Document:

Unassociated Document

    DEED
      OF AMENDMENT
      is made
      on 31st March 2008

     

    Between

     

    
      	 	
              (1)

            	
              China
                Water and Drinks, Inc., incorporated in the State of Nevada, United
                States
                of America, and having its principal office at Unit 07, 6/F, Concordia
                Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong
                (the
                "Chargor");
                and 

            

    

     

    
      	 	
              (2)

            	
              Goldman
                Sachs International, an unlimited liability company organized and
                existing
                under the laws of England and Wales with its registered office at
                Peterborough Court, 133 Fleet Street, London EC4A, 2BB, England,
                as
                trustee for the Holders (the "Security
                Agent");
                

            

    

     

    
      	 	
              (3)

            	
              Fine
                Lake International Limited, incorporated in the British Virgin Islands
                and
                having its registered office at P.O. Box 957, Offshore Incorporations
                Centre, Road Town, Tortola, British Virgin Islands (the "Company").

            

    

     

    RECITALS
      

     

    
      	
              (A)

            	
              The
                Chargor has granted a charge over the shares it holds in the Company
                in
                favour of the Security Agent pursuant to a share charge dated 25
                January
                2008 (the “Share
                Charge”).
                

            

    

     

    
      	
              (B)

            	
              The
                parties desire to amend with effect from the date of this Deed (the
                “Effective
                Date”)
                the Share Charge such that at all times no more than 65% of the shares
                held by the Chargor in the Company shall be charged in favour of
                the
                Security Agent.

            

    

     

    NOW
      THE PARTIES AGREE AS FOLLOWS:

     

    
      	
              1

            	
              With
                effect from the Effective Date, the Share Charge shall be amended
                as
                follows:

            

    

     

    
      	 	
              1.1

            	
              by
                deletion of the defined term "Additional Shares" in its entirety
                and its
                replacement with the following definition:

            

      	 	 	 

      	 	 	"Additional
              Shares"
              means such number of shares in the capital of the Company which the
              Chargor owns in the future in addition to the Shares, including, but
              not
              limited to, additional shares issued to the Chargor in connection with
              any
              warrant, option, share split, issue of bonus shares or recapitalisation
              so
              as to ensure that at all times the number of shares charged by this
              Charge
              in favour of the Security Agent shall equate to 65% of the shares in
              the
              capital of the Company owned by the Chargor and all Related Rights
              thereto."; and 

    

     

    
      	 	
              1.2

            	
              by
                deletion of the defined term "Shares" in its entirety and its replacement
                with the following definition: 

            

      	 	 	 

      	 	 	"Shares" means
              32,500 shares of par value US$1.00 which are registered at the date
              of
              this Charge in the name of the Chargor and all warrants, options or
              other
              rights to subscribe for, purchase or otherwise acquire shares of the
              Company held by the Chargor (provided always that the number of Shares
              charged under this Charge in favour of the Security Agent shall not
              exceed
              65% of the number of shares of the Company registered in the name of
              the
              Chargor.".

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              2

            	
              Any
                ancillary documents issued to the Security Agent under the Share
                Charge
                requiring consequential amendment owing to the amendments to the
                Share
                Charge shall be returned to the Chargor upon receipt by the Security
                Agent
                of duly executed replacement documents (satisfactory to the Security
                Agent). 

            

    

     

    
      	
              3

            	
              Each
                of the Chargor and the Company warrant to the Security Agent
                that:

            

    

     

    
      	 	
              3.1

            	
              it
                is a company duly incorporated, validly existing and in good standing
                under the laws of its jurisdiction of
                incorporation;

            

    

     

    
      	 	
              3.2

            	
              it
                has the corporate power to enter into and perform its obligations
                under
                this Deed and has taken all necessary corporate action to authorise
                the
                execution, delivery and performance of this
                Deed;

            

    

     

    
      	 	
              3.3

            	
              this
                Deed is evidence of their valid and binding obligations that are
                enforceable against each of them in accordance with its terms;
                

            

    

     

    
      	 	
              3.4

            	
              no
                application or order has been made for the its winding up, no action
                has
                been taken to seize or take possession of any of its assets;
                

            

    

     

    
      	 	
              3.5

            	
              there
                are no unsatisfied judgements against its and it is able to pay its
                debts
                as they fall due; and

            

    

     

    
      	 	
              3.6

            	
              it
                shall execute all documents and do all acts and things reasonably
                required
                for the purposes of giving effect to this
                Deed.

