the United States). Such resolution shall be deemed to be
adopted as an act of the Board, at the place where, and at the time when, the
last signature of a Director is affixed thereto. For the avoidance of doubt, the
use of the term "Director" in this Bye-law shall include an Alternate Director
signing on behalf of a Director or Directors for whom such Alternate Director
was appointed in the alternative.

21.  CONTRACTS AND DISCLOSURE OF DIRECTORS' INTERESTS

     (1)    Any Director, or any Person associated, related or affiliated with
any Director may act in a professional capacity for the Company and such
Director or such Person shall be entitled to remuneration for professional
services as if such Director were not a Director, PROVIDED that nothing herein
contained shall authorise a Director or Person associated, related or affiliated
with any Director to act as Auditor of the Company.

     (2)    A Director who has a direct or indirect interest in a contract or
proposed contract or arrangement with the Company shall declare the nature of
such interest as required by Section 97 of the Act. For the purposes of these
Bye-Laws, without limiting the generality of the foregoing, a Director is deemed
to have an interest in a transaction or arrangement with the Company if he is
the holder of or beneficially interested in one percent (1%) or more of any
class of the equity share capital of any body corporate (or any other body
corporate through which his interest is derived) or of the voting rights
available to members of the relevant body corporate with which the Company is
proposing to enter into a transaction or arrangement; PROVIDED, that there shall
be disregarded (i) any shares held by such Director as bare or custodian trustee
and in which he has no beneficial interest, (ii) any shares comprised in a trust
in which the Director's interest is in reversion or remainder if and so long as
some other person is entitled to receive the income thereof, and (iii) any
shares comprised in an authorised unit trust in which the Director is only
interested as a unit holder. For the purposes of this Bye-Law 21(2), an interest
of a person who is connected with a Director shall be treated as an interest of
the Director. A person is deemed to be connected to a Director if they are a
spouse, child or parent of the Director, or a trust, company or other entity
controlled by the Director, control for these purposes meaning that the Director
is able to direct the selection of or to select the directors, manager or
trustee of such person.

     (3)    Following a declaration being made pursuant to this Bye-law, and
unless disqualified by the chairman of the relevant Board meeting, a Director
may vote in respect of any contract or proposed contract or arrangement in which
such Director is interested and may be counted in the quorum at such meeting.

                                       11
<Page>

22.  REMUNERATION OF DIRECTORS

     (1)    The remuneration and benefits (if any) of the Directors, including
without limitation, participation in any share option or incentive plan in
connection therewith, shall be determined by the Board and shall be deemed to
accrue from day to day. The Directors may also be paid all travel, hotel and
other expenses properly incurred by them in attending and returning from
meetings of the Board, any committee appointed by the Board, general meetings of
the Company, or in connection with the business of the Company or their duties
as Directors generally. The Company may not provide any Director with a loan.

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

     (3)    The Board may award special remuneration and benefits to any
Director undertaking any special work or services for, or undertaking any
special mission on behalf of, the Company other than his or her ordinary routine
work as a Director. Any fees paid to a Director who is also counsel or attorney
to the Company, or otherwise serves it in a professional capacity, shall be in
addition to his or her remuneration as a Director.

23.  OTHER INTERESTS OF DIRECTORS

     A Director may be or become a director or other officer of or otherwise
interested in any company or Person promoted by the Company or in which the
Company may be interested as member or otherwise, and no such Director shall be
accountable to the Company for any remuneration or other benefits received by
him or her as a director or officer of, or from his or her interest in, such
other company or Person. The Board may also cause the voting power conferred by
the shares in any other company or Person held or owned by the Company to be
exercised in such manner in all respects as the Board thinks fit, including the
exercise thereof in favour of any resolution appointing the Directors or any of
them to be directors or officers of such other company or Person, or voting or
providing for the payment of remuneration to the directors or officers of such
other company or Person.

                                    OFFICERS

24.  OFFICERS OF THE COMPANY

            The Officers of the Company shall consist of a President and a Vice
President or a Chairman and a Deputy Chairman, a Secretary and such additional
Officers as the Board may from time to time determine all of whom shall be
deemed to be Officers for the purposes of these Bye-laws. Subject to compliance
with any requirement of the Act, the same individual may hold two (2) or more
offices in the Company.

25.  APPOINTMENT OF OFFICERS

     (1)    The Board shall, as soon as possible after the statutory meeting of
Members and after each annual general meeting, appoint a President and a Vice
President or a Chairman and a

                                       12
<Page>

Deputy Chairman who shall serve as Directors. Any person serving as President or
Vice President, or Chairman or Deputy Chairman, upon ceasing to be the President
or Vice President, or Chairman or Deputy Chairman, of the Company, as the case
may be, whether by death, resignation, termination, removal from office or
otherwise, shall immediately and automatically cease to be a member of the
Board.

     (2)    The Secretary and additional Officers, if any, shall be appointed by
the Board from time to time.

26.  REMUNERATION OF OFFICERS

     The Officers shall receive such remuneration and benefits, including,
without limitation, participation in any share option or incentive plan in
connection therewith as the Board may from time to time determine. The Company
shall not provide any Officer with a loan.

27.  DUTIES OF OFFICERS

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

28.  CHAIRMAN OF MEETINGS

     Unless otherwise agreed by a majority of those attending and entitled to
attend and vote thereat, the Chairman, if there be one, and, if not, the
President shall act as chairman at all meetings of the Members and of the Board
at which such person is present. In their absence, the Deputy Chairman or Vice
President, if present, shall act as chairman and in the absence of all of them,
a chairman shall be appointed or elected by those present at the meeting and
entitled to vote.

29.  REGISTER OF DIRECTORS AND OFFICERS

     The Board shall cause to be kept in one or more books at the registered
office of the Company a Register of Directors and Officers and shall enter
therein the particulars required by the Act.

                                     MINUTES

30.  OBLIGATIONS OF BOARD TO KEEP MINUTES

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

            (a)    of all elections and appointments of Officers;

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

                                       13
<Page>

            (c)    of all resolutions and proceedings of general meetings of the
Members, meetings of the Board, and meetings of committees appointed by the
Board.

     (2)    Minutes prepared in accordance with the Act and these Bye-laws shall
be kept by the Secretary at the registered office of the Company.

                                    INDEMNITY

31.  INDEMNIFICATION OF DIRECTORS AND OFFICERS OF THE COMPANY

     (1)    Except as provided in Bye-law 31(7) below, the Directors, Secretary
and other Officers (such term to include, for the purposes of Bye-laws 31 and 32
hereof, any person appointed to any committee by the Board) and the liquidator
or trustees (if any) who has acted or is acting in relation to any of the
affairs of the Company, and every one of them, and their heirs, executors and
administrators, shall be indemnified and secured harmless out of the assets of
the Company from and against all actions, costs, charges, losses, damages and
expenses which they or any of them, their heirs, executors or administrators,
shall or may incur or sustain by reason of any act done, concurred in or omitted
(actual or alleged) in or about the execution of their duty, or supposed duty,
or in their respective offices or trusts, and none of them shall be answerable
for the acts, receipts, neglects or defaults of the others of them or for
joining in any receipts for the sake of conformity, or for any bankers or other
persons with whom any moneys or effects belonging to the Company shall or may be
lodged or deposited for safe custody, or for insufficiency or deficiency of any
security upon which any moneys of or belonging to the Company shall be placed
out on or invested, or for any other loss, misfortune or damage which may happen
in the execution of their respective offices or trusts, or in relation thereto,
PROVIDED, that this indemnity shall not extend to any matter which would render
it void pursuant to the Act or pursuant to the Sarbanes-Oxley Act of 2002, or
any other applicable law.

