<SEC-DOCUMENT>0001019056-15-000946.txt : 20151214
<SEC-HEADER>0001019056-15-000946.hdr.sgml : 20151214
<ACCEPTANCE-DATETIME>20151214165334
ACCESSION NUMBER:		0001019056-15-000946
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20151214
DATE AS OF CHANGE:		20151214
GROUP MEMBERS:		CHONGQING LIANGJIAN NEW DISTRICT STRATEGIC EMERGING INDUSTRI
GROUP MEMBERS:		GU GUOPING
GROUP MEMBERS:		PHICOMM TECHNOLOGY (HONG KONG) CO., LTD
GROUP MEMBERS:		SHANGHAI PHICOMM COMMUNICATION CO., LTD.
GROUP MEMBERS:		SMART SOHO INTERNATIONAL LTD

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UTSTARCOM HOLDINGS CORP.
		CENTRAL INDEX KEY:			0001030471
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATIONS EQUIPMENT, NEC [3669]
		IRS NUMBER:				521782500
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-60651
		FILM NUMBER:		151286507

	BUSINESS ADDRESS:	
		STREET 1:		52-2 BLDG. BDA INTL ENTERPRISE AVE
		STREET 2:		NO. 2 JINGYUAN NORTH ST. DAXING DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100176
		BUSINESS PHONE:		86 (10) 85205588

	MAIL ADDRESS:	
		STREET 1:		52-2 BLDG. BDA INTL ENTERPRISE AVE
		STREET 2:		NO. 2 JINGYUAN NORTH ST. DAXING DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100176

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UTSTARCOM INC
		DATE OF NAME CHANGE:	19970110

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shanghai Phicomm Communication Co., Ltd.
		CENTRAL INDEX KEY:			0001658257
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			F4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		3666 SIXIAN ROAD
		STREET 2:		SONGJIANG DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201616
		BUSINESS PHONE:		011862131183118

	MAIL ADDRESS:	
		STREET 1:		3666 SIXIAN ROAD
		STREET 2:		SONGJIANG DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			201616
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>phicomm_13d.htm
<DESCRIPTION>SCHEDULE 13D
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


<!-- Field: Rule-Page --><DIV STYLE="text-align: left; margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">UNITED STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">SECURITIES AND
EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">Washington, D.C.
20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SCHEDULE 13D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Under the Securities
Exchange Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 24pt; ">UTStarcom
Holdings Corp.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Name
of Issuer)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; ">Ordinary
Shares, Par Value US$0.00375 per share</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class
of Securities)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">918076100</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Gu
                                         Guoping</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Shanghai
        Phicomm Communication Co. Ltd.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">3666
        Sixian Road<br>
        Songjiang District<br>
        Shanghai, People&rsquo;s Republic of China</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">011-86-21-
        31183118</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE=""></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; ">(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt; "><U>December
4, 2015</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event
which Requires Filing of this Statement)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; ">If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of &sect;&sect;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box </FONT><FONT STYLE="font: 10pt Wingdings; ">&#168;</FONT><FONT STYLE="font-size: 10pt; ">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; "><B>Note</B>:
Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. <I>See
</I>&sect;240.13d-7 for other parties to whom copies are to be sent. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; ">*The
remainder of this cover page shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in
a prior cover page.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; ">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; ">The
information required on the remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section
18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the Notes).</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid">CUSIP No. 918076100</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">1.</TD>
    <TD COLSPAN="3">Names of Reporting Persons.&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt"><P STYLE="margin: 0">GU GUOPING</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">2.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Check the Appropriate Box if a Member of a Group (See Instructions)</TD>
    <TD STYLE="padding-top: 4pt">(a)</TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0">(b)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">3.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">SEC Use Only</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">4.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Source of Funds (See Instructions)&nbsp;&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="margin: 0">AF</P>


</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">5.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">6.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Citizenship or Place of Organization</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">People&rsquo;s Republic of China</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="8" STYLE="border-bottom: Black 1pt solid; padding-left: 8.65pt">Number of <BR>
Shares <BR>
Beneficially <BR>
Owned by <BR>
Each <BR>
Reporting <BR>
Person With</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-top: 4pt; padding-bottom: 4pt">7.</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">Sole Voting Power</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">8.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Voting Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">9.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Sole Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">10.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">11.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Aggregate Amount Beneficially Owned by Each Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">12.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">13.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Percent of Class Represented by Amount in Row (11)</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">31.7%</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">14.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Type of Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">IN</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid">CUSIP No. 918076100</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">1.</TD>
    <TD COLSPAN="3">Names of Reporting Persons.&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt"><P STYLE="margin: 0">Shanghai Phicomm Communication Co., Ltd.</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">2.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Check the Appropriate Box if a Member of a Group (See Instructions)</TD>
