BERMUDA THE COMPANIES ACT 1981

MEMORANDUM OF ASSOCIATION OF COMP ANY LIMITED BY SHARES

(Section 7(1) and' (2»

MEMORANDUM OF ASSOCIATION

OF

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

BERMUDIAN NUMBER OF STATUS SHARES (Yes/No) SUBSCRIBEr: C. F. Alexander Clarendon House Cooper 2 Church Street Hamilton HM 11 Bermuda.

do hereby respectively agree to take such number of shares of the Company as may be allotted to respectively by the provisional directors of the Company, not exceeding the number of shares f which we have respectively subscribed, and to satisfy such calls as may be made by the director Novisional directors or Dromoters of the ComDanv in resoect of the shares allotted to us resoective'

The Company h:J.Spower to hold land situated in Bermuda not exceeding in all, including the fall parce!s-
5.. x:1~C0 ••• y........:::·=:"J;Opo~T~.;:m:l K:;::;:Gpa~ro:::c:ux·~."in:ess:-:i:DxB~
5 •
&. The authorised share capital of the Company is HK$lO,OOO.OO divloea Into shar HKSO.IO each. The minimum subsc:ibed share c
X. The objec:s for '.vhich [he Company is formed and incorporated are -

THECOMPANIESACT1981
MEMORANDUMOFASSOCIATIONOF
COMPANYLIMITEDBYSHARES
(Section7(1)and(2»

`Schedule to Form 2 Objects/Powers of the Company`

1) to act and to perform all the functions of a holding company in all its branches and to co-ordinate the policy and administration of any subsidiary company or companies wherever incorporated or carrying on business or of any group of companies of which the Company or any subsidiary company is a member or which are in any manner controlled directly or indirectly by the Company;
2) to act as an investment company and for that purpose to acquire and hold upon any terms and, either in the name of the Company or that of any nominee, shares, stock, debentures, debenture stock, annuities, notes, mortgages, bonds, obligations and securities, foreign exchange, foreign currency deposits and commodities, issued or guaranteed by any company wherever incorporated or carrying on business, or by any government, sovereign, ruler, commissioners, pUblic body or authority, supreme, municipal, local or otherwise, by original SUbscription, tender, purchase, exchange, underwriting, participation in syndicates or in any other manner and whether or not fully paid up, and to make payments thereon as called up or in advance of calls or otherwise and to subscribe for the same, whether conditionally or absolutely, and to hold the same with a view to investment, but with the power to vary any investments, and to exercise and enforce all rights and powers conferred by or incident to the ownership thereof, and to invest and deal with the moneys of the Company not immediately required upon such securi ties and in such manner as may be from time to time determined:
3) as set out in paragraphs (b) to (n) and (p) to (u) inclusive of the Second Schedule to The Companies Act 1981.

Page2.
ScheduletoForm2
Objects/powersofthecompany

1) the Company shall, pursuant to Section 42 of The Companies Act 1981, have the power to issue preference shares which are, at the option of the holder, liable to be redeemed; the Company shall, pursuant to Section 42A of The Compani es Act 1981, have the power to purchase its own shares;
3) the Company shall have the power to grant pensions, annuities, or other allowances, including allowances on death, to or for the benefit of any directors, officers or employees or former directors, officers or employees of the Company or any company which at any time is or was a subsidiary or a holding company or another subsidiary of a holding company of the Company or otherwise associated with the Company or of any predecessor in business of any of them, and to the relations, connections or dependants of any such persons, and to other persons whose service or services have directly or indirectly been of benefit to the Company or whom the Company considers have any moral claim on the Company or to their relations, connections or dependants, and to establish or support or aid in the establishment or support of any associations, institutions, clubs, schools, building and housing schemes, funds and trusts, and to make payments toward insurance or other arrangements likely to benefit any such persons or otherwise advance the interests of the Company or of its Members, and to subscribe, guarantee or pay money for any purpose likely, directly or indirectly, to further the interests of the Company or of its Members or for any national, charitable, benevolent, educational, religious, social, public, general or useful object.
4) the Company shall not have the power set out in paragraph 8 of the First Schedule to The Companies Act 1981.

A company limited by shares may exercise all or any of the following powers subject to any provision of the law or its memorandum

to acquire or undertake the whole or any part of the business, property and liabilities of any person carrying on any business that the company is authorized to carry on;
to apply for register, purchase, lease, acquire, hold, use. control. licence. sell. assign or dispose of patents. patent rights. copyrights. trade marks. formulae. licences. inventions. processes. distinctive marks and similar rights;
to enter into partnership or into any arrangement for sharing of profits. union of interests. c~peration, joint venture. reciprocal concession or otherwise with any person carrying on or engaged in or about to carry on or engage in any business or trans:letion that the company is authorized to carry on or engage in or any business or transaction capable of being conducted so as to benefit the company;
to take or otherwise acquire and hold securities in any other body corporate having objects altogether or in part similar to those of the company or carrying on any business capable of being conducted so as to benefit the company;
subject to section 96 to lend money to any employee or to any person having dealings with the company or with whom the company proposes to have dealings or to any other body corporate any of whose shares are held by the company;

i. to apply [or. secure or acquire by gr:1nt. legislative enactment. assignment, tI":1nsfer, purchase or otherwise and to exercise. carry out and enjoy :IOY charter. licence. power. authority, franchise. concession. ri~ht or privilege. that any ~o\'ernment or authority or any body corporate or other public body may be empowered [0 gr:lnt. :lnd [0 pay for. aiel in :lOd contribute tow:lrd can:'ing- it into effect anel [0 assume any liabilities or obligations incidental thereto:

to establish and support or aid in the establishment and s'.•pport of associations. institurions. funds or trusts for the

benefit of employees or former employees of the company or its predecessors. or the dependants or connections of such employees or former employees. and grant pensions and allowances. and make payments towards insurance or for any object similar to those set forth in this paragraph. and to subscribe or guarantee money for charitable. benevolent. educational or religious objects or for any exhibition or for any public. general or useful objects;

to promote any company for the purpose of acqulrmg or taking over any of the property and liabilities of the company or for any other purpose that may benefit the company;
iO. to purchase. lease, take in exchange. hire or otherwise acquire any personal property and any rights or privileges that the com pany considers necessary or convenient for the purposes of its business;
to construct. maintain. alter. renovate and demolish any buildings or works necessary or convenient for its objects;
to take land in Bermuda by way of lease or letting agreement for a term no t exceeding twenty-one years. being land "bona fide" required for the purposes of the business of the company and with the consent of the Minister granted in his discretion to take land in Bermuda by way of lease or letting agreement for a similar period in order to provide accommodation or recreational facilities. for its officers and employees and when no longer necessary for any of the above purposes to terminate or transfer the lease or letting agreement;
1!S. except to the extent. if' any. as may be otherwise expressly provided in its incorporating Act or memorandum and subject to the provisions of this Act every company shall have power to invest the moneys of the Company by way of mort· g-age of real or personal property of every description in Bermuda or elsewhere and to sell, exchange. \'arv. or dispose of such mortgag-e as the company shall from time to time detennine:
14, to construct. improve. maintain. work. manage. carry out or concrol any roads. ways. tramways. branches or sidings. bridges. reservoirs. watercourses. wharves. factories. warehouses. electric works. shops. stores and other works and conveniences that may adv:mce the interests of the company and contribute to. subsidize or otherwise assist or take part in the construction. improvement. maintenance. working-. management. carrying out or control thereof:
to raise and assist in r:l.1smg money for. and aid by way of bonus. loan. promise. endorsement. guarantee or otherwise. any person and guarantee the performance or fulfilment of any contracts or obligations of any person. and in particular guarantee the payment of the principal of and interest on the debt obligations of any such person;
to borrow or raise or secure the payment of money in such manner as the company may think fit;
to draw. make. accept. endorse. discount. execute and issue bills of exchange. promissory notes. bills of lading, warrants and other negotiable or transferable instruments;
when properly authorized to do so. to sell. lease. exchange or otherwise dispose of the undertaking of the company or any part thereof as an entirety or substantially as an entirety for such consideration as the company thinks fit;
to sell. improve. manage. develop. exchange. lease. dispose of. turn to account or otherwise deal with the property of the comp::my in the ordinary course of its business;
to adopt such means of making known the products of the company as may seem expedient. and in particular by advertising. by purchase and exhibition of works of art or interest. by publication of books and periodicals and by granting prizes and rewards and making donations;
to Cluse the company to be registered and recognized in any foreign jurisdiction. and designate persons therein according to the laws of that foreign jurisdiction or to represent the company and to accept service for and on behalf of the company of any process or suit;
to allot :md issue fully-paid shares of the company in payment or part payment of any property purchased or otherwise acquired by the company or for any past services performed for the company;
to distribute among the members of the company in cl,h. kind. specie or otherwise as may be resolved. by w:Iy of dividend. bonus or in any other manner considered advis:lble. :1Oyproperty of the company. but not so as to decrease the capital of the company unless the distribution is m:lde for the purpose of enabling the company to be dissolved or the

distribution. apart from this paragraph, would be otherwise lawful;

co take or hold mortgages, hypothecs. liens and charges to secure payment of the purchase price, or of any unpaid bal..lnce of the purchase price, of any part of the property of the company of whatsoever kind sold by the company. or for any money due to the company from purchasers and others and to sell or otherwise dispose of any such mortgage, hypothec. lien or charge;
~fi. to pay all costs and expenses of or incidental to the incorporation and organization of the company;
to invest and deal with the moneys of the company not immediately required for the objects of the company in such manner as may be determined;
~S. to do any of the things authorized by this subsection and all things authorized by its memorandum as principals, agents. contractors, trustees or otherwise, and eilher alone or in conjunction wilh others;
to do all such other things as are incidental or conducive to the attainment of the objects and the exercise of the powers of the company.

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

A company may by reference include in its memorandum any of the following objects that is to say the business of -

;(e) mining and quarrying and exploration for metals, minerals; fossil fuels and precious stones of all kinds and their preparation for sale or use;
(f) exploring for, the drilling for, the moving, transporting and refining petroleum and hydro carbon products including oil and oil products;
(g) scientific research including the improvement, discovery and development of processes, inventions, patents and designs and the construction, maintenance and operation of laboratories and research centres;
(h) land, sea and air undertakings including the land, ship and air carriage of passengers, mails and goods of all kinds;
(i) ships and aircraft owners, managers, operators, agents, builders and repairers;
U) acquiring, owning, selling, chartering, repairing or dealing in ships and aircraft;
(m) ship chandlers anq dealing in rope, canvas oil and ship stores of all kinds;
(p) farmers, livestock breeders and keepers, graziers, butchers, tanners and processors of and dealers in all kinds of live and dead stock, wool, hides, tallow, grain, vegetables and other produce;
(q) acquiring by purchase or otherwise and holding as an investment inventions, patents, trade marks, trade names, trade secrets, designs and the like;
(r) buying, selling, hiring, letting and dealing in conveyances of any sort; and
(s) employing, providing, hiring out and acting as agent for artists, actors, entertainers of all sorts, authors, composers, producers, engineers and experts or specialists of any kind.
(t) to acquire by purchase or otherwise hold, sell, dispose of and deal in real property situated outside Bermuda and in personal property of all kinds wheresoever situated.
(' (u) to enter into any guarantee, contract of indemnity or suretyship and to assure, support or secure with or without consideration or benefit the performance of any obligations of any ~erson or persons and to guarantee the fidel~ty of individuals filling or about to fill situations of trust or confidence.

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ORIENTALWATCHHOLDINGSLIMITED
(AdoptedataSpecialGeneralMeetingheldon20thSeptember,1993)

`Interpretation`					`1-2`
`Share` `Capital`					3
`Alteration` `Of Capital`					`4-7`
`Share` `Rights`					`8-9`
`Variation` `Of Rights`					`10-11`
`Shares`					`12-15`
`Shares` `Certificates`					`16-21`
`Lien`					`22-24`
`Calls` `On Shares`					`25-33`
`Forfeiture` `Of Shares`					`34-42`
`Register` `Of Members`					`43-44`
`Record` `Dates`					45
`Transfer` `Of Shares`					`46-51`
`Transmission` `Of Shares`					`52-54`
`Untraceable` `Members`					55
`General` `Meetings`					`56-58`
`Notice` `Of General` `Meetings`					`59-60`
`Proceedings` `At General`		`Meetings`			`61-65`
`Voting`					`66-77`
`Proxies`					`78-83`
`Corporations` `Acting`	`By`	`Representatives`			`84`
`Written` `Resolutions`	`Of`	`Members`			85
`Board` `Of Directors`					`86`
`Retirement` `Of Directors`					`87-88`
`Disqualification` `Of`	`Directors`				`89`
`Executive` `Directors`					`90-91`
`Alternate` `Directors`					`92-95`
`Directors'` `Fees` `And`	`Expenses`				`96-99`
`Directors'` `Interests`					`100-103`
`General` `Powers` `Of The`		`Directors`			`104-109`
`Borrowing` `Powers`					`110-113`
`Proceedings` `Of The`	`Directors`				`114-123`
`Managers`					`124-126`
`Officers`					`127-131`
`Register` `of Directors`		`and Officers`			`132`
`Minutes`					`133`
`Seal`					`134`
`Authentication` `Of Documents`					`135`
`Destruction` `Of Documents`					`136`
`Dividends` `And` `Other`	`Payments`				`137-146`
`Reserves`					`147`
`Capitalisation`					`148-149`
`Subscription` `Rights`	`Reserve`				`150`
`Accounting` `Records`					`151-153`
`Audit`					`154-159`
`Notices`					`160-162`
`Signatures`					`163`
`Winding` `Up`					`164-165`
`Indemnity`					`166`
`Alteration` `Of Bye-laws`		`And`	`Amendment`	`To`
`Memorandum` `of Association`					`167`
`Information`					`168`

1.IntheseBye-laws,unlessthecontextotherwiserequires,the
wordsstandinginthefirstcolumnofthefollowingtableshallbearthe
meaningsetoppositethemrespectivelyinthesecondcolumn.

The Companies Act 1981 of Bermuda, as amended from time to time. the meaning attributed to it in the rules of the Designated Stock Exchange. "~?,vf,d tI••...J..-r.!.xt/ ;';'''~ the auditor of the Company for the time being and may include any individual or partnership. these Bye-laws in their present form or as supplemented or amended or substituted from time to time. "Board" or the Board of Directors of the Company or the "Directors" Directors present at a meeting of Directors at which a quorum is present. the share capital from time to time of the Company. in relation to the period of a notice that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. e reee'}Bisee eleariB'} aeliSe witaiB tae /bw~4 lReaBiB'} af SeetiaB 2 af tae SeeuriHes orv dI!oJ!M5 (ClaariB'} Helise) OreiBaBse af HeB'} KaB~ or a clearing house recognised by the laws of the jurisdiction in which the shares of the Company are listed or quoted on a stock exchange in such jurisdiction. "competent a competent regulatory authority in the regulatory territory where the shares of the Company are authority" listed or quoted on a stock exchange in such territory. "debenture" and include debenture stock and debenture "debenture holder" stockholder respectively. "Designated Stock a stock exchange which is an appointed stock Exchange" exchange for the purposes of the Act in respect of which the shares of the Company are listed or quoted and where such appointed stock exchange deems such listing or quotation to be the primary listing or quotation of the shares of the Company.

suchofficeoftheCompanyastheDirectors
mayfromtimetotimedeterminetobethe
principalofficeoftheCompany.
adulyregisteredholderfromtimetotimeof
thesharesinthecapitaloftheCompany.

written notice unless otherwise specifically stated and as further defined in these Bye-laws.
the registered office of the Company for the time being.
the principal register and where applicable, any branch register of Members of the Company to be kept pursuant to the provisions of the Act.
"Registration in respect of any class of share capital such Office" place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered.
common seal or anyone or more duplicate seals of the Company (including a securities seal) for use in Bermuda or in any place outside Bermuda.
any person firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary.
the Act and every other act of the Legislature of Bermuda for the time being in force applying to or affecting the Company, its memorandum of association and/or these Bye-laws.

2.IntheseBye-laws,unlesstherebesomethingwithinthesubjector
contextinconsistentwithsuchconstruction:

(a) words importing the singular include the plural and vice versa;
(c) words importing persons include companies, associations and bodies of persons whether corporate or not;
(e) expressions referring to writing shall, unless the contrary intention appears, be construed as including printing, lithography, photography and other modes of representing words or figures in a visible form;
(f) references to any act, ordinance, statute or statutory provision shall be interpreted as relating to any statutory modification or re-enactment thereof for the time being in force;
(g) save as aforesaid words and expressions defined in the Statutes shall bear the same meanings in these Bye-laws if not inconsistent with the subject in the context;
(h) a resolution shall be a special resolution when it has been passed by a majority of not less than three-fourths of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which not less than twenty-one (21) clear days' notice, specifying (without prejudice to the power contained in these Bye-laws to amend the same) the intention to propose the resolution as a special resolution, has been duly given. Provided that, except in the case of an annual general meetinlJ, if it is so agreed by a majority in number of the Members having the right to attend and vote at any such meeting, being a majority together holding not less than ninety-five (95) per cent. in nominal value of the shares giving that right, a resolution may be proposed and passed as a special resolution at a meeting of which less than twenty-one (21) clear days' Notice has been given;
(i) a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which not less than fourteen (14) days' Notice has been duly given;
(j) a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Bye-laws or the Statutes.

3.(l)ThesharecapitaloftheCompanyshallbedividedinto
sharesofaparvalueof$0.10each.

(2)SubjecttotheAct,theCompany'smemorandumofassociation
and,whereapplicable,therulesofanyDesignatedStockExchangeand/or
anycompetentregulatoryauthority,anypoweroftheCompanytopurchase
orotherwiseacquireitsownsharesshallbeexercisablebytheBoard
uponsuchtermsandsubjecttosuchconditionsasitthinksfit.