     (2)    Any indemnification under this Bye-law 31, unless ordered by a
court, shall be made by the Company only as authorised in the specific case upon
a determination that indemnification of such Person is proper in the
circumstances because such Person has met the applicable standard of conduct set
forth in paragraph (1) of this Bye-law 31. Such determination shall be made (i)
by the Board by a majority vote of disinterested Directors or (ii) if a majority
of the disinterested Directors so directs, by independent legal counsel in a
written opinion or (iii) by the Members. The Company may purchase and maintain
insurance to protect itself and any Director, Officer or other Person entitled
to indemnification pursuant to this Bye-law 31, to the fullest extent permitted
by law.

     (3)    Except as provided in Bye-law 31(7) below, expenses (including,
without limitation, attorneys' fees) actually and reasonably incurred by any
Director, Secretary, other Officer of the Company in defending any civil,
criminal, administrative or investigative action, suit or proceeding or threat
thereof for which indemnification is sought pursuant to paragraph (1) of this
Bye-law 31 shall be paid by the Company in advance of the final disposition of
such action, suit or proceeding upon receipt of an undertaking by or on behalf
of such Person to repay such amount if it shall be ultimately determined that
such Person is not entitled to be indemnified by the Company as authorised in
these Bye-laws or otherwise pursuant to applicable law;

                                       14
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PROVIDED, that if it is determined by either a majority vote of Directors who
were not parties to such action, suit or proceeding or, if a majority of the
disinterested Directors so directs, by independent legal counsel in a written
opinion, that there is no reasonable basis to believe that such Person is
entitled to be indemnified by the Company as authorised in these Bye-laws or
otherwise pursuant to applicable law, then no expense shall be advanced in
accordance with this paragraph (c) of this Bye-law 31. Expenses (including
attorneys' fees) incurred by agents of the Company may be paid upon the receipt
of the aforesaid undertaking on such terms and conditions, if any, as the Board
deems appropriate. Notwithstanding the foregoing, no funds shall be advanced
pursuant to this Bye-law 31 if such advancement would result in the
contravention of Section 96 of the Act or the Sarbanes-Oxley Act of 2002, or any
other applicable law.

     (4)    The indemnification and advancement of expenses provided in these
Bye-laws shall not be deemed exclusive of any other rights to which those
seeking indemnification and advancement of expenses may now or hereafter be
entitled under any statute, agreement, vote of Members or otherwise, both as to
action in an official capacity and as to action in another capacity while
holding such office.

     (5)    Except as provided in Bye-law 31(7) below, the indemnification and
advancement of expenses provided by, or granted pursuant to, this Bye-law 31
shall, unless otherwise provided when authorised or ratified, continue as to a
Person who has ceased to hold the position for which such Person is entitled to
be indemnified or advanced expenses and shall inure to the benefit of the heirs,
executors and administrators of such a Person.

     (6)    Except as provided in Bye-law 31(7) below, no amendment or repeal of
any provision of this Bye-law 31 shall alter, to the detriment of any Person,
the right of such Person to the indemnification or advancement of expenses
related to a claim based on an act or failure to act which took place prior to
such amendment, repeal or termination.

     (7)    Notwithstanding anything to the contrary contained in these
Bye-laws, the Company shall have no indemnification obligation with respect to
any actions, costs, charges, losses, damages or expenses for any act done,
concurred in or omitted (actual or alleged) prior to the Effective Date.

32.  WAIVER OF CLAIM BY MEMBER

            The Company and each Member agrees to waive any claim or right of
action it might have, whether individually or by or in the right of the Company,
against any Director or Officer on account of any action taken by such Director
or Officer, or the failure of such Director or Officer to take any action in the
performance of his duties with or for the Company, PROVIDED, that such waiver
shall not extend to any matter in respect of any fraud or dishonesty which may
attach to such Director or Officer.

                                       15
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                                    MEETINGS

33.  NOTICE OF ANNUAL GENERAL MEETING

            The annual general meeting of the Company shall be held in each year
of the Company's existence (including within the first year of incorporation) at
such time and place (which shall not be in the United States) as the President
or Chairman or any two Directors or any Director and the Secretary or the Board
shall appoint. At least twenty (20) days' notice of such meeting shall be given
to each Member entitled to vote thereat as at the relevant record date
determined pursuant to Bye-law 61 hereof stating the date, place (which shall
not be in the United States) and time at which the meeting is to be held, that
the election of Directors will take place thereat, and as far as practicable,
the other business to be conducted at the meeting.

34.  NOTICE OF SPECIAL GENERAL MEETING

            The President or Chairman or any two Directors or any Director and
the Secretary or the Board may convene a special general meeting of the Company
whenever in their judgment such a meeting is necessary, upon not less than
twenty (20) days' notice to each Member entitled to vote thereat as at the
relevant record date determined pursuant to Bye-law 61 hereof which shall state
the date, time, place (which shall not be in the United States) and the general
nature of the business to be considered at the meeting.

35.  ACCIDENTAL OMISSION OF NOTICE OF GENERAL MEETING; BUSINESS TO BE CONDUCTED

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

     (2)    Subject to the Act, business to be brought before a general meeting
of the Company must be stated in the notice of the meeting. Only business that
the Board has determined can be properly brought before a general meeting in
accordance with these Bye-laws and applicable law shall be conducted at any
general meeting, and the chairman of the general meeting may refuse to permit
any business to be brought before such meeting that has not been properly
brought before it in accordance with these Bye-laws and applicable law.

36.  MEETING CALLED ON REQUISITION OF MEMBERS

            Subject to the terms of any class or series of shares issued by the
Company and notwithstanding anything herein, the Board shall, on the requisition
of Members holding at the date of the deposit of the requisition not less than
25% of such of the paid-up share capital of the Company as at the date of the
deposit carries the right to vote at general meetings of the Company, forthwith
proceed to convene a special general meeting of the Company and the provisions
of Section 74 of the Act shall apply.

                                       16
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37.  SHORT NOTICE

            Subject to the terms of any class or series of shares issued by the
Company, a general meeting of the Company shall, notwithstanding that it is
called by shorter notice than that specified in these Bye-laws, be deemed to
have been properly called if it is so agreed by (i) all the Members entitled to
attend and vote thereat in the case of an annual general meeting; and (ii) by a
majority in number of the Members having the right to attend and vote at the
meeting, being a majority together holding not less than 95% in nominal value of
the shares giving a right to attend and vote thereat, in the case of a special
general meeting.

38.  POSTPONEMENT OF MEETINGS

            The Secretary or any Director, upon resolution of a majority of the
Board, may postpone any general meeting called in accordance with the provisions
of these Bye-laws (other than a meeting requisitioned under these Bye-laws),
PROVIDED that notice of postponement is given to each Member entitled to vote
thereat as at the relevant record date determined pursuant to Bye-law 61 hereof
before the time for such meeting. Fresh notice of the date, time and place for
the postponed meeting shall be given to each Member entitled to vote thereat as
at the relevant record date determined pursuant to Bye-law 61 hereof in
accordance with the provisions of these Bye-laws.

