Document:

NOTES
      PURCHASE AGREEMENT

    

    by
      and
      between

    

    CHINA
      SECURITY & SURVEILLANCE TECHNOLOGY, INC.

    as
      the
      Company

    

    and

    

    CITADEL
      EQUITY FUND LTD.

    as
      the
      Purchaser

    

    

    Dated:
      February 5, 2007

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This
      Notes Purchase Agreement (this “Agreement”)
      is
      dated as of February 5, 2007, by and between China Security & Surveillance
      Technology, Inc., a Delaware corporation (the “Company”)
      and
      Citadel Equity Fund Ltd. (the “Purchaser”).

     

    WHEREAS,
      the Company proposes to issue, and the Purchaser proposes to purchase,
      US$60,000,000 Senior Notes due February 16, 2007 (or such other date to be
      extended up to 120 days from the date of this Agreement by mutual agreement
      by
      and between the Company and the Purchaser, the “Maturity
      Date”)
      on the
      terms of this Agreement. 

     

    NOW,
      THEREFORE, in consideration of the mutual covenants and promises contained
      herein and for other good and valuable consideration the receipt and adequacy
      of
      which are hereby acknowledged, the parties hereto agree as follows:

     

    1.  Definitions

     

    For
      all
      purposes of this Agreement, except as otherwise expressly provided or unless
      the
      context otherwise requires:

     

    “Acquisition”
has
      the
      meaning given in Section 7(f).

     

    “Act”
means
      the Securities Act of 1933, as amended.

     

    “Affiliate”
of
      any
      specified Person means:

     

    
      	
              (a)

            	
              any
                other Person directly or indirectly controlling or controlled by
                or under
                direct or indirect common control with such specified Person, or
                

            

    

     

    
      	
              (b)

            	
              any
                other Person who is a director or officer
                of:

            

    

     

    
      	 	
              (1)

            	
              such
                specified Person, 

            

    

     

    
      	 	
              (2)

            	
              any
                Subsidiary of such specified Person,
                or

            

    

     

    
      	 	
              (3)

            	
              any
                Person described in clause (a) above.

            

    

     

    For
      the
      purposes of this definition, “control” when used with respect to any Person,
      means the power to direct the management and policies of such Person, directly
      or indirectly, whether through the ownership of voting securities, by contract
      or otherwise; and the terms “controlling” and “controlled” have meanings
      correlative to the foregoing. 

     

    “Agreement”
has
      the
      meaning given in the recitals.

     

    “Applicable
      Agreements”
has
      the
      meaning given in Section 6(g).

     

    “Applicable
      Law”
has
      the
      meaning given in Section 6(g).

     

    “Business
      Day”
has
      the
      meaning given in the Conditions.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Charter
      Documents”
has
      the
      meaning given in Section 6(g).

     

    “Closing”
has
      the
      meaning given in Section 5(a).

     

    “Closing
      Date”
means
      the date of the Closing.

     

    “Collateral”
means
      the collateral described and pledged under the Share Pledge
      Agreement.

     

    “Commission”
means
      the Securities and Exchange Commission.

     

    “Common
      Stock”
means
      shares of common stock of the Company, par value US$0.0001 per
      share.

     

    “Conditions”
means
      the terms and conditions of the Notes.

     

    “Disclosure
      Schedule”
has
      the
      meaning given in Section 6.

     

    “Environmental
      Laws”
has
      the
      meaning given in Section 6(z).

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    “GAAP”
has
      the
      meaning given in Section 6(a).

     

    “Governmental
      Authority”
has
      the
      meaning given in Section 6(g).

     

    “Indemnified
      Party”
has
      the
      meaning given in Section 10(a).

     

    “Indemnifying
      Party”
has
      the
      meaning given in Section 10(a).

     

    “Intellectual
      Property”
has
      the
      meaning given in Section 6(o)(i).

     

    “Lien”
means
      a
      mortgage, charge, pledge, lien or other security interest securing any
      obligation of any person or any other agreement or arrangement having a similar
      effect.

     

    “Material
      Adverse Change”
has
      the
      meaning given in Section 6(q).

     

    “Material
      Adverse Effect”
means
      a
      material adverse effect on:

     

    
      	
              (a)

            	
              the
                business, operations, property or financial condition of the Company
                and
                its Subsidiaries taken as a whole;

            

    

     

    
      	
              (b)

            	
              the
                ability of the Company or any Shareholder to perform its material
                obligations under the Transaction Documents;
                or

            

    

     

    
      	
              (c)

            	
              the
                validity or enforceability of the Transaction Documents or the rights
                and
                remedies of any holder of the Notes under the
                Notes.

            

    

     

    “Maturity
      Date”
has
      the
      meaning given in the recitals.

     

    “Money
      Laundering Laws”
has
      the
      meaning given in Section 6(hh).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Notes”
has
      the
      meaning given in Section 3.

     

    “OFAC”
has
      the
      meaning given in Section 6(gg).

     

    “OTC”
has
      the
      meaning given in Section 6(a).

     

    “Outside
      Financing”
has
      the
      meaning given in Section 7(e).

     

    “Permits”
has
      the
      meaning given in Section 6(k).

     

    “Person”
means
      any individual, corporation, company (including any limited liability company),
      association, partnership, joint venture, trust, unincorporated organization,
      government or any agency or political subdivision thereof or any other
      entity.

     

    “PFIC”
has
      the
      meaning given in Section 6(ff).

     

    “PRC”
means
      People’s Republic of China.

     

    “Proceedings”
has
      the
      meaning given in Section 6(j).

     

    “Purchaser”
has
      the
      meaning given in the recitals.

     

    “Resale
      Restriction Termination Date”
has
      the
      meaning given in Section 8(c).

     

    “SEC
      Reports”
has
      the
      meaning given in Section 6(a).

     

    “Shareholder”
means
      Mr. Tu Guo Shen and Ms. Li Zhi Qun, together with Whitehorse Technology Limited,
      a British Virgin Islands company wholly owned by Mr. Tu Guo Shen and the
      registered owner of the Common Stock pledged under the Share Pledge
      Agreement.

     

    “Share
      Pledge Agreement”
means
      the share pledge agreement dated on or prior to the Closing Date made between
      the Shareholder and the Purchaser, a form of which is attached hereto as
Exhibit
      B.

     

    “Subsidiary”
means,
      in respect of any Person, any corporation, company (including any limited
      liability company), association, partnership, joint venture or other business
      entity of which at least a majority of the total voting power of the voting
      stock is at the time owned or controlled, directly or indirectly,
      by:

     

    
      	
              (a)

            	
              such
                Person, 

            

    

     

    
      	
              (b)

            	
              such
                Person and one or more Subsidiaries of such Person, or
                

            

    

     

    
      	
              (c)

            	
              one
                or more Subsidiaries of such Person.

            

    

     

    “Tax”
has
      the
      meaning given in Section 6(n).

     

    “Transaction
      Document”
means
      this Agreement, the Share Pledge Agreement and the Notes, or any of them as
      the
      context may so require.

     

    “US$”
means
      the lawful currency of the United States from time to time.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    2.  Rules
      of Construction.

     

    (a)  Unless
      the context otherwise requires:

     

    (i)  a
      term
      has the meaning assigned to it;

     

    (ii)  “or”
is
      not exclusive;

     

    (iii)  words
      in
      the singular include the plural, and in the plural include the
      singular;

     

    (iv)  all
      references in this Agreement to “Sections”, “Exhibits” and other subdivisions
      are to the designated Sections, Exhibits and subdivisions of this Agreement
      as
      originally executed;

     

    (v)  a
      reference to any person is, where relevant, deemed to be a reference to or
      to
      include, as appropriate, that person’s successors and permitted assignees or
      transferees;

     

    (vi)  a
      reference to (or to any specified provision of) any agreement or document
      (including any Transaction Document) is to be construed as a reference to that
      agreement or document as it may be amended from time to time;

     

    (vii)  the
      words
“herein,” “hereof” and “hereunder” and other words of similar import refer to
      this Agreement as a whole and not to any particular Section or other
      subdivision.

     

    (viii)  “including”
      means “including without limitation;”

     

    (ix)  provisions
      apply to successive events and transactions; and

     

    (x)  references
      to a statute or statutory provision is to be construed as a reference to that
      statute or statutory provision as it may be amended from time to
      time.

     

    3.  Issuance
      of Notes.
      

     

    Subject
      to the terms and conditions of this Agreement, the Company will issue and sell
      to the Purchaser, and the Purchaser will purchase from the Company, on the
      Closing Date, an aggregate principal amount of US$60,000,000 of the Company’s
      Senior Notes due on the Maturity Date (the “Notes”).
      

     

    The
      Notes
      will be secured by a perfected first-priority Lien on certain of the equity
      interests of the Shareholder in the Company pursuant to the Share Pledge
      Agreement.

     

    The
      Notes
      will be offered and sold to the Purchaser pursuant to Regulation S or other
      exemption from the registration requirements under the Act. Upon original
      issuance thereof, and until such time as the same is no longer required under
      the applicable requirements of the Act, the Notes shall bear the legends
      relating to the offer and the sale of the Notes as required by (i) Regulation
      S
      under the Act or (ii) any other applicable laws or regulations relating to
      the
      issuance of the Notes.

     

    4.  Form
      of Notes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    The
      Notes
      shall be issued in a certificated form and shall be substantially in the form
      of
Exhibit
      A
      and
      shall represent such aggregate principal amount of the outstanding Notes as
      shall be specified therein. The Conditions shall form an integral part of the
      Notes and the Company shall comply with its obligations thereunder.

     

    5.  Purchase,
      Sale and Delivery.

     

    The
      sale
      and purchase of the Notes to be purchased by the Purchaser shall occur at the
      Hong Kong office of Simpson Thacher & Bartlett LLP, at 10:00 a.m., Chicago
      time, at a closing (the “Closing”)
      on
      February 8, 2007 or on such other time or Business Day thereafter on or prior
      to
      February 15, 2007 as may be agreed upon by the Company and the Purchaser. At
      the
      Closing, the Company shall deliver to the Purchaser one or more certificates
      representing the Notes in definitive form (duly executed by the Company’s Chief
      Executive Officer and President on behalf of the Company), registered in such
      names and denominations as the Purchaser may request, against payment by the
      Purchaser of US$60,000,000 as the purchase price therefor by immediately
      available federal funds bank wire transfer to such bank account or accounts
      as
      the Company shall have beforehand designated to the Purchaser.

     

    6.  Representations
      and Warranties of the Company.
      Except
      as set forth in the Disclosure Schedule attached hereto as Exhibit
      C
      (“Disclosure
      Schedule”),
      the
      Company represents and warrants to the Purchaser the following:

     

    (a)  SEC
      Reports; Financial Statements.
      

     

    (i)
       Except
      as
      set forth on Schedule
      6(a)
      of the
      Disclosure Schedule, the Company has filed all reports, schedules, forms,
      statements and other documents required to be filed by it under the Act and
      the
      Exchange Act (the foregoing materials, including the exhibits thereto and
      documents incorporated by reference therein, being collectively referred to
      herein as the “SEC
      Reports”)
      on a
      timely basis or has received a valid extension of such time of filing and has
      filed any such SEC Reports prior to the expiration of any such extension, and
      to
      the Company’s best knowledge after due inquiry, no disciplinary actions or
      proceedings have been initiated against the Company and no such actions are
      threatened. As of the date of filing, in the case of SEC Reports filed pursuant
      to the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
      for
      the twenty-four months preceding the date hereof (or such shorter period as
      the
      Company was required by law to file such reports, forms or other information)
      (and to the extent any such SEC Report was amended, then as of the date of
      filing of such amendment), and as of the date of effectiveness in the case
      of
      SEC Reports filed pursuant to the Act (and to the extent any such SEC Report
      was
      amended, then as of the date of effectiveness of such amendment), the SEC
      Reports complied in all material respects with the requirements of the Act
      and
      the Exchange Act and the rules and regulations of the Commission promulgated
      thereunder, as applicable, and none of the SEC Reports, as of the date of
      filing, in the case of SEC Reports filed pursuant to the Exchange Act (and
      to
      the extent any such SEC Report was amended, then as to the date of filing of
      such amendment), and as of the date of effectiveness in the case of SEC Reports
      filed pursuant to the Act (and to the extent any such SEC Report was amended,
      then as of the date of effectiveness of such amendment), contained any untrue
      statement of a material fact or omitted to state a material fact required to
      be
      stated therein or necessary in order to make the statements therein, in the
      light of the circumstances under which they were made, not misleading. The
      financial statements of the Company included in the SEC Reports have been
      prepared in accordance with the applicable accounting requirements and the
      rules
      and regulations of the Commission with respect thereto as in effect at the
      time
      of filing. Such financial statements have been prepared in accordance with
      United States generally accepted accounting principles applied on a consistent
      basis during the periods involved (“GAAP”),
      except as may be otherwise specified in such financial statements or the notes
      thereto and except that unaudited financial statements may not contain all
      footnotes required by GAAP, and fairly present in all material respects the
      financial condition, results of operations and cash flows of the Company and
      its
      consolidated Subsidiaries as of and for the dates thereof and the results of
      operations and cash flows for the periods then ended, subject, in the case
      of
      unaudited statements, to normal, immaterial, year-end audit adjustments. All
      other financial, statistical, and market and industry-related data included
      in
      the SEC Reports are based on or derived from sources that the Company reasonably
      believes to be reliable and accurate. For the purposes of this Agreement, the
      term “filed” (or any derivations thereof) includes filing, furnishing or
      otherwise providing any reports, forms or other information provided to the
      Commission.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (ii)
       Except
      as
      set forth on Schedule
      6(a)
      of the
      Disclosure Schedule, the Company has not, in the 12 months preceding the date
      hereof, received notice from the Over The Counter (“OTC”)
      Bulletin Board on which the Common Stock has been traded to the effect that
      the
      Company is not in compliance with the OTC requirements, and to the Company’s
      best knowledge after due inquiry, no disciplinary actions or proceedings have
      been initiated against the Company and no such actions are threatened. The
      Company is, and upon consummation of the transactions contemplated hereby
      expects to be, in compliance with all of the OTC listing requirements.

     

    (b)  Ownership
      of Shares of Subsidiaries; Affiliates.

     

    (i)
       The
      SEC
      Reports contain complete and correct lists of each Person in which the Company
      owns, directly or indirectly, any capital stock or similar equity interests,
      showing, as to each Subsidiary, the correct name thereof, the jurisdiction
      of
      its organization, and the percentage of shares of each class of its capital
      stock or similar equity interests outstanding owned by the Company and each
      other Subsidiary.

     

    (ii)
       All
      of
      the outstanding shares of capital stock or similar equity interests of each
      Subsidiary owned by the Company and its Subsidiaries have been validly issued,
      are fully paid and non-assessable and are owned by the Company or another
      Subsidiary free and clear of any Lien.