(3)NeithertheCompanynoranyofitssubsidiariesshall
directlyorindirectlygivefinancialassistancetoapersonwhois
acqu1r1ngorproposingtoacquiresharesintheCompanyforthepurpose
ofthatacquisitionwhetherbeforeoratthesametimeastheacquisition
takesplaceorafterwardsPROVIDEDthatnothinginthisBye-lawshall
prohibittransactionspermittedbytheAct.

4.TheCompanymayfromtimetotimebyordinaryresolutionin
accordancewithSection45oftheAct:

(a) increase its capital by such sum, to be divided into shares of such amounts, as the resolution shall prescribe;
(b) consolidate and divide all or any of its capital into shares of larger amount than its existing shares;
(c) divide its shares into several classes and without prejudice to any special rights previously conferred on the holders of existing shares attach thereto respectively any preferential, deferred, qualified or special rights, privileges, conditions or such restrictions which in the absence of any such determination by the Company in general meeting, as the Directors may determine provided always that where the Company issues shares which do not carry voting rights, the words "non-voting" shall appear in the designation of such shares and where the equity capital includes shares with different voting rights, the designation of each class of shares, other than those with the most favourable voting rights, must include the words "restricted voting" or "limited voting";
(d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum of association (subject, nevertheless, to the Act), and may by such resolution determine that, as between the holders of the shares resulting from such sub-division, one or more of

thesharesmayhaveanysuchpreferredrightsorbesubject
toanysuchrestrictionsascomparedwiththeotheror
othersastheCompanyhaspowertoattachtounissuedor
newshares;

(f) cancel any shares which, at the date of the passing of the resolution, have not been taken, or agreed to be taken, by any person, and diminish the·amount of its capital by the amount of the shares so cancelled.

5.TheBoardmaysettleasitconsidersexpedientanydifficulty
whicharisesinrelationtoanyconsolidationanddivisionunderthelast
precedingBye-lawandinparticularbutwithoutprejudicetothe
generalityoftheforegoingmayissuecertificatesinrespectof
fractionsofsharesorarrangeforthesaleofthesharesrepresenting
fractionsandthedistributionofthenetproceedsofsale(after
deductionoftheexpensesofsuchsale)indueproportionamongstthe
Memberswhowouldhavebeenentitledtothefractions,andforthis
purposetheBoardmayauthorisesomepersontotransfertheshares
representingfractionstotheirpurchaserorresolvethatsuchnet
proceedsbepaidtotheCompanyfortheCompany'sbenefit.Such
purchaserwillnotbeboundtoseetotheapplicationofthepurchase
moneynorwillhistitletothesharesbeaffectedbyanyirregularityor
invalidityintheproceedingsrelatingtothesale.

The. Company may from time to time by ordinary resolution, subject to any confirmation or consent reqUIred~y law, reduce its authorised or issued share capital or, save for the use of share premium as expressly permItted by the Act, any share premium account or other undistributable reserve.

(Amended on 28th August, 2003)

7.Exceptsofarasotherwiseprovidedbytheconditionsofissue,or
bytheseBye-laws,anycapitalraisedbythecreationofnewsharesshall
betreatedasifitformedpartoftheoriginalcapitaloftheCompany,
andsuchsharesshallbesubjecttotheprovisionscontainedinthese
Bye-lawswithreferencetothepaymentofcallsandinstalments,transfer
andtransmission,forfeiture,lien,cancellation,surrender,votingand
otherwise.

8.Subjecttoanyspecialrightsconferredontheholdersofany
sharesorclassofshares,anyshareintheCompany(whetherformingpart
ofthepresentcapitalornot)maybeissuedwithorhaveattached
theretosuchrightsorrestrictionswhetherinregardtodividend,
voting,returnofcapitalorotherwiseastheCompanymaybyordinary
resolutiondetermineor,iftherehasnotbeenanysuchdeterminationor
sofarasthesameshallnotmakespecificprovision,astheBoardmay
determine.

9.SubjecttoSections42and43oftheAct,anypreferenceshares
maybeissuedorconvertedintosh~resthat,atadeterminabledateorat
theoptionoftheCompanyortheholderifsoauthorisedbyits
memorandumofassociation,areliabletoberedeemedonsuchtermsandin

suchmannerastheCompanybeforetheissueorconversionmaybyordinary
resolutionoftheMembersdetermine.

10.SubjecttotheActandwithoutprejudicetoBye-law8,allorany
ofthespecialrightsforthetimebeingattachedtothesharesorany
classofsharesmay,unlessotherwiseprovidedbythetermsofissueof
thesharesofthatclass,fromtimetotime(whetherornottheCompany
isbeingwoundup)bevaried,modifiedorabrogatedeitherwiththe
consentinwritingoftheholdersofnotlessthanthree-fourthsofthe
issuedsharesofthatclassorwiththesanctionofaspecialresolution
passedataseparategeneralmeetingoftheholdersofthesharesofthat
class.Toeverysuchseparategeneralmeetingalltheprovisionsof
theseBye-lawsrelatingtogeneralmeetingsoftheCompanyshall,mutatis
mutandis,apply,butsothat:

(a) the necessary quorum (other than at an adjourned meeting) shall be two persons holding or representing by proxy not less than one-third in nominal value of the issued shares of that class and at any adjourned meeting of such holders, two holders present in person or by proxy (whatever the number of shares held by them) shall be a quorum;
(b) every holder of shares of the class shall be entitled on a poll to one vote for every such share held by him; and
(c) any holder of shares of the class present in person or by proxy may demand a poll.

11.Thespecialrightsconferredupontheholdersofanysharesor
classofsharesshallnot,unlessotherwiseexpresslyprovidedinthe
rightsattachingtoorthetermsofissueofsuchshares,bedeemedtobe
varied,modifiedorabrogatedbythecreationorissueoffurthershares
rankingparipassutherewith.

12.(1)SubjecttotheActandtheseBye-lawsandwithoutprejudice
toanyspecialrightsorrestrictionsforthetimebeingattachedtoany
sharesoranyclassofshares,theunissuedsharesoftheCompany
(whetherformingpartoftheoriginaloranyincreasedcapital)shallbe
atthedisposaloftheBoard,whichmayoffer,allot,grantoptionsover
orotherwisedisposeofthemtosuchpersons,atsuchtimesandforsuch
considerationanduponsuchtermsandconditionsastheBoardmayinits
absolutediscretiondeterminebutsothatnosharesshallbeissuedata
discount.NeithertheCompanynortheBoardshallbeobliged,when
makingorgrantinganyallotmentof,offerof,optionoverordisposalof
shares,tomake,ormakeavailable,anysuchoffer,optionorsharesto
Membersorotherswithregisteredaddressesinanyparticularterritory
orterritoriesbeingaterritoryorterritorieswhere,intheabsenceof
aregistrationstatementorotherspecialformalities,thiswouldor
might,intheopinionoftheBoard,beunlawfulorimpracticable.
Membersaffectedasaresultoftheforegoingsentenceshallnotbe,or
bedeemedtobe,aseparateclassofmembersforanypurposewhatsoever.

(2)TheBoardmayissuewarrantsconferringtherightuponthe
holdersthereoftosubscribeforanyclassofsharesorsecuritiesinthe
capitaloftheCompanyonsuchtermsasitmayfromtimetotime
determine.

13.TheCompanymayinconnectionwiththeissueofanyshares
exerciseallpowersofpayingcommissionandbrokerageconferredor
permittedbytheAct.SubjecttotheAct,thecommissionmaybe
satisfiedbythepaymentofcashorbytheallotmentoffullyorpartly
paidsharesorpartlyinoneandpartlyintheother.

14.Exceptasrequiredbylaw,nopersonshallberecognisedbythe
CompanyasholdinganyshareuponanytrustandtheCompanyshallnotbe
boundbyorrequiredinanywaytorecognise(evenwhenhavingnotice
thereof)anyequitable,contingent,futureorpartialinterestinany
shareoranyfractionalpartofashareor(exceptonlyasotherwise
providedbytheseBye-lawsorbylaw)anyotherrightsinrespectofany
shareexceptanabsoluterighttotheentiretythereofintheregistered
holder.

15.SubjecttotheActandtheseBye-laws,theBoardmayatanytime
aftertheallotmentofsharesbutbeforeanypersonhasbeenenteredin
theRegisterastheholder,recognisearenunciationthereofbythe
allotteeinfavourofsomeotherpersonandmayaccordtoanyallotteeof
asharearighttoeffectsuchrenunciationuponandsubjecttosuch
termsandconditionsastheBoardconsidersfittoimpose.

16.EverysharecertificateshallbeissuedundertheSealora
facsimilethereofandshallspecifythenumberandclassand
distinguishingnumbers(ifany)ofthesharestowhichitrelates,and
theamountpaidupthereonandmayotherwisebeinsuchformasthe
Directorsmayfromtimetotimedetermine.Nocertificateshallbe
issuedrepresentingsharesofmorethanoneclass.TheBoardmayby
resolutiondetermine,eithergenerallyorinanyparticularcaseor
cases,thatanysignaturesonanysuchcertificates(orcertificatesin
respectofothersecurities)neednotbeautographicbutmaybeaffixed
tosuchcertificatesbysomemechanicalmeansormaybeprintedthereon
orthatsuchcertificatesneednotbesignedbyanyperson.

17.(1)Inthecaseofashareheldjointlybyseveralpersons,the
Companyshallnotbeboundtoissuemorethanonecertificatetherefor
anddeliveryofacertificatetooneofseveraljointholdersshallbe
sufficientdeliverytoallsuchholders.

(2)Whereasharestandsinthenamesoftwoormorepersons,
thepersonfirstnamedintheRegistershallasregardsserviceof
noticesand,subjecttotheprovisionsoftheseBye-laws,allorany
othermattersconnectedwiththeCompany,exceptthetransferofthe
shares,bedeemedthesoleholderthereof.

18.Everypersonwhosenameisentered,uponanallotmentofshares,
asaMemberintheRegistershallbeentitled,withoutpayment,to

rece~veonecertificateforallsuchsharesofanyoneclassorseveral
certificateseachforoneormoreofsuchsharesofsuchclassupon
paymentforeverycertificateafterthefirstofsuchreasonable
out-of-pocketexpensesastheBoardfromtimetotimedetermines.

19.Sharecertificatesshallbeissuedinthecaseofanissueof
shareswithintwenty-one(21)days(orsuchlongerperiodasthetermsof
theissueprovide)afterallotmentorinthecaseofatransferoffully
orpartlypaidshareswithintwenty-one(21)daysafterlodgmentofa
transferwiththeCompany,notbeingatransferwhichtheCompanyisfor
thetimebeingentitledtorefusetoregisteranddoesnotregister.

20.(1)Uponeverytransferofsharesthecertificateheldbythe
transferorshallbegivenuptobecancelled,andshallforthwithbe
cancelledaccordingly,andanewcertificateshallbeissuedtothe
transfereeinrespectofthesharestransferredtohimatsuchfeeasis
providedinparagraph(2)ofthisBye-law.Ifanyofthesharesincluded
inthecertificatesogivenupshallberetainedbythetransferoranew
certificateforthebalanceshallbeissuedtohimattheaforesaidfee
payablebythetransferortotheCompanyinrespectthereof.

(2)Thefeereferredtoinparagraph(1)aboveshallbean
amountnotexceeding$2orsuchothermaximumamountastheDesignated
StockExchangemayfromtimetotimedetermineprovidedthattheBoard
mayatanytimedeterminealoweramountforsuchfee.

21.Ifasharecertificateshallbedamagedordefacedorallegedto
havebeenlost,stolenordestroyedanewcertificaterepresentingthe
samesharesmaybeissuedtotherelevantmemberuponrequestandon
paymentofsuchfeeastheDesignatedStockExchangemaydeterminetobe
themaximumpayableorsuchlessersumastheBoardmayde.termine and,
subjecttocompliancewithsuchterms(ifany)astoevidenceand
indemnityandtopaymentofthecostsandreasonableout-of-pocket
expensesoftheCompanyininvestigatingsuchevidenceandpreparingsuch
indemnityastheBoardmaythinkfitand,incaseofdamageor
defacement,ondeliveryoftheoldcertificatetotheCompanyprovided
alwaysthatwheresharewarrantshavebeenissued,nonewsharewarrant
shallbeissuedtoreplaceonethathasbeenlostunlesstheDirectors
aresatisfiedbeyondreasonabledoubtthattheoriginalhasbeen
destroyed.

22.TheCompanyshallhaveafirstandparamountlienoneveryshare
(notbeingafullypaidshare)forallmoneys(whetherpresentlypayable
ornot)calledorpayableatafixedtimeinrespectofthatshare.The
Companyshallalsohaveafirstandparamountlienoneveryshare(not
beingafullypaidshare)registeredinthenameofaMember(whetheror
notjointlywithotherMembers)forallamountsofmoneypresently
payablebysuchMemberorhisestatetotheCompanywhetherthesame
shallhavebeenincurredbeforeorafternoticetotheCompanyofany
equitableorotherinterestofanypersonotherthansuchmember,and
whethertheperiodforthepaymentordischargeofthesameshallhave
actuallyarrivedornot,andnotwithstandingthatthesamearejoint
debtsorliabilitiesofsuchMemberorhisestateandanyotherperson,

whetheraMemberoftheCompanyornot.TheCompany'slienonashare
shallextendtoalldividendsorothermoneyspayablethereonorin
respectthereof.TheBoardmayatanytime,generallyorinany
particularcase,waiveanylienthathasarisenordeclareanyshare
exemptinwholeorinpart,fromtheprovisionsofthisBye-law.

23.SubjecttotheseBye-laws,theCompanymaysellinsuchmanneras
theBoarddeterminesanyshareonwhichtheCompanyhasalien,butno
saleshallbemadeunlesssomesuminrespectofwhichthelienexistsis
presentlypayable,ortheliabilityorengagementinrespectofwhich
suchlienexistsisliabletobepresentlyfulfilledordischargednor
untiltheexpirationoffourteencleardaysafteranoticeinwriting,
statinganddemandingpaymentofthesumpresentlypayable,orspecifying
theliabilityorengagementanddemandingfulfilmentordischargethereof
andgivingnoticeoftheintentiontosellindefault,hasbeenservedon
theregisteredholderforthetimebeingoftheshareortheperson
entitledtheretobyreasonofhisdeathorbankruptcy.

24.ThenetproceedsofthesaleshallbereceivedbytheCompanyand
appliedinortowardspaymentordischargeofthedebtorliabilityin
respectofwhichthelienexists,sofarasthesameispresently
payable,andanyresidueshall(subjecttoalikelienfordebtsor
liabilitiesnotpresentlypayableasexisteduponthesharepriortothe
sale)bepaidtothepersonentitledtotheshareatthetimeofthe
sale.TogiveeffecttoanysuchsaletheBoardmayauthorisesome
persontotransferthesharessoldtothepurchaserthereof.The
purchasershallberegisteredastheholderofthesharessotransferred
andheshallnotbeboundtoseetotheapplicationofthepurchase
money,norshallhistitletothesharesbeaffectedbyanyirregularity
orinvalidityintheproceedingsrelatingtothesale.

25.SubjecttotheseBye-lawsandtothetermsofallotment,theBoard
mayfromtimetotimemakecallsupontheMembersinrespectofany
moneysunpaidontheirshares(whetheronaccountofthenominalvalueof
thesharesorbywayofpremium),andeachMembershall(subjecttobeing
givenatleastfourteen(14)cleardays'Noticespecifyingthetimeand
placeofpayment)paytotheCompanyasrequiredbysuchnoticethe
amountcalledonhisshares.Acallmaybeextended,postponedor
revokedinwholeorinpartastheBoarddeterminesbutnomembershall
beentitledtoanysuchextension,postponementorrevocationexceptasa
matterofgraceandfavour.

26. A call shall be deemed to have been made at the time when the resolution of the Board authorising the call was passed and may be made payable either in one lump sum or by instalments. The Directors may make arrangements on the issue of shares for a difference between the shareholders in the amount of calls to be paid and in the times of payment. J

27.Apersonuponwhomacallismadeshallremainliableforcalls
madeuponhimnotwithstandingthesubsequenttransferofthesharesin
respectofwhichthecallwasmade.Thejointholdersofashareshall
bejointlyandseverallyliabletopayallcallsandinstalmentsduein
respectthereoforothermoneysdueinrespectthereof.

28. .If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the amount unpaid from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding twenty per cent. (20'10&) per annum) as the Board may determine, but the Board may in its absolute discretion waive payment of such interest wholly or in part.

29.NoMembershallbeentitledtoreceiveanydividendorbonusorto
bepresentandvote(saveasproxyforanotherMember)atanyGeneral
Meetingeitherpersonallyorbyproxy,orbereckonedinaquorum,or
exerciseanyotherprivilegeasaMemberuntilallcallsorinstalments
duebyhimtotheCompany,whetheraloneorjointlywithanyother
person,togetherwithinterestandexpenses(ifany)shallhavebeenpaid.

30.Onthetrialorhearingofanyactionorotherproceedingsforthe
recoveryofanymoneydueforanycall,itshallbesufficienttoprove
thatthenameoftheMembersuedisenteredintheRegisterasthe
holder,oroneoftheholders,ofthesharesinrespectofwhichsuch
debtaccrued,thattheresolutionmakingthecallisdulyrecordedinthe
minutebook,andthatnoticeofsuchcallwasdulygiventotheMember
sued,inpursuanceoftheseBye-laws;anditshallnotbenecessaryto
provetheappointmentoftheDirectorswhomadesuchcall,noranyother
matterswhatsoever,buttheproofofthemattersaforesaidshallbe
conclusiveevidenceofthedebt.

31.Anyamountpayableinrespectofashareuponallotmentoratany
fixeddate,whetherinrespectofnominalvalueorpremiumorasan
instalmentofacall,shallbedeemedtobeacalldulymadeandpayable
onthedatefixedforpaymentandifitisnotpaidtheprovisionsof
theseBye-lawsshallapplyasifthatamounthadbecomedueandpayable
byvirtueofacalldulymadeandnotified.

32.OntheissueofsharestheBoardmaydifferentiatebetweenthe
allotteesorholdersastotheamountofcallstobepaidandthetimes
ofpayment.