39.  QUORUM FOR GENERAL MEETING

     At any general meeting of the Company two or more persons present in person
and representing in person or by proxy in excess of 50% of the total issued and
outstanding voting shares in the Company as at the relevant record date
determined pursuant to Bye-law 61 hereof throughout the meeting shall form a
quorum for the transaction of business; PROVIDED, HOWEVER, that if the Company
shall at any time have only one Member, one Member present in person or by proxy
shall form a quorum for the transaction of business at any general meeting of
the Company held during such time. If within half an hour from the time
appointed for the meeting a quorum is not present, the meeting shall stand
adjourned to the same day one week later, at the same time and place or to such
other day, time or place as the Secretary may determine and notify Members at
such meeting. Unless the meeting is so adjourned to a specific date and time,
fresh notice of the date, time and place for the resumption of the adjourned
meeting shall be given to each Member in accordance with the provisions of these
Bye-laws. No business shall be transacted at any general meeting unless a quorum
is present when the meeting proceeds to business and continues throughout the
meeting, but the absence of a quorum shall not preclude the appointment, choice
or election of a chairman of the meeting which shall not be treated as part of
the business of the meeting.

40.  ADJOURNMENT OF MEETINGS

            The chairman of a general meeting may, with the consent of 50% of
the Members present in person or by proxy at any general meeting (and shall if
so directed), adjourn the meeting. Unless the meeting is adjourned to a specific
date and time, fresh notice of the date, time and place for the resumption of
the adjourned meeting shall be given to each Member in accordance with the
provisions of these Bye-laws.

                                       17
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41.  ATTENDANCE AT MEETINGS

            Unless the Board determines otherwise, Members may participate in
any general meeting by means of such telephone, electronic or other
communication facilities as permit all persons participating in the meeting to
communicate with each other simultaneously and instantaneously, and
participation in such a meeting shall constitute presence in person at such
meeting, PROVIDED, HOWEVER, that no Member may participate in any general
meeting while that Member (or, if any Member is an entity, its representative)
is physically present in the United States.

42.  WRITTEN RESOLUTIONS

     (1)    Subject to subparagraph (6) of this Bye-law 42, anything which may
be done by resolution of the Company in general meeting or by resolution of a
meeting of any class of the Members of the Company, may, without a meeting and
without any previous notice being required, be done by resolution in writing
signed by, or, in the case of a Member that is a corporation whether or not a
company within the meaning of the Act, on behalf of, all the Members who at the
date of the resolution or the record date determined pursuant to Bye-law 61
hereof (if earlier) would be entitled to attend the meeting and vote on the
resolution.

     (2)    A resolution in writing may be signed by, or, in the case of a
Member that is a corporation whether or not a company within the meaning of the
Act, on behalf of, all the Members, or any class thereof, in as many
counterparts as may be necessary.

     (3)    For the purposes of this Bye-law, the date of the resolution is the
date when the resolution is signed by, or, in the case of a Member that is a
corporation whether or not a company within the meaning of the Act, on behalf
of, the last Member to sign and any reference in any Bye-law to the date of
passing of a resolution is, in relation to a resolution made in accordance with
this Bye-law, a reference to such date. Any resolution in writing may be signed
within or outside the United States; PROVIDED, that the last Member to sign the
resolution must sign such resolution outside of the United States.

     (4)    A resolution in writing made in accordance with this Bye-law is as
valid as if it had been passed by the Company in general meeting or by a meeting
of the relevant class of Members, as the case may be, PROVIDED that no such
resolution shall be valid unless the last signature of a Member is offered
outside the United States, and any reference in any Bye-law to a meeting at
which a resolution is passed or to Members voting in favour of a resolution
shall be construed accordingly.

     (5)    A resolution in writing made in accordance with this Bye-law shall
constitute minutes for the purposes of Sections 81 and 82 of the Act.

     (6)    This Bye-law shall not apply to:

            (a)    a resolution passed pursuant to Section 89(5) of the Act; or

            (b)    a resolution passed for the purpose of removing a Director
before the expiration of his term of office under these Bye-laws.

                                       18
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43.  ATTENDANCE OF DIRECTORS

            The Directors of the Company shall be entitled to receive notice of
and to attend and be heard at any general meeting.

44.  VOTING AT MEETINGS

     (1)    Subject to the provisions of the Act and these Bye-laws, any
question proposed for the consideration of the Members at any general meeting
shall be decided by the affirmative votes of a majority of the votes cast in
accordance with the provisions of these Bye-laws and in the case of an equality
of votes the resolution shall fail.

     (2)    No Member shall be entitled to vote at any general meeting unless
such Member has paid all the calls on all shares held by such Member.

45.  VOTING ON SHOW OF HANDS

            At any general meeting a resolution put to the vote of the meeting
shall, in the first instance, be voted upon by a show of hands and, subject to
any rights or restrictions for the time being lawfully attached to any class of
shares and subject to the provisions of these Bye-laws, every Member present in
person and every person holding a valid proxy at such meeting shall be entitled
to one vote and shall cast such vote by raising his or her hand.

46.  DECISION OF CHAIRMAN

     At any general meeting a declaration by the chairman of the meeting that a
question proposed for consideration has, on a show of hands, been carried, or
carried unanimously, or by a particular majority, or lost, and an entry to that
effect in a book containing the minutes of the proceedings of the Company shall,
subject to the provisions of these Bye-laws, be conclusive evidence of that
fact.

47.  DEMAND FOR A POLL

     (1)    Notwithstanding the provisions of the immediately preceding two
Bye-laws, at any general meeting of the Company, in respect of any question
proposed for the consideration of the Members (whether before or on the
declaration of the result of a show of hands as provided for in these Bye-laws),
a poll may be demanded by any of the following persons:-

            (a)    the chairman of such meeting; or

            (b)    at least three Members present in person or represented by
proxy; or

            (c)    any Member or Members present in person or represented by
proxy and holding between them not less than one-tenth of the total voting
rights of all the Members having the right to vote at such meeting; or

            (d)    any Member or Members present in person or represented by
proxy holding shares in the Company conferring the right to vote at such
meeting, being shares on

                                       19
<Page>

which an aggregate sum has been paid up equal to not less than one-tenth of the
total sum paid up on all such shares conferring such right.

     (2)    Where, in accordance with the provisions of subparagraph (1) of this
Bye-law 47, a poll is demanded, subject to any rights or restrictions for the
time being lawfully attached to any class of shares, every person present at
such meeting shall have one vote for each share of which such person is the
holder or for which such person holds a proxy and such vote shall be counted in
the manner set out in subparagraph (4) of this Bye-law 47 or in the case of a
general meeting at which one or more Members are present by telephone in such
manner as the chairman of the meeting may direct and the result of such poll
shall be deemed to be the resolution of the meeting at which the poll was
demanded and shall replace any previous resolution upon the same matter which
had been the subject of a show of hands. A person entitled to more than one vote
on a poll need not use all his votes or cast all the votes he uses in the same
way.

     (3)    A poll demanded in accordance with the provisions of subparagraph
(1) of this Bye-law 47, for the purpose of electing a chairman of the meeting or
on a question of adjournment, shall be taken forthwith and a poll demanded on
any other question shall be taken in such manner and at such time and place
during the meeting as the Chairman (or acting chairman) may direct and any
business other than that upon which a poll has been demanded may be proceeded
with pending the taking of the poll.