     

    (iii)
       No
      Subsidiary is a party to, or otherwise subject to any legal or regulatory
      restriction or any agreement (other than this Agreement) restricting the ability
      of such Subsidiary to pay dividends out of profits or make any other similar
      distributions of profits to the Company or any of its Subsidiaries that owns
      outstanding shares of capital stock or similar equity interests of such
      Subsidiary.

     

    (c)  Organization.
      Each of
      the Company and its Subsidiaries (i) has been duly organized, is validly
      existing and is in good standing under the laws of its jurisdiction of
      organization, (ii) has all requisite power and authority to carry on its
      business and to own, lease and operate its properties and assets, and (iii)
      is
      duly qualified or licensed to do business and is in good standing as a domestic
      or foreign corporation or limited liability company, as the case may be,
      authorized to do business in each jurisdiction in which the nature of such
      business or the ownership or leasing of such properties requires such
      qualification, except where, for the purposes of (ii) or (iii) only, the failure
      to have all such requisite power and authority or to be so duly qualified or
      licensed does not, and would not, individually or in the aggregate, have a
      Material Adverse Effect.

     

    (d)  Capitalization.
      All of
      the outstanding shares of capital stock or similar equity interests of the
      Company have been validly issued, are fully paid and non-assessable, and are
      free and clear of any Lien.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (e)  Authorization.
      (i) The
      Company has all requisite corporate power and authority to execute, deliver
      and
      perform its obligations under each of the Transaction Documents to which it
      is a
      party and to consummate the transactions contemplated thereby, (ii) this
      Agreement has been duly authorized, executed and delivered by the Company and
      (iii) this Agreement shall constitute a legal, valid and binding obligation
      of
      the Company, enforceable against the Company in accordance with its terms,
      except as limited by applicable bankruptcy, insolvency, reorganization,
      moratorium and other laws of general application affecting enforcement of
      creditors’ rights generally.

     

    (f)  Valid
      Issuance of Notes.
      The
      Notes, when issued, sold and delivered in accordance with the terms and for
      the
      consideration set forth herein, will be free of restrictions on transfer, other
      than restrictions on transfer under applicable state and federal securities
      laws. Assuming the accuracy of the Purchaser’s representations in Section 8
      below, the Notes will be issued in compliance with applicable state and federal
      securities laws. The Notes have been duly authorized by the Company and, when
      executed and delivered by the Company to the Purchaser, in accordance with
      the
      terms of this Agreement, the Notes will have been duly executed, issued and
      delivered by the Company and will constitute legal, valid and binding
      obligations of the Company, enforceable against the Company in accordance with
      their terms, except as limited by applicable bankruptcy, insolvency,
      reorganization, moratorium and other laws of general application affecting
      enforcement of creditors’ rights generally. 

     

    (g)  Compliance
      with Instruments.
      Neither
      the Company nor any of its Subsidiaries is in violation of its respective
      articles of incorporation, certificate of incorporation, by-laws or other
      organizational documents (the “Charter
      Documents”).
      Neither the Company nor any of its Subsidiaries is, nor does any condition
      exist
      (with the passage of time or otherwise) that could reasonably be expected to
      cause the Company or any of its Subsidiaries to be, (i) in violation of any
      statute, rule, regulation, law or ordinance, or any judgment, decree or order
      applicable to the Company, any of its Subsidiaries or any of their properties
      (collectively, “Applicable
      Law”)
      of any
      federal, state, national, provincial, local or other governmental authority,
      governmental or regulatory agency or body, court, arbitrator or self-regulatory
      organization of applicable jurisdictions (each, a “Governmental
      Authority”),
      or
      (ii) in breach of or in default under any bond, debenture, note or other
      evidence of indebtedness, indenture, mortgage, deed of trust, lease or any
      other
      agreement or instrument to which any of them is a party or by which any of
      them
      or their respective property is bound (collectively, “Applicable
      Agreements”),
      other
      than in each of clause (i) and (ii) such violations, breaches or defaults that
      do not, and would not, individually or in the aggregate, have a Material Adverse
      Effect.

     

    (h)  No
      Conflicts.
      Neither
      the execution, delivery or performance of this Agreement or any other
      Transaction Document nor the consummation of any of the transactions
      contemplated herein or therein will conflict with, violate, constitute a breach
      of or a default (with the passage of time or otherwise) under, require the
      consent of any Person or a Governmental Authority (other than consents already
      obtained) or result in the imposition of a Lien on any assets of the Company
      or
      any of its Subsidiaries under or pursuant to (i) the Charter Documents, (ii)
      any
      Applicable Agreement, or (iii) any Applicable Law, other than in each of clause
      (ii) and (iii) such violations, breaches or defaults that do not, and would
      not,
      individually or in the aggregate, have a Material Adverse Effect. Immediately
      following consummation of the transactions contemplated in the Transaction
      Documents, no default will exist under the Notes.

     

    (i)  Governmental
      Filings.
      No
      filing with, consent, approval, authorization or order of, any Governmental
      Authority is required to be made by the Company or any of its Subsidiaries
      for
      the consummation of the transactions contemplated by the Transaction Documents,
      except as have been made or obtained prior to the date of this Agreement or
      obtained after the Closing in accordance with the terms of the Transaction
      Documents. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (j)  Proceedings.
      There
      is no action, claim, suit, demand, hearing, notice of violation or deficiency,
      or proceeding, domestic or foreign (collectively, “Proceedings”),
      pending or, to the knowledge of the Company, threatened, that seeks to restrain,
      enjoin, prevent the consummation of, or otherwise challenges any of the
      Transaction Documents or any of the transactions contemplated
      therein.

     

    (k)  Permits.
      Each of
      the Company and its Subsidiaries possesses all material licenses, permits,
      certificates, consents, orders, approvals and other authorizations from, and
      has
      made all declarations and filings with, all Governmental Authorities, presently
      required or necessary to own or lease, as the case may be, and to operate their
      respective properties and to carry on their respective businesses as now
      conducted (“Permits”),
      except where the failure to possess such permits could not, individually or
      in
      the aggregate, have a Material Adverse Effect. All of the Permits are valid
      and
      in full force and effect. Each of the Company and its Subsidiaries has fulfilled
      and performed all of its respective obligations with respect to such Permits
      and
      no event has occurred which allows, or after notice or lapse of time could
      allow, revocation or termination thereof or result in any other material
      impairment of the rights of the holder of any such Permit. None of the Company
      or its Subsidiaries has received actual notice of any Proceeding relating to
      revocation or modification of any such Permit.

     

    (l)  Title
      to Property.
      Each of
      the Company and its Subsidiaries has good and marketable title to all real
      property and personal property owned by it that is material to their respective
      businesses, in each case free and clear of any Liens as of the Closing Date.
      For
      unowned real property of the Company or its Subsidiaries that is currently
      used
      or currently planned to be used for the business operations of the Company
      or
      its Subsidiaries, each of the Company and its Subsidiary has good and marketable
      title to all leasehold estates in real and personal property being leased by
      it
      that is material to their respective businesses and, in each case free and
      clear
      of all Liens as of the Closing Date.

     

    (m)  Insurance.
      Each of
      the Company and its Subsidiaries maintains reasonably adequate insurance
      covering its material properties, operations, personnel and business, and is
      insured by insurers of recognized financial responsibility against such losses
      and risks and in such amounts as are prudent and customary in the businesses
      in
      which it is engaged. All policies of insurance insuring the Company and any
      of
      its Subsidiaries and their respective businesses, assets, employees, officers
      and directors are in full force and effect. Each of the Company and its
      Subsidiaries is in compliance with the terms of such policies and instruments
      in
      all material respects, and there are no claims by the Company or any of its
      Subsidiaries under any such policy or instrument as to which, to the Company’s
      knowledge, any insurance company is denying liability or defending under a
      reservation of rights clause. Neither the Company nor any Subsidiary has been
      refused any insurance coverage sought or applied for, and neither the Company
      nor any Subsidiary has any reason to believe that it will not be able to renew
      its existing insurance coverage as and when such coverage expires or to obtain
      similar coverage from similar insurers as may be necessary to continue its
      business at a cost that does not, and would not, individually or in the
      aggregate, have a Material Adverse Effect.

     

    (n)  Taxes.
      All Tax
      returns required to be filed by the Company or any of its Subsidiaries have
      been
      filed (taking into account all extensions of due dates), and all such returns
      are true, complete and correct in all material respects. All material Taxes
      that
      are due from the Company or any of its Subsidiaries have been paid other than
      those (i) currently payable without penalty or interest or (ii) being diligently
      contested in good faith and by appropriate proceedings and for which adequate
      reserves have been established in accordance with GAAP. To the knowledge of
      the
      Company, there are no proposed Tax assessments against the Company or any of
      its
      Subsidiaries. The accruals and reserves on the books and records of the Company
      and its Subsidiaries in respect of any Tax liability for any Taxable period
      not
      finally determined are adequate to meet any assessments of Tax for any such
      period. For purposes of this Agreement, the term “Tax”
and
      “Taxes”
shall
      mean all federal, state, national, provincial, local and foreign taxes, and
      other assessments of a similar nature (whether imposed directly or through
      withholding), including any interest, additions to tax, or penalties applicable
      thereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (o)  Intellectual
      Property.
      

     

    (i) Each
      of
      the Company and its Subsidiaries owns, or is validly licensed under, or has
      the
      right to use, all
      patents, patent rights, licenses, inventions, copyrights, know-how (including
      trade secrets and other unpatented and/or unpatentable proprietary or
      confidential information, systems, software or procedures), trademarks, service
      marks, trade names or master works, whether or not
      registered, filed, or issued under the authority of any governmental
      authority,
      (collectively, “Intellectual
      Property”)
      necessary
      for the conduct of its business and all Intellectual Properties owned by the
      Company and its Subsidiaries necessary for the conduct of their businesses
      are
      valid and in full force and effect. As of the Closing Date, such Intellectual
      Property is or will be free and clear of all Liens, except where the failure
      to
      own, possess, or have the right to use such Intellectual Property does not,
      and
      would not, individually or in the aggregate, have a Material Adverse Effect.
      To
      the Company’s knowledge, no Proceedings have been asserted by any Person
      challenging the use of any such Intellectual Property by the Company or any
      of
      its Subsidiaries or questioning the validity or effectiveness of the
      Intellectual Property or any license or agreement related thereto, and, to
      the
      Company’s knowledge, there are no facts which would form a valid basis for any
      such Proceeding. To the Company’s knowledge, the use of such Intellectual
      Property by the Company or any of its Subsidiaries will not infringe on the
      Intellectual Property rights of any other Person. 

     

    (ii) Each
      of
      the Company and its Subsidiaries has taken reasonable steps and measures to
      establish and preserve ownership of or right to use all Intellectual Property
      material to the operation of its business, including any Intellectual Property
      that was jointly developed with any third-parties, or any Intellectual Property
      for which improper or unauthorized disclosure would impair its value or
      validity, and has had executed appropriate nondisclosure and confidentiality
      agreements and made all appropriate filings, registrations and payments of
      fees
      in connection with the foregoing. To the Company’s knowledge, there is no
      infringement or misappropriation by any other Person of any Intellectual
      Property of the Company or its Subsidiaries. No Proceedings in which the Company
      or any of its Subsidiaries alleges that any Person is infringing upon, or
      otherwise violating, any Intellectual Property of the Company or its
      Subsidiaries are pending, and none has been served, instituted or asserted
      by
      the Company or its Subsidiaries.

     

    (iii) No
      former
      or current employee, no former or current consultant, and no third-party joint
      developer of the Company or its Subsidiaries has any rights in any Intellectual
      Property made, developed, conceived, created or written by the aforesaid
      employee or consultant during the period of his or her retention by the Company
      and its Subsidiaries which can be asserted against the Company and its
      Subsidiaries.

     

    (iv) No
      Intellectual Property owned by the Company or its Subsidiaries necessary for
      the
      conduct of their business is the subject of any Lien, license or other contract
      granting rights or security interest therein to any other Person, except for
      Liens, licenses or other contracts granting rights or security interest that
      do
      not materially interfere with the use made and proposed to be made of such
      Intellectual Property by the Company and the Subsidiaries. Each of the Company
      and its Subsidiaries has not (A) transferred or assigned, (B) granted an
      exclusive license to or (C) provided or licensed, any Intellectual Property
      owned by the Company or its Subsidiaries and necessary for the conduct of their
      business to any Person.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (p)  Internal
      Controls.
      Each of
      the Company and its Subsidiaries maintains a system of internal accounting
      controls sufficient to provide reasonable assurance that (i) transactions
      are executed in accordance with management’s general or specific authorization,
      (ii) transactions are recorded as necessary to permit preparation of financial
      statements in conformity with GAAP and to maintain asset accountability, (iii)
      access to assets is permitted only in accordance with management’s general or
      specific authorization and (iv) the recorded accountability for assets is
      compared with the existing assets at reasonable intervals and appropriate action
      is taken with respect to any material differences.

     

    (q)  Financial
      Statements.
      Subsequent to the date of the Company’s audited financial statements filed for
      the year ended December 31, 2005, except as disclosed therein or in any
      subsequent SEC Report, (A) neither the Company nor any of its Subsidiaries
      has
      incurred any liabilities, direct or contingent, that are material, individually
      or in the aggregate, to the Company, or has entered into any material
      transactions not in the ordinary course of business, (B) there has not been
      any
      material decrease in the capital stock or any material increase in long-term
      indebtedness or any material increase in short-term indebtedness of the Company
      or any Subsidiary, or any payment of or declaration to pay any dividends or
      any
      other distribution with respect to the Company or any of its Subsidiaries,
      and
      (C) there has not been any material adverse change in the properties, business,
      prospects, operations, earnings, assets, liabilities or condition (financial
      or
      otherwise) of the Company and its Subsidiaries taken as a whole; excluding
      any
      changes caused by (x) the condition of the industry of the Company that do
      not
      disproportionately affect the Company, (y) the failure of the Company to meet
      its financial projections or (z) the execution and delivery of this Agreement
      and consummation of the transactions contemplated hereby (each of clauses (A),
      (B) and (C), a “Material
      Adverse Change”).
      To
      the knowledge of the Company, there is no event that is reasonably likely to
      occur in the foreseeable future, which if it were to occur, could, individually
      or in the aggregate, have a Material Adverse Change.