33.TheBoardmay,ifitthinksfit,receivefromanyMemberwilling
.toadvancethesame,andeitherinmoneyormoney'sworth,allorany
partofthemoneysuncalledandunpaidorinstalmentspayableuponany
sharesheldbyhimanduponalloranyofthemoneyssoadvanced(until
thesamewould,butforsuchadvance,becomepresentlypayable)pay
interestatsuchrate(ifany)astheBoardmaydecide.TheBoardmayat
anytimerepaytheamountsoadvancedupongivingtosuchMembernotless
thanonemonth'snoticeinwritingofitsintentioninthatbehalf,
unlessbeforetheexpirationofsuchnoticetheamountsoadvancedshall
havebeencalleduponthesharesinrespectofwhichitwasadvanced.
Suchpaymentinadvanceshallnotentitletheholderofsuchshareor
sharestoparticipateinrespectthereofinadividendsubsequently
declared.

34.(1)Ifacallremainsunpaidafterithasbecomedueand
payabletheBoardmaygivetothepersonfromwhomitisduenotless
thanfourteen(14)cleardays'notice:

(a) requiring payment of the amount unpaid together with any interest which may have accrued and which may still accrue up to the date of actual payment; and
(b) stating that if the notice is not complied with the shares on which the call was made will be liable to be forfeited.

(2)Iftherequirementsofanysuchnoticearenotcomplied
with,anyshareinrespectofwhichsuchnoticehasbeengivenmayatany
timethereafter,beforepaymentofallcallsandinterestdueinrespect
thereofhasbeenmade,beforfeitedbyaresolutionoftheBoardtothat
effect,andsuchforfeitureshallincludealldividendsandbonuses
declaredinrespectoftheforfeitedsharebutnotactuallypaidbefore
theforfeiture.

35.Whenanysharehasbeenforfeited,noticeoftheforfeitureshall
beserveduponthepersonwhowasbeforeforfeituretheholderofthe
share.Noforfeitureshallbeinvalidatedbyanyomissionorneglectto
givesuchnotice.

36.TheBoardmayacceptthesurrenderofanyshareliableto
forfeitedhereunderand,insuchcase,referencesintheseBye-laws
forfeiturewillincludesurrender.

37.UntilcancelledinaccordancewiththerequirementsoftheAct,a
forfeitedshareshallbethepropertyoftheCompanyandmaybesold,
re-allottedorotherwisedisposedoftosuchperson,uponsuchtermsand
insuchmannerastheBoarddetermines,andatanytimebeforeasale,
re-allotmentordispositiontheforfeituremaybeannulledbytheBoard
onsuchtermsastheBoarddetermines.

38.Apersonwhoseshareshavebeenforfeitedshallceasetobea
Memberinrespectoftheforfeitedsharesbutneverthelessshallremain
liabletopaytheCompanyallmoneyswhichatthedateofforfeiturewere
presentlypayablebyhimtotheCompanyinrespectoftheshares,with
(iftheDirectorsshallintheirdiscretionsorequire)interestthereon
fromthedateofforfeitureuntilpaymentatsuchrate(notexceeding
twentypercent.(20')perannum)astheBoarddetermines.TheBoardmay
enforcepaymentthereofifitthinksfit,andwithoutanydeductionor
allowanceforthevalueoftheforfeitedshares,atthedateof
forfeiture,buthisliabilityshallceaseifandwhentheCompanyshall
havereceivedpaymentinfullofallsuchmoneysinrespectofthe
shares.ForthepurposesofthisBye-lawanysumwhich,bythetermsof
issueofashare,ispayablethereonatafixedtimewhichissubsequent
tothedateofforfeiture,whetheronaccountofthenominalvalueofthe
shareorbywayofpremium,shallnotwithstandingthattimehasnotyet
arrivedbedeemedtobepayableatthedateofforfeiture,andthesame
shallbecomedueandpayableimmediatelyupontheforfeiture,but

interestthereonshallonlybepayableinrespectofanyperiodbetween
thesaidfixedtimeandthedateofactualpayment.

39.AdeclarationbyaDirectorortheSecretarythatasharehasbeen
forfeitedonaspecifieddateshallbeconclusiveevidenceofthefacts
thereinstatedasagainstallpersonsclaimingtobeentitledtothe
share,andsuchdeclarationshall(subjecttotheexecutionofan
instrumentoftransferbytheCompanyifnecessary)constituteagood
titletotheshare,andthepersontowhomtheshareisdisposedofshall
beregisteredastheholderoftheshareandshallnotbeboundtoseeto
theapplicationoftheconsideration(ifany),norshallhistitletothe
sharebeaffectedbyanyirregularityinorinvalidityoftheproceedings
inreferencetotheforfeiture,saleordisposaloftheshare.Whenany
shareshallhavebeenforfeited,noticeofthedeclarationshallbegiven
tothememberinwhosenameitstoodimmediatelypriortotheforfeiture,
andanentryoftheforfeiture,withthedatethereof,shallforthwithbe
madeintheregister,butnoforfeitureshallbeinanymanner
invalidatedbyanyomissionorneglecttogivesuchnoticeormakeany
suchentry.

40.NotwithstandinganysuchforfeitureasaforesaidtheBoardmayat
anytime,beforeanysharessoforfeitedshallhavebeensold,
re-allottedorotherwisedisposedof,.permitthesharesforfeitedtobe
boughtbackuponthetermsofpaymentofallcallsandinterestdueupon
andexpensesincurredinrespectoftheshare,anduponsuchfurther
terms(ifany)asitthinksfit.

41.Theforfeitureofashareshallnotprejudicetherightofthe
Companytoanycallalreadymadeorinstalmentpayablethereon.

42.TheprovisionsoftheseBye-lawsastoforfeitureshallapplyin
thecaseofnon-paymentofanysumwhich,bythetermsofissueofa
share,becomespayableatafixedtime,whetheronaccountofthenominal
valueoftheshareorbywayofpremium,asifthesamehadbeenpayable
byvirtueofacalldulymadeandnotified.

43.(1)TheCompanyshallkeepinoneormorebooksaRegisterof
itsMembersandshallenterthereinthefollowingparticulars,thatisto
say:

(a) the name and address of each Member, the number and class of shares held by him and the amount paid or agreed to be considered as paid on such shares;
(b) the date on which each person was entered in the Register; and

(2)SubjecttotheAct,theCompanymaykeepanoverseasor
localorotherbranchregisterofMembersresidentinanyplace,andthe
Boardmaymakeandvarysuchregulationsasitdeterminesinrespectof
thekeepingofanysuchregisterandmaintainingaRegistrationOfficein
connectiontherewith.

The Register and branch register of Members, as the case may be, shall be open to inspection by members of the public without charge at the Office, the Registration Office or such other place at which the Register is kept in accordance with the Act. - 13 - (Amended on 19[th] September, 2007)

The Register and branch register of Members, as the ca e, shall be open to inspection between 10 a.m. and 12 n every business day by Members without charge or by er person, upon a maximum ayment of five Bermuda d at the Office or such other place in egister is kept in accordance with the Act or, if e, u on a maximum a ent of ten dollars at the Re istration The Register including any overseas or local or other branch register of Membersmay, after notice has been given by advertisement in an appointed newspaper and where applicable, any other newspapers in accordance with the requirements of any Designated Stock Exchange to that effect, be closed at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and either generally or in respect of any class of shares.
Notwithstanding any other provision of these Bye-laws the Company or the Directors may fix any date as the record date for:
(a) determining the Members entitled to receive any dividend, distribution, allotment or issue and such record date may be on, or at any time not more than 30 days before or after, any date on which such dividend, distribution, allotment or issue is declared, paid or made;
(b) determining the Members entitled to receive notice of and to vote at any general meeting of the Company.
Subject to these Bye-laws, any Membermay transfer all or any of his shares by an instrument of transfer in the usual or commonform or in any other form approved by the Board and may be under hand~.
The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its discretion to do so. The Board may also resolve, either generally or in any particular case, upon request by either the transferor or transferee, to accept mechanically executed transfers. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof. Nothing in these Bye-laws shall preclude the Board from recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.
(1) The Board may, in its absolute discretion, and without g1v1ng any reason therefor, refuse to register a transfer of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than four (4) joint

or,ifthetransferorortransf',
nominee(s),byhandorbymachin:r~el~acle,arlnghouseorits
othermannerofexecutionasth;mprJntedslgnatureorbysuch
timeeoarmayapprovefromtimeto
(Amendedon25thSeptember,1996)

holdersoratransferofanyshare(notbeingafullypaidupshare)on
whichtheCompanyhasalien.

(2)Notransfershallbemadetoaninfantortoapersonof
unsoundmindorunderotherlegaldisability.

(3)TheBoardinsofaraspermittedbyanyapplicablelawmay,
initsabsolutediscretion,atanytimeandfromtimetotimetransfer
anyshareupontheRegistertoanybranchregisteroranyshareonany
branchregistertotheRegisteroranyotherbranchregister.Inthe
eventofanysuchtransfer,theshareholderrequestingsuchtransfer
shallbearthecostofeffectingthetransferunlesstheBoardotherwise
determines.

(4)UnlesstheBoardotherwiseagrees(whichagreementmaybe
onsuchtermsandsubjecttosuchconditionsastheBoardinitsabsolute
discretionmayfromtimetotimedetermine,andwhichagreementitshall,
withoutgivinganyreasontherefor,beentitledinitsabsolute
discretiontogiveorwithhold),nosharesupontheRegistershallbe
transferredtoanybranchregisternorshallsharesonanybranch
registerbetransferredtotheRegisteroranyotherbranchregisterand
alltransfersandotherdocumentsoftitleshallbelodgedfor
registration,andregistered,inthecaseofanysharesonabranch
register,attherelevantRegistrationOffice,and,inthecaseofany
sharesontheRegister,attheOfficeorsuchotherplaceinBermudaat
whichtheRegisteriskeptinaccordancewiththeAct.

49.WithoutlimitingthegeneralityofthelastprecedingBye-law,the
Boardmaydeclinetorecogniseanyinstrumentoftransferunless:-

(a) a fee of such sum as the Designated Stock Exchange may determine to be payable or such lesser sum as the Board may from time to time require is paid to the Company in respect thereof;
(b) the instrument of transfer is in respect of only one class of share;
(c) the instrument of transfer is lodged at the Office or such other place in Bermuda at which the Register is kept in accordance with the Act or the Registration Office (as the case may be) accompanied by the relevant share certificate(s) and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed by some other person on his behalf, the authority of that person so to do); and
(d) if applicable, the instrument of transfer is duly and properly stamped.

50. If the Board refuses to register a transfer of any share, it shall, within two (2) months after the date on which the transfer was lodged with the Company, send to each of the transferor and transferee notice of the refusal.

51.Theregistrationoftransfersofsharesorofanyclassofshares
may,afternoticehasbeengivenbyadvertisementinanappointed
newspaperand,whereapplicable,anyothernewspapersinaccordancewith
therequirementsofanyDesignatedStockExchangetothateffectbe
suspendedatsuchtimesandforsuchperiods(notexceedingthirty(30)
daysinanyyear)astheBoardmaydetermine.

52.IfaMemberdies,thesurvivororsurvivorswherethedeceasedwas
ajointholder,andhislegalpersonalrepresentativeswherehewasa
soleoronlysurvivingholder,willbetheonlypersonsrecognisedbythe
Companyashavinganytitletohisinterestintheshares;butnothingin
thisBye-lawwillreleasetheestateofadeceasedMember(whethersole
orjoint)fromanyliabilityinrespectofanysharewhichhadbeen
solelyorjointlyheldbyhim.

53.SubjecttoSection52oftheAct,anypersonbecomingentitledto
ashareinconsequenceofthedeathorbankruptcyorwinding-upofa
Membermay,uponsuchevidenceastohistitlebeingproducedasmaybe
requiredbytheBoard,electeithertobecometheholderoftheshareor
tohavesomepersonnominatedbyhimregisteredasthetransferee
thereof.IfheelectstobecometheholderheshallnotifytheCompany
inwritingeitherattheRegistrationOfficeorOffice,asthecasemay
be,tothateffect.Ifheelectstohaveanotherpersonregisteredhe
shallexecuteatransferoftheshareinfavourofthatperson.The
provisionsoftheseBye-lawsrelatingtothetransferandregistrationof
transfersofsharesshallapplytosuchnoticeortransferasaforesaid
asifthedeathorbankruptcyoftheMemberhadnotoccurredandthe
noticeortransferwereatransfersignedbysuchMember.

54.Apersonbecomingentitledtoasharebyreasonofthedeathor
bankruptcyorwinding-upofaMembershallbeentitledtothesame
dividendsandotheradvantagestowhichhewouldbeentitledifhewere
theregisteredholderoftheshare.However,theBoardmay,ifitthinks
fit,withholdthepaymentofanydividendpayableorotheradvantagesin
respectofsuchshareuntilsuchpersonshallbecometheregistered
holderoftheshareorshallhaveeffectuallytransferredsuchshare,
but,subjecttotherequirementsofBye-law75(2)beingmet,sucha
personmayvoteatmeetings.

55.(1)WithoutprejudicetotherightsoftheCompanyunder
paragraph(2)ofthisBye-law,theCompanymayceasesendingchequesfor
dividendentitlementsordividendwarrantsbypostifsuchchequesor
warrantshavebeenleftuncashedontwoconsecutiveoccasions.However,
theCompanymayexercisethepowertoceasesendingchequesfordividend
entitlementsordividendwarrantsafterthefirstoccasiononwhichsuch
achequeorwarrantisreturnedundelivered.

(2)TheCompanyshallhavethepowertosell,insuchmanneras
theBoardthinksfit,anysharesofaMemberwhoisuntraceable,butno
suchsaleshallbemadeunless:

(a) all cheques or warrants in respect of dividends of the shares in question, being not less than three in total number, for any sum payable in cash to the holder of such shares in respect of them sent during the relevant period in the manner authorised by the Bye-laws of the Company have remained uncashed;
(b) so far as it is aware at the end of the relevant period, the Companyhas not at any time during the relevant period received any indication of the existence of the Memberwho is the holder of such shares or of a person enti tIed to such shares by death, bankruptcy or operation of law; and
(c) the Company, if so required by the rules governing the listing of shares on the Designated Stock Exchange, has given notice to, and caused advertisement in newspapers in accordance with the requirements of, the Designated Stock Exchange to be made of its intention to sell such shares in the manner required by the Designated Stock Exchange, and a period of three (3) months or such shorter period as may be allowed by the Designated Stock Exchange has elapsed since the date of such advertisement.

For the purpose of the foregoing, the "relevant period" means the period commencing twelve years before the date of publication of the advertisement referred to in paragraph (c) of this Bye-law and ending at the expiry of the period referred to in that paragraph.

(3) To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Companyor as it thinks fit. Any sale under this Bye-law shall be valid and effective notwithstanding that the Memberholding the shares sold is dead, bankrupt or otherwise under any legal disability or incapacity.

An annual general meeting of the Companyshall be held in each year other than the year of incorporation at such time (within a period of not more than fifteen (15) months after the holding of the last preceding annual general meeting unless a longer period would not infringe the rules of the Designated Stock Exchange, if any) and place as may be determined by the Board.

57•Eachgeneralmeeting,otherthananannualgeneralmeeting,shall
becalledaspecialgeneralmeeting.Generalmeetingsmaybeheldinany
partoftheworldasmaybedeterminedbytheBoard.

58.TheBoardmaywheneveritthinksfitcallspecialgeneral
meetings,andMembersholdingatthedateofdepositoftherequisition
notlessthanone-tenthofthepaidupcapitaloftheCompanycarrying
therightofvotingatgeneralmeetingsoftheCompanyshallatalltimes
havetheright,bywrittenrequisitionto·theBoardortheSecretaryof
theCompany,torequireaspecialgeneralmeetingtobecalledbythe
Boardforthetransactionofanybusinessspecifiedinsuchrequisition;
andsuchmeetingshallbeheldwithintwo(2)monthsafterthedepositof
suchrequisition.Ifwithintwenty-one(21)daysofsuchdepositthe
Board.failstoproceedtoconvenesuchmeetingtherequisitionists
themselvesmaydosoinaccordancewiththeprovisionsofSection74(3)
oftheAct.

59.(1)Anannualgeneralmeetingandanyspecialgeneralmeeting
atwhichthepassingofaspecialresolutionistobeconsideredshallbe
calledbynotlessthantwenty-one(21)cleardays'Notice.Allother
specialgeneralmeetingsmaybecalledbynotlessthanfourteen(14)
cleardays'Noticebutageneralmeetingmaybecalledbyshorternotice
ifitissoagreed:

(a) in the case of a meeting called as an annual general meeting, by all the Members entitled to attend and vote thereat; and
(b) in the case of any other meeting, by a majority in number of the Members having the right to attend and vote at the meeting, being a majority together holding not less than ninety-five per cent. (95~) in nominal value of the issued shares giving that right.

(2)Theperiodofnoticeshallbeexclusiveofthedayonwhich
itisservedordeemedtobeservedandexclusiveofthedayonwhichthe
meetingistobeheld,andthenoticeshallspecifythetimeandplaceof
themeetingand,incaseofspecialbusiness,thegeneralnatureofthe
business.Thenoticeconveninganannualgeneralmeetingshallspecify
themeetingassuch.Noticeofeverygeneralmeetingshallbegivento
allMembersotherthantosuchMembersas,undertheprovisionsofthese
Bye-lawsorthetermsofissueofthesharestheyhold,arenotentitled
toreceivesuchnoticesfromtheCompany,toallpersonsentitledtoa
shareinconsequenceofthedeathorbankruptcyorwinding-upofaMember
andtoeachoftheDirectorsandtheAuditors.

60.TheaccidentalomissiontogiveNoticeofameetingor(incases
whereinstrumentsofproxyaresentoutwiththeNotice)tosendsuch
instrumentofproxyto,orthenon-receiptofsuchNoticeorsuch
instrumentofproxyby,anypersonentitledtoreceivesuchNoticeshall
notinvalidateanyresolutionpassedortheproceedingsatthatmeeting.