     (4)    Where a vote is taken by poll, each Person present and entitled to
vote shall be furnished with a ballot paper on which such person shall record
his or her vote in such manner as shall be determined at the meeting having
regard to the nature of the question on which the vote is taken, and each ballot
paper shall be signed or initialled or otherwise marked so as to identify the
voter and the registered holder in the case of a proxy. The Board may appoint
one or more inspectors to act at any general meeting where a vote is taken by a
poll. Each inspector shall take and sign an oath faithfully to exercise the
duties of inspector at such meeting with strict impartiality and according to
the best of his, her or its ability. The inspectors shall determine the number
of shares issued and outstanding and the voting power of each, by reference to
the Register of Members as at the relevant record date determined pursuant to
Bye-law 61 hereof, the number of shares represented at the meeting, the
existence of a quorum, the validity and effect of proxies and examine and count
all ballots and determine the results of any vote. The inspector shall also hear
and determine challenges and questions arising in connection with the right to
vote. No Director or candidate for the office of Director shall act as an
inspector. The determination and decision of the inspectors shall be final and
binding.

48.  SENIORITY OF JOINT HOLDERS VOTING

     In the case of joint holders the vote of the senior who tenders a vote,
whether in person or by proxy, shall be accepted to the exclusion of the votes
of the other joint holders, and for this purpose seniority shall be determined
by the order in which the names stand in the Register of Members.

                                       20
<Page>

49.  INSTRUMENT OF PROXY

     (1)    Every Member entitled to vote has the right to do so either in
person or by one or more Persons authorised by a written proxy executed and
delivered in accordance with these Bye-laws. The instrument appointing a proxy
shall be in writing under the hand of the appointor or of his or her attorney
authorised by him or her in writing or, if the appointor is a corporation,
either under its seal or under the hand of an officer, attorney or other person
authorised to sign the same.

     (2)    Any Member may appoint one or more Persons a standing proxy or (if a
corporation) a standing representative by depositing at the registered office,
or at such place or places as the Board may otherwise specify for the purpose, a
proxy or (if a corporation) a written authorisation. Such proxy or authorisation
shall be valid for all general meetings and adjournments thereof or, resolutions
in writing, as the case may be, until notice of revocation is received at the
registered office, or at such place or places as the Board may otherwise specify
for the purpose. Where a standing proxy or authorisation exists, its operation
shall be deemed to have been suspended at any general meeting or adjournment
thereof at which the Member is present or in respect to which the Member has
specially appointed a proxy or representative. The Board may from time to time
require such evidence as it shall deem necessary as to the due execution and
continuing validity of any such standing proxy or authorisation and the
operation of any such standing proxy or authorisation shall be deemed to be
suspended until such time as the Board determines that it has received the
requested evidence or other evidence satisfactory to it. A Person so authorised
as a representative of a corporation shall be entitled to exercise the same
power on behalf of the grantor of the authority as the grantor could exercise if
it were an individual Member and the grantor shall for the purposes of these
Bye-laws be deemed to be present in person at any such meeting if the Person so
authorised is present at the meeting.

     (3)    Subject to paragraph (2) of this Bye-law 49, the instrument
appointing a proxy together with such other evidence as to its due execution as
the Board may from time to time require shall be delivered at the registered
office (or at such place or places as may be specified in the notice convening
the meeting or in any notice of any adjournment or, in either case or the case
of a written resolution, in any document sent therewith) not less than 24 hours
or such other period as the Board may determine, prior to the holding of the
relevant meeting or adjourned meeting at which the individual named in the
instrument proposes to vote or, in the case of a poll taken subsequently to the
date of a meeting or adjourned meeting, before the time appointed for the taking
of the poll, or, in the case of a written resolution, prior to the effective
date of the written resolution and in default the instrument of proxy shall not
be treated as valid.

     (4)    Instruments of proxy shall be in the form of Form "A" in the
Schedule hereto, or in any common form or other form as the Board may approve
and the Board may, if it deems fit, send out with the notice of any meeting or
any written resolution forms of instruments of proxy for use at that meeting or
in connection with that written resolution. The instrument of proxy shall be
deemed to confer authority to demand or join in demanding a poll and to vote on
any amendment of a written resolution or amendment of a resolution put to the
meeting for which it is given as the proxy thinks fit. The instrument of proxy
shall unless the contrary is stated therein be valid as well for any adjournment
of the meeting as for the meeting to which it relates.

                                       21
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     (5)    A vote given in accordance with the terms of an instrument of proxy
shall be valid notwithstanding the previous death or unsoundness of mind of the
principal, or revocation of the instrument of proxy or of the authority under
which it was executed, PROVIDED, that no intimation in writing of such death,
insanity or revocation shall have been received by the Company at the registered
office (or such other place as may be specified for the delivery of instruments
of proxy in the notice convening the meeting or other documents sent therewith)
at least one hour before the commencement of the meeting or adjourned meeting,
or the taking of the poll, or the day before the effective date of any written
resolution at which the instrument of proxy is used.

50.  REPRESENTATION OF CORPORATIONS AT MEETINGS

     A corporation which is a Member may, by written instrument, authorise one
or more Persons as it thinks fit to act as its representative at any meeting of
the Members and the Person or Persons so authorised shall be entitled to
exercise the same powers on behalf of the corporation which such Person or
Persons represent as that corporation could exercise if it were an individual
Member. Such corporation shall for the purposes of these Bye-laws be deemed to
be present in person at any such meeting if a Person so authorised is present at
the meeting. Notwithstanding the foregoing, the chairman of the meeting may
accept such assurances as he or she thinks fit as to the right of any Person to
attend and vote at general meetings on behalf of a corporation which is a
Member.

                            SHARE CAPITAL AND SHARES

51.  RIGHTS OF SHARES

     (1)    Upon adoption of these Bye-laws, the authorised share capital of the
Company shall initially consist of 3,000,000 Common Shares. The Board may,
subject to the Act and to any rights attaching to the issued and outstanding
shares, cancel, redeem or purchase any shares and shares of any class or series
and further terminate any class or series of shares.

     (2)    The holders of Common Shares shall be entitled to one vote per
Common Share, subject to the provisions of these Bye-laws. The Common Shares
shall entitle the holders thereof, subject to the provisions of these Bye-laws:

            (a)    to share equally share for share in dividends (whether
payable in cash, property or securities of the Company) as the Board may from
time to time declare;

            (b)    in the event of a liquidation, winding-up or dissolution of
the Company, whether voluntary or involuntary or for the purpose of an
amalgamation, reorganisation or otherwise or upon any distribution of share
capital and surplus, to share equally and ratably in the assets of the Company,
if any, remaining after the payment of all debts and liabilities of the Company;
and

            (c)    generally be entitled to enjoy all of the rights attaching to
shares.

                                       22
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52.  POWER TO ISSUE SHARES

     (1)    Subject to the provisions of these Bye-laws and to any rights
attaching to issued and outstanding shares, the unissued shares (whether forming
part of the original share capital or any increased share capital) shall be at
the disposal of the Board, which may issue, offer, allot, exchange or otherwise
dispose of shares or options, warrants or other rights to purchase shares or
securities convertible into or exchangeable for shares (including any employee
benefit plan providing for the issuance of shares or options, warrants or other
rights in respect thereof), at such times, for such consideration and on such
terms and conditions as it may determine.