     

    (r)  Indebtedness.
      All
      Indebtedness represented by the Notes is being incurred for proper purposes
      and
      in good faith. Based on the financial condition of the Company as of the Closing
      Date after giving effect to the receipt by the Company of the proceeds from
      the
      sale of the Notes hereunder, (i) the fair saleable value of the Company’s and
      its Subsidiaries’ assets taken as a whole exceeds the amount that will be
      required to be paid on or in respect of the Company’s and its Subsidiaries’
existing debts and other liabilities (including contingent liabilities) as
      they
      mature; (ii) the present fair saleable value of the assets of the Company and
      its Subsidiaries taken as a whole is greater than the amount that will be
      required to pay the probable liabilities of the Company and its Subsidiaries
      on
      their respective debt as they become absolute and mature, and (iii) the Company
      and its Subsidiaries taken as a whole are able to realize upon their assets
      and
      pay their debt and other liabilities (including contingent obligations) as
      they
      mature; (iv) the Company’s and its Subsidiaries’ assets taken as a whole do not
      constitute unreasonably small capital to carry on their respective businesses
      as
      now conducted and as proposed to be conducted including their respective capital
      needs taking into account the particular capital requirements of the business
      conducted by the Company or its Subsidiaries, and projected capital requirements
      and capital availability thereof; and (v) the current cash flow of each of
      the
      Company and its Subsidiaries, together with the proceeds the Company would
      receive, were it to liquidate all of its assets, after taking into account
      all
      anticipated uses of the cash, would be sufficient to pay all amounts on or
      in
      respect of its liabilities when such amounts are required to be paid. Neither
      the Company nor any of its Subsidiaries intends to incur debts beyond its
      ability to pay such debts as they mature (taking into account the timing and
      amounts of cash to be payable on or in respect of its debt). The Company has
      no
      knowledge of any facts or circumstances which lead it to believe that it or
      any
      of its Subsidiaries will file for reorganization or liquidation under the
      bankruptcy or reorganization laws of any jurisdiction within one year from
      the
      Closing Date. Neither the Company nor any Subsidiary is, or has reason to
      believe it is likely to be, in default with respect to any indebtedness and
      no
      waiver of default is currently in effect. Neither the Company nor any of its
      Subsidiaries has agreed or consented to cause or permit in the future (upon
      the
      happening of a contingency or otherwise) any of its property, whether now owned
      or hereafter acquired, to be subject to a Lien. Neither the Company nor any
      of
      its Subsidiaries is a party to, or otherwise subject to any provision contained
      in, any instrument evidencing indebtedness of the Company or such Subsidiary,
      any agreement relating thereto or any other agreement (including, but not
      limited to, its charter or other organizational document) which limits the
      amount of, or otherwise imposes restrictions on the incurring of, indebtedness
      of the Company. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (s)  No
      Stabilization.
      None of
      the Company or its Subsidiaries has and, to each of its knowledge after due
      inquiry, no one acting on its behalf has, (i) taken, directly or indirectly,
      any
      action designed to cause or to result in, or that has constituted or which
      might
      reasonably be expected to constitute, the stabilization or manipulation of
      the
      price of any security of either the Company or its Subsidiaries to facilitate
      the sale or resale of any of the Notes, (ii) sold, bid for, purchased, or paid
      anyone any compensation for soliciting purchases of, the Notes, or (iii) paid
      or
      agreed to pay to any person any compensation for soliciting another to purchase
      any other securities of the Company or its Subsidiaries.

     

    (t)  No
      Sale to the U.S.
      None of
      the Company, its Subsidiaries, their respective Affiliates, or any person acting
      on its or their behalf has, directly or indirectly, made offers or sales of
      any
      security, or solicited offers to buy, sell or offer to sell or otherwise
      negotiate in respect of, in the United States or to any United States citizen
      or
      resident, any security which is or would be integrated with the sale of the
      Notes in a manner or under circumstances that would require the registration
      of
      the Notes under the Act.

     

    (u)  No
      Directed Selling Efforts.
      None of
      the Company, its Subsidiaries, their respective Affiliates, or any person acting
      on its or their behalf (other than the Purchaser, its Affiliates or persons
      acting on their behalf, as to whom the Company makes no representation) has
      engaged in any directed selling efforts (within the meaning of Regulation S)
      with respect to the Notes; and each of the Company, its Subsidiaries, their
      respective Affiliates and each person acting on its or their behalf has complied
      with the offering restrictions requirement of Regulation S. 

     

    (v)  No
      Registration.
      Assuming the accuracy of the Purchaser’s representations and warranties set
      forth in Section 8, no registration under the Act of the Notes is required
      for
      the offer and sale of the Notes to the Purchaser in the manner contemplated
      herein.

     

    (w)  Eligibility.
      The
      Notes satisfy the eligibility requirements of Rule 144A(d)(3) under the
      Act.

     

    (x)  Labor
      Matters.
      There
      is no strike or other labor dispute involving the Company or any Subsidiary
      pending or threatened, which could, individually or in the aggregate, have
      a
      Material Adverse Effect. There is no employment related charge, complaint,
      grievance, investigation, unfair labor practice claim or inquiry of any kind,
      pending against the Company or any Subsidiary that could, individually or in
      the
      aggregate, have a Material Adverse Effect. 

     

    (y)  Brokers
      and Finders.
      The
      Company has not engaged any broker, finder, commission agent or other similar
      person in connection with the transactions contemplated under the Transaction
      Documents, and the Company is not under any obligation to pay any broker’s fee
      or commission in connection with such transactions.

     

    (z)  Environmental
      Matters.
      Each of
      the Company and its Subsidiaries (i) is in compliance with any and all currently
      applicable foreign, federal, state, national, provincial, and local laws and
      regulations relating to the protection of the environment or hazardous or toxic
      substances or wastes, pollutants or contaminants (“Environmental
      Laws”),
      (ii) has received and is in compliance with all permits, licenses or other
      approvals required of it under applicable Environmental Laws to conduct its
      business, (iii) has not received actual notice of any actual or potential
      liability for the investigation or remediation of any disposal or release of
      hazardous or toxic substances or wastes, pollutants or contaminants, (iv)
      neither the Company nor any of its Subsidiaries has knowledge of any facts
      which
      would give rise to any Proceedings, public or private, against it of violation
      of Environmental Laws arising out of the operations of the Company and its
      Subsidiaries, except, in each case, such as would not reasonably be expected
      to
      result in a Material Adverse Effect; and (v) neither the Company nor any of
      its
      Subsidiaries has stored any hazardous materials on real properties now or
      formerly owned, leased or operated by any of them, and has not disposed of
      any
      hazardous materials, in a manner contrary to any Environmental Laws; except
      as
      to each of the foregoing where such non-compliance with Environmental Laws,
      failure to receive required permits, licenses or other approvals, or liability
      would not, individually or in the aggregate, have a Material Adverse
      Effect.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    In
      the
      ordinary course of its business, the Company periodically reviews the effect
      of
      Environmental Laws on the business, operations and properties of the Company
      and
      its Subsidiaries, in the course of which it identifies, estimates and evaluates
      associated costs and liabilities (including, without limitation, any capital
      or
      operating expenditures required for clean-up, closure of properties or
      compliance with Environmental Laws, or any permit, license or approval, any
      related constraints on operating activities and any potential liabilities to
      third parties). On the basis of such review, the Company has reasonably
      concluded that such associated costs would not, individually or in the
      aggregate, have a Material Adverse Effect.

     

    (aa)  Encumbrances.
      As of
      the Closing Date, except for any such restrictions provided under the laws
      of
      the jurisdiction of incorporation of the Company or the Subsidiary, as
      applicable, there will be no encumbrances or restrictions on the ability of
      the
      Company or any Subsidiary (i) to pay dividends or make other distributions
      on
      such parties’ capital stock or to make loans or advances or pay any indebtedness
      to, or investments in, the Company or any Subsidiary, or (ii) to transfer any
      of
      its property or assets to the Company or any Subsidiary, except for such
      restrictions set forth in the Transaction Documents.

     

    (bb)  Foreign
      Corrupt Practices Act.
      Neither
      the Company or its Subsidiaries, nor to the knowledge of the Company, any agent
      or other person acting on behalf of the Company or its Subsidiaries, has,
      including without limitation in connection with the Acquisition (as defined
      in
      Section 7(f) below), directly or indirectly, (i) has used any funds, or will
      use
      any proceeds from the sale of the Notes, for unlawful contributions, gifts,
      entertainment or other unlawful expenses related to foreign or domestic
      political activity, (ii) has made any unlawful payment to foreign or domestic
      government officials or employees or to any foreign or domestic political
      parties or campaigns from corporate funds, (iii) has failed to disclose fully
      any contribution made by the Company or its Subsidiaries (or made by any person
      acting on its behalf of which the Company is aware) which is in violation of
      law, or (iv) has violated in any material respect any provision of the Foreign
      Corrupt Practices Act of 1977, as amended.

     

    (cc)  Ranking
      of Obligations.
      The
      payment obligations of the Company under this Agreement will rank at least
      pari
      passu,
      without
      preference or priority, with all other unsecured and unsubordinated indebtedness
      of the Company. 

     

    (dd)  Related
      Party Transactions.
      Other
      than as set forth in the SEC Reports, no material relationship, direct or
      indirect, exists between or among any of the Company or its Subsidiaries or
      any
      Affiliate of the Company or its subsidiaries, on the one hand, and any former
      or
      current director, officer, stockholder, customer or supplier of any of them
      (including any member of their immediate family), on the other
      hand.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (ee)  Investment
      Company.
      The
      Company and its Subsidiaries are not, and as a result of the offer and sale
      of
      the Notes contemplated herein will not be, required to register as an
“investment company” under, and as such term is defined in, the U.S. Investment
      Company Act of 1940, as amended in connection with or as a result of the offer
      and sale of the Notes.

     

    (ff)  PFIC.Neither
      the Company nor any of its Subsidiaries is or intends to become a “passive
      foreign investment company” within the meaning of Section 1297 of the Code
      (“PFIC”). 
      The Company will use commercially reasonable efforts not to become, and cause
      its Subsidiaries not to become, a PFIC.  If the Company determines that
      either it or any of its Subsidiaries has become a PFIC, it will promptly notify
      the Purchaser and provide all information requested by the Purchaser that is
      necessary for the Purchaser to make a qualified electing fund (QEF) election.
      

     

    (gg)  OFAC.
      Neither
      the Company nor, to the knowledge of the Company, any director, officer, agent,
      employee, Affiliate or Person acting on behalf of the Company is currently
      subject to any U.S. sanctions administered by the Office of Foreign Assets
      Control of the U.S. Treasury Department (“OFAC”);
      and
      the Company will not directly or indirectly use the proceeds of the sale of
      the
      Notes, or lend, contribute or otherwise make available such proceeds to any
      Subsidiary, joint venture partner or other Person or entity, towards any sales
      or operations in Cuba, Iran, Syria, Sudan, Myanmar or any other
      country sanctioned by OFAC or for the purpose of financing the activities of
      any
      person currently subject to any U.S. sanctions administered by
      OFAC.

     

    (hh)  Money
      Laundering Laws.
      The
      operations of the Company and its Subsidiaries are and have been conducted
      at
      all times in compliance with the money laundering statutes of applicable
      jurisdictions, the rules and regulations thereunder and any related or similar
      rules, regulations or guidelines, issued, administered or enforced by any
      applicable governmental agency (collectively, the “Money
      Laundering Laws”)
      and no
      action, suit or proceeding by or before any court or governmental agency,
      authority or body or any arbitrator involving the Company or any of its
      Subsidiaries with respect to the Money Laundering Laws is pending or, to the
      best knowledge of the Company, threatened.

     

    (ii)  Full
      Disclosure.
      All
      disclosure furnished by or on behalf of the Company to the Purchaser regarding
      the Company and its Subsidiaries, their respective businesses and the
      transactions contemplated under the Transaction Documents, including the SEC
      Reports, with respect to the representations and warranties made herein are
      true
      and correct with respect to such representations and warranties and do not
      contain any untrue statement of a material fact or omit to state any material
      fact necessary in order to make the statements made therein, in light of the
      circumstances under which they were made, not misleading. The Company
      acknowledges and agrees that the Purchaser does not make any representations
      or
      warranties with respect to the transactions contemplated hereby other than
      those
      specifically set forth in Section 8 hereof.

     

    The
      Company does not make any representations or warranties with respect to the
      transactions contemplated in this Agreement other than those specifically set
      forth in this Section 6.

     

    7.  Covenants
      of the Company.

     

    The
      Company hereby agrees: 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (a)  As
      long
      as any of the Notes are “restricted securities” within the meaning of Rule
      144(a)(3) or Rule 905 under the Act, to, during any period in which the Company
      is not subject to and in compliance with Section 13 or 15(d) of the Exchange
      Act, provide to each holder of such restricted securities and to each
      prospective purchaser (as designated by such holder) of such restricted
      securities, upon the request of such holder or prospective purchaser, any
      information required to be provided by Rule 144A(d)(4) under the
      Act.

     

    (b)  To
      do and
      perform all things required to be done and performed under the Transaction
      Documents prior to and after the Closing Date.

     

    (c)  To
      pay
      all stamp, documentary and transfer taxes and other duties, if any, which may
      be
      imposed by any Governmental Authorities or any political subdivision thereof
      or
      taxing authority thereof or therein with respect to the issuance of the Notes
      or
      the sale thereof to the Purchaser.

     

    (d)  The
      Company agrees that it will not register any transfer of the Notes that is
      not
      (i) made in accordance with the provisions of Regulation S under the Act, (ii)
      made pursuant to registration under the Act, or (iii) made pursuant to an
      available exemption under the Act.

     

    (e)  Prior
      to
      February 16, 2007, the Company shall not, without the express prior written
      consent of the Purchaser (which consent shall be at the Purchaser’s sole
      discretion), pursue or discuss any capital raising transaction or transactions
      with any Person other than the Purchaser or its Affiliates (“Outside
      Financing”).
      

     

    (f)  The
      Company shall procure that the proceeds from the sale and purchase of the Notes
      are used by it to finance the acquisition of the companies as listed in
Exhibit
      D
      (the
“Acquisition”).

     

    (g)  The
      Company shall procure that the balance of the proceeds from the sale and
      purchase of the Notes (net of the use of proceeds in Section 7(f) above) are
      used by it for capital expenditures and working capital. 

     

    (h)  The
      Company shall not, and shall procure that its Subsidiaries shall not, do
      anything or take any step, action or measure (or omit to take the same), that
      has or could be reasonably expected to have, individually or in the aggregate,
      a
      Material Adverse Effect.

     

    (i)  The
      Company shall not, and shall procure that its Subsidiaries shall not, directly
      or indirectly, incur, grant or suffer to exist any Lien, other than Liens
      arising by operation of law or any Lien or retention of title arrangement
      arising by agreement to substantially the same effect and in the ordinary course
      of business and not as a result of any default or omission.

     

    (j)  Until
      all
      amounts outstanding under the Notes have been repaid in full, the Company shall
      not, and shall procure that its Subsidiaries shall not, declare, make or pay,
      or
      pay interest on any unpaid amount of, any dividend, charge, fee or other
      distribution (whether in cash or in kind) on or in respect of its shares or
      share capital (or any class of its share capital) where this would result in
      any
      amounts being paid to any Person other than the Company.