61.(1)Allbusinessshallbedeemedspecialthatistransactedat
aspecialgeneralmeeting,andalsoallbusinessthatistransactedatan
annualgeneralmeeting,withtheexceptionofsanctioningdividends,the
reading,consideringandadoptingoftheaccountsandbalancesheetand
thereportsoftheDirectorsandAuditorsandotherdocumentsrequiredto
beannexedtothebalancesheet,the'electionofDirectorsand
appointmentofAuditorsandotherofficersintheplaceofthose
retiring,thefixingoftheremunerationoftheAuditors,andthevoting
ofremunerationorextraremunerationtotheDirectors.

(2)Nobusinessotherthantheappointmentofachairmanofa
meetingshallbetransactedatanygeneralmeetingunlessaquorumis
presentatthecommencementofthebusiness.Two(2)Membersentitledto
voteandpresentinpersonorbyproxyor(inthecaseofamemberbeing
acorporation)byitsdulyauthorisedrepresentativeshallformaquorum
forallpurposes.

62.Ifwithinthirty(30)minutes(orsuchlongertimenotexceeding
onehourasthechairmanofthemeetingmaydeterminetowait)afterthe
timeappointedforthemeetingaquorumisnotpresent,themeeting,if
convenedontherequisitionofMembers,shallbedissolved.Inanyother
caseitshallstandadjournedtothesamedayinthenextweekatthe
sametimeandplaceortosuchtimeandplaceastheBoardmay
determine.Ifatsuchadjournedmeetingaquorumisnotpresentwithin
halfanhourfromthetimeappointedforholdingthemeeting,themeeting
shallbedissolved.

63. The president of the Company or the chairman shall preside as chairman at every general meeting. If at any meeting the president or the chairman, as the case may be, is not present within fifteen (15) minutes after the time appointed for holding the meeting, or if neither of them is willing to act as chairman, the Directors present shall choose one of their number to act, or if one Director only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors present declines to take the chair, or if the chairman chosen shall retire from the chair, the Members present in person or by proxy and entitled to vote shall elect one of their number to be chairman.

64.Thechairmanmay,withtheconsentofanymeetingatwhicha
quorumispresent(andshallifsodirectedbythemeeting),adjournthe
meetingfromtimetotimeandfromplacetoplaceasthemeetingshall
determine,butnobusinessshallbetransactedatanyadjournedmeeting
otherthanbusinesswhichmightlawfullyhavebeentransactedatthe
meetinghadtheadjournmentnottakenplace.Whenameetingisadjourned
forfourteen(14)daysormore,atleastseven(7)cleardays'noticeof
theadjournedmeetingshallbegivenspecifyingthetimeandplaceofthe
adjournedmeetingbutitshallnotbenecessarytospecifyinsuchnotice
thenatureofthebusinesstobetransactedattheadjournedmeetingand
thegeneralnatureofthebusinesstobetransacted.Saveasaforesaid,
itshallbeunnecessarytogivenoticeofanadjournment.Nobusiness
shallbetransactedatanysuchadjournedmeetingotherthanthebusiness

whichmighthavebeentransactedatthemeetingfromwhichthe
adjournmenttookplace.

65.Ifanamendmentisproposedtoanyresolutionunderconsideration
butisingoodfaithruledoutoforderbythechairmanofthemeeting,
theproceedingsonthesubstantiveresolutionshallnotbeinvalidatedby
anyerrorinsuchruling.Inthecaseofaresolutiondulyproposedasa
specialresolution,noamendmentthereto(otherthanamereclerical
amendmenttocorrectapatenterror)mayinanyeventbeconsideredor
votedupon.

66.Subjecttoanyspecialrightsorrestrictionsastovotingforthe
timebeingattachedtoanysharesbyorinaccordancewiththese
Bye-laws,atanygeneralmeetingonashowofhandseveryMemberpresent
inpersonorbyproxyor(beingacorporation)ispresentbya
representativedulyauthorisedunderSection78oftheActshallhaveone
voteandonapolleveryMemberpresentinpersonorinthecaseofa
Memberbeingacorporationbyitsdulyauthorisedrepresentativeorby
proxyshallhaveonevoteforeveryfullypaidshareofwhichheisthe
holderbutsothatnoamountpaiduporcreditedaspaiduponasharein
advanceofcallsorinstalmentsistreatedfortheforegoingpurposesas
paidupontheshare.Aresolutionputtothevoteofameetingshallbe
decidedonashowofhandsunless(beforeoronthedeclarationofthe
resultoftheshowofhandsoronthewithdrawalofanyotherdemandfor
apoll)apollisdemanded:

(b) by at least three Members present in person or in the case of a Member being a corporation by its duly authorised representative or by proxy for the time being entitled to vote at the meeting; or
(c) by a Member or Members present in person or in the case of a Member being a corporation by its duly authorised representative or by proxy and representing not less than one-tenth of the total voting rights of all Members having the right to vote at the meeting; or
(d) by a Member or Members present in person or in the case of a Member being a corporation by its duly authorised representative or by proxy and holding shares in the Company conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.

AdemandbyapersonasproxyforaMemberorinthecaseofaMember
beingacorporationbyitsdulyauthorisedrepresentativeshallbedeemed
tobethesameasademandbyaMember.

67.Unlessapollisdulydemandedandthedemandisnotwithdrawn,a
declarationbythechairmanthataresolutionhasbeencarried,or

carriedunanimously,orbyaparticularmajority,ornotcarriedbya
particularmajority,orlost,andanentrytothateffectmadeinthe
minutebookoftheCompany,shallbeconclusiveevidenceofthefact
withoutproofofthenumberorproportionofthevotesrecordedforor
againsttheresolution.

68.Ifapollisdulydemandedtheresultofthepollshallbedeemed
tobetheresolutionofthemeetingatwhichthepollwasdemanded.
Thereshallbenorequirementforthechairmantodisclosethevoting
figuresonapoll.

69. A poll demanded on the election of a chairman, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including the use of ballot or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date of the demand) and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll not taken immediately.

70.Thedemandforapollshallnotpreventthecontinuanceofa
meetingorthetransactionofanybusinessotherthanthequestionon
whichthepollhasbeendemanded,and,withtheconsentofthechairman,
itmaybewithdrawnatanytimebeforethecloseofthemeetingorthe
takingofthepoll,whicheveristheearlier.

72.Apersonentitledtomorethanonevoteonapollneednotuseall
hisvotesorcastallthevotesheusesinthesameway.

73.Inthecaseofanequalityofvotes,whetheronashowofhandsor
onapoll,thechairmanofsuchmeetingshallbeentitledtoasecondor
castingvoteinadditiontoanyothervotehemayhave.

74.Wheretherearejointholdersofanyshareanyoneofsuchjoint
holdermayvote,eitherinpersonorbyproxy,inrespectofsuchshare
asifheweresolelyentitledthereto,butifmorethanoneofsuchjoint
holdersbepresentatanymeetingthevoteoftheseniorwhotendersa
vote,whetherinpersonorbyproxy,shallbeacceptedtotheexclusion
ofthevotesoftheotherjointholders,andforthispurposeseniority
shallbedeterminedbytheorderinwhichthenamesstandintheRegister
inrespectofthejointholding.Severalexecutorsoradministratorsof
adeceasedMemberinwhosenameanysharestandsshallforthepurposes
ofthisBye-lawbedeemedjointholdersthereof.

75. (l) A Member who is a patient for any purpose relating to mental health or in respect of whom an order has been made by any court having jurisdiction for the protection or management of the affairs of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his receiver, committee, curator bonis or other person in the nature of a receiver, committee or curator bonis appointed by such court, and such receiver, committee, curator bonis or other person may vote on a poll by proxy, and may otherwise act and be treated as if he were the registered holder of such shares for the purposes of general meetings, provided that such evidence as the Board may require of the authority of the person claiming to vote shall have

beendepositedattheOffice,headofficeorRegistrationOffice,as
appropriate,notlessthanforty-eight(48)hoursbeforethetime
appointedforholdingthemeeting,oradjournedmeetingorpoll,asthe
casemaybe.

(2)AnypersonentitledunderBye-law53toberegisteredas
theholderofanysharesmayvoteatanygeneralmeetinginrespect
thereofinthesamemannerasifheweretheregisteredholderofsuch
shares,providedthatforty-eight(48)hoursatleastbeforethetimeof
theholdingofthemeetingoradjournedmeeting,asthecasemaybe,at
whichheproposestovote,heshallsatisfytheBoardofhisentitlement
tosuchshares,ortheBoardshallhavepreviouslyadmittedhisrightto
voteatsuchmeetinginrespectthereof.

76. (I) No Member shall, unless the Board otherwise determines, be entitled to attend and vote and to be reckoned in a quorum at any General Meeting unless he is duly registered and all calls or other sums presently payable by him in respect of shares in the Company have been paid. ;----"

77. If:

(a)anyobjectionshallberaisedtothequalificationofany
voter;or

(b)anyvoteshavebeencountedwhichoughtnottohavebeen
countedorwhichmighthavebeenrejected;or

theobjectionorerrorshallnotvitiatethedecisionofthemeetingor
adjournedmeetingonanyresolutionunlessthesameisraisedorpointed
outatthemeetingor,asthecasemaybe,theadjournedmeetingatwhich
thevoteobjectedtoisgivenortenderedoratwhichtheerroroccurs.
Anyobjectionorerrorshallbereferredtothechairmanofthemeeting
andshallonlyvitiatethedecisionofthemeetingonanyresolutionif
thechairmandecidesthatthesamemayhaveaffectedthedecisionofthe
meeting.Thedecisionofthechairmanonsuchmattersshallbefinaland
conclusive.

Any Member entitled to attend and vote at a meeting of the Company or a meeting of the holders of any class of shares in the Company shall be entitled to appoint another person as his proxy to attend and vote instead of him. A proxy need not be a Member. A Member who is a holder of more than two shares may appoint more than one proxy to attend on the same occasion provided that if more than one proxy is so appointed, the appointment shall specify the number and the class of shares in respect of which each such proxy is so appointed. A proxy shall be entitled to exercise the same powers on behalf of a Member who is an individual and for whom he acts as proxy as such Member could exercise. In addition, a proxy shall be entitled to exercise the same powers on behalf of a Member which is a corporation and for which he acts as proxy as such Member could exercise if it were an individual Member. (Amended on 25'" September, 1996)

79.Theinstrumentappointingaproxyshallbeinwritingunderthe
handoftheappointororofhisattorneydulyauthorisedinwritingor,
iftheappointorisacorporation,eitherunderitssealorunderthe
handofanofficer,attorneyorotherpersonauthorisedtosignthe
same.Inthecaseofaninstrumentofproxypurportingtobesignedon
behalfofacorporationbyanofficerthereofitshallbeassumed,unless
thecontraryappears,thatsuchofficerwasdulyauthorisedtosignsuch

(2) Where the Company has knowledge that any Member is, under the rules of the Designated Stock Exchange, required to abstain from voting on any particular resolution of the Company or restricted to voting only for or only against any particular resolution of the Company, any votes cast by or on behalf of such Member in contravention of such requirement or restriction shall not be counted. (Amended on 25/08/2004)

instrumentofproxyonbehalfofthecorporationwithoutfurtherevidence
ofthefact.

80.Theinstrumentappointingaproxyand(ifrequiredbytheBoard)
thepowerofattorneyorotherauthority(ifany)underwhichitis
signed,oracertifiedcopyofsuchpowerorauthority,shallbe
deliveredtosuchplaceoroneofsuchplaces(ifany)asmaybe
specifiedforthatpurposeinorbywayofnotetoorinanydocument
accompanyingthenoticeconveningthemeeting(or,ifnoplaceisso
specifiedattheRegistrationOfficeortheOffice,asmaybe
appropriate)notlessthanforty-eight(48)hoursbeforethetime
appointedforholdingthemeetingoradjournedmeetingatwhichthe
personnamedintheinstrumentproposestovoteor,inthecaseofapoll
takensubsequentlytothedateofameetingoradjournedmeeting,not
lessthantwenty-four(24)hoursbeforethetimeappointedforthetaking
ofthepollandindefaulttheinstrumentofproxyshallnotbetreated
asvalid.Noinstrumentappointingaproxyshallbevalidafterthe
expirationoftwelve(12)monthsfromthedatenamedinitasthedateof
itsexecution,exceptatanadjournedmeetingoronapolldemandedata
meetingoranadjournedmeetingincaseswherethemeetingwasoriginally
heldwithintwelve(12)monthsfromsuchdate.Deliveryofaninstrument
appointingaproxyshallnotprecludeaMemberfromattendingandvoting
inpersonatthemeetingconvenedandinsuchevent,theinstrument
appointingaproxyshallbedeemedtoberevoked.

81.Instrumentsofproxyshallbeinanycommonformorinsuchother
formastheBoardmayapprove(providedthatthisshallnotprecludethe
useofthetwo-wayform)andtheBoardmay,ifitthinksfit,sendout
withthenoticeofanymeetingformsofinstrumentofproxyforuseat
themeeting.Theinstrumentofproxyshallbedeemedtoconferauthority
todemandorjoinindemandingapollandtovoteonanyamendmentofa
resolutionputtothemeetingforwhichitisgivenastheproxythinks
fit.Theinstrumentofproxyshall,unlessthecontraryisstated
therein,bevalidaswellforanyadjournmentofthemeetingasforthe
meetingtowhichitrelates.

82.Avotegiveninaccordancewiththetermsofaninstrumentof
proxyshallbevalidnotwithstandingthepreviousdeathorinsanityof
theprincipal,orrevocationoftheinstrumentofproxyorofthe
authorityunderwhichitwasexecuted,providedthatnointimationin
writingofsuchdeath,insanityorrevocationshallhavebeenreceivedby
theCompanyattheOfficeortheRegistrationOffice(orsuchotherplace
asmaybespecifiedforthedeliveryofinstrumentsofproxyinthe
noticeconveningthemeetingorotherdocumentsenttherewith)two(2)
hoursatleastbeforethecommencementofthemeetingoradjourned
meeting,orthetakingofthepoll,atwhichtheinstrumentofproxyis
used.

83.AnythingwhichundertheseBye-lawsaMembermaydobyproxyhe
maylikewisedobyhisdulyappointedattorneyandtheprovisionsof
theseBye-lawsrelatingtoproxiesandinstrumentsappointingproxies
shallapplymutatismutandisinrelationtoanysuchattorneyandthe
instrumentunderwhichsuchattorneyisappointed.

(1) Any corporation which is a Member may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any meeting of any class of Members. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if it were an individual Member and such corporation shall for the purposes of these Bye-laws be deemed to be present in person at any such meeting if a person so authorised is present thereat.

(2) If a clearing house (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting ofthe Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Bye-law shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house (or its nominee(s)) as if such person was the registered holder of the shares of the Company held by the clearing house (or its nominee(s)) in respect of the number and class of shares specified in the relevant authorisation including the right to vote individually on a show of hands.

(3) Any reference in these Bye-laws to a duly authorised representative of a Member being a corporation shall mean a representative authorised under the provisions of this Bye-law.

(Amended on 28th August, 2003)

85. (1) Subject to the Act, a resolution in writing signed (in such manner as to indicate, expressly or impliedly, unconditional approval) by or on behalf of all persons for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall, for the purposes of these Bye-laws, be treated as a resolution duly passed at a general meeting of the Company and, where relevant, as a special resolution so passed. Any such resolution shall be deemed to have been passed at a meeting held on the date on which it was signed by the last Member to sign, and where the resolution states a date as being the date of his signature thereof by any Member the statement shall be prima facie evidence that it was signed by him on that date. Such a resolution may consist of several documents in the like form, each signed by one or more relevant Members.

(2) Notwithstanding any prov1s10ns contained in these Bye-laws, a resolution in writing shall not be passed for the purpose of removing a Director before the expiration of his term of office under Bye-law 86(4) or for the purposes set out in Bye-law 154(3) relating to the removal and appointment of the Auditor.

86. (1) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less than two (2). There shall be no maximum number of Directors. The Directors shall be elected

orappointedinthefirstplaceatthestatutorymeetingofMembersand
thereafterateachannualgeneralmeetingoftheCompanyinaccordance
withBye-law87andshallholdofficeuntilthenextappointmentof
Directorsoruntiltheirsuccessorsareelectedorappointed.Any
generalmeetingmayauthorisetheBoardtofillanyvacancyintheir
numberleftunfilledatageneralmeeting.

(2)SubjecttoauthorisationbytheMembersingeneralmeeting,
theDirectorsshall(untilandunlesssuchauthorisationisrevoked)have
thepowerfromtimetotimeandatanyti"me toappointanypersonasa
DirectoreithertofillacasualvacancyontheBoardorasanaddition
totheexistingBoardbutsothatthenumberofDirectorssoappointed
shallnotexceedanymaximumnumberdeterminedfromtimetotimebythe
Membersingeneralmeeting.AnyDirectorsoappointedbytheBoardshall
holdofficeonlyuntilthenextfollowingannualgeneralmeetingofthe
Companyandshallthenbeeligibleforre-electionatthatmeeting.

(3)NeitheraDirectornoranalternateDirectorshallbe
requiredtoholdanysharesoftheCompanybywayofqualificationanda
DirectororalternateDirector(asthecasemaybe)whoisnotaMember
shallbeentitledtoreceivenoticeofandtoattendandspeakatany
generalmeetingoftheCompanyandofallclassesofsharesofthe
Company.

(4)SubjecttoanyprovisiontothecontraryintheseBye-laws
theMembersmay,atanygeneralmeetingconvenedandheldinaccordance
withtheseBye-laws,byspecialresolutionremoveaDirectoratanytime
beforetheexpirationofhisperiodofofficenotwithstandinganythingin
theseBye-lawsorinanyagreementbetweentheCompanyandsuchDirector
(butwithoutprejudicetoanyclaimfordamagesunderanysuchagreement)
providedthatthenoticeofanysuchmeetingconvenedforthepurposeof
removingaDirectorshallcontainastatementoftheintentionsotodo
andbeservedonsuchDirectorfourteen(14)daysbeforethemeetingand
atsuchmeetingsuchDirectorshallbeentitledtobeheardonthemotion
forhisremoval.