     (2)    The Board shall, in connection with the issue of any share, have the
power to pay such commission and brokerage as may be permitted by law.

     (3)    The Company shall not give, whether directly or indirectly, whether
by means of loan, guarantee, provision of security or otherwise, any financial
assistance for the purpose of or in connection with a purchase or subscription
made or to be made by any Person of or for any shares in the Company, but
nothing in this Bye-law shall prohibit transactions permitted pursuant to
Sections 39A, 39B, or 39C of the Act.

     (4)    The Company may from time to time do any one or more of the
following things:

                   (i)    make arrangements on the issue of shares for a
                          difference between the Members in the amounts and
                          times of payments of calls on their shares;

                   (ii)   accept from any Member the whole or a part of the
                          amount remaining unpaid on any shares held by such
                          Member, although no part of that amount has been
                          called up;

                   (iii)  pay dividends in proportion to the amount paid up on
                          each share where a larger amount is paid up on some
                          shares than on others; and

                   (iv)   issue its shares in fractional denominations and deal
                          with such fractions to the same extent as its whole
                          shares, and shares in fractional denominations shall
                          have in proportion to the respective fractions
                          represented thereby all of the rights of whole shares
                          including (but without limiting the generality of the
                          foregoing) the right to vote, to receive dividends and
                          distributions and to participate in a winding up of
                          the Company.

     (5)    The Board may issue Warrants to subscribe for any class of shares or
securities of the Company on such terms as the Board may from time to time
determine. Where Warrants are issued to bearer, no certificate thereof shall be
issued to replace one that has been lost unless the Board is satisfied beyond
reasonable doubt that the original certificate thereof has been destroyed and
the Company has received an indemnity in such form as the Board shall think fit
with regard to the issue of any such replacement certificate.

                                       23
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53.  VARIATION OF RIGHTS AND ALTERATION OF SHARE CAPITAL

     (1)    The rights attached to any class (unless otherwise provided by the
terms of issue of the shares of that class) may, whether or not the Company is
being wound-up, be varied with the consent in writing of the holders of
three-fourths of the issued and outstanding shares of that class or with the
sanction of a resolution passed by a majority of the votes cast at a separate
general meeting of the holders of the shares of the class in accordance with
Section 47(7) of the Act.

     (2)    The Company may from time to time by resolution of the Company in
general meeting alter the conditions of its Memorandum of Association by all or
any of those actions listed in Section 45(1) of the Act and accordingly may
change the currency denomination of, increase, alter or reduce its share capital
in accordance with the provisions of Sections 45 and 46 of the Act. Where, on
any alteration of share capital, fractions of shares or some other difficulty
would arise, the Board may deal with or resolve the same in such manner as it
thinks fit including, without limiting the generality of the foregoing, the
issue to Members, as appropriate, of fractions of shares and/or arranging for
the sale or transfer of the fractions of shares of Members.

     (3)    Notwithstanding the foregoing or anything contained elsewhere in
these Bye-laws, the Company shall not have the power to constitute or to issue
preference shares or shares which do not have the right to vote at general
meetings of the Members.

54.  REGISTERED HOLDER OF SHARES

     (1)    The Company shall be entitled to treat the registered holder of any
share as the absolute owner thereof and accordingly shall not be bound to
recognise any equitable or other claim to, or interest in, such share on the
part of any other person.

     (2)    Any dividend, interest or other moneys payable in cash in respect of
shares may be paid by cheque or draft sent through the post directed to the
Member at such Member's address in the Register of Members or, in the case of
joint holders, to such address of the holder first named in the Register of
Members, or to such person and to such address as the holder or joint holders
may in writing direct. If two or more persons are registered as joint holders of
any shares any one can give an effectual receipt for any dividend paid in
respect of such shares.

55.  DEATH OF A JOINT HOLDER

            Where two or more persons are registered as joint holders of a share
or shares then in the event of the death of any joint holder or holders the
remaining joint holder or holders shall be absolutely entitled to the said share
or shares and the Company shall recognise no claim in respect of the estate of
any joint holder except in the case of the last survivor of such joint holders.

56.  SHARE CERTIFICATES

     (1)    Every Member shall be entitled to a share certificate under the seal
of the Company (or a facsimile or representation thereof as the Board may
determine) specifying the

                                       24
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number and, where appropriate, the class of shares held by such Member and
whether the same are fully paid up and, if not, how much has been paid thereon.
The Board may by resolution determine, either generally or in a particular case,
that any or all signatures on certificates may be printed thereon or affixed by
mechanical means. Notwithstanding the foregoing and the provisions of Bye-law 87
hereof, the Board may determine that a share certificate need not be signed on
behalf of the Company.

     (2)    The Company shall be under no obligation to complete and deliver a
share certificate unless specifically called upon to do so by the person to whom
such shares have been allotted.

     (3)    If any such certificate shall be proved to the satisfaction of the
Board to have been worn out, lost, mislaid or destroyed the Board may cause a
new certificate to be issued and request an indemnity for the lost certificate
if it sees fit.

57.  CALLS ON SHARES

     The Board may from time to time make such calls as it thinks fit upon the
Members in respect of any monies unpaid on the shares allotted to or held by
such Members.

58.  FORFEITURE OF SHARES

     (1)    If any Member fails to pay, on the day appointed for payment
thereof, any call in respect of any share allotted to or held by such Member,
the Board may, at any time thereafter during such time as the call remains
unpaid, direct the Secretary to forward to such Member a notice in the form, or
as near thereto as circumstances admit, of Form "B" in the Schedule hereto.

     (2)    If the requirements of such notice are not complied with, any such
share may at any time thereafter before the payment of such call and the
interest due in respect thereof be forfeited by a resolution of the Board to
that effect, and such share shall thereupon become the property of the Company
and may be disposed of as the Board shall determine.

     (3)    A Member whose share or shares have been forfeited as aforesaid
shall, notwithstanding such forfeiture, be liable to pay to the Company all
calls owing on such share or shares at the time of the forfeiture and all
interest due thereon.

                               REGISTER OF MEMBERS

59.  CONTENTS OF REGISTER OF MEMBERS

            The Board shall cause to be kept in one or more books a Register of
Members and shall enter therein the particulars required by the Act.

60.  INSPECTION OF REGISTER OF MEMBERS

     (1)    The Register of Members shall be open to inspection at the
registered office of the Company on every business day, subject to such
reasonable restrictions as the Board may

                                       25
<Page>

impose, so that not less than two hours in each business day be allowed for
inspection. The Register of Members may, after notice has been given by
advertisement in an appointed newspaper to that effect, be closed for any time
or times not exceeding in the whole thirty days in each year.

            (2)    Subject to the provisions of the Act, the Company may keep
one or more overseas or branch registers in any place, and the Board may make,
amend and revoke any such regulations as it may think fit respecting the keeping
of such registers and the contents thereof.

61.  DETERMINATION OF RECORD DATES

            Notwithstanding any other provision of these Bye-laws, the Board may
fix any date as the record date for:

            (a)    determining the Members entitled to receive any dividend;

            (b)    determining the Members entitled to receive notice of and to
vote at any general meeting of the Company (and the Board may determine a
different record date for any adjournment or postponement thereof);

            (c)    determining the Members entitled to execute a resolution in
writing; and

            (d)    determining the number of issued and outstanding shares for
or in connection with any purpose.