     

    8.  Purchaser’s
      Representations, Warranties and Agreements.
      The
      Purchaser represents and warrants to the Company that:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (a)  it
      is not
      a “U.S. Person” (as defined in Rule 902 of Regulation S under the Act) and it
      understands that no action has been or will be taken in any jurisdiction by
      the
      Company that would permit a public offering of the Notes in any country or
      jurisdiction where action for that purpose is required. The Purchaser is not
      acquiring the Notes for the account or benefit of any U.S. persons except in
      accordance with exemption from registration requirements of the Act below or
      in
      a transaction not subject thereto.

     

    (b)  The
      Purchaser is not acquiring the Notes with a view to any distribution thereof
      that would violate the Act or the securities laws of any state of the United
      States or any other applicable jurisdiction.

     

    (c)  The
      Purchaser (A) agrees on its own behalf and on behalf of any investor account
      for
      which it has purchased the Notes that it will not offer, sell or otherwise
      transfer any of the Notes prior to the date which is 40 days after the later
      of
      the date of the commencement of the offering and the date of original issuance
      (or of any predecessor of any Note proposed to be transferred by the Purchaser)
      and (y) such later date, if any, as may be required by applicable law (the
      “Resale
      Restriction Termination Date”),
      except (a) to the Company, (b) pursuant to a registration statement that has
      been declared effective under the Act, (c) for so long as any Note is eligible
      for resale pursuant to Rule 144A under the Act, to a person it reasonably
      believes is a “qualified institutional buyer” as defined in Rule 144A that
      purchases for its own account or for the account of another qualified
      institutional buyer to whom notice is given that the transfer is being made
      in
      reliance on Rule 144A, (d) pursuant to offers and sales to Persons who are
      not
“U.S. Persons” (within the meaning of Regulation S) that occur outside the
      United States within the meaning of Regulation S or (e) pursuant to any other
      available exemption from the registration requirements of the Act, and (B)
      agrees that it will give to each person to whom such Note is transferred a
      notice substantially to the effect of this paragraph. 

     

    (d)  No
      form
      of “directed selling efforts” (as defined in Rule 902 of Regulation S under the
      Act), general solicitation or general advertising in violation of the Act has
      been or will be used nor will any offers by means of any directed selling
      efforts in the United States be made by the Purchaser or any of its
      representatives in connection with the offer and sale of any of the
      Notes.

     

    (e)  The
      Notes
      to be acquired by the Purchaser will be acquired for investment for the
      Purchaser’s own account, not as a nominee or agent, and not with a view to the
      resale or distribution of any part thereof, and that the Purchaser has no
      present intention of selling, granting any participation in, or otherwise
      distributing the same. The Purchaser does not presently have any contract,
      undertaking, agreement or arrangement with any Person to sell, transfer or
      grant
      participations to such Person or to any third Person, with respect to any of
      the
      Notes. 

     

    9.  Conditions
      to Purchase Notes at Closing.

     

    9.1
      Conditions Precedent to the Obligations of the Purchaser to Purchase the
      Notes:
      The
      Purchaser’s obligation to purchase the Notes under this Agreement is subject to
      the satisfaction or waiver of each of the following conditions:

     

    (a)  All
      the
      representations and warranties of the Company and the Shareholder contained
      in
      each Transaction Document shall be true and correct as of the date hereof and
      at
      the Closing Date. The Company and the Shareholder shall have performed,
      satisfied and complied with all covenants, agreements and conditions required
      by
      the Transaction Documents to be performed, satisfied or complied with by them
      at
      or prior to the Closing. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (b)  No
      injunction, restraining order or order of any nature by a Governmental Authority
      shall have been issued as of the Closing Date that could prevent or materially
      interfere with the consummation of the transactions contemplated under the
      Transaction Documents; and no stop order suspending the qualification or
      exemption from qualification of any of the Notes in any jurisdiction shall
      have
      been issued and no Proceeding for that purpose shall have been commenced or,
      to
      the knowledge of the Company after due inquiry, be pending or threatened as
      of
      the Closing Date.

     

    (c)  No
      action
      shall have been taken and no Applicable Law shall have been enacted, adopted
      or
      issued that could, as of the Closing Date, reasonably be expected to prevent
      the
      consummation of the transactions contemplated under the Transaction Documents.
      No Proceeding shall be pending or, to the knowledge of the Company after due
      inquiry, threatened other than Proceedings that if adversely determined could
      not, individually or in the aggregate, adversely affect the issuance or
      marketability of the Notes, or could not, individually or in the aggregate,
      have
      a Material Adverse Effect.

     

    (d)  The
      Purchaser shall have received on the Closing Date:

     

    (i)  complete,
      true and up to date copies of all agreements relating to and evidencing the
      Acquisition satisfactory to the Purchaser;

     

    (ii)  a
      certificate dated the Closing Date, signed by the Chief Executive Officer of
      the
      Company on behalf of the Company to the effect that (a) the representations
      and
      warranties set forth in Section 6 are true and correct with the same force
      and
      effect as though expressly made at and as of the Closing Date, (b) the Company
      has complied with all agreements and satisfied all conditions on its part to
      be
      performed or satisfied hereunder at or prior to the Closing Date, (c) at the
      Closing Date, since the date hereof, no event or events have occurred, no
      information has become known nor does any condition exist that could,
      individually or in the aggregate, have a Material Adverse Effect, and (d) the
      sale of any of the Notes has not been enjoined (temporarily or
      permanently);

     

    (iii)  a
      certificate dated the Closing Date, signed by the Shareholder, to the effect
      that (a) the representations and warranties set forth in the Share Pledge
      Agreement which are given by the Shareholder are true and correct with the
      same
      force and effect as though expressly made at and as of the Closing Date, (b)
      the
      Shareholder has complied with all agreements and satisfied all conditions on
      its
      part to be performed or satisfied under the Share Pledge Agreement at or prior
      to the Closing Date,

     

    (iv)  a
      certificate dated the Closing Date, signed by the Secretary of the Company,
      including specimen signatures of those officers of the Company authorized to
      sign the Transaction Documents on behalf of the Company, attaching true,
      complete and up to date copies of the certificate of incorporation and by-laws
      of the Company, attaching the certificate of good standing of the Company and
      certifying as to such other maters as the Purchaser may reasonably
      require;

     

    (v)  stock
      powers executed (but undated) by the Shareholder and share certificates relating
      to the shares pledged by the Shareholder in the Company; 

     

    (vi)  the
      opinions of Thelen Reid Brown Raysman & Steiner LLP, U.S. counsel to the
      Company, dated the Closing Date, in the form and substance satisfactory to
      the
      Purchaser;

     

    (vii)  the
      opinions of Harney Westwood & Riegels, British Virgin Islands counsel to the
      Shareholder, dated the Closing Date, in the form and substance satisfactory
      to
      the Purchaser; and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (viii)  the
      opinions of Jian Da Law Firm, PRC counsel to the Shareholder, dated the Closing
      Date, in the form and substance satisfactory to the Purchaser in its sole
      discretion.

     

    (e)  Each
      of
      the Transaction Documents shall have been executed and delivered by all parties
      thereto, and the Purchaser shall have received a fully executed original (or
      clearly legible facsimile copy) of each Transaction Document.

     

    (f)  The
      Purchaser shall have received copies of all documents delivered under or in
      connection with the transactions contemplated in the Transaction Documents
      that
      are required to be delivered at or prior to the Closing Date.

     

    (g)  None
      of
      the other parties to any of the Transaction Documents shall be in breach or
      default under their respective obligations thereunder.

     

    (h)  The
      Purchaser and its counsel shall be satisfied that
      (i)
      the Lien
      granted to the Purchaser in the Share Pledge Agreement is a first priority
      Lien;
      and
      (ii)
      no Lien
      exists on any of the Collateral other than the Lien granted in favor of the
      Purchaser.

     

    (i)  The
      board
      of directors of the Company shall have approved and authorized by all necessary
      corporate or other action (i) the execution and delivery of the Transaction
      Documents, (ii) all actions to be performed or satisfied under the Transaction
      Documents, (iii) the consummation of the transactions contemplated by the
      Transaction Documents, (iv) the pricing terms of the Notes, and (v) all other
      actions necessary in connection with the transactions contemplated by the
      Transaction Documents and the offering of the Notes, and shall have provided
      the
      Purchaser with a copy of such authorizations. 

     

    (j)  The
      Purchaser shall have completed and be satisfied with the results of all
      business, legal and financial due diligence, and any items requiring correction
      identified by the Purchaser shall have been corrected to the Purchaser’s
      satisfaction.

     

    (k)  The
      Purchaser shall have received all necessary internal approval for the
      transactions contemplated hereunder or under the Transaction
      Documents.

     

    9.2
      Conditions Precedent to the Obligations of the Company to Sell the
      Notes:
      The
      Company’s obligation to sell the Notes under this Agreement is subject to the
      satisfaction or waiver of each of the following conditions:

     

    (a)  All
      the
      representations and warranties of the Purchaser contained in each Transaction
      Document shall be true and correct as of the date hereof and at the Closing
      Date. 

     

    (b)  No
      injunction, restraining order or order of any nature by a Governmental Authority
      shall have been issued as of the Closing Date that could prevent or materially
      interfere with the consummation of the transactions contemplated under the
      Transaction Documents; and no stop order suspending the qualification or
      exemption from qualification of any of the Notes in any jurisdiction shall
      have
      been issued and no Proceeding for that purpose shall have been commenced or,
      to
      the knowledge of the Company after due inquiry, be pending or threatened as
      of
      the Closing Date.

     

    (c)  No
      action
      shall have been taken and no Applicable Law shall have been enacted, adopted
      or
      issued that could, as of the Closing Date, reasonably be expected to prevent
      the
      consummation of the transactions contemplated under the Transaction Documents.
      No Proceeding shall be pending or, to the knowledge of the Company after due
      inquiry, threatened other than Proceedings that if adversely determined could
      not, individually or in the aggregate, adversely affect the issuance or
      marketability of the Notes, or could not, individually or in the aggregate,
      have
      a Material Adverse Effect.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (d)  Each
      of
      the Transaction Documents shall have been executed and delivered by all parties
      thereto, and the Company shall have received a fully executed original (or
      clearly legible facsimile copy) of each Transaction Document to which the
      Purchase is a party..

     

    10.  Indemnification.

     

    (a)  The
      Company (the “Indemnifying
      Party”)
      agrees
      to indemnify and hold harmless the Purchaser, each of its Affiliates and their
      respective officers, directors, partners, shareholders, counsel, employees
      and
      agents (the Purchaser and each such other person being referred to as an
“Indemnified
      Party”),
      to
      the fullest extent lawful, from and against any losses, claims, damages,
      liabilities and reasonable expenses (or actions in respect thereof), as
      incurred, related to or arising out of or in connection with:

     

    (i)  actions
      taken or omitted to be taken by the Company or its Affiliates, officers,
      directors, employees or agents; or

     

    (ii)  any
      breach by the Company or its Affiliates of any of the representations,
      warranties, covenants and agreements set forth in any Transaction
      Document,

     

    and
      will
      reimburse the Indemnified Parties for all reasonable expenses (including,
      without limitation, fees and expenses of counsel) as they are incurred in
      connection with investigating, preparing, defending or settling any such action
      or claim, whether or not in connection with litigation in which any Indemnified
      Party is a named party. If any of the Indemnified Parties’ personnel appears as
      witnesses, are deposed or are otherwise involved in the defense of any action
      against an Indemnified Party, the Company will reimburse the Purchaser for
      all
      reasonable expenses incurred by the Purchaser by reason of any of the
      Indemnified Parties being involved in any such action. 

     

    (b)  As
      promptly as reasonably practical after receipt by an Indemnified Party under
      this Section 10 of notice of the commencement of any action for which such
      Indemnified Party is entitled to indemnification under this Section 10, such
      Indemnified Party will, if a claim in respect thereof is to be made against
      the
      Indemnified Party under this Section 10, notify the Indemnifying Party of the
      commencement thereof in writing; but the omission to so notify the Indemnifying
      Party (i) will not relieve such Indemnifying Party from any liability under
      paragraph (a) above unless and only to the extent it is materially prejudiced
      as
      a result thereof and (ii) will not, in any event, relieve the Indemnifying
      Party
      from any obligations to any Indemnified Party otherwise than the indemnification
      obligation provided in paragraph (a) above. In case any such action is brought
      against any Indemnified Party, and it notifies the Indemnifying Party of the
      commencement thereof, the Indemnifying Party will be entitled to participate
      therein and, to the extent that it may determine, jointly with any other
      Indemnifying Party similarly notified, to assume the defense thereof, with
      counsel satisfactory to such Indemnified Party (who shall not, except with
      the
      consent of the Indemnified Party, be counsel to the Indemnifying Party) at
      the
      expense of the Indemnifying Party; provided, however, that if (i) the use of
      counsel chosen by the Indemnifying Party to represent the Indemnified Party
      would present such counsel with a conflict of interest, (ii) the actual or
      potential defendants in, or targets of, any such action include both the
      Indemnified Party and the Indemnifying Party and the Indemnified Party shall
      have been advised by counsel that there may be one or more legal defenses
      available to it and/or other Indemnified Party that are different from or
      additional to those available to the Indemnifying Party, (iii) the Indemnifying
      Party shall not have employed counsel satisfactory to the Indemnified Party
      to
      represent the Indemnified Party within a reasonable time after notice of the
      institution of such action or (iv) the Indemnifying Party shall authorize the
      Indemnified Party to employ separate counsel at the expense of the Indemnifying
      Party, then, in each such case, the Indemnifying Party shall not have the right
      to direct the defense of such action on behalf of such Indemnified Party or
      parties and such Indemnified Party or parties shall have the right to select
      separate counsel (including local counsel) to defend such action on behalf
      of
      such Indemnified Party or parties at the expense of the Indemnifying Party.
      After notice from the Indemnifying Party to such Indemnified Party of its
      election so to assume the defense thereof and approval by such Indemnified
      Party
      of counsel appointed to defend such action, the Indemnifying Party will not
      be
      liable to such Indemnified Party under this Section 10 for any legal or other
      expenses, other than reasonable costs of investigation, subsequently incurred
      by
      such Indemnified Party in connection with the defense thereof, unless the
      Indemnified Party shall have employed separate counsel in accordance with the
      proviso to the immediately preceding sentence (it being understood, however,
      that in connection with such action the Indemnifying Party shall not be liable
      for the expenses of more than one separate counsel (in addition to local
      counsel) in any one action or separate but substantially similar actions in
      the
      same jurisdiction arising out of the same general allegations or circumstances,
      representing the Indemnified Party who are parties to such action or actions).
      The Indemnifying Party shall not, without the prior written consent of the
      Indemnified Party, effect the settlement or compromise of, or consent to the
      entry of any judgment with respect to, any pending or threatened action or
      claim
      in respect of which indemnification or contribution may be sought hereunder
      (whether or not the Indemnified Party is an actual or potential party to such
      action or claim) unless such settlement, compromise or judgment (i) includes
      an
      unconditional release of the Indemnified Party from all liability arising out
      of
      such action or claim and (ii) does not include a statement as to or an admission
      of fault, culpability or a failure to act, by or on behalf of any Indemnified
      Party.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (c)  The
      indemnity and expense reimbursement obligations set forth herein (i) shall
      be in
      addition to any liability the Company may otherwise have to any Indemnified
      Party, (ii) shall remain operative and in full force and effect regardless
      of
      any investigation made by or on behalf of the Purchaser or any other Indemnified
      Party and (iii) shall be binding on any successor or assign of the Company
      or
      its business and assets. 