(5)AvacancyontheBoardcreatedbytheremovalofaDirector
undertheprovisionsofsubparagraph(4)abovemaybefilledbythe
electionorappointmentbytheMembersatthemeetingatwhichsuch
Directorisremovedtoholdofficeuntilthenextappointmentof
Directorsoruntiltheirsuccessorsareelectedorappointedor,inthe
absenceofsuchelectionorappointmentsuchgeneralmeetingmay
authorisetheBoardtofillanyvacancyinthenumberleftunfilled.

(6)TheCompanymayfromtimetotimeingeneralmeetingby
ordinaryresolutionincreaseorreducethenumberofDirectorsbutso
thatthenumberofDirectorsshallneverbelessthantwo(2).

(1) At each annual general meeting one-third of the Directors for the time being (or, if their number is not a multiple of three, the number nearest to but not less than one-third) shall retire from office by rotation so that each Director shall be subject to retirement at least once every three years. (Amended on 31st August, 2005)

(2) A retiring Director shall be eligible for re-election. The Directors to retire by rotation shall include (so far as necessary to ascertain the number of directors to retire by rotation) any Director who wishes to retire and not to offer himself for re-election. Any further Directors so to retire shall be those of the other Directors subject to retirement by rotation who have been longest in office since their last rQ.AIAetion or ADDointm@nt and ~o thftt a~ betleen per~on~ Iho became or were last re-elected Directors on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot. Any Director appointed pursuant to Bye-law 86 (2) shall not be taken into account in determining which particular Directors or the number of Directors who are to retire by rotation.

No person other than a Director retiring at the meeting shall, unless recommended by the Directors for election, be eligible for election as a Director at any general meeting unless a notice in writing signed by a Member (other than the person to be proposed) duly qualified to attend and vote at the meeting for which such notice is given of his intention to propose such person for election and also a notice in writing signed by the person to be proposed of his willingness to be elected shall have been lodged at the Office or the head office provided that the minimum length of the period, during which such notices are given, shall be at least seven (7) days and that the period for lodgment of such notices shall commence no earlier than the day after the despatch of the notice of the general meeting appointed for such election and end no later than seven (7) days prior to the date of such general meeting. (Amended on 25/08/2004)

(l)resignshisofficebynoticeinwritingdeliveredtothe
CompanyattheOfficeortenderedatameetingoftheBoardwhereuponthe
Boardresolvestoacceptsuchresignation;

(3)withoutspecialleaveofabsencefromtheBoard,isabsent
frommeetingsoftheBoardforsixconsecutivemonths,andhisalternate
Director,ifany,shallnotduringsuchperiodhaveattendedinhisstead
andtheBoardresolvesthathisofficebevacated;or

(4)becomesbankruptorhasarece1v1ngordermadeagainsthim
orsuspendspaymentorcompoundswithhiscreditors;

(6)ceasestobeaDirectorbyvirtueofanyprovisionofthe
StatutesorisremovedfromofficepursuanttotheseBye-laws.

90.TheBoardmayfromtimetotimeappointanyoneormoreofits
bodytobeamanagingdirector,jointmanagingdirectorordeputy
managingdirectorortoholdanyotheremploymentorexecutiveoffice
withtheCompanyforsuchperiod(subjecttotheircontinuanceas
Directors)anduponsuchtermsastheBoardmaydetermineandtheBoard

mayrevokeorterminateanyofsuchappointments.Anysuchrevocationor
terminationasaforesaidshallbewithoutprejudicetoanyclaimfor
damagesthatsuchDirectormayhaveagainsttheCompanyortheCompany
mayhaveagainstsuchDirector.ADirectorappointedtoanofficeunder
thisBye-lawshallbesubjecttothesameprovisionsastoremovalasthe
otherDirectorsoftheCompany,andheshall(subjecttotheprovisions
ofanycontractbetweenhimandtheCompany)ipsofactoandimmediately
ceasetoholdsuchofficeifheshallceasetoholdtheofficeof
Directorforanycause.

91.NotwithstandingBye-laws96,97,98and99,anexecutivedirector
appointedtoanofficeunderBye-law90hereofshallreceivesuch
remuneration(whetherbywayofsalary,commission,participationin
profitsorotherwiseorbyalloranyofthosemodes)andsuchother
benefits(includingpensionand/orgratuityand/orotherbenefitson
retirement)andallowancesastheBoardmayfromtimetotimedetermine,
andeitherinadditiontoorinlieuofhisremunerationasaDirector.

92.AnyDirectormayatanytimebyNoticedeliveredtotheOfficeor
headofficeoratameetingoftheDirectorsappointanypersontobehis
alternateDirector.Anypersonsoappointedshallhavealltherights
andpowersoftheDirectororDirectorsforwhomsuchpersonisappointed
inthealternativeprovidedthatsuchpersonshallnotbecountedmore
thanonceindeterminingwhetherornotaquorumispresent.An
alternateDirectormayberemovedatanytimebythebodywhichappointed
himand,subjectthereto,theofficeofalternateDirectorshallcontinue
untilthenextannualelectionofDirectorsor,ifearlier,thedateon
whichtherelevantDirectorceasestobeaDirector.Anyappointmentor
removalofanalternateDirectorshallbeeffectedbyNoticesignedby
theappointoranddeliveredtotheOfficeorheadofficeortenderedata
meetingoftheBoard.AnalternateDirectormayalsobeaDirectorin
hisownrightandmayactasalternatetomorethanoneDirector.An
alternateDirectorshall,ifhisappointorsorequests,beentitledto
receivenoticesofmeetingsoftheBoardorofcommitteesoftheBoardto
thesameextentas,butinlieuof,theDirectorappointinghimandshall
beentitledtosuchextenttoattendandvoteasaDirectoratanysuch
meetingatwhichtheDirectorappointinghimisnotpersonallypresent
andgenerallyatsuchmeetingtoexerciseanddischargeallthe
functions,powersanddutiesofhisappointorasaDirectorandforthe
purposesoftheproceedingsatsuchmeetingtheprov~s~onsofthese
Bye-lawsshallapplyasifhewereaDirectorsavethatasanalternate
formorethanoneDirectorhisvotingrightsshallbecumulative.

93.AnalternateDirectorshallonlybeaDirectorforthepurposesof
theActandshallonlybesubjecttotheprovisionsoftheActinsofaras
theyrelatetothedutiesandobligationsofaDirectorwhenperforming
thefunctionsoftheDirectorforwhomheisappointedinthealternative
andshallaloneberesponsibletotheCompanyforhisactsanddefaults
andshallnotbedeemedtobetheagentoforfortheDirectorappointing
him.AnalternateDirectorshallbeentitledtocontractandbe
interestedinandbenefitfromcontractsorarrangementsortransactions
andtoberepaidexpensesandtobeindemnifiedbytheCompanytothe
sameextentmutatismutandisasifhewereaDirectorbutheshallnotbe

entitledtoreceivefromtheCompanyanyfeeinhiscapacityasan
alternateDirectorexceptonlysuchpart,ifany,oftheremuneration
otherwisepayabletohisappointorassuchappointormaybynoticein
writingtotheCompanyfromtimetotimedirect.

94.EverypersonactingasanalternateDirectorshallhaveonevote
foreachDirectorforwhomheactsasalternate(inadditiontohisown
voteifheisalsoaDirector).Ifhisappointorisforthetimebeing
absentfromHongKongorotherwisenotavailableorunabletoact,the
signatureofanalternateDirectortoanyresolutioninwritingofthe
BoardoracommitteeoftheBoardofwhichhisappointorisamember
shall,unlessthenoticeofhisappointmentprovidestothecontrary,be
aseffectiveasthesignatureofhisappointor.

95.AnalternateDirectorshallipsofactoceasetobeanalternate
DirectorifhisappointorceasesforanyreasontobeaDirector,
however,suchalternateDirectororanyotherpersonmaybere-appointed
bytheDirectorstoserveasanalternateDirectorPROVIDEDalwaysthat,
ifatanymeetinganyDirectorretiresbutisre-electedatthesame
meeting,anyappointmentofsuchalternateDirectorpursuanttothese
Bye-lawswhichwasinforceimmediatelybeforehisretirementshall
remaininforceasthoughhehadnotretired.

96.TheordinaryremunerationoftheDirectorsshallfromtimetotime
bedeterminedbytheCompanyingeneralmeetingandshall(unless
otherwisedirectedbytheresolutionbywhichitisvoted)bedivided
amongsttheBoardinsuchproportionsandinsuchmannerastheBoardmay
agreeor,failingagreement,equally,exceptthatanyDirectorwhoshall
holdofficeforpartonlyoftheperiodinrespectofwhichsuch
remunerationispayableshallbeentitledonlytorankinsuchdivision
foraproportionofremunerationrelatedtotheperiodduringwhichhe
hasheldoffice.Suchremunerationshallbedeemedtoaccruefromdayto
day.

97.EachDirectorshallbeentitledtoberepaidorprepaidall
travelling,hotelandincidentalexpensesreasonablyincurredorexpected
tobeincurredbyhiminattendingmeetingsoftheBoardorcommitteesof
theBoardorgeneralmeetingsorseparatemeetingsofanyclassofshares
orofdebenturesoftheCompanyorotherwiseinconnectionwiththe
dischargeofhisdutiesasaDirector.

98.AnyDirectorwho,byrequest,goesorresidesabroadforany
purposeoftheCompanyorwhoperformsserviceswhichintheopinionof
theBoardgobeyondtheordinarydutiesofaDirectormaybepaidsuch
extraremuneration(whetherbywayofsalary,commission,participation
inprofitsorotherwise)astheBoardmaydetermineandsuchextra
remunerationshallbeinadditiontoorinsubstitutionforanyordinary
remunerationprovidedforbyorpursuanttoanyotherBye-law.

99.TheBoardshallobtaintheapprovaloftheCompanyingeneral
meetingbeforemakinganypaymenttoanyDirectororpastDirectorofthe
Companybywayofcompensationforlossofoffice,orasconsideration
fororinconnectionwithhisretirementfromoffice(notbeingpayment
towhichtheDirectoriscontractuallyentitled).

(a) hold any other office or place of profit with the Company (except that of Auditor) in conjunction with his office of Director for such period and, subject to the relevant provisions of the Act, upon such terms as the Board may determine. Any remuneration (whether by way of salary, commission, participation in profits or otherwise) paid to any Director in respect of any such other office or place of profit shall be in addition to any remuneration provided for by or pursuant to any other Bye-law;
(b) act by himself or his firm in a professional capacity for the Company (otherwise than as Auditor) and he or his firm may be remunerated for professional services as if he were not a Director;

(c)continuetobeorbecomeadirector,managingdirector,
jointmanagingDirector,deputymanagingdirector,
executivedirector,managerorotherofficerormemberof
anyothercompanypromotedbytheCompanyorinwhichthe
Companymaybeinterestedasavendor,shareholderor
otherwiseand(unlessotherwiseagreed)nosuchDirector
shallbeaccountableforanyremuneration,profitsorother
benefitsreceivedbyhimasadirector,managingdirector,
jointmanagingdirector,deputymanagingdirector,
executivedirector,managerorotherofficerormemberof
orfromhisinterestsinanysuchothercompany.Subject
asotherwiseprovidedbytheseBye-lawstheDirectorsmay
exerciseorcausetobeexercisedthevotingpowers
conferredbythesharesinanyothercompanyheldorowned
bytheCompany,orexercisablebythemasDirectorsofsuch
othercompanyinsuchmannerinallrespectsastheythink
fit(includingtheexercisethereofinfavourofany
resolutionappointingthemselvesoranyofthemdirectors,
managingdirectors,jointmanagingdirectors,deputy
managingdirectors,executivedirectors,managersorother
officersofsuchcompany)orvotingorprovidingforthe
paymentofremunerationtothedirector,managingdirector,
jointmanagingdirector,deputymanagingdirector,
executivedirector,managerorotherofficersofsuchother
companyandanyDirectormayvoteinfavouroftheexercise
ofsuchvotingrightsinmanneraforesaidnotwithstanding
thathemaybe,orabouttobe,appointedadirector,
managingdirector,jointmanagingdirector,deputymanaging
director,executivedirector,managerorotherofficerof
suchacompany,andthatassuchheisormaybecome
interestedintheexerciseofsuchvotingrightsinmanner
aforesaid.

101.SubjecttotheActandtotheseBye-laws,noDirectororproposed
orintendingDirectorshallbedisqualifiedbyhisofficefrom
contractingwiththeCompany,eitherwithregardtohistenureofany
officeorplaceofprofitorasvendor,purchaserorinanyothermanner
whatever,norshallanysuchcontractoranyothercontractor
arrangementinwhichanyDirectorisinanywayinterestedbeliableto
beavoided,norshallanyDirectorsocontractingorbeingsointerested
beliabletoaccounttotheCompanyorthe.Membersforanyremuneration,
profitorotherbenefitsrealisedbyanysuchcontractorarrangementby
reasonofsuchDirectorholdingthatofficeorofthefiduciary
relationshiptherebyestablishedprovidedthatsuchDirectorshall
disclosethenatureofhisinterestinanycontractorarrangementin
whichheisinterestedinaccordancewithBye-law102herein.

102.ADirectorwhotohisknowledgeisinanyway,whetherdirectlyor
indirectly,interestedinacontractorarrangementorproposedcontract
orarrangementwiththeCompanyshalldeclarethenatureofhisinterest
atthemeetingoftheBoardatwhichthequestionofenteringintothe
contractorarrangementisfirstconsidered,ifheknowshisinterest
thenexists,orinanyothercaseatthefirstmeetingoftheBoardafter
heknowsthatheisorhasbecomesointerested.Forthepurposesof
thisBye-law,ageneralnoticetotheBoardbyaDirectortotheeffect
that:

(a) he is a member or officer of a specified company or firm and is to be regarded as interested in any contract or arrangement which may after the date of the notice be made with that company or firm; or
(b) he is to be regarded as interested in any contract or arrangement which may after the date of the notice be made with a specified person who is connected with him;

shallbedeemedtobeasufficientdeclarationofinterestunderthis
Bye-lawinrelationtoanysuchcontractorarrangement,providedthatno
suchnoticeshallbeeffectiveunlesseitheritisgivenatameetingof
theBoardortheDirectortakesreasonablestepstosecurethatitis
broughtupandreadatthenextBoardmeetingafteritisgiven.

103.(1)ADirectorshallnotvote(norbecountedinthequorum)on
anyresolutionoftheBoardinrespectofanycontractorarrangementor
anyotherproposalinwhichheistohisknowledgemateriallyinterested,
butthisprohibitionshallnotapplytoanyofthefollowingmatters
namely:

(i) any contract or arrangement for g1v1ng to such Director any security or indemnity in respect of money lent by him or obligations incurred or undertaken by him at the request of or for the benefit of the Company or any of its subsidiaries;

(ii) any contract or arrangement for the giving of any security or indemnity to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which the Director has himself assumed responsibility in whole or in part whether alone or jointly under a guarantee or indemnity or by the giving of security;
(iii) any contract or arrangement concerning an offer of shares or debentures or other securities of or by the Company or any other company which the Company may promote or be interested in for subscription or purchase, where the Director is or is to be interested as a participant in the underwriting or sub-underwriting of the offer;
(iv) any contract or arrangement in which he is interested in the same manner as other holders of shares or debentures or other securities of the Company or any of its subsidiaries by virtue only of his interest in shares or debentures or other securities of the Company;
(v) any contract or arrangement concerning any other company in which he is interested only, whether directly or indirectly, as an officer or executive or a shareholder other than a company in which the Director together with any of his associates (as defined by the rules, where applicable, of the Designated Stock Exchange) is beneficially interested in five (5) per cent or more of the issued shares or of the voting rights of any class of shares of such company (or any third company through which his interest is derived); or
(vi) any proposal concerning the adoption, modification or operation of a share option scheme, a pension fund or retirement, death or disability benefits scheme or other arrangement which relates both to directors and employees of the Company or of any of its subsidiaries and does not provide in respect of any Director as such any privilege or advantage not accorded to the employees to which such scheme or fund relates.

(2)Acompanyshallbedeemedtobeacompanyinwhicha
Directorownsfive(5)percent.ormoreifandsolongas(butonlyif
andsolongas)heandhisassociates(asdefinedbytherules,where
applicable,oftheDesignatedStockExchange),(eitherdirectlyor
indirectly)aretheholdersoforbeneficiallyinterestedinfive(5)per
cent.ormoreofanyclassoftheequitysharecapitalofsuchcompanyor
ofthevotingrightsavailabletomembersofsuchcompany(orofany
.thirdcompanythroughwhichhisinterestisderived).Forthepurposeof
thisparagraphthereshallbedisregardedanysharesheldbyaDirector
asbareorcustodiantrusteeandinwhichhehasnobeneficialinterest,
anysharescomprisedinatrustinwhichtheDirector'sinterestisin
reversionorremainderifandsolongassomeotherpersonisentitledto
receivetheincomethereof,andanysharescomprisedinanauthorised
unittrustschemeinwhichtheDirectorisinterestedonlyasaunit
holder.

(3)WhereacompanyinwhichaDirectortogetherwithhis
associates(asdefinedbytherules,whereapplicable,oftheDesignated
StockExchange)holdsfive(5)percent.ormoreismateriallyinterested
inatransaction,thenthatDirectorshallalsobedeemedmaterially
interestedinsuchtransaction.

(4) If any question shall arise at any meeting of the Board as to the materiality of the interest of a Director (other than the chairman of the meeting) or as to the entitlement of any Director (other than such chairman) to vote and such question is not resolved by his voluntarily agreeing to abstain from voting, such question shall be referred to the chairman of the meeting and his ruling in relation to such other Director shall be final and conclusive except in a case where the nature or extent of the interest of the Director concerned as known to such Director has not been fairly disclosed to the Board. If any question as aforesaid shall arise in respect of the chairman of the meeting such question shall be decided by a resolution of the Board (for which purpose such chairman shall not vote thereon) and such resolution shall be final and conclusive except in a case where the nature or extent of the interest of such chairman as known to such chairman has not been fairly disclosed to the Board.