                               TRANSFER OF SHARES

62.  INSTRUMENT OF TRANSFER

     (1)    An instrument of transfer shall be in the form or as near thereto as
circumstances admit of Form "C" in the Schedule hereto or in such other common
form as the Board or any transfer agent appointed from time to time may accept.
The instrument of transfer of a share shall be signed by or on behalf of the
Transferor and where any share is not fully paid, the Transferee. The Board may,
in its absolute discretion and without assigning any reason therefore, decline
to register any transfer of a share which is not a fully paid share. The
transferor shall be deemed to remain the holder of such share until the same has
been transferred to the transferee in the Register of Members.

     (2)    The Board may refuse to recognise any instrument of transfer unless
it is accompanied by the certificate in respect of the shares to which it
relates and by such other evidence as the Board may reasonably require to show
the right of the transferor to make the transfer.

63.  [reserved]

                                       26
<Page>

64.  [reserved]

65.  LIEN ON SHARES

     (1)    The Company shall have a first and paramount lien and charge on all
shares (whether fully paid-up or not or whether subject to a condition or
contingency) registered in the name of a Member (whether solely or jointly with
others) for all debts, liabilities or engagements to or with the Company
(whether presently payable or not or whether subject to a condition or
contingency) by such Member or his or her estate, either alone or jointly with
any other Person, whether a Member or not, but the Board may at any time declare
any share to be wholly or in part exempt from the provisions of this Bye-law 65.
The registration of a transfer of any such share shall operate as a waiver of
the Company's lien (if any) thereon. The Company's lien (if any) on a share
shall extend to all dividends or other monies payable in respect thereof.

     (2)    The Company may sell or purchase (and subsequently cancel), in such
manner and on such terms (including price) as the Board deems fit, any shares on
which the Company has a lien, but no sale or purchase shall be made unless a sum
in respect of which the lien exists is then presently payable, nor until the
expiration of fourteen days after a notice in writing stating and demanding
payment of such part of the amount in respect of which the lien exists as is
presently payable, has been given to the relevant Member, or the Person, of
which the Company has notice, entitled thereto by reason of such Member's death
or bankruptcy. Effective upon such sale or purchase, any certificate
representing such shares prior to such sale shall become null and void, whether
or not it was actually delivered to the Company.

     (3)    To give effect to any such sale the Board may authorise some Person
to transfer the shares sold to the purchaser thereof. The purchaser shall be
registered as the holder of the shares comprised in any such transfer, and he
shall not be bound to see to the application of the purchase money, nor shall
his or her title to the shares be affected by any irregularity or invalidity in
the proceedings in reference to the sale.

     (4)    The proceeds of such sale or purchase shall be received by the
Company and applied in payment of such part of the amount in respect of which
the lien exists as is presently payable and the residue, if any, shall (subject
to a like lien for sums not presently payable as existed upon the shares before
the sale) be paid to the relevant Member or the Person entitled to the shares at
the date of the sale.

                             TRANSMISSION OF SHARES

66.  REPRESENTATIVE OF DECEASED MEMBER

            In the case of the death of a Member, the survivor or survivors
where the deceased Member was a joint holder, and the legal personal
representatives of the deceased Member where the deceased Member was a sole
holder, shall be the only persons recognised by the Company as having any title
to the deceased Member's interest in the shares. Nothing herein contained shall
release the estate of a deceased joint holder from any liability in respect of
any share which had been jointly held by such deceased Member with other
persons. Subject to the

                                       27
<Page>

provisions of Section 52 of the Act, for the purpose of this Bye-law 66, legal
personal representative means the executor or administrator of a deceased Member
or such other person as the Board may in its absolute discretion decide as being
properly authorised to deal with the shares of a deceased Member.

67.  REGISTRATION ON DEATH OR BANKRUPTCY

            Any person becoming entitled to a share in consequence of the death
or bankruptcy of any Member may be registered as a Member upon such evidence as
the Board may deem sufficient or may elect to nominate some person to be
registered as a transferee of such share, and in such case the person becoming
entitled shall execute in favour of such nominee an instrument of transfer in
the form, or as near thereto as circumstances admit, of Form "D" in the Schedule
hereto. On the presentation thereof to the Board, accompanied by such evidence
as the Board may require to prove the title of the transferor, the transferee
shall be registered as a Member but the Board shall, in either case, have the
same right to decline or suspend registration as it would have had in the case
of a transfer of the share by that Member before such Member's death or
bankruptcy, as the case may be.

                        DIVIDENDS AND OTHER DISTRIBUTIONS

68.  DECLARATION OF DIVIDENDS BY THE BOARD

            The Board may, subject to any rights or restrictions at the time
lawfully attached to any class or series of shares and subject to these Bye-laws
and in accordance with Section 54 of the Act, declare a dividend to be paid to
the Members according to their rights and interests in shares, and such dividend
may be paid in cash or wholly or partly in specie in which case the Board may
fix the value for distribution in specie of any assets.

69.  OTHER DISTRIBUTIONS

            The Board may declare and make such other distributions (in cash or
in specie) to the Members as may be lawfully made out of the assets of the
Company.

70.  RESERVE FUND

            The Board may from time to time before declaring a dividend set
aside, out of the surplus or profits of the Company, such sum as it thinks
proper as a reserve to be used to meet contingencies or for equalising dividends
or for any other special or general purpose.

71.  DEDUCTION OF AMOUNTS DUE TO THE COMPANY

            The Board may deduct from the dividends or distributions payable to
any Member all monies due from such Member to the Company on account of calls or
otherwise.

                                       28
<Page>

72.  UNCLAIMED DIVIDENDS

     Any dividend or distribution unclaimed for a period of six years from the
date of declaration of such dividend or distribution shall be forfeited and
shall revert and belong to the Company and the payment by the Board of any
unclaimed dividend or distribution, interest or other sum payable on or in
respect of the share into a separate account shall not constitute the Company a
trustee in respect thereof.

73.  INTEREST ON DIVIDEND

     No dividend or distribution shall bear interest against the Company.

                                 CAPITALIZATION

74.  ISSUE OF BONUS SHARES

     (1)    The Board may resolve to capitalise any part of the amount for the
time being standing to the credit of any of the Company's share premium or other
reserve accounts or funds or to the credit of the profit and loss account or
otherwise available for distribution by applying such sum in paying up unissued
shares to be allotted as fully paid bonus shares pro rata to the Members.

     (2)    The Company may capitalise any sum standing to the credit of a
reserve account or fund or sums otherwise available for dividend or distribution
by applying such amounts in paying up in full partly paid shares of those
Members who would have been entitled to such sums if they were distributed by
way of dividend or distribution.

                        ACCOUNTS AND FINANCIAL STATEMENTS

75.  RECORDS OF ACCOUNT

            The Board shall cause to be kept proper records of account with
respect to all transactions of the Company and in particular with respect to:

            (a)    all sums of money received and expended by the Company and
the matters in respect of which the receipt and expenditure relates;

            (b)    all sales and purchases of goods by the Company; and

            (c)    the assets and liabilities of the Company.

