Document:

China
      Water and Drinks Inc.

    Unit
      07,
      6/F Concordia Plaza

    1
      Science
      Museum Road

    Tsimshatsui,
      East Kowloon, Hong Kong

     

    March
      31,
      2008

     

    Re:
      China
      Water and Drinks Inc.

     

    Gentlemen:

     

    Reference
      is made to (i) that Securities Purchase Agreement dated as of January 24, 2008
      (the “Securities Purchase Agreement”) by and among China Water and Drinks, Inc
      (the “Company”), and the buyers parties thereto (the “Buyers”) and (ii) the
      Escrow Agreement dated as of January 24, 2008 (the “Escrow Agreement”) by and
      among the Company, Roth Capital Partners LLC (the “Placement Agent”), Goldman
      Sachs International , as collateral agent (the “Collateral Agent”) and
      Tristate Title and Escrow, as escrow agent (the “Escrow Agent”). Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in the Securities Purchase Agreement.

     

    Section
      10(e) of the Securities Purchase Agreement provides that no provision of the
      Securities Purchase Agreement may be waived or amended except in a written
      instrument signed by the Company and the holders of at least a marjority of
      the aggregate principal amount of the Notes (as defined in the Securities
      Purchase Agreement) issued and issuable under the Securities Purchase Agreement.
      Section 11.2 of the Escrow Agreement provides that the Escrow Agreement may
      be
      amended or modified only in writing and signed by all of the parties
      thereto.

     

    The
      undersigned Buyer owns the aggregate principal amount of the Notes listed next
      to such Buyer’s name on Schedule A hereto.

     

    The
      undersigned Buyer hereby agrees that (i) Section 4(d) of the Securities Purchase
      Agreement shall be amended by deleting the words “within two weeks of the
      Closing Date” in the eighteenth and nineteenth lines thereof and substituting
      therefor the words “by no later than April 30,
      2008”
and (ii) Section 8 of the Securities Purchase Agreement shall be amended by
      deleting the words “Within 45 days of the Closing” in the first line thereof and
      substituting therefor the words “By no later than April 30, 2008,”.

     

    The
      Company, the Placement Agent, the Collateral Agent and the Escrow Agent hereby
      agree that (i) Section 3.2(a) of the Escrow Agreement shall be amended by
      deleting the words “within forty five (45) days of the Closing Date” in the
      seventh line thereof and substituting therefor the words “by no later than April
      30, 2008” and (ii) Section 3.2(b) of the Escrow Agreement shall be amended by
      deleting the words “within forty five (45) days of the Closing Date” in the
      fourth and fifth lines thereof and substituting therefor the words “by April 30,
      2008”.

     

    Except
      as
      expressly waived or otherwise specifically provided herein, all of the
      representations, warranties, terms, covenants and conditions of each of the
      Securities Purchase Agreement and the Escrow Agreement shall remain unamended
      and unwaived and shall continue to be and shall remain in full force and effect
      in accordance with their respective terms.

     

    This
      letter is governed by the laws of the State of New York without giving effect
      to
      the conflict of laws rules of any jurisdiction. This letter may be signed in
      one
      or more counterparts, each of which shall be deemed and original and all of
      which, taken together, shall constitute one and the same agreement. Any
      signature delivered by a party via telecopier shall be deemed to be an original
      signature hereto.

     

    ******************

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Kindly
      acknowledge receipt of this letter and agreement to the foregoing by executing
      the enclosed copy of this letter where indicated and returning it to the
      Company, whereupon it shall become a binding agreement among us as of the date
      hereof.

    
      	 	 	 
	 	Very truly yours,
	 	 
	 	China
              Water and
              Drinks Inc.
	 