     

    11.  Termination.
      

     

    (a)  The
      Purchaser may terminate this Agreement at any time prior to the Closing Date
      by
      written notice to the Company if any of the following has occurred:

     

    (iii)  since
      the
      date hereof, any Material Adverse Effect or development involving or reasonably
      expected to result in a prospective Material Adverse Effect that could, in
      the
      Purchaser’s reasonable judgment, be expected to (A) make it impracticable or
      inadvisable to proceed with the consummation of the transaction on the terms
      and
      in the manner contemplated in this Agreement or (B) materially impair the
      investment quality of any of the Notes;

     

    (iv)  the
      failure of the Company or any Shareholder to satisfy the conditions contained
      in
      Section 9 on or prior to the Closing Date;

     

    (v)  any
      outbreak or escalation of hostilities or other national or international
      calamity or crisis, including acts of terrorism, or material adverse change
      or
      disruption in economic conditions in, or in the financial markets of, the United
      States, the European Union, the Peoples’ Republic of China or Hong Kong (it
      being understood that any such change or disruption shall be relative to such
      conditions and markets as in effect on the date hereof), if the effect of such
      outbreak, escalation, calamity, crisis, act or material adverse change in the
      economic conditions in, or in the financial markets of, the United States,
      the
      European Union, the Peoples’ Republic of China or Hong Kong could be reasonably
      expected to make it, in the Purchaser’s sole judgment, impracticable or
      inadvisable to proceed with the consummation of the transaction on the terms
      and
      in the manner contemplated in this Agreement;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (vi)  trading
      in the Common Stock shall have been suspended by the OTC market or the
      suspension or limitation of trading generally in securities on the New York
      Stock Exchange, the American Stock Exchange, the London Stock Exchange, the
      Hong
      Kong Stock Exchange, the NASDAQ Capital Market or the NASDAQ Global Market
      or
      any setting of limitations on prices for securities on any such exchange or
      the
      NASDAQ Capital Market or the NASDAQ Global Market;

     

    (vii)  the
      enactment, publication, decree or other promulgation after the date hereof
      of
      any Applicable Law that could be reasonably expected to have a Material Adverse
      Effect; or

     

    (viii)  the
      declaration of a banking moratorium by any federal or New York state
      Governmental Authority; or the taking of any action by any Governmental
      Authority after the date hereof in respect of its monetary or fiscal affairs
      that could reasonably be expected to have a material adverse effect on the
      financial markets in the United States, European Union, the Peoples’ Republic of
      China, Hong Kong or elsewhere.

     

    (b)  The
      Company may terminate this Agreement at any time prior to the Closing Date
      by
      written notice to the Purchaser based upon the Purchaser’s intentional breach of
      its representations, warranties, covenants and obligations under this
      Agreement.

     

    12.  Survival
      of Representations and Indemnities.
      The
      representations and warranties, covenants, indemnities and contribution and
      expense reimbursement provisions and other agreements of the Company set forth
      in this Agreement shall remain operative and in full force and effect, and
      will
      survive, regardless of (i) any investigation, or statement as to the results
      thereof, made by or on behalf of the parties hereto, and (ii) acceptance of
      the
      Notes, and payment for them hereunder.

     

    13.  Substitution
      of Purchaser.
      The
      Purchaser shall have the right to substitute any one of its Affiliates as the
      purchaser of the Notes, by written notice to the Company, which notice shall
      be
      signed by both the Purchaser and such Affiliate, shall contain such Affiliate’s
      agreement to be bound by this Agreement and shall contain a confirmation by
      such
      Affiliate of the accuracy with respect to it of the representations and
      warranties set forth in Section 8. Upon receipt of such notice, wherever the
      word “Purchaser” is used in this Agreement (other than in this Section 13), such
      word shall be deemed to refer to such Affiliate in lieu of the original
      Purchaser. In the event that such Affiliate is so substituted as a purchaser
      hereunder and such Affiliate thereafter transfers to the original Purchaser
      all
      of the Notes then held by such Affiliate, upon receipt by the Company of notice
      of such transfer, wherever the word “Purchaser” is used in this Agreement (other
      than in this Section 13), such word shall no longer be deemed to refer to such
      Affiliate, but shall refer to the original Purchaser, and the original Purchaser
      shall have all the rights of an original holder of the Notes under this
      Agreement.

     

    14.  Miscellaneous.
      

     

    (a)  Notices
      given pursuant to any provision of this Agreement shall be addressed as follows:
      (i) if to the Company, to: 13/F, Shenzhen Special Zone Press Tower, Shennan
      Road, Futian, Shenzhen, China, Fax: (86) 755-83510815, Attention: Mr. Tu Guo
      Shen, with a copy to Thelen Reid Brown Raysman & Steiner LLP, 701
      8th
      Street,
      N.W., Washington, DC 20001, Fax: (1-202) 654-1804, Attention: Mr. Lou
      Bevilacqua, Esq., (ii) if to the Purchaser, to: c/o
      131
      South Dearborn Street, Chicago, Illinois 60609, USA,
      Fax:
(1-312)
      267 7300,
      Attention: Mr.
      Adam
      C. Cooper,
      with a
      copy to 18/F
      Chater House, 8 Connaught Road, Central, Hong Kong, Fax: (852) 3667 5511,
      Attention: Mr. Andrew Fong and Mr. Max Liu,
      and with
      a copy to Simpson Thacher & Bartlett LLP, ICBC Tower 35th Floor, 3 Garden
      Road, Central, Hong Kong SAR, China, Fax: (852) 2869 7694, Attention: Mr.
      Youngjin Sohn, Esq.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (b)  This
      Agreement has been and is made solely for the benefit of and shall be binding
      upon the parties hereto and, to the extent provided in Section 10 hereof, the
      controlling persons and their respective agents, employees, officers, directors,
      partners, counsel, and shareholders referred to in Section 10, and their
      respective heirs, executors, administrators, successors and assigns, all as
      and
      to the extent provided in this Agreement, and no other person shall acquire
      or
      have any right under or by virtue of this Agreement.

     

    (c)  THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK.

     

    (d)  The
      parties hereto agree that any suit, action or proceeding arising out of or
      based
      upon this Agreement or the transactions contemplated hereby may be instituted
      in
      any State or U.S. federal court in The City of New York and County of New York,
      and waives any objection which it may now or hereafter have to the laying of
      venue of any such proceeding, and irrevocably submits to the non-exclusive
      jurisdiction of such courts in any suit, action or proceeding.

     

    (e)  The
      parties hereto each hereby waive any right to trial by jury in any action,
      proceeding or counterclaim arising out of or relating to this
      Agreement.

     

    (f)  No
      failure to exercise, and no course of dealing with respect to, and no delay
      in
      exercising, any right, power or remedy hereunder shall operate as a waiver
      thereof; nor shall any single or partial exercise of any right, power or remedy
      hereunder preclude any other or further exercise thereof or the exercise of
      any
      other right, power or remedy.

     

    (g)  This
      Agreement may be signed in various counterparts which together shall constitute
      one and the same instrument. In the event that any signature is delivered by
      facsimile transmission, such signature shall create a valid and binding
      obligation of the party executing (or on whose behalf such signature is
      executed) with the same force and effect as if such facsimile signature page
      were an original thereof.

     

    (h)  The
      headings in this Agreement are for convenience of reference only and shall
      not
      constitute part of this Agreement nor limit or otherwise affect the meaning
      of
      any provision of this Agreement.

     

    (i)  If
      any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, in each case to the extent permitted by applicable law, and
      the
      parties hereto shall use their best efforts to find and employ an alternative
      means to achieve the same or substantially the same result as that contemplated
      by such term, provision, covenant or restriction. It is hereby stipulated and
      declared to be the intention of the parties that they would have executed the
      remaining terms, provisions, covenants and restrictions without including any
      of
      such that may be hereafter declared invalid, illegal, void or unenforceable,
      to
      the extent permitted by applicable law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (j)  This
      Agreement may be amended, modified or supplemented, and waivers or consents
      to
      departures from the provisions hereof may be given; provided
      that the
      same are in writing and signed by all of the signatories hereto.

     

    [Signature
      Page(s) to Follow]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	 	 	 
	 	For
              and on behalf of:
	 	CHINA SECURITY & SURVEILLANCE TECHNOLOGY,
              INC.
	 
 	 
 	 
 
	 	By:  	
              /s/
                Tu
                Guo Shen

            
	 	
              
Name: Tu
              Guo Shen
	 	Title: Chief
              Executive Officer

       

      
        	 	 	 
	 	For
                and on behalf of:
	 	
                CITADEL EQUITY FUND LTD.

                
                  By:
                    Citadel Limited Partnership, its Portfolio Manager

                  By:
                    Citadel Investment Group, L.L.C., its General
                    Partner

                

              
	 	 
	 
 	 
 	 
 
	 	By:  	
                /s/
                  Andrew
                  Fong

              
	 	
                
Name: Andrew
                Fong
	 	Title:Authorized
                SignatoryMR.
                TU GUO SHEN

               

              MS.
                LI ZHI QUN

               

              WHITEHORSE
                TECHNOLOGY LIMITED

              collectively,
                as Pledgor

               

              CITADEL
                EQUITY FUND LTD.

               

              as
                Secured Party

               

              and

               

              THE
                BANK OF NEW YORK

               

              as
                Co-Secured Party

               

            
	 	                                               
               	 
	 	
               

              SHARE
                PLEDGE AGREEMENT

                                     
                

            	 
	 	
              Dated
                as of February 8,
                2007

               

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      SHARE
      PLEDGE AGREEMENT (this
      “Agreement”)
      dated
      as of February 8, 2007, between (1) Mr. Tu Guo Shen and Ms. Li Zhi Qun, both
      individuals resident in the People’s Republic of China, and Whitehorse
      Technology Limited, a British Virgin Islands company wholly owned by Mr. Tu
      Guo
      Shen (collectively, the “Pledgor”),
      and
      (2) Citadel Equity Fund Ltd., as the secured party (the “Secured
      Party”).
      All
      representations, warranties, agreements and covenants of the Pledgor provided
      in
      this Agreement are given or made by both Mr. Tu Gou Shen and Whitehorse
      Technology Limited on a joint and several basis.

     

    WHEREAS,
      China
      Security & Surveillance Technology, Inc.
      (the
“Company”) has
      entered into a notes purchase agreement dated as of February
      5, 2007
      (the
“Notes
      Purchase Agreement”)
      between the Company and the Secured Party; and

     

    WHEREAS,
      the Pledgor owns, directly or indirectly, the issued and outstanding equity
      interests set forth beside the Whitehorse Technology Limited’s name on
Exhibit
      A
      attached
      hereto and made a part hereof (the “Equity
      Interests”),
      and
      such Equity Interests are a part of all of the issued and outstanding equity
      interests in the Company that the Pledgor, directly or indirectly, is the sole
      legal and beneficial owner of as set forth opposite the Pledgor’s name on
Exhibit
      B
      attached
      hereto (the “Owned
      Equity Interests”);
      and

     

    WHEREAS,
      the Pledgor is required to execute and deliver this Agreement pursuant to the
      Notes Purchase Agreement.

     

    NOW,
      THEREFORE,
      for and
      in consideration of the foregoing and of any financial accommodations or
      extensions of credit heretofore, now or hereafter made to or for the benefit
      of
      the Secured Party pursuant to the Notes Purchase Agreement or any other
      agreement, instrument or document executed pursuant to or in connection
      therewith, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the Pledgor and the Secured Party
      hereby agree as follows:

     

    1.
        Defined
      Terms.
      Unless
      otherwise defined herein, each capitalized term used herein that is defined
      in
      the Notes Purchase Agreement or the Conditions shall have the meaning specified
      for such term in the Notes Purchase Agreement or the Conditions. Unless
      otherwise defined herein or in the Notes Purchase Agreement or in the
      Conditions, terms used in Article 8 or Article 9 of the Uniform Commercial
      Code
      as in effect from time to time in the State of Deleware are used herein as
      therein defined. In addition, the following terms used in this Agreement shall
      have the meanings set forth below:

     

    “Collateral
      Value Amount”
      means,
      on any day, the sum of (i) the amount obtained by multiplying the closing price
      of common stock of the Company (as displayed on the OTC Bulletin Board on the
      close of business on the Business Day immediately preceding the relevant day)
      by
      the number of common shares of the Company effectively pledged and constituting
      Pledged Stock pursuant to this Agreement and (ii) the total amount of any
      Pledged Cash. 

     

    “Conditions”
means
      the terms and conditions of the Notes.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    “Co-Secured
      Party”
means
      The Bank of New York, appointed as co-Secured Party for the purposes of holding
      the Pledged Collateral pursuant to Section
      29(b).

     

    “Secured
      Obligations”
means
      all obligations owing by the Pledgor and the Company to the Secured Party from
      time to time under the Notes Purchase Agreement and the Notes including, without
      limitation, interest accruing during the pendency of any bankruptcy, insolvency,
      receivership or other similar proceeding, regardless of whether allowed or
      allowable in such proceeding.

     

    2.
        Pledge.
      The
      Pledgor hereby pledges to the Secured Party, and grants to the Secured Party,
      a
      security interest in, the following (the “Pledged
      Collateral”):
      

     

    (a)
        all
      of
      the right, title and interest of the Pledgor in the Equity Interests, whether
      now existing or hereafter arising, and the certificates representing the shares
      of such capital stock (such now-existing shares held by the Pledgor being
      identified on Exhibit
      A
      attached
      hereto and made a part hereof) (all of said Equity Interests being hereinafter
      collectively referred to as the “Pledged
      Stock”),
      herewith delivered to the Secured Party,
      accompanied by a stock power in the form of Exhibit
      C
      attached
      hereto and made a part hereof duly executed in blank (the “Power”),
      and
      all dividends, distributions, cash, instruments and other property from time
      to
      time received, receivable or otherwise distributed in respect of, or in exchange
      for, any or all of the Pledged Stock; 

     

    (b)
        all
      Additional Pledged Stock (as defined in Section
      13)
      and
      Pledged Cash (as defined in Section
      13),
      from
      time to time upon occurrences of Triggering Events (as defined in Section
      13),
      and
      the certificates representing such Additional Pledged Stock (any such Additional
      Pledged Stock shall constitute part of the Pledged Stock and the Secured Party
      is irrevocably authorized to amend Exhibit
      A
      from
      time to time to reflect such Additional Pledged Stock and Pledged Cash), and
      all
      options, warrants, dividends, distributions, cash, instruments and other rights
      and options from time to time received, receivable or otherwise distributed
      in
      respect of or in exchange for any or all of the Additional Pledged Stock;
      and

     

    (c)
        all
      proceeds of the foregoing. 