     Such records of account shall be kept at the registered office of the
Company or, subject to Section 83 (2) of the Act, at such other place as the
Board thinks fit and shall be available for inspection by the Directors during
normal business hours. No Member in its capacity as a Member shall have any
right to inspect any accounting record or book or document of the

                                       29
<Page>

Company except as conferred by the Act or as authorised by the Board or as
provided in these Bye-laws.

76.  FINANCIAL YEAR END

            The financial year end of the Company may be determined by the Board
and failing such resolution shall be 31st December in each year.

77.  FINANCIAL STATEMENTS

            Subject to any rights to waive laying of accounts pursuant to
Section 88 of the Act, financial statements as required by the Act shall be laid
before the Members in general meeting.

                                      AUDIT

78.  APPOINTMENT OF AUDITOR

            Subject to Section 88 of the Act, at the annual general meeting or
at a subsequent special general meeting in each year, an independent
representative of the Members shall be appointed by them as Auditor of the
accounts of the Company. Such Auditor may be a Member but no Director, Officer
or employee of the Company shall, during his or her continuance in office, be
eligible to act as an Auditor of the Company.

79.  REMUNERATION OF AUDITOR

            The remuneration of the Auditor shall be fixed by the Audit
Committee in accordance with Bye-law 8(b) hereof.

80.  VACATION OF OFFICE OF AUDITOR

            If the office of Auditor becomes vacant by the resignation or death
of the Auditor, or by the Auditor becoming incapable of acting by reason of
illness or other disability at a time when the Auditor's services are required,
the Board may fill the vacancy thereby created.

81.  ACCESS TO BOOKS OF THE COMPANY

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

82.  REPORT OF THE AUDITOR

     (1)    Subject to any rights to waive laying of accounts or appointment of
an Auditor pursuant to Section 88 of the Act, the accounts of the Company shall
be audited at least once in every financial year.

                                       30
<Page>

     (2)    The financial statements provided for by these Bye-laws shall be
audited by the Auditor in accordance with generally accepted auditing standards.
The Auditor shall make a written report thereon in accordance with generally
accepted auditing standards and the report of the Auditor shall be submitted to
the Members at the general meeting.

     (3)    The generally accepted auditing standards referred to in
subparagraph (2) of this Bye-law 82 may be those of a country or jurisdiction
other than Bermuda. If so, the financial statements and the report of the
Auditor must disclose this fact and name such country or jurisdiction.

                                     NOTICES

83.  NOTICES TO MEMBERS OF THE COMPANY

            A notice may be served by the Company to any Member either by
delivering it to such Member in person or by sending it to such Member's address
in the Register of Members or to such other address given for the purpose. For
the purposes of this Bye-law, a notice may be sent by mail, courier service,
cable, telex, telecopier, facsimile, electronic mail or other mode of
representing words in a legible and non-transitory form. If such notice is sent
by next-day courier, cable, telex, telecopier, facsimile or electronic-mail, it
shall be deemed to have been served the Business Day following the sending
thereof and, if by registered mail, three Business Days following the sending
thereof. In proving such service, it shall be sufficient to prove that the
notice was properly addressed and prepaid, if posted, and the time when it was
posted, delivered to the courier or to the cable company or transmitted by
telex, facsimile or other method as the case may be.

84.  NOTICES TO JOINT MEMBERS

            Any notice required to be given to a Member shall, with respect to
any shares held jointly by two or more persons, be given to whichever of such
persons is named first in the Register of Members and notice so given shall be
sufficient notice to all the holders of such shares.

85.  [RESERVED]

                               SEAL OF THE COMPANY

86.  THE SEAL

            The seal of the Company shall be in such form as the Board may from
time to time determine. The Board may adopt one or more duplicate seals for use
outside Bermuda.

87.  MANNER IN WHICH SEAL IS TO BE AFFIXED

            Subject to Bye-law 56 hereof, the seal of the Company shall not be
affixed to any instrument except attested by the signature of a Director and the
Secretary or any two Directors,

                                       31
<Page>

or any person appointed by the Board for the purpose, PROVIDED that any
Director, Officer or Resident Representative, may affix the seal of the Company
attested by such Director, Officer or Resident Representative's signature to any
authenticated copies of these Bye-laws, the incorporating documents of the
Company, the minutes of any meetings or any other documents required to be
authenticated by such Director, Officer or Resident Representative. The seal of
the Company and any such signature may be printed or affixed by mechanical means
on any share certificate, debenture, stock certificate or other security
certificate.

                        BENEFITS, PENSIONS AND INSURANCE

88.  BENEFITS

     The Board may (by establishment of or maintenance of schemes or otherwise)
provide benefits, whether by share options or incentive plans, for any past or
present Director, Officer or employee of the Company or any of its Subsidiaries
or affiliates and for any member of his or her family (including a spouse and a
former spouse) or any individual who is or was dependent on him or her, and may
(as well before as after he ceases to hold such office or employment) contribute
to any fund and pay premiums for the purchase or provision of any such benefit;
PROVIDED, HOWEVER, that any such provision, payment or contribution is not in
contravention of the Sarbanes-Oxley Act of 2002, whether or not the Company is
subject to the provisions thereof.

89.  INSURANCE

            Without prejudice to the provisions of Bye-laws 31 and 32 hereof,
the Board shall have the power to purchase and maintain insurance for or for the
benefit of any individuals who are or were at any time Directors, Officers or
employees of the Company, or of any of its Subsidiaries or affiliates, or who
are or were at any time trustees of any pension fund in which Directors,
Officers or employees of the Company or any such Subsidiary or affiliate are
interested, including (without prejudice to the generality of the foregoing)
insurance against any liability incurred by such individuals in respect of any
act or omission in the actual or purported execution or discharge of their
duties or in the exercise or purported exercise of their powers or otherwise in
relation to their duties, powers or offices in relation to the Company or any
such other company, Subsidiary, affiliate or pension fund; PROVIDED, HOWEVER,
that any such provision for, or payment or contribution to or on behalf of any
Director, Officer or employee shall not be in contravention of the
Sarbanes-Oxley Act of 2002, whether or not the Company is subject to the
provisions thereof.

90.  LIMITATION ON ACCOUNTABILITY

     No Director or former Director shall be accountable to the Company or the
Members for any remuneration or benefit provided pursuant to Bye-laws 22, 88 or
89 hereof and the receipt of any such benefit shall not disqualify any
individual from being or becoming a Director of the Company.

                                       32
<Page>

                                UNTRACED MEMBERS

91.  SALE OF SHARES

     The Company shall be entitled to sell at the best price reasonably
obtainable, or if the shares are listed on a stock exchange to purchase at the
trading price on the date of purchase, the shares of a Member or the shares to
which a Person is entitled by virtue of transmission on death, bankruptcy or
otherwise by operation of law; PROVIDED, that:

            (a)    during the period of six years prior to the date of the
publication of the advertisements referred to in paragraph (b) of this Bye-law
91 (or, if published on different dates, the first thereof) at least three
dividends in respect of the shares in question have been declared and all
dividends, warrants and checks (cheques) that have been sent in the manner
authorised by these Bye-laws in respect of the shares in question have remained
uncashed;

            (b)    the Company shall as soon as practicable after expiry of the
said period of six years have inserted advertisements both in a national daily
newspaper in Bermuda and in a newspaper circulating in the area of the last
known address of such Member or other Person giving notice of its intention to
sell or purchase the shares;

            (c)    during the said period of six years and the period of three
months following the publication of the said advertisements, the Company shall
have received no indication either of the whereabouts or of the existence of
such Member or Person; and

            (d)    if the shares are listed on a stock exchange, notice shall
have been given to the relevant department of such stock exchange of the
Company's intention to make such sale or purchase prior to the publication of
advertisements.