            

    

     

    
      	
              4

            	
              This
                Deed shall be governed by and construed in accordance with the laws
                of the
                British Virgin Islands and the Parties agree to submit to the jurisdiction
                of the courts of the British Virgin Islands.

            

    

     

    
      	
              5

            	
              This
                Deed may be executed in any number of counterparts and all such
                counterparts taken together shall be deemed to constitute one and
                the same
                instrument.

            

    

     

    This
      Deed has been signed on behalf of the Security Agent and executed as a deed
      by
      the Chargor and the Company and is delivered on the dated specified
      above.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Execution
      Page

     

    Chargor

     

    EXECUTED
      and DELIVERED

    as
      a Deed
      by

    China
      Water and Drinks, Inc.

    

    By:                   
       

    
      

    

    Name:

    Capacity:

    

    in
      the
      presence of:

    

      Witness:
        /s/ Chung, Kai
        Shun              

      Name:
        Chung, Kai Shun

      Address:   
        8/F., Skyline Plaza Hotel

      644
        Tong Fu Rd East, Guangzhou

       

    

    Company

    

    EXECUTED
      and DELIVERED

    as
      a Deed
      by

    Fine
      Lake
      International Limited

    

    By:                   
      

    
      

    

    Name:

    Capacity:

    

    in
      the
      presence of:

    

    
      
        Witness:
          /s/ Chung, Kai
          Shun              

        Name:
          Chung, Kai Shun

        Address:   
          8/F., Skyline Plaza Hotel

        644
          Tong Fu Rd East,
          Guangzhou

      

    

     

    Security
      Agent

     

    EXECUTED
      by

    Goldman
      Sachs International

    

    By:
      /s/ Buck
      Ratchford                              

    Name:
      Buck Ratchford

    Capacity:
      Managing Director

     

    
      
        
        

      

      
        3Unassociated Document

    Execution
      copy

    

    THIS
      MEMORANDUM OF PARTIAL RELEASE is made the 31st
      day of
      March, 2008.

    

    BETWEEN

    

    Goldman
      Sachs International,
      an
      unlimited liability company organised under the laws of England and Wales whose
      registered office is at Peterborough Court, 133 Fleet Street, London EC4A,
      2BB,
      England (the “Collateral
      Agent”);
      and

    

    Gain
      Dynasty Investments Limited,
      a
      company
      duly incorporated in the British Virgin Islands whose registered office is
      at
      Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola,
      British Virgin Islands (“Gain
      Dynasty”).

    

    WHEREAS
      :-

    

    
      	(1)	By a Share Charge dated 29 January 2008 (the “Share
              Charge”)
              executed by Gain Dynasty and Mr. Xu Hongbin in favour of the Collateral
              Agent, 10,000 ordinary shares of HK$1.00 each of Olympic
              Forward Trading Company Limited (滔達貿易有限公司)
              (the “Company”),
              representing its entire issued share capital, were charged to the
              Collateral Agent as security for the Liabilities (as defined in the
              Share
              Charge).

      	 	 

      	(2)	All those security documents listed in Schedule
              1 hereto
              (the “Security
              Documents”)
              were executed by relevant parties as security under the Share
              Charge.

      	 	 

      	
              (3)

            	
              Gain
                Dynasty
                has requested the Collateral Agent to, and the Collateral Agent has
                agreed
                to, discharge 3,500 ordinary shares of the Company registered in
                the name
                of Gain Dynasty, representing 35% of the entire issued share capital
                of
                the Company (the “Released
                Shares”)
                from the Share Charge.

            

    

    

    NOW
      THIS
      DEED WITNESSETH that the Collateral Agent (for and on behalf of the Secured
      Parties (as defined in the Share Charge)) hereby :

    

    
      	 	
              (i)

            	
              DISCHARGES
                the Released Shares; and/or (as the circumstances
                require);

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              ASSIGNS
                as chargee unto Gain Dynasty the Released Shares TO HOLD the same
                unto
                Gain Dynasty absolutely; and/or (as the circumstances require);
                and

            

    

    

    
      	 	
              (iii)

            	
              RELEASES
                AND ASSIGNS as chargee unto Gain Dynasty all rights and benefits
                of and
                relating to the Released Shares charged or assigned unto the Collateral
                Agent under the Share Charge TO HOLD the same unto Gain Dynasty
                absolutely

            

    