104.(1)ThebusinessoftheCompanyshallbemanagedandconducted
bytheBoard,whichmaypayallexpensesincurredinformingand
registeringtheCompanyandmayexerciseallpowersoftheCompany
(whetherrelatingtothemanagementofthebusinessoftheCompanyor
otherwise)whicharenotbytheStatutesorbytheseBye-lawsrequiredto
beexercisedbytheCompanyingeneralmeeting,subjectneverthelessto
theprovisionsoftheSta·tutesandoftheseBye-lawsandtosuch
regulationsbeingnotinconsistentwithsuchprovisions,asmaybe
prescribedbytheCompanyingeneralmeeting,butnoregulationsmadeby
theCompanyingeneralmeetingshallinvalidateanyprioractofthe
Boardwhichwouldhavebeenvalidifsuchregulationshadnotbeenmade.
ThegeneralpowersgivenbythisBye-lawshallnotbelimitedor
restrictedbyanyspecialauthorityorpowergiventotheBoardbyany
otherBye-law.

(2)AnypersoncontractingordealingwiththeCompanyinthe
ordinarycourseofbusinessshallbeentitledtorelyonanywrittenor
oralcontractoragreementordeed,documentorinstrumententeredinto
orexecutedasthecasemaybebyanytwooftheDirectorsactingjointly
onbehalfoftheCompanyandthesameshallbedeemedtobevalidly
enteredintoorexecutedbytheCompanyasthecasemaybeandshall,
subjecttoanyruleoflaw,bebindingontheCompany.

(3)Withoutprejudicetothegeneralpowersconferredbythese
Bye-lawsitisherebyexpresslydeclaredthattheBoardshallhavethe
followingpowers:

(a)Togivetoanypersontherightoroptionof
requiringatafuturedatethatanallotmentshall
bemadetohimofanyshareatparoratsuch
premiumasmaybeagreed.

103A. A Director shall not vote (nor be coun.ted in the quorum) on any resolution of the Board approving any contract or arrangement or any other proposal In WhlCh hIs assocIate(s) Is/are materially interested save for the exceptions set out in Bye-law 103(1 )(1) to (VI) whl.ch shall apply to an associate of a Director mutatis mutandis. For the purposes of Bye-law 103(2) and Bye-law 103(3), the word "DIrector" wherever It appears shall be construed to mean ':a director of the Company and/or his associate(s)". If any questIon shall anse at any meetlOg of the Board as to the matenahty of the lOterest of an associate to a Director, such question shall be referred to the chairman of the meetlOg and hIs ruhng shall be final and conclusive. If any question as aforesaid shall arise in respect of an assocIate to the chairman of the meetlOg such questIOn shall be deCided by a resolution of the Board for which purpose such chairman shall not vote thereon and such resolution shall be final and conclusive. (Amended on 25/08/2004)

(b) To give to any Directors, officers or servants of the Companyan interest in any particular business or transaction or participation in the profits thereof or in the general profits of the Company either in addition to or in substitution for a salary or other remuneration.

To resolve that the Company be discontinued in Bermuda and continued in a named country or jurisdiction outside Bermuda subject to the provisions of the Act.

The Board may establish any regional or local boards or agencies for managing any of the affairs of the Companyin any place, and may appoint any persons to be members of such local boards, or any managers or agents, and may fix their remuneration (either by way of salary or by commission or by conferring the right to participation in the profits of the Companyor by a combination of two or more of these modes) and pay the working expenses of any staff employed by them upon the business of the Company. The Board may delegate to any regional or local board, manager or agent any of the powers, authorities and discretions vested in or exercisable by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate, and may authorise the members of' any of them to fill any vacancies therein and to act notwithstanding vacancies. Any such appointment or delegation may be made upon such terms and subject to such conditions as the Board may think fit, and the Board may remove any person appointed as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith and without notice of any such revocation or variation shall be affected thereby.
The Board may by power of attorney appoint under the Seal any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Bye-laws) and for such period and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. Such attorney or attorneys may, if so authorised under the Seal of the Company, execute any deed or instrument under their personal seal with the same effect as the affixation of the Company's Seal.
The Board may entrust to and confer upon a managing director, joint managing director, deputy managing director, an executive director or any Director any of the powers exercisable by it upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice of such revocation or variation shall be affected thereby.

108.Allcheques,promissorynotes,drafts,billsofexchangeandother
instruments,whethernegotiableortransferableornot,andallreceipts
formoneyspaidtotheCompanyshallbesigned,drawn,accepted,endorsed
orotherwiseexecuted,asthecasemaybe,insuchmannerastheBoard
shallfromtimetotimebyresolutiondetermine.TheCompany'sbanking
accountsshallbekeptwithsuchbankerorbankersastheBoardshall
fromtimetotimedetermine.

109.(1)TheBoardmayestablishorconcurorJo~nwithother
companies(beingsubsidiarycompaniesoftheCompanyorcompanieswith
whichitisassociatedinbusiness)inestablishingandmaking
contributionsoutoftheCompany'smoneystoanyschemesorfundsfor
providingpensions,sicknessorcompassionateallowances,lifeassurance
orotherbenefitsforemployees(whichexpressionasusedinthisandthe
followingparagraphshallincludeanyDirectororex-Directorwhomay
holdorhaveheldanyexecutiveofficeoranyofficeofprofitunderthe
Companyoranyofitssubsidiarycompanies)andex-employeesofthe
Companyandtheirdependantsoranyclassorclassesofsuchperson.

(2)TheBoardmaypay,enterintoagreementstopayormake
grantsofrevocableorirrevocable,andeithersubjectornotsubjectto
anytermsorconditions,pensionsorotherbenefitstoemployeesand
ex-employeesandtheirdependants,ortoanyofsuchpersons,including
pensionsorbenefitsadditionaltothose,ifany,towhichsuchemployees
orex-employeesortheirdependantsareormaybecomeentitledunderany
suchschemeorfundasmentionedinthelastprecedingparagraph.Any
suchpensionorbenefitmay,astheBoardconsidersdesirable,begranted
toanemployeeeitherbeforeandinanticipationoforuponoratany
timeafterhisactualretirement.

110.TheBoardmayexerciseallthepowersoftheCompanytoraiseor
borrowmoneyandtomortgageorchargealloranypartofthe
undertaking,propertyandassets(presentandfuture)anduncalled
capitaloftheCompanyand,subjecttotheAct,toissuedebentures,
bondsandothersecurities,whetheroutrightorascollateralsecurity
foranydebt,liabilityorobligationoftheCompanyorofanythird
party.

Ill.Debentures,bondsandothersecuritiesmaybemadeassignablefree
fromanyequitiesbetweentheCompanyandthepersontowhomthesamemay
beissued.

112.Anydebentures,bondsorothersecuritiesmaybeissuedata
discount(otherthanshares),premiumorotherwiseandwithanyspecial
privilegesastoredemption,surrender,drawings,allotmentofshares,
attendingandvotingatgeneralmeetingsoftheCompany,appointmentof
Directorsandotherwise.

113.(1)WhereanyuncalledcapitaloftheCompanyischarged,all
personstakinganysubsequentchargethereonshalltakethesamesubject
tosuchpriorcharge,andshallnotbeentitled,bynoticetothemembers
orotherwise,toobtainpriorityoversuchpriorcharge.

(2)TheBoardshallcauseaproperregistertobekept,in
accordancewiththeprovisionsoftheAct,ofallchargesspecifically
affectingthepropertyoftheCompanyandofanyseriesofdebentures
issuedbytheCompanyandshalldulycomplywiththerequirementsofthe
Actinregardtotheregistrationofchargesanddebenturestherein
specifiedandotherwise.

114.TheBoardmaymeetforthedespatchofbusiness,adjournand
otherwiseregulateitsmeetingsasitconsidersappropriate.Questions
arisingatanymeetingshallbedeterminedbyamajorityofvotes.In
thecaseofanyequalityofvotesthechairmanofthemeetingshallhave
anadditionalorcastingvote.

115.AmeetingoftheBoardmaybeconvenedbytheSecretaryonrequest
ofaDirectororbyanyDirector.TheSecretaryshallconveneameeting
oftheBoardofwhichnoticemaybegiveninwritingorbytelephoneor
insuchothermannerastheBoardmayfromtimetotimedetermine
wheneverheshallberequiredsotodobythepresidentorchairman,as
thecasemaybe,oranyDirector.AnyDirectormaywaivenoticeofany
meetingeitherprospectivelyorretrospectively.

116.(1)Thequorumnecessaryforthetransactionofthebusinessof
theBoardmaybefixedbytheBoardand,unlesssofixedatanyother
number,shallbetwo(2).AnalternateDirectorshallbecountedina
quoruminthecaseoftheabsenceofaDirectorforwhomheisthe
alternateprovidedthatheshallnotbecountedmorethanonceforthe
purposeofdeterminingwhetherornotaquorumispresent.

(2)DirectorsmayparticipateinanymeetingoftheBoardby
meansofaconferencetelephoneorothercommunicationsequipmentthrough
whichallpersonsparticipatinginthemeetingcancommunicatewitheach
othersimultaneouslyandinstantaneouslyand,forthepurposeofcounting
aquorum,suchparticipationshallconstitutepresenceataMeetingasif
thoseparticipatingwerepresentinperson.

(3)AnyDirectorwhoceasestobeaDirectorataBoardmeeting
maycontinuetobepresentandtoactasaDirectorandbecountedinthe
quorumuntiltheterminationofsuchBoardmeetingifnootherDirector
objectsandifotherwiseaquorumofDirectorswouldnotbepresent.

117.ThecontinuingDirectorsorasolecontinuingDirectormayact
notwithstandinganyvacancyintheBoardbut,ifandsolongasthe
numberofDirectorsisreducedbelowtheminimumnumberfixedbyorin
accordancewiththeseBye-laws,thecontinuingDirectorsorDirector,
notwithstandingthatthenumberofDirectorsisbelowthenumberfixedby
orinaccordancewiththeseBye-lawsasthequorumorthatthereisonly
onecontinuingDirector,mayactforthepurposeoffillingvacanciesin
theBoardorofsummoninggeneralmeetingsoftheCompanybutnotforany
otherpurpose.

118.TheBoardmayelectachairmanandoneormoredeputychairmanof
itsmeetingsanddeterminetheperiodforwhichtheyarerespectivelyto
holdsuchoffice.Ifnochairmanordeputychairmaniselected,orifat
anymeetingneitherthechairmannoranydeputychairmanispresent
withinfive(5)minutesafterthetimeappointedforholdingthesame,
theDirectorspresentmaychooseoneoftheirnumbertobechairmanof
themeeting.

119.AmeetingoftheBoardatwhichaquorumispresentshallbe
competenttoexerciseallthepowers,authoritiesanddiscretionsforthe
timebeingvestedinorexercisablebytheBoard.

120.(1)TheBoardmaydelegateanyofitspowers,authoritiesand
discretionstocommittees,consistingofsuchDirectororDirectorsand
otherpersonsasitthinksfit,andtheymay,fromtimetotime,revoke
suchdelegationorrevoketheappointmentofanddischargeanysuch
committeeseitherwhollyorinpart,andeitherastopersonsor
purposes.Anycommitteesoformedshall,intheexerciseofthepowers,
authoritiesanddiscretionssodelegated,conformtoanyregulations
whichmaybeimposedonitbytheBoard.

(2)Allactsdonebyanysuchcommitteeinconformitywithsuch
regulations,andinfulfilmentofthepurposesforwhichitwas
appointed,butnototherwise,shallhavelikeforceandeffectasifdone
bytheBoard,andtheBoardshallhavepower,withtheconsentofthe
Companyingeneralmeeting,toremuneratethemembersofanysuch
committee,andchargesuchremunerationtothecurrentexpensesofthe
Company.
121.Themeetingsandproceedingsofanycommitteeconsistingoftwoor
moremembersshallbegovernedbytheprovisionscontainedinthese
Bye-lawsforregulatingthemeetingsandproceedingsoftheBoardsofar
asthesameareapplicableandarenotsupersededbyanyregulations
imposedbytheBoardunderthelastprecedingBye-law.

122. A resolution in writing signed by all the Directors except such as are temporarily unable to act through ill-health or disability, and all the alternate Directors, if appropriate, whose appointors are temporarily unable to act as aforesaid shall (provided that such number is sufficient to constitute a quorum and further provided that a copy of such resolution has been given or the contents thereof communicated to all the Directors for the time being entitled to receive notices of Board meetings in the same manner as notices of meetings are required to be given by these Bye-laws) be as valid and effectual as if a resolution had been passed at a meeting of the Board duly convened and held. Such resolution may be contained in one document or in several documents in like form each signed by one or more of the Directors or alternate Directors and for this purpose a facsimile signature of a Director or an alternate Director shall be treated as valid.

123.AllactsbonafidedonebytheBoardorbyanycommitteeorbyany
personactingasaDirectorormembersofacommittee,shall,
notwithstandingthatitisafterwardsdiscoveredthattherewassome
defectintheappointmentofanymemberortheBoardorsuchcommitteeor
personactingasaforesaidorthattheyoranyofthemweredisqualified
orhadvacatedoffice,beasvalidasifeverysuchpersonhadbeenduly
appointedandwasqualifiedandhadcontinuedtobeaDirectorormember
ofsuchcommittee.

124.TheBoardmayfromtimetotimeappointageneralmanager,a
managerormanagersoftheCompanyandmayfixhisortheirremuneration
eitherbywayofsalaryorcommissionorbyconferringtherightto
participationintheprofitsoftheCompanyorbyacombinationoftwoor
moreofthesemodesandpaytheworkingexpensesofanyofthestaffof
thegeneralmanager,managerormanagerswhomaybeemployedbyhimor
themuponthebusinessoftheCompany.

125.Theappointmentofsuchgeneralmanager,managerormanagersmay
beforsuchperiodastheBoardmaydecide,andtheBoardmayconferupon
himorthemalloranyofthepowersoftheBoardastheymaythinkfit.

126.TheBoardmayenterintosuchagreementoragreementswithany
suchgeneralmanager,managerormanagersuponsuchtermsandconditions
inallrespectsastheBoardmayintheirabsolutediscretionthinkfit,
includingapowerforsuchgeneralmanager,managerormanagersto
appointanassistantmanagerormanagersorotheremployeeswhatsoever
underthemforthepurposeofcarryingonthebusinessoftheCompany.

127 • (l) Subject to the Statutes, the officers of the Company shall consist of the Directors and Secretary and such additional officers (who mayor may not be Directors) as the Board may from time to time determine, all of whom shall be deemed to be officers for the purposes of the Statutes and these Bye-laws. (Amended on 19[th] September, 2007)

appointment or election of Directors, elect amongst ectors a president and a vice-president or a chair a deputy chairman; and if more than one (1) proposed for either of these offices, the electio shall take place in such manner as I.the CAmenc{ed oil 11tlt (;,rzmoer; 20(7) 2-

(~) The officers shall receive such remuneration as the Directors may from time to time determine. 3 (~) Where the Company does not have a quorum of Directors ordinarily resident in Bermuda, the Company shall in accordance with the Act appoint and maintain a resident representative ordinarily resident in Bermuda and the resident representative shall maintain an office in Bermuda and comply with the provisions of the Act.

TheCompanyshallprovidetheresidentrepresentativewith
suchdocumentsandinformationastheresidentrepresentativemayrequire
inordertobeabletocomplywiththeprovisionsoftheAct.

Theresidentrepresentativeshallbeentitledtohave
noticeof,attendandbeheardatanyDirectors'meetingsorgeneral
meetingoftheCompany.

128..(l)TheSecretaryandadditionalofficers,ifany,shallbe
appointedbytheBoardandshallholdofficeonsuchtermsandforsuch
periodastheBoardmaydetermine.Ifthoughtfit,two(2)ormore
personsmaybeappointedasjointSecretaries.TheBoardmayalso
appointfromtimetotimeonsuchtermsasitthinksfitoneormore
assistantordeputySecretaries.

(2)TheSecretaryshallattendallmeetingsoftheMembersand
shallkeepcorrectminutesofsuchmeetingsandenterthesameinthe
properbooksprovidedforthepurpose.Heshallperformsuchother
dutiesasareprescr ibedbytheActortheseBye-lawsorasmaybe
prescribedbytheBoard.

129.Thepresidentorthechairman,asthecasemaybe,shallactas
chairmanatallmeetingsoftheMembersandoftheDirectorsatwhichhe
ispresent.Inhisabsenceachairmanshallbeappointedorelectedby
thosepresentatthemeeting.

130.TheofficersoftheCompanyshallhavesuchpowersandperform
suchdutiesinthemanagement,businessandaffairsoftheCompanyasmay
bedelegatedtothembytheDirectorsfromtimetotime.

131.AprovisionoftheActoroftheseBye-lawsrequiringor
authorisingathingtobedonebyortoaDirectorand,theSecretary
shallnotbesatisfiedbyitsbeingdonebyortothesamepersonacting
bothasDirectorandasorinplaceoftheSecretary.

132.(1)TheBoardshallcausetobekeptinoneormorebooksat
itsOfficeaRegisterofDirectorsandOfficersandshallentertherein
thefollowingparticularswithrespecttoeachDirectorandOfficer,that
istosay:

(2)TheBoardshallwithinaperiodoffourteen(14)daysfrom
theoccurrenceof-

(b)anychangeintheparticularscontainedintheRegisterof
DirectorsandOfficers,

causetobeenteredontheRegisterofDirectorsandOfficersthe
particularsofsuchchangeandofthedateonwhichitoccurred.

(3) The Register of Directors and Officers shall be open to inspection by members of the pUblic without charge at the Office between 10:00 a.m. and 12:00 noon on every business day.

(4)InthisBye-law"Officer"hasthemeaningascribedtoitin
Section92A(7)oftheAct.