     

    3.
        Security
      for Secured Obligations.
      The
      Pledged Collateral secures the full and prompt payment, performance and
      observance when due (whether at stated maturity, by acceleration or otherwise)
      of the Secured Obligations. 

     

    4.
        Delivery
      of Pledged Collateral; Registration and Acknowledgments.
      All
      certificates representing or evidencing the Pledged Collateral, if any, shall
      be
      delivered to the Co-Secured Party in New York, New York, U.S.A. or on behalf
      of
      the Co-Secured Party to the office of Simpson Thacher & Bartlett
      LLP (counsel to the Secured Party) in Hong Kong pursuant hereto and
      shall be in suitable form for transfer by delivery and shall be accompanied
      by
      the Power duly executed in blank, all in form and substance satisfactory to
      the
      Secured Party. After the occurrence and during the continuance of an Event
      of
      Default, the Co-Secured Party shall have the right, at any time at the written
      direction of the Secured Party and without notice to the Pledgor, to transfer
      to
      or to register in the name of the Secured Party or any of its nominees any
      or
      all of the Pledged Collateral, subject only to the revocable rights specified
      in
Sections
      9
      and
10.
      In
      addition, the Secured Party shall have the right at any time to direct the
      Co-Secured Party in writing to exchange certificates or instruments representing
      or evidencing Pledged Collateral for certificates or instruments of smaller
      or
      larger denominations. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    5.
        Pledged
      Collateral Adjustments.
      If,
      during the term of this Agreement: 

     

    (a)
        any
      stock
      dividend, reclassification, readjustment or other change is declared or made
      in
      the capital structure of the Company, or any option included within the Pledged
      Collateral is exercised, or both, or

     

    (b)
        any
      subscription warrants, shares, or any other rights or options shall be issued
      in
      connection with the Pledged Collateral, 

     

    then
      all
      new, substituted and additional shares, warrants, shares, rights, options or
      other securities, issued by reason of any of the foregoing, shall be immediately
      delivered to and held by the Secured Party, under the terms of this Agreement
      and shall constitute Pledged Collateral hereunder.

     

    6.
        Subsequent
      Changes Affecting Pledged Collateral.
      The
      Pledgor represents and warrants that it has made its own arrangements for
      keeping itself informed of changes or potential changes affecting the Pledged
      Collateral (including, but not limited to, rights to convert, rights to
      subscribe, payment of distributions, reorganization or other exchanges, offers
      to purchase and voting rights), and the Pledgor agrees that the Secured Party
      shall not have any obligation to inform the Pledgor of any such changes or
      potential changes or to take any action or omit to take any action with respect
      thereto. The Secured Party may, after the occurrence and during the continuance
      of an Event of Default, without notice and at its option, transfer or register
      (or direct the Co-Secured Party in writing to transfer or register) the Pledged
      Collateral or any part thereof into its or its nominee’s name with or without
      any indication that such Pledged Collateral is subject to the security interest
      hereunder. 

     

    7.
        Covenants
      of the Pledgor

     

    (a)  The
      Pledgor agrees that it shall take all necessary steps and actions to perform
      its
      obligations hereunder and effect the transactions contemplated herein; and
      to do
      and perform all things required to be done and performed by it under this
      Agreement prior to and after the Closing Date.

     

    (b)  The
      Pledgor agrees to execute and deliver, or cause to be executed or delivered,
      any
      and all other agreements, instruments, or documents which the Secured Party
      may
      reasonably request in order to grant, perfect and maintain secured interests
      on
      or in the Pledged Collateral.

     

    8.
        Representations
      and Warranties.
      The
      Pledgor represents and warrants as follows: 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (a)
        It
      is the
      sole legal and beneficial owner of (i) the Equity Interests set forth opposite
      Whitehorse Technology Limited’s name on Exhibit
      A
      attached
      hereto and made a part hereof and (ii) the Owned Equity Interests set forth
      opposite the Pledgor’s name on Exhibit
      B
      attached
      hereto and made a part hereof, in both cases free and clear of any Lien, except
      for (x) the Lien created by this Agreement and (y) the Lien already provided
      to
      a third party by the Pledgor on 2,044,126 shares of common stock of the Company
      (for the avoidance of doubt, which are not part of any of the Equity Interests)
      (the “Encumbered
      Shares”);

     

    (b)
        All
      of
      the Owned Equity Interests have been duly authorized and validly issued, are
      fully paid and non-assessable; 

     

    (c)
        All
      of
      the Pledged Stock is presently represented by the certificates listed on
Exhibit
      A
      hereto
      and all of the Owned Equity Interests (other than the Pledged Stock) are
      presently represented by the certificates listed on Exhibit
      B.
      As of
      the date hereof, there are no existing options, warrants, calls or commitments
      of any character whatsoever relating to the Pledged Stock or the Owned Equity
      Interests other than with respect to the Encumbered Securities; 

     

    (d)
        It
      has
      full power and authority to enter into this Agreement; 

     

    (e)
        There
      are
      no restrictions upon the voting rights associated with, or upon the transfer
      of,
      any of the Pledged Collateral except pursuant to the Act; 

     

    (f)
        It
      has
      the right to vote, pledge, assign and grant a security interest in or otherwise
      transfer such Pledged Collateral free of any Liens, except as set forth in
      paragraph (e) above; 

     

    (g)
        No
      authorization, approval, or other action by, and no notice to or filing with,
      any Governmental Authority is required either (i) for the pledge by it of the
      Pledged Collateral pursuant to this Agreement or for the execution, delivery
      or
      performance of this Agreement by it or (ii) for the exercise by the Secured
      Party of the voting or other rights provided for in this Agreement or the
      remedies in respect of the Pledged Collateral pursuant to this Agreement (except
      as may be required in connection with such disposition by laws affecting the
      offering and sale of securities generally and realization of collateral);

     

    (h)
        The
      pledge of the Pledged Collateral pursuant to this Agreement, together with
      the
      delivery of the stock certificates pertaining thereto to the Secured Party,
      creates a valid and perfected first priority security interest in the Pledged
      Collateral, in favor of the Secured Party, securing the payment and performance
      of the Secured Obligations;

     

    (i)
        This
      Agreement has been duly authorized, executed and delivered by and on behalf
      of
      the Pledgor and constitutes the legal, valid and binding obligation of the
      Pledgor, enforceable against the Pledgor in accordance with its terms;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (j)
        There
      is
      no action, suit, proceeding, governmental investigation or arbitration, at
      law
      or in equity, or before or by any Governmental Authority, pending, or to the
      knowledge of the Pledgor, threatened against the Pledgor or any of its property
      which will materially and adversely affect the ability of the Pledgor to perform
      its obligations under this Agreement; 

     

    (k)
        The
      execution, delivery and performance of this Agreement by the Pledgor (i) does
      not violate, constitute a breach of or a default (with the passage of time
      or
      otherwise) under, require the consent of any person or a Governmental Authority
      or result in the imposition of a Lien (other than the Lien created by this
      Agreement) on any assets of the Pledgor under or pursuant to (x) any indenture,
      mortgage, or any other agreement to which the Pledgor is a party or by which
      any
      of its properties or assets may be bound or (y) any statute, rule, regulation,
      law or ordinance, or any judgment, decree or order or any organizational
      documents applicable to the Pledgor, and (ii) does not violate any restriction
      on such transfer or encumbrance of the Pledged Collateral; 

     

    (l)
        The
      Power
      is an effective endorsement duly executed by an appropriate person and gives
      the
      Secured Party the authority they purport to confer; and

     

    (m)
        (i)
      In
      the case of Mr. Tu Guo Shen and Ms. Li Zhi Qun, its principal residence is
      located in the People’s Republic of China, and (ii) in the case of Whitehorse
      Technology Limited, it is a company wholly owned by Mr. Tu Guo Shen duly
      incorporated, validly existing and in good standing under the laws of the
      British Virgin Islands with full corporate power and authority to conduct its
      business as currently conducted and to execute, deliver and perform its
      obligations under this Agreement.

     

    9.
        Voting
      Rights.
      During
      the term of this Agreement, and except as provided in this Section
      9,
      the
      Pledgor shall have the right to vote the Pledged Stock held by it on all
      corporate questions in a manner not inconsistent with the terms of this
      Agreement, the Notes Purchase Agreement and the Conditions; provided,
      however,
      that no
      vote shall be cast, and no consent shall be given or action taken, which would
      have the effect of impairing the position or interest of the Secured Party
      in
      respect of the Pledged Collateral or which would authorize, effect or consent
      to
      (i) the dissolution or liquidation, in whole or in part, of the Company; (ii)
      the consolidation or merger of the Company with any other Person; (iii) the
      sale, disposition or encumbrance of all or substantially all of the assets
      of
      the Company, except for Liens in favor of the Secured Party; (iv) any change
      in
      the authorized number of shares, the stated capital or the authorized share
      capital of the Company or the issuance of any additional shares of its equity
      interests; or (v) the alteration of the voting rights with respect to the equity
      interests of the Company. After the occurrence and during the continuation
      of an
      Event of Default, the Secured Party may, at its option, exercise all voting
      rights pertaining to the Pledged Collateral, including the right to take action
      by shareholder consent. 

     

    10.
        Dividends
      and Other Distributions.
      (a) So
      long as no Event of Default shall have occurred and be continuing: 

     

    (i)
        The
      Pledgor shall be entitled to receive and retain any and all dividends and
      distributions paid in respect of the Pledged Collateral, notwithstanding such
      dividends and distributions being subject to the pledge and assignment thereof
      pursuant to Section
      2;
      provided,
      however,
      that
      any and all:

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    (A)
        dividends
      and distributions paid or payable other than in cash with respect to, and
      instruments and other property received, receivable or otherwise distributed
      with respect to, or in exchange for, any of the Pledged Collateral;

     

    (B)
        dividends
      and other distributions paid or payable in cash with respect to any of the
      Pledged Collateral on account of a partial or total liquidation or dissolution
      or in connection with a reduction of capital, capital surplus or paid-in
      surplus; and

     

    (C)
        cash
      paid, payable or otherwise distributed with respect to principal of, or in
      redemption of, or in exchange for, any of the Pledged Collateral;

     

    shall
      be
      Pledged Collateral, as the case may be, and shall be forthwith delivered to
      the
      Secured Party as Pledged Collateral and shall, if received by the Pledgor,
      be
      received in trust for the Secured Party; and

     

    (ii)
        The
      Secured Party shall execute and deliver (or cause to be executed and delivered)
      to the Pledgor all such proxies and other instruments as the Pledgor may
      reasonably request for the purpose of enabling the Pledgor to receive the
      dividends which it is authorized to receive and retain pursuant to clause (i)
      above.

     

    (b)
        After
      the
      occurrence and during the continuation of an Event of Default: 

     

    (i)
        All
      rights of the Pledgor to receive the dividends and other distributions which
      it
      would otherwise be authorized to receive and retain pursuant to Section
      10(a)(i)
      hereof
      shall cease, and all such rights shall thereupon become vested in the Secured
      Party which shall thereupon have the sole right to receive and hold as Pledged
      Collateral such dividends and other distributions;

     

    (ii)
        All
      dividends and other distributions which are received by the Pledgor contrary
      to
      the provisions of clause (i) of this Section
      10(b)
      shall be
      received in trust for the Secured Party;

     

    (iii)
        The
      Pledgor shall, upon the reasonable request of the Secured Party, at the
      Pledgor’s expense, execute and deliver, and cause the Company and its officers
      and directors to execute and deliver, all such instruments and documents, and
      do
      or cause to be done all such other acts and things, as may be required by
      applicable law or may be necessary or, in the opinion of the Secured Party
      or
      its counsel, advisable to register the applicable Pledged Collateral under
      the
      provisions of the Act, and to exercise its best efforts to cause the
      registration statement relating thereto to become effective and to remain
      effective for such period as prospectuses are required by law to be furnished,
      and to make all amendments and supplements thereto and to the related prospectus
      which, in the opinion of the Secured Party or its counsel, are necessary or
      advisable, all in conformity with the requirements of the Act and the rules
      and
      regulations of the Commission applicable thereto;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (iv)
        The
      Pledgor shall, at the Pledgor’s expense, use its best efforts to qualify the
      Pledged Collateral under state securities or “Blue Sky” laws and to obtain all
      necessary governmental approvals for the sale of the Pledged
      Collateral;

     

    (v)
        The
      Pledgor, if applicable, shall, at the Pledgor’s expense, cause the Company to
      make available to the holders of its securities, as soon as practicable, earning
      statements which will satisfy the provisions of Section
      11(a)
      of the
      Act; and

     

    (vi)
        The
      Pledgor shall, at the Pledgor’s expense, do or cause to be done all such other
      acts and things as may be necessary to make such sale of the Pledged Collateral
      or any part thereof valid and binding and in compliance with applicable
      law.

     

    The
      Pledgor will reimburse the Secured Party for all expenses incurred by the
      Secured Party, including, without limitation, reasonable attorneys’ and
      accountants’ fees and expenses in connection with the foregoing. Upon or at any
      time after the occurrence and during the continuation of an Event of Default,
      if
      the Secured Party determines that, prior to any public offering of any
      securities constituting part of the Pledged Collateral, such securities should
      be registered under the Act and/or registered or qualified under any other
      federal or state law and such registration and/or qualification is not
      practicable, then the Pledgor agrees that it will be commercially reasonable
      if
      a private sale, upon at least ten (10) Business Days’ notice to the Pledgor, is
      arranged so as to avoid a public offering, even though the sales price
      established and/or obtained at such private sale may be substantially less
      than
      prices which could have been obtained for such security on any market or
      exchange or in any other public sale.

     

    11.
        Transfers
      and other Liens.
      The
      Pledgor agrees that it will not (i) sell, transfer or otherwise dispose of,
      or
      grant any option with respect to, any of the Pledged Collateral or any other
      Owned Equity Interests without the prior written consent of the Secured Party,
      or (ii) create or permit to exist any Lien upon or with respect to any of the
      Pledged Collateral or any of the Owned Equity Interests (except for the security
      interest under this Agreement or with respect to the Encumbered Shares). The
      Pledgor further agrees that it will procure, or take reasonable efforts to
      procure, that the Company and any other direct or indirect subsidiary thereof
      shall carry on business only in the ordinary course and will not dispose of
      or
      agree to dispose of a substantial part of its assets or undertaking without
      the
      prior written approval of the Secured Party. 

     

    12.
        Defense
      of Title.
      The
      Pledgor will defend the title to the Pledged Collateral and the Liens of the
      Secured Party in the Pledged Collateral against the claim of any Person and
      will
      maintain and preserve the Liens created under this Agreement. 