    

    freed
      and
      absolutely discharged of and from the Share Charge and from the charge or
      mortgage created thereunder PROVIDED that and (for avoidance of doubt) it is
      hereby declared that the Share Charge shall remain in full force and effect
      with
      regard to the remaining shares of the Company which remain subject to the Share
      Charge AND the Collateral Agent hereby confirms to Gain Dynasty that the
      Collateral Agent has not done, omitted or knowingly suffered or been party
      or
      privy to any act, deed, matter or thing whereby or by means whereof the shares
      charged under the Share Charge or any part thereof are or is or may be
      impeached, charged, affected or incumbered in title, estate or otherwise AND
      PROVIDED further that this Memorandum of Partial Release shall not in any way
      affect the obligations and liabilities of (a) China Water and Drinks, Inc.
      (“China
      Water”)
      under
      the Securities Purchase Agreement dated 24 January 2008 entered into between
      China Water and the Buyers named therein (the “Securities
      Purchase Agreement”),
      (b)
      China Water under the Notes (as defined in the Securities Purchase Agreement)
      and (c) Gain
      Dynasty and Mr. Xu Hongbin under the Share Charge.

    

    AND
      Gain
      Dynasty hereby undertakes to procure the relevant parties to sign the blank
      instrument of transfer, blank bought and sold notes and undated board minutes
      of
      the Company in the form and substance as set out in Schedules 2, 3 and 4
      respectively and the new share certificate 6 in the name of Gain Dynasty in
      respect of 6,499 ordinary shares of the Company and deliver the same to the
      Collateral Agent within 7 days from the date of this Memorandum of Partial
      Release.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Schedule
      1

    

    The
      Security Documents

    

    
      	(1)	Blank Instrument of Transfer of
              9,999 shares of the Company duly signed by Gain Dynasty as transferor
              without the identity and signature of the
              transferee

      	 	 

      	
              (2)

            	
              Blank
                Bought and Sold Notes of 9,999 shares of the Company duly signed
                by Gain
                Dynasty as transferor without the identity and signature of the
                transferee

            

    

    

    
      	
              (3)

            	
              Undated
                Board Minutes of the Company approving, inter alia, the transfer
                of
                shares, changes in directors, changes in secretary duly signed by
                the
                directors of the Company

            

    

    

    
      	
              (4)

            	
              Share
                Certificate No. 4 in the name of Gain Dynasty in respect of 9,999
                shares
                of the Company

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Schedule
      2

    

    INSTRUMENT
      OF TRANSFER

     

    
      	
              NAME
                OF COMPANY 

            	
              Olympic
                Forward Trading Company Limited 

              (滔達貿易有限公司)

            
	 	
              (the
                “Company”)

            

    

    

     

    
      	
              We,
                the Transferor

            	
              ,

            	
              Gain
                Dynasty Investments Limited

            
	
              of
                

            	
              :

            	
              Sea
                Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola,
                British Virgin Islands

            

    

    

     

    
      	
              in
                consideration of 

            	
              :

            	 

    

    

     

    
      	
              paid
                to us by the Transferee

            	
              :

            	 
	
              Occupation

            	
              :

            	 
	
              of

            	
              :

            	 
	 	 	 
	 	 	 

    

    

    
      	
              (hereinafter
                called “the Transferee”) do hereby transfer to the Transferee the
                

            	
              -
                6,499 -

            

    

    shares
      standing in our name in the Register of the Company to hold unto the Transferee,
      its/his/her executors, administrators or assigns, subject to the several
      conditions upon which we hold the same at the time of execution hereof, and
      I/we
      the Transferee do hereby agree to take the shares subject to the same
      conditions.

     

    
      	
              Dated
                this

            	 	
              day
                of

            	 	 

    

    

    Witness
      to the signature of Transferor

    

    
      	
              Name:

            	Chung,
              Kai Shun	 	
              

            
	
              Address:

            	8/F., Skyline
              Plaza
              Hotel,	 	 
	 	644 Tong Fu
              Rd East,
              Guangzhou	 
	 	 	 
	 	 	
              For
                and on behalf of

            
	/s/ Chung,
              Kai Shun	 	
              Gain
                Dynasty Investments Limited

            
	
              Signature
                of Witness

            	 	
              Signature
                of Transferor

            

    

    

    Witness
      to the signature of Transferee

    

    
      	
              Name:

            	 	 	 
	
              Address:

            	 	 	 
	 	 	 