133.TheBoardshallcauseMinutestobedulyenteredinbooksprovided
forthepurpose:

(b) of the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
of all resolutions and proceedings of each general meeting of the Members, meeti,ngs of the Board' and meetings of J committees of the Board: /-

134.(1)TheCompanyshallhaveoneormoreSeals,astheBoardmay
determine.Forthepurposeofsealingdocumentscreatingorevidencing
securitiesissuedbytheCompany,theCompanymayhaveasecuritiesseal
whichisafacsimileoftheSealoftheCompanywiththeadditionofthe
words"SecuritiesSeal"onitsfaceorinsuchotherformastheBoard
mayapprove.TheBoardshallprovideforthecustody,ofeachSealandno
SealshallbeusedwithouttheauthorityoftheBoardorofacommittee
oftheBoardauthorisedbytheBoardinthatbehalf.Subjectas
otherwiseprovidedintheseBye-laws,anyinstrumenttowhichaSealis
affixedshallbesignedautographicallybyoneDirectorandtheSecretary
orbytwoDirectorsorbysuchotherperson(includingaDirector)or
personsastheBoardmayappoint,eithergenerallyorinanyparticular
case,savethatasregardsanycertificatesforsharesordebenturesor
othersecuritiesoftheCompanytheBoardmaybyresolutiondetermine
thatsuchsignaturesoreitherofthemshallbedispensedwithoraffixed
bysomemethodorsystemofmechanicalsignature.Everyinstrument
executedinmannerprovidedbythisBye-lawshallbedeemedtobesealed
andexecutedwiththeauthorityoftheBoardpreviouslygiven.

(2)WheretheCompanyhasaSealforuseabroad,theBoardmay
bywritingundertheSealappointanyagentorcommitteeabroadtobethe
dulyauthorisedagentoftheCompanyforthepurposeofaffixingand
usingsuchSealandtheBoardmayimposerestrictionsontheusethereof
asmaybethoughtfit.WhereverintheseBye-lawsreferenceismadeto
theSeal,thereferenceshall,whenandsofarasmaybeapplicable,be
deemedtoincludeanysuchotherSealasaforesaid.

135.AnyDirectorortheSecretaryoranypersonappointedbytheBoard
forthepurposemayauthenticateanydocumentsaffectingtheconstitution
oftheCompanyandanyresolutionpassedbytheCompanyortheBoardor
anycommittee,andanybooks,records,documentsandaccountsrelatingto
thebusinessoftheCompany,andtocertifycopiesthereoforextracts
therefromastruecopiesorextracts,andifanybooks,records,

documentsoraccountsareelsewherethanattheOfficeortheheadoffice
thelocalmanagerorotherofficeroftheCompanyhavingthecustody
thereofshallbedeemedtobeapersonsoappointedbytheBoard.A
documentpurportingtobeacopyofaresolution,oranextractfromthe
minutesofameeting,oftheCompanyoroftheBoardoranycommittee
whichissocertifiedshallbeconclusiveevidenceinfavourofall
personsdealingwiththeCompanyuponthefaiththereofthatsuch
resolutionhasbeendulypassedor,asthecasemaybe,thatsuchminutes
orextractisatrueandaccuraterecordofproceedingsataduly
constitutedmeeting.

136.TheCompanyshallbeentitledtodestroythefollowingdocuments
atthefollowingtimes:

(a) any share certificate which has been cancelled at any time after the expiry of one (1) year from the date of such cancellation;
(b) any dividend mandate or any variation or cancellation thereof or any notification of change of name or address at any time after the expiry of two (2) years from the date such mandate variation cancellation or notification was recorded by the Company;
(c) any instrument of transfer of shares which has been registered at any time after the expiry of seven (7) years from the date of registration;
(d) any allotment letters after the expiry of seven (7) years from the date of issue thereof; and
(e) copies of powers of attorney, grants of probate and letters of administration at any time after the expiry of seven (7) years after the account to which the relevant power of attorney, grant of probate or letters of administration related has been closed;

anditshallconclusivelybepresumedinfavouroftheCompanythatevery
entryintheRegisterpurportingtobemadeonthebasisofanysuch
documentssodestroyedwasdulyandproperlymadeandeveryshare
certificatesodestroyedwasavalidcertificatedulyandproperly
cancelledandthateveryinstrumentoftransfersodestroyedwasavalid
andeffectiveinstrumentdulyandproperlyregisteredandthatevery
otherdocumentdestroyedhereunderwasavalidandeffectivedocumentin
accordancewiththerecordedparticularsthereofinthebooksorrecords
oftheCompany.Providedalwaysthat:(1)theforegoingprovisionsof
thisBye-lawshallapplyonlytothedestructionofadocumentingood
faithandwithoutexpressnoticetotheCompanythatthepreservationof
suchdocumentwasrelevanttoaclaim;(2)nothingcontainedinthis
Bye-lawshallbeconstruedasimposingupontheCompanyanyliabilityin
respectofthedestructionofanysuchdocumentearlierthanasaforesaid
orinanycasewheretheconditionsofproviso(1)abovearenot
fulfilled;and(3)referencesinthisBye-lawtothedestructionofany
documentincludereferencestoitsdisposalinanymanner.

137.SubjecttotheAct,theCompanyinGeneralMeetingmayfromtime
totimedeclaredividendsinanycurrencytobepaidtotheMembersbut
nodividendshallbedeclaredinexcessoftheamountrecommend~dbythe
Board.TheCompanyingeneralmeetingmayalsomakeadistributionto
theMembersoutofanycontributedsurplus(asascertainedinaccordance
withtheAct).

138.Nodividendshallbepaidordistributionmadeoutofcontributed
surplusiftodosowouldrendertheCompanyunabletopayits
liabilitiesastheybecomedueortherealisablevalueofitsassets
wouldtherebybecomelessthantheaggregateofitsliabilitiesandits
issuedsharecapitalandsharepremiumaccounts.

139.Exceptinsofarastherightsattachingto,orthetermsofissue
of,anyshareotherwiseprovide:

(a) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of which the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this Bye-law as paid up on the share; and
(b) all dividends shall be apportioned and paid pro rata according to the amounts paid up on the shares during any portion or portions of the period in respect of which the dividend is paid.

140.TheBoardmayfromtimetotimepaytotheMemberssuchinterim
dividendsasappeartotheBoardtobejustifiedbytheprofitsofthe
Companyandinparticular(butwithoutprejudicetothegeneralityofthe
foregoing)ifatanytimethesharecapitaloftheCompanyisdivided
intodifferentclasses,theBoardmaypaysuchinterimdividendsin
respectofthosesharesinthecapitaloftheCompanywhichconferonthe
holdersthereofdeferredornon-preferentialrightsaswellasinrespect
ofthoseshareswhichconferontheholdersthereofpreferentialrights
withregardtodividendandprovidedthattheBoardactsbonafidethe
Boardshallnotincuranyresponsibilitytotheholdersofshares
conferringanypreferenceforanydamagethattheymaysufferbyreason
ofthepaymentofaninterimdividendonanyshareshavingdeferredor
non-preferentialrightsandmayalsopayanyfixeddividendwhichis
payableonanysharesoftheCompanyhalf-yearlyoronanyotherdates,
wheneversuchprofits,intheopinionoftheBoard,justifiessuch
payment.

141.TheBoardmaydeductfromanydividendorothermoneyspayableto
aMemberbytheCompanyonorinrespectofanysharesallsumsofmoney
(ifany)presentlypayablebyhimtotheCompanyonaccountofcallsor
otherwise.

142.NodividendorothermoneyspayablebytheCompanyonorin
respectofanyshareshallbearinterestagainsttheCompany.

143.Anydividend,interestorothersumpayableincashtotheholder
ofsharesmaybepaidbychequeorwarrantsentthroughthepost
addressedtotheholderathisregisteredaddressor,inthecaseof

jointholders,addressedtotheholderwhosenamestandsfirstinthe
Registerinrespectofthesharesathisaddressasappearinginthe
Registeroraddressedtosuchpersonandatsuchaddressastheholderor
jointholdersmayinwritingdirect.Everysuchchequeorwarrantshall,
unlesstheholderorjointholdersotherwisedirect,bemadepayableto
theorderoftheholderor,inthecaseofjointholders,totheorderof
theholderwhosenamestandsfirstontheRegisterinrespectofsuch
shares,andshallbesentathisortheirriskandpaymentofthecheque
orwarrantbythebankonwhichitisdrawnshallconstituteagood
dischargetotheCompanynotwithstandingthatitmaysubsequentlyappear
thatthesamehasbeenstolenorthatanyendorsementthereonhasbeen
forged.Anyoneoftwoormorejointholdersmaygiveeffectualreceipts
foranydividendsorothermoneyspayableorpropertydistributablein
respectofthesharesheldbysuchjointholders.

144.Alldividendsorbonusesunclaimedforone(1)yearafterhaving
beendeclaredmaybeinvestedorotherwisemadeuseofbytheBoardfor
thebenefitoftheCompanyuntilclaimed.Anydividendorbonuses
unclaimedafteraperiodofsix(6)yearsfromthedateofdeclaration
shallbeforfeitedandshallreverttotheCompany.Thepaymentbythe
Boardofanyunclaimeddividendorothersumspayableonorinrespectof
ashareintoaseparateaccountshallnotconstitutetheCompanya
trusteeinrespectthereof.

145.WhenevertheBoardortheCompanyingeneralmeetinghaveresolved
thatadividendbepaidordeclared,theBoardmayfurtherresolvethat
suchdividendbesatisfiedwhollyorinpartbythedistributionof
specificassetsofanykindandinparticularofpaidupshares,
debenturesorwarrantstosubscribesecuritiesoftheCompanyorany
othercompany,orinanyoneormoreofsuchways,andwhereany
difficultyarisesinregardtothedistributiontheBoardmaysettlethe
sameasitthinksexpedient,andinparticularmayissuecertificatesin
respectoffractionsofshares,disregardfractionalentitlementsor
roundthesameupordown,andmayfixthevaluefordistributionofsuch
specificassets,oranypartthereof,andmaydeterminethatcash
paymentsshallbemadetoanymembersuponthefootingofthevalueso
fixedinordertoadjusttherightsofallparties,andmayvestanysuch
specificassetsintrusteesasmayseemexpedienttotheBoardandmay
appointanypersontosignanyrequisiteinstrumentsoftransferand
otherdocumentsonbehalfofthepersonsentitledtothedividend,and
suchappointmentshallbeeffectiveandbindingontheMembers.The
BoardmayresolvethatnosuchassetsshallbemadeavailabletoMembers
withregisteredaddressesinanyparticularterritoryorterritories
where,intheabsenceofaregistrationstatementorotherspecial
formalities,suchdistributionofassetswouldormight,intheopinion
oftheBoard,beunlawfulorimpracticableandinsucheventtheonly
entitlementoftheMembersaforesaidshallbetoreceivecashpaymentsas
aforesaid.Membersaffectedasaresultoftheforegoingsentenceshall
notbeorbedeemedtobeaseparateclassofMembersforanypurpose
whatsoever.

146.(1)WhenevertheBoardortheCompanyingeneralmeetinghas
resolvedthatadividendbepaidordeclaredonanyclassoftheshare
capitaloftheCompany,theBoardmayfurtherresolveeither:

(a) that such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully paid up, provided that the shareholders entitled thereto will be entitled to elect to receive such dividend (or part thereof if the Board so determines) in cash in lieu of such allotment. In such case, the following provisions shall apply:
(i) the basis of any such allotment shall be determined by the Board;
(ii) the Board, after determining the basis of allotment, shall give not less than two (2) weeks' notice in writing to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must be lodged in order to be effective;
(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend in respect of which the right of election has been accorded; and
(iv) the dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid) shall not be payable in cash on shares in respect whereof the cash election has not been duly exercised ("the non-elected shares") and in satisfaction thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided profits of the Company (including profits carried and standing to the credit of any reserves or other special account other than the Subscription Rights Reserve as hereinafter defined) as the Board may determine, such sum as may be required to pay up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders of the non-elected shares on such basis; or
(b) that the shareholders entitled to such dividend shall be entitled to elect to receive an allotment of shares credited as fully paid up in lieu of the whole or such part of the dividend as the Board may think fit. In such case, the following provisions shall apply:
(i) the basis of any such allotment shall be determined by the Board;
(ii) the Board, after determining the basis of allotment, shall give not less than two (2) weeks' notice in writing to the holders of the relevant shares of the right of election accorded to them and shall send with such notice forms of election and specify the procedure to be followed and the place at which and the latest date and time by which duly completed forms of election must be lodged in order to be effective;
(iii) the right of election may be exercised in respect of the whole or part of that portion of the dividend in respect of which the right of election has been accorded; and
(iv) the dividend (or that part of the dividend in respect of which a right of election has been accorded) shall not be payable in cash on shares in respect whereof the share election has been duly exercised ("the elected shares") and in lieu thereof shares of the relevant class shall be allotted credited as fully paid up to the holders of the elected shares on the basis of allotment determined as aforesaid and for such purpose the Board shall capitalise and apply out of any part of the undivided profits of the Company (including profits carried and standing to the credit of any reserves or other special account other than the Subscription Rights Reserve) as the Board may determine, such sum as may be required to pay up in full the appropriate number of shares of the relevant class for allotment and distribution to and amongst the holders of the elected shares on such basis.

Thesharesallottedpursuanttotheprovisionsof
paragraph(1)ofthisBye-lawshallrankparipassu
inallrespectswithsharesofthesameclass(if
any)theninissuesaveonlyasregards
participationintherelevantdividendorinany
otherdistributions,bonusesorrightspaid,made,
declaredorannouncedpriortoorcontemporaneously
withthepaymentordeclarationoftherelevant
dividendunless,contemporaneouslywiththe
announcementbytheBoardoftheirproposaltoapply
theprovisionsofsub-paragraph(a)or(b)of
paragraph(2)ofthisBye-lawinrelationtothe
relevantdividendorcontemporaneouslywiththeir
announcementofthedistribution,bonusorrightsin
question,theBoardshallspecifythatthesharesto
beallottedpursuanttotheprovisionsofparagraph
(1)ofthisBye-lawshallrankforparticipationin
suchdistribution,bonusorrights.

(b) The· Board may do all acts and things considered necessary or expedient to give effect to any capitalisation pursuant to the prov~s~ons of paragraph (l) of this Bye-law, with full power to the Board to make such provisions as it thinks fit in the case of shares becoming distributable in fractions (including provisions whereby, in whole or in part, fractional entitlements are aggregated and sold and the net proceeds distributed to those entitled, or are disregarded or rounded up or down or whereby the benefit of fractional entitlements accrues to the Companyrather than to the members concerned). The Board may authorise any person to enter into on behalf of all Members interested, an agreement with the Company providing for such capitalisation and matters incidental thereto and any agreement made pursuant to such authority shall be effective and binding on all concerned.

(3) The Companymay upon the recommendation of the Board by ordinary resolution resolve in respect of anyone particular dividend of the Companythat notwithstanding the provisions of paragraph (1) of this Bye-law a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

(4) The Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Bye-law shall not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

(5) Any resolution declaring a dividend on shares of any class, whether a resolution of the Companyin general meeting or a resolution of the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this Bye-law shall mutatis mutandis apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Companyto the Members.

Before recommending any dividend, the Board may set aside out of the profits of the Companysuch sums as it determines as reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Companymay be properly applied and pending such application may, also at such discretion, either be employed in the business of the Companyor be invested in such investments as the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.
The Companymay, upon the recommendation of the Board, at any time and from time to time pass an ordinary resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing to the credit of any reserve or fund (including the profit and loss account) whether or not the same is available for distribution and accordingly that such amount be set free for distribution among the Membersor any class of memberswho would be entitled thereto if it were distributed by way of dividend and in the same proportions, on the footing that the same is not paid in cash but is applied either in or towards paying up the amounts for the time being unpaid on any shares in the Companyheld by such Members respectively or in paying up in full unissued shares, debentures or other obligations of the Company, to be allotted and distributed credited as fully paid up among such members, or partly in one way and partly in the other, and the Board shall give effect to such resolution provided that, for the purposes of this Bye-law and subject to Section 40(2A) of the Act, a share premium account and any reserve or fund representing unrealised profits, may be applied only in paying up in full unissued shares of the Companyto be allotted to such Members credited as fully paid. In carrying sums to reserve and in applying the same the Board shall comply with the provisions of the Act.
The Board may settle, as it considers appropriate, any difficulty arising in regard to any distribution under the last preceding Bye-law and in particular may issue certificates in respect of fractions of shares or authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any Members in order to adjust the rights of all parties, as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons entitled to participate in the distribution any contract necessary or desirable for giving effect thereto and such appointment shall be effective and binding upon the Members.