     

    13.
        Additional
      Pledged Stock.  (a)
      The
      Pledgor agrees that if, at any time, the Secured Party notifies the Pledgor
      that
      the Collateral Value Amount is less than 150% of the amount outstanding under
      the Notes Purchase Agreement and the Notes at such time (a “Triggering
      Event”),
      the
      Pledgor shall as soon as possible (and in any event within 4 Business Days
      of
      such notice) pledge and perfect security interest in, in favor of the Secured
      Party, such additional shares of Owned Equity Interests and, to the extent
      such
      additional shares of Owned Equity Interests is not sufficient, cash, as may
      be
      necessary such that the Collateral Value Amount is not less than 150% of the
      amount outstanding under the Notes Purchase Agreement and the Notes (such
      additional Owned Equity Interest, “Additional
      Pledged Stock”
and
      such pledged cash, “Pledged
      Cash”).
      The
      Pledgor shall perfect security interest in such Pledged Cash by placing
      the Pledged Cash into a cash collateral account maintained by the Co-Secured
      Party over which the Pledgor shall have no right of withdrawal.
      For the
      avoidance of doubt, the Encumbered Shares are not part of the Additional Pledged
      Stock.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    (b)
        The
      Pledgor shall deliver to the Secured Party and the Co-Secured Party an amendment
      to this Agreement within such 4 Business Days, duly executed by the Pledgor
      and
      in form and substance satisfactory to the Secured Party, in respect of such
      Additional Pledged Stock and Pledged Cash, pursuant to which the Pledgor shall
      pledge to the Secured Party such Additional Pledged Stock and Pledged Cash.
      Pursuant to such amendment, the Pledgor shall (i) deliver the certificates
      representing such Additional Pledged Stock to the Secured Party in the manner
      described in Section
      4,
      (ii)
      deliver to the Secured Party (or to the Co-Secured Party at the Secured Party’s
      direction) stock power(s) with respect to the Additional Pledged Stock in the
      form of Exhibit
      C
      attached
      hereto duly executed in blank (“Additional
      Power(s)”)
      (iii)
      make the necessary Uniform Commercial Code filings to perfect the Secured
      Party’s security interest in such Additional Pledged Stock in the manner
      described in Section
      7,
      and
      (iv)
      place the Pledged Cash, if any, into a cash collateral account maintained by
      the
      Co-Secured Party over which the Pledgor shall have no right of withdrawal.
      The
      Pledgor hereby authorizes
      the
      Secured Party to attach such amendment to this Agreement and agrees that all
      Pledged Stock (including Additional Pledged Stock) and Pledged Cash listed
      on
      any such amendment delivered to the Secured Party shall for all purposes
      hereunder be considered Pledged Collateral.

     

    (c)
        For
      the
      avoidance of doubt, any failure of the Pledgor to comply with this Section
      13
      shall
      constitute an Event of Default.

     

    14.
        Remedies.   (a)
      The
      Secured Party shall have, in addition to any other rights given under this
      Agreement or by law, all of the rights and remedies with respect to the Pledged
      Collateral of a secured party under the Uniform Commercial Code as in effect
      in
      the State of Delaware (the “UCC”).
      In
      addition, after the occurrence and during the continuation of an Event of
      Default, the Secured Party shall have such powers of sale and other powers
      as
      may be conferred by applicable law. With respect to the Pledged Collateral
      or
      any part thereof which shall then be in or shall thereafter come into the
      possession or custody of the Secured Party or which the Secured Party shall
      otherwise have the ability to transfer under applicable law, the Secured Party
      may, in its sole discretion, without notice except as specified below, after
      the
      occurrence and during the continuation of an Event of Default, sell or cause
      the
      same to be sold at any exchange, broker’s board or at public or private sale, in
      one or more sales or lots, at such price as the Secured Party may deem best,
      for
      cash or on credit or for future delivery, without assumption of any credit
      risk,
      and the purchaser of any or all of the Pledged Collateral so sold shall
      thereafter own the same, absolutely free from any claim, encumbrance or right
      of
      any kind whatsoever. The Secured Party may, in its own name, or in the name
      of a
      designee or nominee, buy the Pledged Collateral at any public sale and, if
      permitted by applicable law, buy the Pledged Collateral at any private sale.
      The
      Pledgor agrees to pay to the Secured Party all reasonable expenses (including,
      without limitation, court costs and reasonable attorneys’ and paralegals’ fees
      and expenses) of, or incident to, the enforcement of any of the provisions
      hereof.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    (b)
        Unless
      any of the Pledged Collateral threatens to decline speedily in value or is
      or
      becomes of a type sold on a recognized market, the Secured Party will give
      the
      Pledgor reasonable notice of the time and place of any public sale thereof,
      or
      of the time after which any private sale or other intended disposition is to
      be
      made. Any sale of the Pledged Collateral conducted in conformity with reasonable
      commercial practices of banks, commercial finance companies, insurance companies
      or other financial institutions disposing of property similar to the Pledged
      Collateral shall be deemed to be commercially reasonable. Notwithstanding any
      provision to the contrary contained herein, the Pledgor agrees that any
      requirements of reasonable notice shall be met if such notice is received by
      the
      Pledgor as provided in Section
      30
      below at
      least ten (10) Business Days before the time of the sale or disposition. Any
      other requirement of notice, demand or advertisement for sale is waived, to
      the
      extent permitted by law. 

     

    (c)
        Given
      that federal and state securities laws may impose certain restrictions on the
      method by which a sale of the Pledged Collateral may be effected after an Event
      of Default, the Pledgor agrees that after the occurrence and during the
      continuation of an Event of Default, the Secured Party may, from time to time,
      attempt to sell all or any part of the Pledged Collateral by means of a private
      placement restricting the bidders and prospective purchasers to those who are
      qualified and will represent and agree that they are purchasing for investment
      only and not for distribution. In so doing, the Secured Party may solicit offers
      to buy the Pledged Collateral, or any part of it, from a limited number of
      investors deemed by the Secured Party, in its reasonable judgment, to be
      financially responsible parties who might be interested in purchasing the
      Pledged Collateral. If the Secured Party solicits such offers from not less
      than
      four (4) such investors, then the acceptance by the Secured Party of the highest
      offer obtained therefrom shall be deemed to be a commercially reasonable method
      of disposing of such Pledged Collateral; provided,
      however,
      that
      this Section
      14
      does not
      impose a requirement that the Secured Party solicit offers from four or more
      investors in order for the sale to be commercially reasonable. 

     

    (d)
        The
      Pledgor agrees to the maximum extent permitted by applicable law that following
      the occurrence and during the continuance of an Event of Default it will not
      at
      any time plead, claim or take the benefit of any appraisal, valuation, stay,
      extension, moratorium or redemption law now or hereafter in force in order
      to
      prevent or delay the enforcement of this Agreement, or the absolute sale of
      the
      whole or any part of the Pledged Collateral or the possession thereof by any
      purchaser at any sale hereunder, and the Pledgor waives the benefit of all
      such
      laws to the extent it lawfully may do so. The Pledgor agrees that it will not
      interfere with any right, power and remedy of Secured Party provided for in
      this
      Agreement or now or hereafter existing at law or in equity or by statute or
      otherwise, or the exercise or beginning of the exercise by Secured Party of
      any
      one or more of such rights, powers or remedies. No failure or delay on the
      part
      of Secured Party to exercise any such right, power or remedy and no notice
      or
      demand which may be given to or made upon the Pledgor by the Secured Party
      with
      respect to any such remedies shall operate as a waiver thereof, or limit or
      impair the Secured Party’s right to take any action or to exercise any power or
      remedy hereunder or prejudice its rights as against the Pledgor in any respect.
      

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    (e)
        The
      Pledgor further agrees that a breach of any of the covenants contained in this
      Section
      14
      will
      cause irreparable injury to the Secured Party, that the Secured Party shall
      have
      no adequate remedy at law in respect of such breach and, as a consequence,
      agrees that each and every covenant contained in this Section
      14
      shall be
      specifically enforceable against the Pledgor, and the Pledgor hereby waives
      and
      agrees not to assert any defenses against an action for specific performance
      of
      such covenants. 

     

    15.
        Security
      Interest Absolute.
      All
      rights of the Secured Party and security interests hereunder, and all
      obligations of the Pledgor hereunder, shall be absolute and unconditional
      irrespective of: 

     

    (i)
        Any
      lack
      of validity or enforceability of the Notes Purchase Agreement or any other
      agreement or instrument relating thereto;

     

    (ii)
        Any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any part of the Secured Obligations, or any other amendment or waiver of
      or
      any consent to any departure from the Conditions, the Notes Purchase Agreement
      or this Agreement;

     

    (iii)
        Any
      exchange, release or non-perfection of any other collateral, or any release
      or
      amendment or waiver of or consent to departure from any guaranty, for all or
      any
      part of the Secured Obligations; 

     

    (iv)
        the
      insolvency of the Pledgor; or

     

    (v)
        any
      other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, the Pledgor in respect of the Secured Obligations or of this
      Agreement.

     

    16.
        Secured
      Party Appointed Attorney-in-Fact.
      The
      Pledgor hereby appoints the Secured Party its attorney-in-fact, with full
      authority, in the name of the Pledgor or otherwise, after the occurrence and
      during the continuation of an Event of Default, from time to time in the Secured
      Party’s sole discretion, to take any action and to execute any instrument which
      the Secured Party may deem necessary or advisable to accomplish the purposes
      of
      this Agreement, including, without limitation, to receive, endorse and collect
      all instruments made payable to the Pledgor representing any dividend or other
      distribution in respect of the Pledged Collateral or any part thereof and to
      give full discharge for the same and to arrange for the transfer of all or
      any
      part of the Pledged Collateral on the books of the Company to the name of the
      Secured Party or the Secured Party’s nominee. 

     

    17.
        Waivers.
      The
      Pledgor waives to the fullest extent permitted by applicable laws presentment
      and demand for payment of any of the Secured Obligations, protest and notice
      of
      dishonor or Event of Default with respect to any of the Secured Obligations
      and
      all other notices to which the Pledgor might otherwise be entitled except as
      otherwise expressly provided herein. 

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    18.
        Term.
      This
      Agreement shall remain in full force and effect until the final payment in
      full,
      in cash, of the Secured Obligations. Upon the termination of this Agreement
      as
      provided above (other than as a result of the sale of the Pledged Collateral),
      the Secured Party will release the security interest created hereunder and,
      if
      it then has possession of any Pledged Stock and Pledged Cash pledged hereunder,
      will deliver such Pledged Stock and Pledged Cash previously delivered to it
      and
      the Powers to the Pledgor within 10 Business Days. 

     

    19.
        Reinstatement.
      This
      Agreement shall remain in full force and effect and continue to be effective
      should any petition be filed by or against the Pledgor or the Company for
      liquidation or reorganization, should the Pledgor or the Company become
      insolvent or make an assignment for the benefit of creditors or should a
      receiver or trustee be appointed for all or any significant part of the
      Pledgor’s or the Company’s assets, and shall continue to be effective or be
      reinstated, as the case may be. 

     

    20.
        Definitions.
      The
      singular shall include the plural and vice versa and any gender shall include
      any other gender as the context may require. 

     

    21.
        Binding
      Effect; Successors and Assigns.
      This
      Agreement shall be binding upon the Pledgor and its successors and assigns,
      and
      shall inure to the benefit of the Secured Party and its successors and assigns.
      Nothing set forth herein is intended or shall be construed to give any other
      Person any right, remedy or claim under, to or in respect of this Agreement,
      the
      Notes Purchase Agreement or any Collateral. The Pledgor’s successors shall
      include, without limitation, a receiver, trustee or debtor-in-possession of
      or
      for the Pledgor. 

     

    22.
        Governing
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK. 

     

    23.
        Consent
      to Jurisdiction; and Service of Process.
      THE
      SECURED PARTY HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE
      OR
      FEDERAL COURTS LOCATED IN COUNTY OF NEW YORK, CITY OF NEW YORK, NEW YORK. THE
      PLEDGOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
      IN
      COUNTY OF NEW YORK, CITY OF NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
      TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE PLEDGOR AND THE SECURED
      PARTY PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING
      TO THIS AGREEMENT; PROVIDED
      THAT THE
      SECURED PARTY AND THE PLEDGOR ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS
      MAY
      HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY; AND,
PROVIDED,
      FURTHER,
      NOTHING
      IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE SECURED PARTY
      FROM
      BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE
      ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE GUARANTEED OBLIGATIONS, OR
      TO
      ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SECURED PARTY. THE PLEDGOR
      EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION
      OR
      SUIT COMMENCED IN ANY SUCH COURT, AND THE PLEDGOR HEREBY WAIVES ANY OBJECTION
      WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE
      OR
FORUM NON CONVENIENS
      AND
      HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
      APPROPRIATE BY SUCH COURT. THE PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF THE
      SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
      AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE
      BY
      REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE PLEDGOR AT THE ADDRESS SET FORTH
      IN THIS AGREEMENT FOR THE PLEDGOR AND THAT SERVICE SO MADE SHALL BE DEEMED
      COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT THEREOF OR FIVE (5) DAYS AFTER
      DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. The Secured Party shall
      have
      the right to proceed against the Pledgor or its personal property in a court
      in
      any location to enable the Secured Party to obtain personal jurisdiction over
      any Pledgor, to realize on the Pledged Collateral or any other security for
      the
      Secured Obligations or to enforce a judgment or other court order entered in
      favor of the Secured Party. 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    24.
        Waiver
      of Jury Trial.
      Each of
      the Pledgor and the Secured Party waives, to the extent permitted by applicable
      law, any right to trial by jury in any dispute, whether sounding in contract,
      tort, or otherwise, between the Secured Party and the Pledgor arising out of
      or
      related to the transactions contemplated by this Agreement or any other
      instrument, document or agreement executed or delivered in connection herewith.
      Either the Pledgor or the Secured Party may file an original counterpart or
      a
      copy of this Agreement with any court as written evidence of the consent of
      the
      parties hereto to the waiver of their right to trial by jury. 

     

    25.
        Advice
      of Counsel.
      The
      Pledgor represents and warrants to the Secured Party that it has had the
      opportunity to discuss this Agreement and, specifically, the provisions of
      Sections
      22
      through
24
      hereof,
      with its counsel. 

     

    26.
        Severability.
      If any
      provision of this Agreement is held to be prohibited or unenforceable in any
      jurisdiction the substantive laws of which are held to be applicable hereto,
      such prohibition or unenforceability shall not affect the validity or
      enforceability of the remaining provisions hereof to the extent permitted by
      applicable law, and shall not invalidate or render unenforceable such provision
      in any other jurisdiction to the extent permitted by applicable law.