    <TD STYLE="padding-top: 4pt">(a)</TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0">(b)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">3.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">SEC Use Only</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">4.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Source of Funds (See Instructions)&nbsp;&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">WC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">5.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">6.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Citizenship or Place of Organization</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">People&rsquo;s Republic of China</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="8" STYLE="border-bottom: Black 1pt solid; padding-left: 8.65pt">Number of <BR>
Shares <BR>
Beneficially <BR>
Owned by <BR>
Each <BR>
Reporting <BR>
Person With</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-top: 4pt; padding-bottom: 4pt">7.</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">Sole Voting Power</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">8.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Voting Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">9.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Sole Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">10.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">11.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Aggregate Amount Beneficially Owned by Each Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">12.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">13.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Percent of Class Represented by Amount in Row (11)</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">31.7%</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">14.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Type of Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">CO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid">CUSIP No. 918076100</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">1.</TD>
    <TD COLSPAN="3">Names of Reporting Persons.&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt"><P STYLE="margin: 0">Phicomm Technology (Hong Kong) Co., Limited</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">2.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Check the Appropriate Box if a Member of a Group (See Instructions)</TD>
    <TD STYLE="padding-top: 4pt">(a)</TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0">(b)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">3.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">SEC Use Only</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">4.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Source of Funds (See Instructions)&nbsp;&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="margin: 0">AF</P>


</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">5.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">6.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Citizenship or Place of Organization</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">Hong Kong</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="8" STYLE="border-bottom: Black 1pt solid; padding-left: 8.65pt">Number of <BR>
Shares <BR>
Beneficially <BR>
Owned by <BR>
Each <BR>
Reporting <BR>
Person With</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-top: 4pt; padding-bottom: 4pt">7.</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">Sole Voting Power</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">8.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Voting Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">9.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Sole Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">10.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">11.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Aggregate Amount Beneficially Owned by Each Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">12.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">13.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Percent of Class Represented by Amount in Row (11)</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">31.7%</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">14.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Type of Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">CO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid">CUSIP No. 918076100</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">1.</TD>
    <TD COLSPAN="3">Names of Reporting Persons.&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt"><P STYLE="margin: 0">The Smart Soho International Limited</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">2.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Check the Appropriate Box if a Member of a Group (See Instructions)</TD>
    <TD STYLE="padding-top: 4pt">(a)</TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0">(b)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">3.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">SEC Use Only</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">4.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Source of Funds (See Instructions)&nbsp;&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="margin: 0">AF</P>


</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">5.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">6.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Citizenship or Place of Organization</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">Cayman Islands</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="8" STYLE="border-bottom: Black 1pt solid; padding-left: 8.65pt">Number of <BR>
Shares <BR>
Beneficially <BR>
Owned by <BR>
Each <BR>
Reporting <BR>
Person With</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-top: 4pt; padding-bottom: 4pt">7.</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">Sole Voting Power</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">8.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Voting Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">9.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Sole Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">10.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">11.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Aggregate Amount Beneficially Owned by Each Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">12.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">13.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Percent of Class Represented by Amount in Row (11)</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">31.7%</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">14.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Type of Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">CO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid">CUSIP No. 918076100</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">1.</TD>
    <TD COLSPAN="3">Names of Reporting Persons.&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt"><P STYLE="margin: 0">Chongqing