	 	 	 
	 	 	
              Signature
                of Transferee

            
	
              Signature
                of Witness

            	 	 

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    Schedule
      3

    

    BOUGHT
      AND SOLD NOTES

    

    
      	
              NAME
                OF COMPANY 

            	
              Olympic
                Forward Trading Company Limited 

              (滔達貿易有限公司)

            
	 	
              (the
                “Company”)

            

    

    

    
      	
              Transferor
                

            	
              :

            	
              Gain
                Dynasty Investments Limited

            
	
              of
                

            	
              :

            	
              Sea
                Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola,
                British Virgin Islands

            

    

    

    
      	
              Transferee
                

            	
              :

            	 
	
              of

            	
              :

            	 
	 	 	 
	 	 	 

    

    

    
      	
              Number
                of Shares Transferred 

            	
              :

            	
              -
                6,499 -

            

    

    

    

    
      	
              Par
                Value per Share 

            	
              :

            	
              HK$1.00
                

            

    

    

    

    
      	
              Total
                Consideration

            	
              :

            	 

    

    

    

    
      	
              Dated
                this

            	 	
              day
                of

            	 	 

    

    

    

    
      	
              

            	 	 	 
	
              For
                and on behalf of

              Gain
                Dynasty Investments Limited

            	 	 	 
	
              Signature
                of Transferor

            	 	 	
              Signature
                of Transferee

            
	 	 	 	 

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Schedule
      4

    

    Olympic
      Forward Trading Company Limited (滔達貿易有限公司)

    (the
      “Company”)

    

    BOARD
      MINUTES OF THE BOARD OF DIRECTORS
      of the
      Company made pursuant to Article of the Articles of Association of the
      Company

    

    
      	PRESENT 	Ms. Leung Tung Ha
	 	 
	 	Mr. Ng Ho
              Kwan

    

    

    CHAIRMAN

    

    Ms.
      Leung
      Tung Ha was elected Chairman of the meeting.

    

    

    QUORUM

    

    It
      was
      noted that a quorum was present
      throughout the meeting.

     

    TRANSFER
      OF SHARES

    

    It
      was
      resolved that the transfer of the following shares be approved, subject to
      the
      transfer documents being duly stamped and presented for registration in
      accordance with the provisions of the Articles of Association of the Company
      :-

    

    
      	
              Transferors

            	
              Transferee

            	
              No.
                of Shares

            
	
              Gain
                Dynasty Investments Limited

               

              Xu
                Hongbin

            	 	
              6,499

               

               

              1

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    It
      was
      further resolved that share certificate(s) be issued under the common seal
      of
      the Company and whose name(s) shall be entered on the Company's Register of
      Members and Transfers accordingly.

    

    CHANGES
      IN DIRECTORS

    

    IT
      IS RESOLVED
      that the
      following be appointed additional Directors of the Company with immediate
      effect:-

    
 

    IT
      IS RESOLVED
      that the
      resignation of the following persons as Directors of the Company be accepted
      with immediate effect:-

     

    
      	 	Leung Tung Ha
	 	 
	 	Ng Ho Kwan

    

     

    CHANGES
      IN SECRETARY

    

    IT
      IS
      RESOLVED that the following be appointed Secretary of the Company with immediate
      effect:-

     

    

    IT
      IS RESOLVED
      that the
      resignation of the following person as Secretary of the Company be accepted
      with
      immediate effect:-

    

    Kingspeed
      Consultants Limited 

     

     

    CHANGE
      OF REGISTERED OFFICE

    

    It
      was
      resolved that with immediate effect the registered office of the Company be
      changed to 

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    BANK
      ACCOUNT

    

    It
      was
      resolved that all existing bank mandates be cancelled with immediate
      effect.

     

    

    CONCLUSION

    

    There
      being no further business, the Chairman declared the meeting
      closed.

    

    
      	 	 	 
	 	
              
Chairman
              

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
       

    

    IN
      WITNESS whereof this Memorandum of Partial Release has been duly executed the
      day and year first above written.

    

    
      	EXECUTED
              as
              a deed	)	/s/ Buck
              Ratchford                           
              
	By Name :	)	Buck Ratchford
	For and on behalf of	)	Managing Director
	Goldman Sachs
              International	)	 

    

     

    

    Witnessed

     

    

    /s/
      Thian
      Chew                        

    Name:
      Thian Chew

    Title:
      Executive Director

    

    
      
        
        

      

      
        9

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