     

    27.
        Further
      Assurances.
      The
      Pledgor agrees that at any time and from time to time, at the expense of the
      Pledgor, it will promptly execute and deliver all further instruments and
      documents, and take all further action, that may be required by applicable
      law
      or may be necessary or desirable, or that the Secured Party may reasonably
      request, in order to perfect and protect any security interest granted or
      purported to be granted hereby or to enable the Secured Party to exercise and
      enforce its rights and remedies hereunder with respect to any of the Pledged
      Collateral, including, without limitation, the filing of financing statements
      under Article 9 of the Uniform Commercial Code of New York. The Pledgor hereby
      further agrees that it shall not make any change to its name or jurisdiction
      or
      the form of its organization without prior written notice. The Pledgor
      authorizes the Secured Party to file any financing statements and amendments
      thereto relating to the Pledged Collateral which the Secured Party deems
      appropriate, in form and substance required by the Secured Party, which describe
      the Pledged Collateral and include therein all other information which is
      required by Article 9 of the UCC or other applicable law with respect to the
      preparation or filing of a financing statement or amendment. The Pledgor
      appoints the Secured Party as its attorney-in-fact to perform all acts which
      the
      Secured Party deems appropriate to perfect and to continue perfection of the
      lien granted to the Secured Party under this Agreement, such power of attorney
      being coupled with an interest and is therefore irrevocable. Notwithstanding
      the
      foregoing, the Co-Secured Party shall not be responsible in any manner
      whatsoever with respect to the validity, perfection, or maintaining the
      perfection of any lien created hereunder and shall have not have any
      responsibility to file any financing statement or continuation statement in
      connection therewith in any public office.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    28.
        The
      Secured Party’s Duty of Care.

     

    (a)
        The
      Secured Party shall not be liable for any acts, omissions, errors of judgment
      or
      mistakes of fact or law including, without limitation, acts, omissions, errors
      or mistakes with respect to the Pledged Collateral, except for those arising
      out
      of or in connection with the Secured Party’s (i) gross negligence or willful
      misconduct, or (ii) failure to use reasonable care with respect to the safe
      custody of the Pledged Collateral in the Secured Party’s possession. Without
      limiting the generality of the foregoing, the Secured Party shall be under
      no
      obligation to take any steps necessary to preserve rights in the Pledged
      Collateral against any other parties but may do so at its option. All expenses
      incurred in connection therewith shall be for the sole account of the Pledgor,
      and shall constitute part of the Secured Obligations secured hereby.

     

    (b)
        No
      provision of this Agreement shall require the Secured Party to expend or risk
      its own funds or otherwise incur any financial liability in the performance
      of
      any of its duties hereunder, or in the exercise of any of its rights or powers,
      if it shall have reasonable grounds for believing that repayment of such funds
      or adequate indemnity against such risk or liability is not reasonably assured
      to it. The Secured Party shall have no duties or responsibilities except those
      expressly set forth in this Agreement. The Secured Party shall not be liable
      for
      any delay or failure to act as may be required hereunder when such delay or
      failure is due to any act of God, interruption or other circumstances beyond
      its
      control; provided,
      that it
      exercises such diligence as the circumstances may reasonably require. The
      Secured Party shall be entitled to rely on any communication, instrument, paper
      or other document reasonably believed by it to be genuine and correct and to
      have been signed or sent by the proper person.

     

    (c)
        The
      Secured Party shall not be deemed to have notice of any Event of Default unless
      an officer of the Secured Party has actual knowledge thereof or unless written
      notice of any such Event of Default is received by the Secured Party at the
      office of the Secured Party specified in this Agreement. 

     

    (d)
        The
      Secured Party’s sole duty with respect to the custody, safekeeping and physical
      preservation of the Pledged Collateral shall be to deal with it in the same
      manner as the Secured Party deals with similar property for its own
      account.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    (e)
        In
      no
      event shall the Secured Party be liable for special, indirect or consequential
      loss or damage of any kind whatsoever (including but not limited to lost
      profits), even if the Secured Party has been advised of the likelihood of such
      loss or damage and regardless of the form of action.

     

    29.
        Additional
      Provisions Relating to the Secured Party.

     

    (a)
        Any
      corporation, bank, trust company or association into which the Secured Party
      may
      be merged or converted or with which it may be consolidated, or any corporation,
      bank, trust company or association resulting from any merger, conversion or
      consolidation to which the Secured Party shall be a party, or any corporation,
      bank, trust company or association succeeding to all or substantially all the
      corporate trust business of the Secured Party, shall be the successor of the
      Secured Party hereunder, without the execution or filing of any paper or any
      further act on the part of any of the parties hereto.

     

    (b)
        At
      any
      time or times, the Secured Party shall have the power to appoint any Person
      or
      Persons either to act as co-Secured Party, or co-Secured Parties, jointly with
      the Secured Party of all or any part of the Pledged Collateral or to act as
      separate Secured Party or separate Secured Parties of all or any part of the
      Pledged Collateral and to vest in such Person or Persons, in such capacity,
      such
      title to the Pledged Collateral or any part thereof, and such rights, powers,
      duties or obligations as the Secured Party may consider necessary or desirable,
      subject to the other provisions of this Section
      29.
      The
      Bank of New York is hereby appointed as co-Secured Party for the purposes of
      holding the Pledged Collateral, and shall be vested with all of the powers
      of
      the Secured Party with respect to such Pledged Collateral, subject to the other
      provisions of this Section
      29.

     

    (c)
        Unless
      otherwise provided in the instrument appointing such co-Secured Party or
      separate Secured Party, every co-Secured Party or separate Secured Party shall,
      to the extent permitted by law, be appointed subject to the following terms:
      

     

    (i)
        All
      rights, power, duties and obligations under this Agreement conferred upon the
      Secured Party in respect of the custody, control or management of the
      collateral, shall be exercised solely by the Secured Party;

     

    (ii)
        All
      rights, powers, duties and obligations conferred or imposed upon the Secured
      Parties shall be conferred or imposed upon and exercised or performed by the
      Secured Party, or by the Secured Party and such co-Secured Party or co-Secured
      Parties, or separate Secured Party or separate Secured Parties jointly, except
      to the extent that, under the law of any jurisdiction in which any particular
      act or acts are to be performed, the Secured Party shall be incompetent or
      unqualified to perform such act or acts, in which event such act or acts shall
      be performed by such co-Secured Party or co-Secured Parties or separate Secured
      Party or separate Secured Parties;

     

    (iii)
        Any
      request in writing by the Secured Party to any co-Secured Party or separate
      Secured Party to take or to refrain from taking any action hereunder shall
      be
      sufficient warrant for the taking, or the refraining from taking, of such action
      by such co-Secured Party or separate Secured Party;

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    (iv)
        Any
      co-Secured Party or separate Secured Party to the extent permitted by law may
      delegate to the Secured Party the exercise of any right, power, duty or
      obligation, discretionary or otherwise; 

     

    (v)
        The
      Secured Party at any time, by an instrument in writing, may accept the
      resignation of, or remove, any co-Secured Party or separate Secured Party
      appointed under this Section
      29.
      As
      successor to any co-Secured Party or separate Secured Party so resigned or
      removed may be appointed in the manner provided in this Section
      29;

     

    (vi)
        The
      Secured Party shall not be personally liable by reason of any act or omission
      of
      any other Secured Party hereunder; 

     

    (vii)
        Any
      demand, request, direction, appointment, removal, notice, consent, waiver or
      other action in writing delivered to the Secured Party shall be deemed to have
      been delivered to each such co-Secured Party or separate Secured Party;
      and

     

    (viii)
        Any
      Collateral received by any such co-Secured Party or separate Secured Party
      hereunder shall forthwith, so far as may be permitted by law, be turned over
      to
      the Secured Party to be held pursuant to the terms hereof.

     

    (d)
        Upon
      the
      acceptance in writing of such appointment by any such co-Secured Party or
      separate Secured Party, it or he shall be vested with the estate, right, title
      and interest in the Pledged Collateral, or any portion thereof, and with such
      rights, powers, duties, trusts or obligations, jointly or separately with the
      Secured Party, all as shall be specified in the instrument of appointment,
      subject to all the terms hereof.

     

    (e)
        In
      case
      any co-Secured Party or separate Secured Party shall become incapable of acting,
      resign or be removed, the right, title and interest in the Pledged Collateral
      and all rights, powers, duties and obligations of said co-Secured Party or
      separate Secured Party shall, so far as permitted by law, vest in and be
      exercised by the Secured Party unless and until a successor co-Secured Party
      or
      separate Secured Party shall be appointed pursuant to this Section
      29.

     

    (f)
        The
      Pledgor agrees to reimburse the Secured Party promptly upon request for such
      fees and expenses payable to the Co-Secured Party pursuant to a separate
      engagement letter dated February 5, 2007 by and between the Secured Party
      and the Co-Secured Party in connection with the Co-Secured Party's services
      hereunder. For the avoidance of doubt, such fees and expenses shall include
      expenses of or disbursements incurred by the Co-Secured Party in the performance
      of its duties hereunder, including but not limited to the reasonable fees,
      expenses and disbursements of counsel to such Co-Secured Party.

     

    (g)
      In
      the performance of its duties hereunder, the Co-Secured Party shall be entitled
      to all of the rights, benefits, protections and immunities afforded to the
      Secured Party pursuant to Sections
      28
      and
29
      hereof.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    30.
        Notices.
      Notices
      given pursuant to any provision of this Agreement may
      be
      sent by facsimile and shall be addressed as
      follows:
      (i) if to the Pledgor, to: 13/F, Shenzhen Special Zone Press Tower, Shennan
      Road, Futian, Shenzhen, China, Fax: (86)
      755-83510815,
      Attention: Mr.
      Tu Guo Shen,
      with a
      copy to Thelen
      Reid Brown Raysman & Steiner LLP, 701 8th Street, N.W., Washington, DC
      20001, Fax: (1-202) 654-1804, Attention: Mr. Lou Bevilacqua, Esq.,
      (ii) if
      to the Secured Party, to: c/o
      131
      South Dearborn Street, Chicago, Illinois 60609, USA,
      Fax:
(1-312)
      267 7300,
      Attention: Mr.
      Adam
      C. Cooper,
      with a
      copy to 18/F
      Chater House, 8 Connaught Road, Central, Hong Kong, Fax: (852) 3667 5511,
      Attention: Mr. Andrew Fong and Mr. Max Liu,
      with a
      copy to Simpson Thacher & Bartlett LLP, ICBC Tower - 35th Floor, 3 Garden
      Road, Central, Hong Kong, China, Fax: (852) 2869 7694, Attention: Mr. Youngjin
      Sohn, Esq., and (iii) if to the co-Secured Party, to The Bank of New York,
      101
      Barclay Street, 4E, New York, New York 10286 , Fax: (212) 815-5802/5803,
      Attention: Global Trust Services.

     

    31.
        Indemnity
      and Expenses.
      The
      Pledgor agrees, upon demand, to indemnify the Secured Party and the Co-Secured
      Party against any and all losses, claims, damages, penalties, fines, liabilities
      or expenses, including incidental and out-of-pocket expenses and reasonable
      attorneys fees incurred by it arising out of or in connection with the
      acceptance or administration of its duties under this Agreement and to pay
      to
      the Secured Party and the Co-Secured Party the amount of any and all reasonable
      expenses, including the reasonable fees and expenses of its counsel and of
      any
      experts and agents, which the Secured Party and the Co-Secured Party may incur
      in connection with (i) the administration of this Agreement, (ii) the custody,
      preservation, use or operation of, or the sale of, collection from, or other
      realization upon, any of the Pledged Collateral, (iii) the exercise or
      enforcement of any of the rights of the Secured Party and the Co-Secured Party
      hereunder or (iv) the failure by the Pledgor to perform or observe any of the
      provisions hereof.

     

    The
      Pledgor also agrees to indemnify the Indemnified Party (as defined in the Notes
      Purchase Agreement) against any and all losses, claims, damages, liabilities
      and
      reasonable expenses to the same extent as the Company agrees to indemnify under
      Section 10 of the Notes Purchase Agreement.

     

    32.
        Amendments,
      Waivers and Consents.
      None of
      the terms or provisions of this Agreement may be waived, altered, modified
      or
      amended, and no consent to any departure by the Pledgor herefrom shall be
      effective, except by or pursuant to an instrument in writing which (i) is duly
      executed by the Pledgor, the Secured Party and the Co-Secured Party and (ii)
      complies with the requirements of the Conditions. Any such waiver shall be
      valid
      only to the extent set forth therein. A waiver by the Secured Party of any
      right
      or remedy under this Agreement on any one occasion shall not be construed as
      a
      waiver of any right or remedy which the Secured Party would otherwise have
      on
      any future occasion. No failure to exercise or delay in exercising any right,
      power or privilege under this Agreement on the part of the Secured Party shall
      operate as a waiver thereof; and no single or partial exercise of any right,
      power or privilege under this Agreement shall preclude any other or further
      exercise thereof or the exercise of any other right, power or privilege.

     

    33.
        Section
      Headings.
      The
      section headings herein are for convenience of reference only, and shall not
      affect in any way the interpretation of any of the provisions hereof.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

    34.
        Execution
      in Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but all of which shall together constitute one and the same
      agreement. 

     

    35.
        Merger.
      This
      Agreement and the other Transaction Documents embody the entire agreement and
      understanding, between the Pledgor and the Secured Party and supersedes all
      prior agreements and understandings, written and oral, relating to the subject
      matter hereof. 

     

    [remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      Pledgor and the Secured Party have executed this Agreement as of the date set
      forth above.

     

    
      	 	 	 
	 	MR.
              TU GUO
              SHEN
	 
 	 
 	 
 
	 	By:  	
              /s/
                Tu Guo Shen

            
	 	
              
Name: Mr.
              Tu Guo Shen 
	 	 

    

    
       

      
        	 	 	 
	 	MS.
                LI ZHI
                QUN
	 
 	 
 	 
 
	 	By:  	
                /s/
                  Li Zhi Qun

              
	 	
                
Name: Li
                Zhi Qun 
	 	 

      

       

      
        	 	 	 
	 	WHITEHORSE
                TECHNOLOGY LIMITED
	 
 	 
 	 
 
	 	By:  	
                /s/
                  Tu Guo Shen

              
	 	
                
Name:
Tu
                Guo Shen
	 	Title:
                Director  

      

    

    
 

    Acknowledged
      and agreed to

    as
      of the
      date first written above.

     

    CITADEL
      EQUITY FUND LTD.,

    as
      Secured Party

     

     

    
      	By:	Citadel Limited Partnership, its Portfolio
              Manager	 	 	 
	 	 	 	 	 
	By:	Citadel Investment Group, L.L.C., its
              General
              Partner	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	
              /s/
                Andrew Fong

            	 	 	 
	Name:	
              
Andrew
              Fong	 	 	
            
	Title:	Authorized
              Signatory	 	 	 

    

    

     

    for
      purposes of appointment as co-Secured Party,

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THE
      BANK OF NEW YORK,

    as
      co-Secured Party

    
       

      
        	 	 	 	 	 
	 	 	 	 	 
	By:	
                /s/
                  Lici Zhu

              	 	 	 
	Name:	
                
Lici
                Zhu	 	 	
              
	Title:

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