     If during any six-year period referred to above, further shares have been
issued in right of those held at the beginning of such period or of any
previously issued during such period and all the other requirements of this
Bye-law 91 (other than the requirement that they be in issue for six years) have
been satisfied in regard to the further shares, the Company may also sell or
purchase the further shares.

92.  INSTRUMENT OF TRANSFER

     To give effect to any such sale or purchase under Bye-law 91, the Board may
authorise an Officer to execute an instrument of transfer of the shares sold or
purchased to, or in accordance with the directions of, the purchaser and the
instrument of transfer executed by that person shall be as effective as if it
had been executed by the holder of, or person entitled by transmission to, the
shares. The transferee of any shares sold shall not be bound to see to the
application of the purchase money, nor shall his title to the shares be affected
by any irregularity in, or invalidity of, the proceedings relating to the sale.

93.  PROCEEDS OF SALE

     The net proceeds of the sale or purchase of shares pursuant to Bye-law 91
hereof shall belong to the Company which, for the period of six years after the
transfer or purchase, shall be

                                       33
<Page>

obliged to account to the former Member or other Person previously entitled as
aforesaid for an amount equal to such proceeds and shall enter the name of such
former Member or other Person in the books of the Company as a creditor for such
amount. No trust shall be created in respect of the debt, no interest shall be
payable in respect of the same and the Company shall not be required to account
for any money earned on the net proceeds, which may be employed in the business
of the Company or invested in such investments as the Board from time to time
thinks fit. After the said six-year period has passed, the net proceeds of share
shall become the property of the Company, absolutely, and any rights of the
former Member or other Person previously entitled as aforesaid shall terminate
completely.

                                   WINDING UP

94.  DETERMINATION TO LIQUIDATE

     Subject to the Act, the Company may be wound up voluntarily by resolution
of the Members. The Board shall have the power to present any petition and make
any application in connection with the winding up or liquidation of the Company,
prior to the passing of a resolution of the Members authorising the wind up.

95.  WINDING UP/DISTRIBUTION BY LIQUIDATOR

     If the Company shall be wound up the liquidator may, with the sanction of a
resolution of the Members, divide amongst the Members in specie or in kind the
whole or any part of the assets of the Company (whether they shall consist of
property of the same kind or not) and may, for such purpose, set such value as
he or she deems fair upon any property to be divided as aforesaid and may
determine how such division shall be carried out as between the Members or
different classes of Members. The liquidator may, with the like sanction, vest
the whole or any part of such assets in trustees upon such trusts for the
benefit of the Members as the liquidator shall think fit, but so that no Member
shall be compelled to accept any shares or other securities or assets whereon
there is any liability.

                                  AMALGAMATION

96.  AMALGAMATION

     Any resolution proposed for consideration at any general meeting to approve
the amalgamation (as such term is used in Section 104 of the Act) of the Company
with any other company, wherever incorporated, shall require the approval of:

            (a)    the Board, by resolution adopted by a majority of Directors
then in office; and

            (b)    the Members, by resolution passed by three-fourths (3/4) of
the votes cast at a meeting, with the quorum for such meeting being that as
required in Bye-Law 39 hereof.

                                       34
<Page>

                             ADDITIONAL REQUIREMENTS

97.  ADDITIONAL REQUIREMENTS

     To the extent not otherwise herein provided, in addition to the provisions
of the Act, the Company shall at all times abide by the requirements of the
Sarbanes-Oxley Act of 2002, whether or not the Company is subject to the
provisions thereof, and any applicable rule or regulations of any U.S. national
securities exchange on which the Common Shares are listed, and, if not listed on
a U.S. national securities exchange, the listing requirements of the Nasdaq
National Market.

                             ALTERATION OF BYE-LAWS

98.  ALTERATION OF BYE-LAWS

            No Bye-law shall be rescinded, altered or amended and no new Bye-law
shall be made until the same has been approved by a resolution of the Board and
by a resolution adopted by at least a majority of the Members entitled to vote
at any special or general meeting of the Company.

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                        *

                                       35
<Page>

                         SCHEDULE - FORM A (BYE-LAW 49)

                             -----------------------

                                    P R O X Y

I/We
of
the holder(s) of              share(s) in the above-named company hereby appoint
________________________ or failing him/her ________________________ or failing
him/her ____________________ as my/our proxy to vote on my/our behalf at the
general meeting of the Company to be held on the     day of     , 20    , and at
any adjournment thereof.

Dated this      day of         , 20

*GIVEN under the seal of the Company
*Signed by the above-named

------------------------------------

------------------------------------
Witness

*Delete as applicable.

<Page>

                         SCHEDULE - FORM B (BYE-LAW 58)

            NOTICE OF LIABILITY TO FORFEITURE FOR NON PAYMENT OF CALL

You have failed to pay the call of [amount of call] made on the ______ day of
________, 20__ last, in respect of the [number] share(s) [numbers in figures]
standing in your name in the Register of Members of the Company, on the ______
day of _________, 20__ last, the day appointed for payment of such call. You are
hereby notified that unless you pay such call together with interest thereon at
the rate of __________ per annum computed from the said _______ day of
_________, 20___ last, on or before the _______ day of _________, 20___ next at
the place of business of the Company the share(s) will be liable to be
forfeited.

Dated this _______ day of ______________, 20___
[Signature of Secretary]
By order of the Board

<Page>

                         SCHEDULE - FORM C (BYE-LAW 62)

                          TRANSFER OF A SHARE OR SHARES

FOR VALUE RECEIVED _____________________________________________________[amount]
________________________________________________________________________
[transferor]
hereby sell assign and transfer unto _______________________________[transferee]
of__________________________________________________________________[address]
____________________________________________________________[number of shares]
shares of __________________________________________________[name of Company]
Dated ______________________

---------------------------------
     (Transferor)

     In the presence of:

---------------------------------
     (Witness)

---------------------------------
     (Transferee)

     In the presence of:

---------------------------------
     (Witness)

<Page>

                         SCHEDULE - FORM D (BYE-LAW 67)

                    TRANSFER BY A PERSON BECOMING ENTITLED ON
                          DEATH/BANKRUPTCY OF A MEMBER

     I/We having become entitled in consequence of the [death/bankruptcy] of
[name of the deceased Member] to [number] share(s) standing in the register of
members of [Company] in the name of the said [name of deceased Member] instead
of being registered myself/ourselves elect to have [name of transferee] (the
"Transferee") registered as a transferee of such share(s) and I/we do hereby
accordingly transfer the said share(s) to the Transferee to hold the same unto
the Transferee his or her executors administrators and assigns subject to the
conditions on which the same were held at the time of the execution thereof; and
the Transferee does hereby agree to take the said share(s) subject to the same
conditions.

     WITNESS our hands this ________ day of ___________, 20___

Signed by the above-named           )
[person or persons entitled]        )
in the presence of:                 )

Signed by the above-named           )
[transferee]                        )
in the presence of:                 )

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]