                                         Liangjian New Area Strategic Emerging Industries Equity Investment Fund<BR>
                                         Partnership (Limited Liability Partnership)</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">2.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Check the Appropriate Box if a Member of a Group (See Instructions)</TD>
    <TD STYLE="padding-top: 4pt">(a)</TD>
    <TD STYLE="padding-top: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0">(b)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt; padding-top: 0"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">3.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">SEC Use Only</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">4.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Source of Funds (See Instructions)&nbsp;&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">WC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">5.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">6.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Citizenship or Place of Organization</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">Peoples Republic of China</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" ROWSPAN="8" STYLE="border-bottom: Black 1pt solid; padding-left: 8.65pt">Number of <BR>
Shares <BR>
Beneficially <BR>
Owned by <BR>
Each <BR>
Reporting <BR>
Person With</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-top: 4pt; padding-bottom: 4pt">7.</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">Sole Voting Power</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">8.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Voting Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">9.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Sole Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">-0-</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt; padding-bottom: 4pt">10.</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">Shared Dispositive Power</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">11.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Aggregate Amount Beneficially Owned by Each Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">11,739,932</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">12.</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">13.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Percent of Class Represented by Amount in Row (11)</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt"><P STYLE="margin: 0">31.7%</P>


</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-top: 4pt">14.</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">Type of Reporting Person</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="margin: 0">PN</P>


</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>


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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;1.</B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Security and Issuer </B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Schedule
13D relates to the Ordinary Shares, par value US$0.00375 per share (the &ldquo;Ordinary Shares&rdquo;) of UTStarcom Holdings Corp.,
a Cayman Islands corporation (the &ldquo;Issuer&rdquo;). The principal executive office of the Issuer is located at Level 6, 28
Hennessy Road, Admiralty, Hong Kong.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;2.</B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Identity and Background
    </B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Schedule
13D is filed by Gu Guoping, Shanghai Phicomm Communication Co., Ltd. (&ldquo;Phicomm&rdquo;), Phicomm Technology (Hong Kong) Co.,
Limited (&ldquo;Phicomm HK&rdquo;), The Smart Soho International Limited (&ldquo;Smart Soho&rdquo;) and Chongqing Liangjian New
Area Strategic Emerging Industries Equity Investment Fund Partnership (Limited Liability Partnership) (&ldquo;the
Fund&rdquo;). Mr. Gu, Phicomm, Phicomm HK and Smart Soho are sometimes hereinafter referred to collectively as the &ldquo;Phicomm
Group,&rdquo; and the Phicomm Group and the Fund are sometimes referred to collectively as the &ldquo;Filing Persons&rdquo; and
each, individually, as a &ldquo;Filing Person.&rdquo; In addition, Smart Soho is sometimes hereinafter referred to as the &ldquo;Acquirer&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
sets forth certain information regarding the Filing Persons:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>GU GUOPING</U>.
Mr. Gu is an individual and a citizen of the People&rsquo;s Republic of China. His principal occupation is as Chairman of Phicomm. In
connection with the acquisition of the Issuer&rsquo;s Ordinary Shares reported herein, subject to satisfaction of certain conditions
(see Item 4), he wass elected a director and Chairman of the Board of the Issuer. Mr. Gu, directly and through entities he owns
and/or controls, is the beneficial owner of 39.86% of the share capital of Phicomm. Mr. Gu may also be deemed the beneficial owner
of 11.55% of the share capital held by certain other shareholders of Phicomm who have agreed to act in concert with Mr. Gu Accordingly,
Mr. Gu may be deemed the beneficial owner of 51.41% of the share capital of Phicomm and to control Phicomm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>PHICOMM</U>.
Phicomm is a corporation organized under the laws of the People&rsquo;s Republic of China (&ldquo;PRC&rdquo;). Its principal business
office is located at 3666 Sixian Road Songjiang District Shanghai, People&rsquo;s Republic of China. Phicomm is a leading technology
company involved in research, development and manufacture of networking and communication equipment. Its primary businesses cover
the areas of mobile, IP Networking and communication products for personal, small office/home office (SOHO) users and enterprise
users, cloud service business and ICT smart city.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>PHICOMM HK</U>.
Phicomm HK is a corporation organized under the laws of Hong Kong. Phicomm HK is principally engaged in the business of trading
in smart phones, smart phone parts and accessories and other communication products and parts and in acting as an investment holding
company, and its registered office is located at Suite 1205-6, ICBC Tower, Citibank Plaza, 3 Garden Road, Central, Hong Kong.
Phicomm HK is a wholly-owned subsidiary of Phicomm and was organized to hold Phicomm&rsquo;s shares of Smart Soho in connection with
Smart Soho&rsquo;s acquisition the Issuer&rsquo;s Ordinary Shares in the transactions described in this Schedule 13D.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>ACQUIRER</U>.
Smart Soho is a Cayman Islands corporation. The principal business of the Acquirer is acting as an investment holding company,
and its registered office is located PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Acquirer is an indirect,
majority-owned subsidiary of Phicomm and was organized to acquire the Issuer&rsquo;s ordinary shares in the transactions described in
this Schedule 13D. Phicomm HK directly owns 60% of the Acquirer&rsquo;s outstanding shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>THE FUND</U>.