150.Thefollowingprovisionsshallhaveeffecttotheextentthatthey
arenotprohibitedbyandareincompliancewiththeAct:

(1)If,solongasanyoftherightsattachedtoanywarrants
issuedbytheCompanytosubscribeforsharesoftheCompanyshallremain
exercisable,theCompanydoesanyactorengagesinanytransaction
which,asaresultofanyadjustments'tothesubscriptionpricein
accordancewiththeprovisionsoftheconditionsofthewarrants,would
reducethesubscriptionpricetobelowtheparvalueofashare,thenthe
followingprovisionsshallapply:

(a) as from the date of such act or transaction the Company shall establish and thereafter (subject as provided in this Bye-law) maintain in accordance with the provisions of this Bye-law a reserve (the "Subscription Rights Reserve") the amount of which shall at no time be less than the sum which for the time being would be required to be capitalised and applied in paying up in full the nominal amount of the additional shares required to be issued and allotted credited as fully paid pursuant to sub- paragraph (c) below on the exercise in full of all the SUbscription rights outstanding and shall apply the Subscription Rights Reserve in paying up such additional shares in full as and when the same are allotted;
(b) the Subscription Rights Reserve shall not be used for any purpose other than that specified above unless all other reserves of the Company (other than share premium account) have been extinguished and will then only be used to make good losses of the Company if and so far as is required by law;
(c) upon the exercise of all or any of the SUbscription rights represented by any warrant, the relevant subscription rights shall be exercisable in respect of a nominal amount of shares equal to the amount in cash which the holder of such warrant is required to pay on exercise of the subscription rights represented thereby (or, as the case may be the relevant portion thereof in the event of a partial exercise of the subscription rights) and, in addition, there shall be allotted in respect of such subscription rights to the exercising warrantholder, credited as fully paid, such additional nominal amount of shares as is equal to the difference between:
(i) the said amount in cash which the holder of such warrant is required to pay on exercise of the subscription rights represented thereby (or, as the case may be, the relevant portion thereof in the event of a partial exercise of the subscription rights); and
(ii) the nominal amount of shares in respect of which such sUbscription rights would have been exercisable having regard to the provisions of the conditions of the warrants, had it been possible for such subscription rights to represent the right to subscribe for shares at less than par

andimmediatelyuponsuchexercisesomuchofthesum
standingtothecreditoftheSubscriptionRightsReserve
asisrequiredtopayupinfullsuchadditionalnominal
amountofsharesshallbecapitalisedandappliedinpaying
upinfullsuchadditionalnominalamountofshareswhich
shallforthwithbeallottedcreditedasfullypaidtothe
exercisingwarrantholders;and

(d)if,upontheexerciseofthesubscriptionrights
representedbyanywarrant,theamountstandingtothe
creditoftheSubscriptionRightsReserveisnotsufficient
topayupinfullsuchadditionalnominalamountofshares
equaltosuchdifferenceasaforesaidtowhichthe
exercisingwarrantholderisentitled,theBoardshallapply
anyprofitsorreservesthenorthereafterbecoming
available(including,totheextentpermittedbylaw,share
premiumaccount)forsuchpurposeuntilsuchadditional
nominalamountofsharesispaidupandallottedas
aforesaidanduntilthennodividendorotherdistribution
shallbepaidormadeonthefullypaidsharesofthe
Companytheninissue.Pendingsuchpaymentandallotment,
theexercisingwarrantholdershallbeissuedbytheCompany
withacertificateevidencinghisrighttotheallotmentof
suchadditionalnominalamountofshares.Therights
representedbyanysuchcertificateshallbeinregistered
formandshallbetransferableinwholeorinpartinunits
ofoneshareinthelikemannerasthesharesforthetime
beingaretransferable,andtheCompanyshallmakesuch
arrangementsinrelationtothemaintenanceofaregister
thereforandothermattersinrelationtheretoastheBoard
maythinkfitandadequateparticularsthereofshallbe
madeknowntoeachrelevantexercisingwarrantholderupon
theissueofsuchcertificate.

(2)SharesallottedpursuanttotheprovisionsofthisBye-law
shallrankparipassuinallrespectswiththeothersharesallottedon
therelevantexerciseofthesubscriptionrightsrepresentedbythe
warrantconcerned.Notwithstandinganythingcontainedinparagraph(1)
ofthisBye-law,nofractionofanyshareshallbeallottedonexercise
ofthesubscriptionrights.

(3)TheprovisionofthisBye-lawastotheestablishmentand
maintenanceoftheSUbscriptionRightsReserveshallnotbealteredor
addedtoinanywaywhichwouldvaryorabrogate,orwhichwouldhavethe
effectofvaryingorabrogatingtheprovisionsforthebenefitofany
warrantholderorclassofwarrantholdersunderthisBye-lawwithoutthe
sanctionofaspecialresolutionofsuchwarrantholdersorclassof
warrantholders.

(4)Acertificateorreportbytheauditorsforthetimebeing
oftheCompanyastowhetherornottheSubscriptionRightsReserveis
requiredtobeestablishedandmaintainedandifsotheamountthereofso
requiredtobeestablishedandmaintained,astothepurposesforwhich
theSubscriptionRightsReservehasbeenused,astotheextenttowhich
ithasbeenusedtomakegoodlossesoftheCompany,astotheadditional
nominalamountofsharesrequiredtobeallottedtoexercising
warrantholderscreditedasfullypaid,andastoanyothermatter
concerningtheSubscriptionRightsReserveshall(intheabsenceof
manifesterror)beconclusiveandbindingupontheCompanyandall
warrantholdersandshareholders.

151.TheBoardshallcausetrueaccountstobekeptofthesumsof
moneyreceivedandexpendedbytheCompany,andthemattersinrespectof
whichsuchreceiptandexpendituretakeplace,andoftheproperty,
assets,creditsandliabilitiesoftheCompanyandofallothermatters
requiredbytheActornecessarytogiveatrueandfairviewofthe
Company'saffairsandtoexplainitstransactions.

152.TheaccountingrecordsshallbekeptattheOfficeor,sUbjectto
theAct,atsuchotherplaceorplacesastheBoarddecidesandshall
alwaysbeopentoinspectionbytheDirectorsoftheCompany.NoMember
(otherthanaDirectoroftheCompany)shallhaveanyrightofinspecting
anyaccountingrecordorbookordocumentoftheCompanyexceptas
conferredbylaworauthorisedbytheBoardortheCompanyingeneral
meeting.

153.SubjecttoSection88oftheAct,aprintedcopyoftheDirectors'
report,accompaniedbythebalancesheetandprofitandlossaccount,
includingeverydocumentrequiredbylawtobeannexedthereto,madeup
totheendoftheapplicablefinancialyearandcontainingasummaryof
theassetsandliabilitiesoftheCompanyunderconvenientheadsanda
statementofincomeandexpenditure,togetherwithacopyofthe
Auditors'report,shallbesenttoeachpersonentitledtheretoatleast
twenty-one(21)daysbeforethedateofthegeneralmeetingandlaid
beforetheCompanyingeneralmeetinginaccordancewiththerequirements
oftheActprovidedthatthisBye-lawshallnotrequireacopyofthose
documentstobesenttoanypersonwhoseaddresstheCompanyisnotaware
ortomorethanoneofthejointholdersofanysharesordebentures.

154.(l)SubjecttoSection88oftheAct,attheannualgeneral
meetingoratasubsequentspecialgeneralmeetingineachyear,the
MembersshallappointanauditortoaudittheaccountsoftheCompanyand
suchauditorshallholdofficeuntiltheMembersappointanother
auditor.SuchauditormaybeaMemberbutnoDirectororofficeror
employeeoftheCompanyshall,duringhiscontinuanceinoffice,be
eligibletoactasanauditoroftheCompany.

(2)SubjecttoSection89oftheAct,aperson,otherthana
retiringAuditor,shallnotbecapableofbeingappointedAuditoratan
annualgeneralmeetingunlessnoticeinwritingofanintentionto
nominatethatpersontotheofficeofAuditorhasbeengivennotless
thanfourteen(14)daysbeforetheannualgeneralmeetingand
furthermore,theCompanyshallsendacopyofanysuchnoticetothe
retiringAuditor.

(3)TheMembersmay,atanygeneralmeetingconvenedandheld
inaccordancewiththeseBye-laws,byspecialresolutionremovethe
Auditoratanytimebeforetheexpirationofhistermofofficeandshall
byordinaryresolutionatthatmeetingappointanotherAuditorinhis
steadfortheremainderofhisterm.

155.SubjecttoSection88oftheActtheaccountsoftheCompanyshall
beauditedatleastonceineveryyear.

156.TheremunerationoftheAuditorshallbefixedbytheCompanyin
generalmeetingorinsuchmannerastheMembersmaydetermine.

If the office of auditor becomes vacant by the resignation or death of the Auditor, or by his becoming incapable of acting by reason of illness or other disability at a time when his services are required, the Directors shall fill the vacancy

158.TheAuditorshallatallreasonabletimeshaveaccesstoallbooks
keptbytheCompanyandtoallaccountsandvouchersrelatingthereto;
andhemaycalIontheDirectorsorofficersoftheCompanyforany
informationintheirpossessionrelatingtothebooksoraffairsofthe
Company.

159.Thestatementofincomeandexpenditureandthebalancesheet
providedforbytheseBye-LawsshallbeexaminedbytheAuditorand
comparedbyhimwiththebooks,accountsandvouchersrelatingthereto;
andheshallmakeawrittenreportthereonstatingwhethersuchstatement
andbalancesheetaredrawnupsoastopresentfairlythefinancial
positionoftheCompanyandtheresultsofitsoperationsfortheperiod
underreviewand,incaseinformationshallhavebeencalledforfrom
Directorsorofficersofth'~Company,whetherthesamehasbeenfurnished
andhasbeensatisfactory.ThefinancialstatementsoftheCompanyshall
beauditedbytheAuditorinaccordancewithgenerallyacceptedaUditing
standards.TheAuditorshallmakeawrittenreportthereoninaccordance
withgenerallyacceptedaUditingstandardsandthereportoftheAuditor
shallbesubmittedtotheMembersingeneralmeeting.Thegenerally
acceptedauditingstandardsreferredtohereinmaybethoseofacountry
orjurisdictionotherthanBermuda.Ifso,thefinancialstatementsand
thereportoftheAuditorshoulddisclosethisfactandnamesuchcountry
orjurisdiction.

Any Notice or document (including any "corporate communication" within the meaning ascribed thereto under the rules of the Designated Stock Exchange), whether or not, to be given or issued under these Bye-laws from the Company to a Member shall be in writing or by cable, telex or facsimile transmission message or other form of electronic transmission or communication and any such Notice and document may be served or delivered by the Company on or to any Member by any of the following means:
(a) personally or by sending it through the post in a prepaid envelope addressed to such Member at his registered address as appearing in the Register or at any other address supplied by him to the Company for the purpose; or
(b) by transmitting it to any telex or facsimile transmission number or electronic number or address or website supplied by him to the Company for the giving of Notice to him or which the person transmitting the Notice reasonably and bona fide believes at the relevant time will result in the Notice being duly received by the Member; or
(c) by advertisement in one Chinese language newspaper and one English language newspaper in Hong Kong; or
(d) to the extent permitted by the applicable laws, by placing it on the Company's website or the website of the Designated Stock Exchange provided all the pre-conditions and requirements of the Designated Stock Exchange have been complied with, including, if required, giving to the Member a notice stating that the Notice or other document is available there (a "notice of availability"). The notice of availability may be given to the Member by any of the means set out above.

In the case of joint holders of a share all Notices or documents shall be given or issued to that one of the joint holders whose name stands first in the Register and Notice or document so given or issued shall be deemed a sufficient service on or delivery to all the joint holders.

(a) if served or delivered by post, shall where appropriate be sent by airmail and shall be deemed to have been served or delivered on the day following that on which the envelope containing the same, properly prepaid and addressed, is put into the post; in proving such service or delivery it shall be sufficient to prove that the envelope or wrapper containing the notice or document was properly addressed and put into the post and a certificate in writing signed by the Secretary or other officer of the Company or other person appointed by the Board that the envelope or wrapper containing the notice or other document was so addressed and put into the post shall be conclusive evidence thereof;
(b) if sent by electronic communication, shall be deemed to be given on the day on which it is transmitted from the server of the Company or its agent. A notice placed on the Company's website or the website of the Designated Stock Exchange is deemed given by the Company to a Member on the day following that on which a notice of availability is deemed served on the Member;
(c) if served or delivered in any other manner contemplated by these Bye-laws, shall be deemed to have been served or delivered at the time of personal service or delivery or, as the case may be, at the time of the relevant despatch, transmission or publication; and in proving such service or delivery a certificate in writing signed by the Secretary or other officer of the Company or other person appointed by the Board as to the act and time of such service, delivery, despatch, transmission or publication shall be conclusive evidence thereof; and
(d) may be given to a Member either in the English language or the Chinese language, subject to due compliance with all applicable Statutes, rules and regulations.
(1) Any Notice or other document delivered or sent to a Member in pursuance of these Bye-laws shall, notwithstanding that such Member is then dead or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have been

duly served or delivered in respect of any share registered in the name of such Member as sole or joint holder unless his name shall, at the time of the service or delivery of the notice or document, have been removed from the Register as the holder of the share, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such Notice or document on all persons interested (whether jointly with or as claiming through or under him) in the share.

(2)AnoticemaybegivenbytheCompanytothepersonentitled
toashareinconsequenceofthedeath,mentaldisorderorbankruptcyof
aMemberbysendingitthroughthepostinaprepaidletter,envelopeor
wrapperaddressedtohimbyname,orbythetitleofrepresentativeof
thedeceased,ortrusteeofthebankrupt,orbyanylikedescription,at
theaddress,ifany,suppliedforthepurposebythepersonclaimingto
besoentitled,or(untilsuchanaddresshasbeensosupplied)bygiving
thenoticeinanymannerinwhichthesamemighthavebeengivenifthe
death,mentaldisorderorbankruptcyhadnotoccurred.

(3)Anypersonwhobyoperationoflaw,transferorothermeans
whatsoevershallbecomeentitledtoanyshareshallbeboundbyevery
noticeinrespectofsuchsharewhichpriortohisnameandaddressbeing
enteredontheRegistershallhavebeendulygiventothepersonfrom
whomhederiveshistitletosuchshare.

163.ForthepurposesoftheseBye-laws,acableortelexorfacsimile
transmissionmessagepurportingtocomefromaholderofsharesor,as
thecasemaybe,aDirectororalternateDirector,or,inthecaseofa
corporationwhichisaholderofsharesfromadirectororthesecretary
thereoforadulyappointedattorneyordulyauthorisedrepresentative
thereofforitandonitsbehalf,shallintheabsenceofexpress
evidencetothecontraryavailabletothepersonrelyingthereonatthe
relevanttimebedeemedtobeadocumentorinstrumentinwritingsigned
bysuchholderorDirectororalternateDirectorinthetermsinwhichit
isreceived.

164.(1)TheBoardshallhavepowerinthenameandonbehalfofthe
CompanytopresentapetitiontothecourtfortheCompanytobewoundup.

(2)AresolutionthattheCompanybewoundupbythecourtor
bewoundupvoluntarilyshallbeaspecialresolution.

165. If the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set such value as he deems fair upon anyone or more class or classes of property and may determine how

suchdivisionshallbecarriedoutasbetweentheMembersordifferent
classesofMembers.Theliquidatormay,withthelikeauthority,vest
anypartoftheassetsintrusteesuponsuchtrustsforthebenefitof
theMembersastheliquidatorwiththelikeauthorityshallthinkfit,
andtheliquidationoftheCompanymaybeclosedandtheCompany
dissolved,butsothatnocontributoryshallbecompelledtoacceptany
sharesorotherpropertyinrespectofwhichthereisaliability.

166.(1)TheDirectors,Secretaryandotherofficersandevery
AuditorforthetimebeingoftheCompanyandtheliquidatorortrustees
(ifany)forthetimebeingactinginrelationtoanyoftheaffairsof
theCompanyandeveryoneofthem,andeveryoneoftheirheirs,executors
andadministrators,shallbeindemnifiedandsecuredharmlessoutofthe
assetsandprofitsoftheCompanyfromandagainstallactions,costs,
charges,losses,damagesandexpenseswhichtheyoranyofthem,theiror
anyoftheirheirs,executorsoradministrators,shallormayincuror
sustainbyorbyreasonofanyactdone,concurredinoromittedinor
abouttheexecutionoftheirduty,orsupposedduty,intheirrespective
officesortrusts;andnoneofthemshallbeanswerablefortheacts,
receipts,neglectsordefaultsoftheotherorothersofthemorfor
joininginanyreceiptsforthesakeofconformity,orforanybankersor
otherpersonswithwhomanymoneysoreffectsbelongingtotheCompany
shallormaybelodgedordepositedforsafecustody,orfor
insufficiencyordeficiencyofanysecurityuponwhichanymoneysofor
belongingtotheCompanyshallbeplacedoutonorinvested,orforany
otherloss,misfortuneordamagewhichmayhappenintheexecutionof
theirrespectiveofficesortrusts,orinrelationthereto;PROVIDEDTHAT
thisindemnityshallnotextendtoanymatterinrespectofanywilful
negligence,wilfuldefault,fraudordishonestywhichmayattachtoany
ofsaidpersons.

(2)EachMemberagreestowaiveanyclaimorrightofactionhe
mighthave,whetherindividuallyorbyorintherightoftheCompany,
againstanyDirectoronaccountofanyactiontakenbysuchDirector,or
thefailureofsuchDirectortotakeanyactionintheperformanceofhis
dutieswithorfortheCompany;PROVIDEDTHATsuchwaivershallnot
extendtoanymatterinrespectofanywilfulnegligence,wilfuldefault,
fraudordishonestywhichmayattachtosuchDirector.

167.NoBye-Lawshallberescinded,alteredoramendedandnonew
Bye-Lawshallbemadeuntilthesamehasbeenapprovedbyaresolutionof
theDirectorsandconfirmedbyaspecialresolutionoftheMembers.A
specialresolutionshallberequiredtoaltertheprovisionsofthe
memorandumofassociationortochangethenameoftheCompany.

168.NoMembershallbeentitledtorequirediscoveryoforany
informationrespectinganydetailoftheCompany'stradingoranymatter
whichisormaybeinthenatureofatradesecretorsecretprocess
whichmayrelatetotheconductofthebusinessoftheCompanyandwhich
intheopinionoftheDirectorsitwillbeinexpedientintheinterests
ofthemembersoftheCompanytocommunicatetothepublic.

AI assistant

IGG Inc Regulatory Filings 2012

49471_rns_2012-03-30_4d9bd920-27ce-40ad-b1f4-e1c22e52def7.pdf

BERMUDA THE COMPANIES ACT 1981

MEMORANDUM OF ASSOCIATION OF COMP ANY LIMITED BY SHARES

MEMORANDUM OF ASSOCIATION

OF

`Schedule to Form 2 Objects/Powers of the Company`

AI assistant

IGG Inc — Regulatory Filings 2012

49471_rns_2012-03-30_4d9bd920-27ce-40ad-b1f4-e1c22e52def7.pdf

BERMUDA THE COMPANIES ACT 1981

MEMORANDUM OF ASSOCIATION OF COMP ANY LIMITED BY SHARES

MEMORANDUM OF ASSOCIATION

OF

Schedule to Form 2 Objects/Powers of the Company

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IGG Inc Regulatory Filings 2012

`Schedule to Form 2 Objects/Powers of the Company`