 	 
 	 
 
	 	By:  	

	 	Name:	 
	 	Title:	 

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    AGREED
      AND ACKNOWLEDGED:

     

    GOLDMAN
      SACHS INTERNATIONAL

     

     

    By:
      /s/ Buck
      Ratchford                         

    Name:
      Buck Ratchford

    Title:
      Managing Director

     

    Aggregate
      Principal Amount of Notes Owned and For Which Consent is
      Given:$25,100,000

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    AGREED
      AND ACKNOWLEDGED:

     

    GOLDMAN
      SACHS INTERNATIONAL, as Collateral Agent under the Escrow Agreement

     

     

    
      By:
        /s/ Buck
        Ratchford                         

      Name:
        Buck Ratchford

      Title:
        Managing Director

       

      
        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

      

      

    

     

    AGREED
      AND ACKNOWLEDGED:

     

    ROTH
      CAPITAL PARTNERS LLC, as Placement Agent under the Escrow Agreement

     

     

    By:
      /s/ Mitchell
      Truelock                           

    Name:
      Mitchell Truelock

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    AGREED
      AND ACKNOWLEDGED:

     

    TRI-STATE
      TITLE AND ESCROW, as Escrow Agent under the Escrow Agreement

     

     

    By:
      /s/ Guy W.
      Turner             
           

    Name:
      Guy
      W. Turner

    Title:
      President

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Schedule
      A

     

    
      	
              Name
                and Address of Investor

            	 	
              Aggregate
                Principal Amount of Notes Owned

            	 	
              Percent
                of Securities and Registrable Securities (1)

            	 
	
              Goldman
                Sachs International

              68th
                Floor, Cheung Kong Center

              2
                Queens Road

              Central
                Hong Kong

            	 	
              $

            	
              25,100,000

            	 	 	
              50.2

            	
              %

            

    

     

    (1)
      Based
      on a $50,000,000 aggregate principal amount of Notes outstanding.

     

    
      
        
        

      

      
        7EXHIBIT
      4.5f

     

    AMENDMENT
      TO 

    THIRD
      AMENDED AND RESTATED

    4%
      CONVERTIBLE NOTE

    

    AMENDMENT
      TO THIRD AMENDED AND RESTATED 4% CONVERTIBLE NOTE, is dated as of February
      14,
      2008; made by and between Delta Mutual, Inc., a Delaware corporation, with
      its
      principal offices located at 111 North Branch Street, Sellersville, PA 18960
      (the “Borrower”) and T&T Vermoegensverwaltungs AG, as lawful transferee,
      with the mailing address of Alte Bergstrasse No. 171, Uetikon 8707, Switzerland
      (the “Holder”). Capitalized terms used herein and not otherwise defined herein
      shall have the meaning assigned to such term in the Original Note.

    

    WHEREAS,
      the Borrower and the Holder are parties to that certain Third Amended and
      Restated 4% Convertible Note, dated May 12, 2004, as
      amended
      (the
“Original Note”), pursuant to which the Borrower has borrowed the amount of
      $100,000 from the Holder; 

    

    WHEREAS,
      the Original Note provides that the Maturity Date shall be February 28, 2007;
      and

     

    WHEREAS,
      the Borrower and the Holder have agreed to extend the Maturity Date and to
      amend
      Section 1.6 of the Original Note in order to provide the Borrower with
      additional time to secure financing; and

    

    WHEREAS,
      in accordance with the terms and conditions of the Original Note, the Borrower
      and the Holder hereby approve the amendment of the Original Note as set forth
      herein.

    

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants contained
      herein, the parties agree as follows:

    

    
      
        1.
          By
          their
          respective execution of this AMENDMENT, the Borrower and the Holder agree
          that
          Section 1.6 of the Original Note is hereby amended to read in its entirety
          as
          follows: “Maturity Date” shall mean June 1, 2008.

      

    

    

    2. Except
      as
      expressly provided herein, the Original Note shall continue in full force and
      effect.

    

    
      
        3.
          This
          AMENDMENT may be executed by facsimile and in counterparts, which, taken
          together, shall be deemed an original and shall constitute a single
          AMENDMENT.

      

    

    

    4.
      IN
      WITNESS WHEREOF, the Borrower and the Holder have caused this AMENDMENT to
      be
      executed as of the date first written above.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    -SIGNATURE
      PAGE FOLLOWS-

    

      
        	
                DELTA
                  MUTUAL, INC. 

              	
              	T&T
                VERMOEGENSVERWALTUNGS AG
	
                 (BORROWER) 

              	
              	
                (HOLDER)

              
	  	
              	 
	
                By:
                  

              	
                /s/
                  Peter F. Russo 

              	
              	By:
                	
                
                  /s/
                    Ivano Angelastri

                

              
	
                 

              	Peter
                F. Russo 	
              	
              	
                
                  Ivano
                    Angelastri

                

              
	 	 President
&
CEO	 	 	
                
                  Managing
                    Director

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