The Fund is an investment limited partnership organized under the laws of the People&rsquo;s Republic of China. The Fund&rsquo;s registered
office is located at No. 19, Yinglong Road, Longxing Township, Yubei, Chongqing, People&rsquo;s Republic of China.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table sets forth the names, addresses, present principal occupation or employment (including their positions with or other relationships
to Phicomm), the name and address of their principal employers, and the principal businesses of such employers of the directors,
executive officers and controlling persons of Phicomm, Phicomm HK, the Acquirer and the Fund. Each of the persons listed in the
table below is a citizen of the People&rsquo;s Republic of China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 25%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Name</U></B></FONT></P></td>
    <TD NOWRAP STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Residence
    or <BR>
<U>Business Address</U></B></FONT></td>
    <TD NOWRAP STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Principal
    Occupation <U><BR>
or Employment</U></B></FONT></td>
    <TD NOWRAP STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Employer&rsquo;s
    Address <BR>
<U>and Principal Business</U></B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Phicomm</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gu
    Guoping</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">People&rsquo;s Republic of China</FONT></P></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Director
    and Chairman of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">People&rsquo;s Republic of China</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Wang
    Zhonghua</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Director
    and Vice Chairman of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Zheng
    Min</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Director
    and CEO of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Lin
    Tao</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">10
    floor, No. 555, Rongmei Road, Songjiang District, Shanghai, People&rsquo;s Republic of China</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Director
    of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Jin
    Biao</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">No.
    789, Minnan Road, Shanghai, People&rsquo;s Republic of China</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Director
    of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Qu
    Hong</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">No.
    3 Guohua Investment Building, Dong Zhi Men South Street, Dong Cheng District, Beijing, People&rsquo;s Republic of China </FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director
    of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Xu
    Jinxian</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7
    floor, 90 Building, Daye Area of Guang Fu Lin Road, Song Jiang District, Shanghai, People&rsquo;s Republic of China </FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Independent
    Non-executive Director of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Wei
    Jian</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Room
    2602, No. 100, Yu Tong Road, Zhabei District, Shanghai, People&rsquo;s Republic of China</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Independent
    Non-executive Director of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Sun
    Lijiang</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Room
    525, Wenli Building, No. 1350, Ganlan Road, Lingang New Town, Pudong New District, Shanghai, People&rsquo;s Republic of China</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Independent
    Non-executive Director of Phicomm</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">3666
                                         Sixian Road Songjiang District Shanghai</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">People&rsquo;s
        Republic of China</FONT></P></td></tr>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Phicomm
    HK</U></B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><FONT STYLE="font-size: 10pt">Gu
    Guoping (sole director)</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><FONT STYLE="font-size: 10pt">c/o
    Shanghai Phicomm Communication Co., Ltd.</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><FONT STYLE="font-size: 10pt">Chairman
    of Phicomm </FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">See
                                         &ldquo;Phicomm,&rdquo; above</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Smart
                                         Soho</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Gu
    Guoping (sole director)</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">c/o
    Shanghai Phicomm Communication Co., Ltd.</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chairman
    of Phicomm </FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">See
    &ldquo;Phicomm,&rdquo; above.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>The
    Fund</U></B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Zhang
    Jun</FONT></td>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">c/o
    Chongqing Liangjian New Area Strategic Emerging Industries Equity Investment Fund Partnership (Limited Liability
    Partnership)</FONT></td>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Executive
    Partner Representative</FONT></td>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">See
                                         &ldquo;The Fund,&rdquo; above</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">During the last
five years neither (i) any member of the Phicomm Group or, to their knowledge, any of the respective directors or officers of
any member of the Phicomm Group nor (ii) the Fund or, to its knowledge, any the directors or officers of the Fund, has been convicted
in a criminal proceeding (excluding, in each case, traffic violations or similar misdemeanors), nor was any of them a party to
a civil proceeding of a United States judicial or administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with respect to such laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">To the extent
that the Phicomm Group and the Fund may be deemed to share dispositive power over the Issuer&rsquo;s Ordinary Shares owned by the Acquirer,
as more fully described in Items 5 and 6 below, the Phicomm Group and the Fund may be deemed to constitute a group within the
meaning of Rule 13d-5 under the Act. The Filing Persons are filing a single Schedule 13D pursuant to Rule 13d-1(k)(2) under the
Act. As provided in Rule 13d-1(k)(1)(ii) under the Act, the Phicomm Group is responsible for completeness and accuracy of the
information set forth herein with respect to the members of the Phicomm Group but not the information with respect to the Fund,
and the Fund is responsible for completeness and accuracy of the information set forth herein with respect to the Fund but not
the information with respect to the Phicomm Group.</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;3.</B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Source and Amount
    of Funds or Other Consideration</B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On the date
of this Schedule 13D, the Filing Persons are the beneficial owners of a total of <FONT STYLE="">11,739,932
</FONT>Ordinary Shares of the Issuer (see Item 5). The aggregate purchase price for the Ordinary Shares purchased and to be purchased
by the Acquirer is US$70,439,592. 60% of the funds to acquire such Ordinary Shares have been or will be obtained from the working
capital of Phicomm which will contribute such funds to Phicomm HK which, in turn, will use such funds to purchase 60% of the outstanding
ordinary shares of the Acquirer. The remaining 40% of such funds was obtained from the Fund, in exchange for 40% of the outstanding
shares of the Acquirer. The Fund acquired such funds from its working capital. All such funds have been or will be used to purchase
the Issuer&rsquo;s Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Phicomm HK and
the Fund acquired their shares of the Acquirer pursuant to a Capital Increase and Share Subscription Agreement dated December
2, 2015, between the Fund and Phicomm, Phicomm HK and the Acquirer (the &ldquo;Subscription Agreement&rdquo;). For certain information
regarding the Subscription Agreement, please see Item 6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;4.</B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Purpose of Transaction
    </B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Phicomm
Group acquired the Ordinary Shares beneficially owned by them on the date of this Schedule 13D with a view to acquiring control
of the Issuer. Depending upon market conditions and other relevant business and legal considerations, the Phicomm Group may, from
time to time, acquire additional Ordinary Shares (in the public markets and/or in privately negotiated transactions) and/or dispose
of some or all of their Ordinary Shares or cause affiliates to acquire, hold or dispose of Ordinary Shares. (Acquirer&rsquo;s right
to transfer or otherwise dispose of the Issuer&rsquo;s Ordinary Shares is, however, restricted by the Subscription Agreement. See Item
6, below.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In furtherance
of the Phicomm Group&rsquo;s intention to acquire control of the Issuer, under the Purchase Agreement (as defined in Item
6, below) pursuant to which the Acquirer purchased the Ordinary Shares, the conditions to Acquirer&rsquo;s obligation to complete
the purchase of the Ordinary Shares included the requirements that (i) each seller of Ordinary Shares under such agreement (or
each affiliate of such sellers) that is a director of the Issuer (consisting of Mr. Himanshu H. Shah and Mr. Hong Liang Lu) shall
have submitted his resignation from the board of directors of the Issuer, (ii) Mr. William Wong, the Issuer&rsquo;s Chief Executive
Officer, shall have submitted his resignation as a director and Chief Executive Officer of the Issuer, (iii) the Issuer&rsquo;s
board of directors shall have adopted resolutions increasing the total number of directors of the Issuer from six (6) persons
to (8) persons, (iv) designees of the Acquirer shall have been appointed to the Issuer&rsquo;s board of directors to fill the
five vacancies caused by such resignations and the increase in the total number of directors, and (v) a designee of the Acquirer
shall have been elected or appointed as the Chief Executive Officer of the Issuer. Pursuant to these provisions, Messrs. Shah,
Lu and Wong have resigned from the Issuer&rsquo;s board and Mr. Wong has resigned as the Issuer&rsquo;s Chief Executive Officer.
In addition, the number of directors of the Issuer was increased to eight (8), five designees of the Acquirer -- Messrs. Gu Guoping,
Wang Zhonghua and Zheng Min, each of whom is an executive director of Phicomm, Ms. Sun Lijiang, an independent (non-executive)
director of Phicomm, and Mr. Tenling Ti, who does not have any position with Phicomm -- have been elected to the Issuer&rsquo;s
board to fill the vacancies so created, and Mr. Tenling Ti will also become the Chief Executive Officer of the Issuer. All of
the foregoing matters -- the action taken by the Issuer&rsquo;s board of directors, the resignations of Messrs. Shah, Lu and Wong,
the election of the Acquirer&rsquo;s designees to the Issuer&rsquo;s board and the appointment of Mr. Ti as the Issuer&rsquo;s
CEO -- will become effective upon the sellers&rsquo; receipt of aggregate payments of US$64,569,626 out of the total purchase
price of US$70,439,592 for the Ordinary Shares. Acquirer has paid US$30,000,000 of such amount and, under the Purchase Agreement,
payment of US$34,569,626 is due by December 16, 2015. See Item 6. Upon the effectiveness of such actions, the Issuer&rsquo;s board
will consist of eight persons, four of whom Phicomm believes are independent directors under the governance rules of the Nasdaq
Stock Market and four of whom are affiliated with either Phicomm or (in the case of Mr. Ti), the Issuer. The eighth director will
be Mr. Ti, Phicomm&rsquo;s designee as Chief Executive Officer of the Issuer. In addition, effective upon the payment of such
US$64,569,626, Mr. Gu Guoping, the Chairman of Phicomm, will become Chairman of the Board of the Issuer.</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Phicomm
Group intends to examine and explore possible approaches to increasing the Issuer&rsquo;s business volume and coverage around
the world, which may involve an examination of possible synergies between the Issuer&rsquo;s business and Phicomm&rsquo;s business.
As part of this examination, through Phicomm&rsquo;s Chairman Mr. Gu and their other designees on the Issuer&rsquo;s Board, the Phicomm Group
expects to engage in discussions with the Issuer&rsquo;s Board of Directors, the Issuer&rsquo;s management, other significant shareholders
of the Issuer and other relevant parties concerning the Issuer and the Phicomm Group&rsquo;s investment in the Issuer&rsquo;s
securities. The Phicomm Group anticipates that such discussions could include, but would not be limited to, the business, operations,
financial condition, governance, management, strategy and future plans of the Issuer as well as any other matters which the Phicomm
Group believes could be relevant to preserving and increasing the value of their investment in the Issuer&rsquo;s Ordinary Shares and
efforts to increase shareholder value generally. In this regard, the Subscription Agreement obligates the Acquirer to actively
adopt such feasible plans and measures as may be necessary to promote the improvement and appreciation of the Issuer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Phicomm
Group has not developed specific topics for such discussions or prepared or developed any specific plans or proposals relating
to the Issuer, but they believe that possible matters for examination or exploration could include, among other possibilities,
acquisitions or business combinations by the Issuer, dispositions of non-performing or non-core business, significant expansion
of the Issuer&rsquo;s sales and marketing efforts in attractive markets where the Issuer does not currently have extensive operations
or sales. However, the Phicomm Group cannot predict whether any of the foregoing activities will ultimately result in plans or
proposals that would be presented to the Issuer or its board or shareholders, and they have not entered into any contracts or
made any commitments with respect to any of the foregoing matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Whether the
Phicomm Group pursues one or more of the foregoing courses of action or develop any plans or proposals for any of the foregoing
matters to the Issuer will depend on their evaluation of numerous factors, including their examination of Issuer&rsquo;s the business,
operations, financial condition, governance, management, strategy and future plans as described above, the market price of the
Ordinary Shares, other investment opportunities available to the Phicomm Group, conditions in the securities markets, and economic
and industry conditions in China and elsewhere. Except as described herein, the Phicomm Group does not have any plans or proposals
which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions
to Item 4 of Schedule 13D. The Phicomm Group reserves the right, at any time and from time to time, to review or reconsider their
position and/or change their purpose and/or formulate plans or proposals with respect to the Issuer and its securities and to
take such actions with respect to their investment in the Issuer as they deem appropriate, including, but not limited to, changing
their current intentions with respect to any or all of the matters referred to above.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As described
in Item 6, certain provisions of Acquirer&rsquo;s corporate documents and the Subscription Agreement may be deemed to provide
the Fund with shared dispositive power over the Issuer&rsquo;s Ordinary Shares. To the extent that the Fund may be deemed a beneficial
owner of the Issuer&rsquo;s shares, the Fund acquired such beneficial ownership for investment, principally to realize a favorable
return on its investment in the Acquirer&rsquo;s ordinary shares, which it believes may be available to it upon exercise
of its rights to require Phicomm to repurchase the Acquirer&rsquo;s shares pursuant to the Subscription Agreement. the Fund does
not any presently have any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs
(a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. The Fund reserves the right, at any time and from time
to time, to review or reconsider its position and/or formulate such plans or proposals in the event the Fund realizes on Phicomm
HK&rsquo;s pledge of the Acquirer&rsquo;s shares to the Fund. See Item 6 for a description of Phicomm&rsquo;s repurchase obligations
with respect to the Acquirer&rsquo;s shares held by the Fund and Phicomm HK&rsquo;s pledge of Acquirer&rsquo;s shares to the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;<B>Item&nbsp;5.</B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Interest in Securities
    of the Issuer </B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On the date
of this Schedule 13D, the Phicomm Group is the beneficial owners of <FONT STYLE="">11,739,932 Ordinary Shares,
constituting approximately 31.7% of the Issuer&rsquo;s Ordinary Shares. Such percentage beneficial ownership has been calculated
based upon 37,025,578 outstanding Ordinary Shares (38,148,076 outstanding Ordinary Shares at December 31, 2014, as set forth on
the cover page of the Issuer&rsquo;s Annual Report on Form 20-F for the year ended December 31, 2014 and giving effect to share
repurchases by the Issuer and vesting of restricted stock units). All of such 11,739,932 Ordinary Shares are issued and outstanding.
5,000,0,00 such shares are owned directly by the Acquirer, and 6,739,932 shares are subject to Acquirer&rsquo;s contractual purchase
rights under the Purchase Agreement described in Item 6. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As the indirect
owner (through Phicomm HK) of 60% of the voting ordinary shares of the Acquirer, Phicomm may be deemed to possess indirect voting
and dispositive power over the Ordinary Shares owned by the Acquirer and therefore may be deemed to be a beneficial owner of all
such shares. As the Chairman and controlling shareholder of Phicomm, Mr. Gu may also be deemed to possess indirect voting and
dispositive power over the Ordinary Shares owned by the Acquirer, and thus also be a beneficial owner of all such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Under the Acquirer&rsquo;s
Memorandum and Articles of Association (the &ldquo;M&amp;A&rdquo;), any merger or consolidation of the Acquirer must be approved
by a special resolution (i.e., a two-thirds vote of shareholders, so that the Fund&rsquo;s approval of such actions is required), and
any transfer or other disposition of the outstanding shares of the Acquirer by any shareholder must be approved by all of the
members of the Acquirer. Under the Subscription Agreement, any transfer of Phicomm HK&rsquo;s shares of the Acquirer requires the prior
consent of the Fund. The Fund&rsquo;s rights under (i) the Acquirer&rsquo;s M&amp;A to consent to a merger or consolidation of the Acquirer
and transfers of shares in the Acquirer and (ii) under the Subscription Agreement to consent to transfers of the shares of Acquirer,
may be deemed to provide the Fund with the indirect power to consent to transfers of the Ordinary Shares owned by the Acquirer.
In addition, under the Subscription Agreement, any transfer of the Issuer&rsquo;s Ordinary Shares by Acquirer also requires the Fund&rsquo;s
consent. The Fund&rsquo;s possession of such indirect and direct consent rights with respect to transfers of the Issuer&rsquo;s Ordinary Shares
held by Acquirer may be deemed to provide the Fund with beneficial ownership of such Ordinary Shares in the form of shared dispositive
power over such Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Except for the
Phicomm Group&rsquo;s purchase of 11,739,932 Ordinary Shares, as reported in this Schedule 13D and Phicomm HK&rsquo;s obligation
to complete its pledge of the Acquirer&rsquo;s shares to the Fund, none of the Filing Persons and, none of their respective officers
or directors beneficially owns and Ordinary Shares or has effected any transactions in the Issuer&rsquo;s securities during the
60 days preceding the filing of this Schedule 13D.</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;6.</B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Contracts, Arrangements,
    Understandings or Relationships with Respect to Securities of<U> </U>the Issuer<U> </U></B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Purchase
Agreement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On November
4, 2015, the Acquirer entered into a Purchase and Sale Agreement (the &ldquo;Purchase Agreement&rdquo;) with Shah Capital Management,
Inc. (&ldquo;Shah Management&rdquo;), Shah Capital Opportunity Fund LP (&ldquo;Shah Opportunity&rdquo; and, together with Shah
Management, the &ldquo;Shah Sellers&rdquo;), Himanshu H. Shah (&ldquo;Mr. Shah&rdquo;), Hong Liang Lu (&ldquo;Mr. Lu&rdquo;), Lu
Charitable Remainder Trust (&ldquo;Lu Charitable Trust&rdquo;), Lu Family Trust (&ldquo;Lu Family Trust&rdquo;) and The Lu Family
Limited Partnership (&ldquo;Lu Family Partnership,&rdquo; together with Mr. Lu, Lu Charitable Trust and Lu Family Partnership,
the &ldquo;Lu Sellers&rdquo; and the Lu Sellers, the Shah Sellers and Mr. Shah being, collectively, the &ldquo;Sellers&rdquo;). The
Purchase Agreement sets out the terms for the purchase of 11,739,932 Ordinary Shares held by the Sellers by Acquirer at a price
of US$6.00 per share, for a total consideration of US$70,439,592, subject to certain closing conditions. The aggregate purchase
price excludes US$1,000,000 previously deposited in an escrow account and paid to the Sellers in consideration of certain amendments
made to the Purchase Agreement. Under the Purchase Agreement, as amended, the aggregate purchase price, is payable in two tranches
of US$64,569,626 and US$5,869,966. Acquirer paid a total of US$30,000,000 of the first tranche on December 4, 2015 and acquired
5,000,000 Ordinary Shares from the Shah Sellers. Payment of the remaining US$34,569,626 of the first tranche is due December 16,
2015. Payment of the second tranche of US$5,869,966, shall take place as soon as practicable after payment of the first tranche,
but in no event later than January 8, 2016. Under the Purchase Agreement, Acquirer will acquire full and complete ownership of
all 11,739,932 Ordinary Shares upon payment of the entire first tranche of the Purchase Price, and its obligation to pay the second
tranche is not subject to the performance of any obligation or fulfillment of any condition by any Seller. Phicomm Technology
(Hong Kong) Co., Limited, a subsidiary of Phicomm and owner of 60% of the share capital of Acquirer, has guaranteed payment of
the second tranche of the purchase price to the Sellers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Purchase
Agreement contains, among other provisions, certain representations and warranties by the parties (including, in the case of the
Seller, certain representations and warranties relating to the Issuer), and conditions to the parties&rsquo; respective obligations
customarily included in agreements of this type. Such conditions include satisfaction of the requirements set forth in the Purchase
Agreement for the election of five designees of the Acquirer to the Issuer&rsquo;s board of directors of the Issuer. Such conditions
will be satisfied upon the Acquirer&rsquo;s payment of the entire first tranche of the purchase of the Ordinary Shares. See Item 4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Subscription
Agreement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Phicomm, Phicomm
HK and Acquirer have entered into the Subscription Agreement with the Fund pursuant to which the Fund agreed to purchase shares
of Acquirer in the aggregate amount of US$28,175,836.80 (40% of the purchase price for the Issuer&rsquo;s Ordinary Shares under
the Purchase Agreement), and Phicomm HK agreed to purchase additional shares in the amount of US$42,263,755.20 (60% of the purchase
price under the Purchase Agreement), in exchange for 40% and 60%, respectively, of the shares of Acquirer. The Subscription Agreement
requires that the consideration paid for the shares of Acquirer be used solely for the acquisition of the Issuer&rsquo;s Ordinary
Shares and that Acquirer engage in no business activities other than ownership of the Issuer&rsquo;s share (which may include
purchases of additional Ordinary Shares).</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
Subscription Agreement contains various provisions that may directly or indirectly restrict or otherwise affect the Filing
Parties&rsquo; beneficial ownership of, and their ability to effect transactions in, the Issuer&rsquo;s Ordinary Shares.
During the two-year period commencing three years after the closing of the share purchases under the Subscription Agreement
(the &ldquo;two-year exit period&rdquo;), the Fund has the right to require that Phicomm repurchase the Fund&rsquo;s shares
in Acquirer, in whole or in part at a purchase price equal to the higher of the &ldquo;Annualized Return Purchase
Price&rdquo; and (ii) the &ldquo;Market Value Purchase Price,&rdquo; each as defined in the Subscription Agreement. The Fund
may also require Phicomm to repurchase its shares of Acquirer at any time upon the occurrence of certain events specified in
the Investment Agreement, including a breach by any of Phicomm, Phicomm HK or Acquirer of their representations, undertakings
and warranties in the Investment Agreement, a Material Adverse Change (as defined in the Subscription Agreement) in the
business, operations, assets, financial condition or prospects of Phicomm, Phicomm HK and Acquirer, certain
bankruptcy or similar events occurring in Phicomm, Phicomm HK, Acquirer or the Issuer, and a delisting of the Issuer from
Nasdaq. Phicomm&rsquo;s repurchase obligations have been jointly and severally guaranteed by Phicomm HK and the Acquirer, and
Phicomm HK will pledge its shares in the Acquirer to secure its guarantee. Any realization by the Fund on Phicomm HK&rsquo;s
pledge of its shares would result in the Fund becoming the sole shareholder of Acquirer and, therefore, the sole
beneficial owner of all of the Issuer&rsquo;s Ordinary Shares held by Acquirer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">From the date
of the Subscription Agreement until expiration of the two-year exit period, Acquirer may not, among other restrictions on its
activities, carry out any investment, financing and trading or other activities or transactions, sell, pledge or otherwise dispose
of its 11,739,932 Ordinary Shares of the Issuer or make any contract or commitment other than for its daily operations. Phicomm
HK must obtain the Fund&rsquo;s consent to any transfer of its shares in Acquirer (other than certain transfers to affiliates) and,
upon receiving notice of any such proposed transfer, the Fund has a right of first refusal to purchase the shares to be transferred
on the same terms and conditions or to require the proposed transferee to purchase the Fund&rsquo;s shares (in whole or in part) on
terms no less favorable than those offered to Phicomm HK. Phicomm has the right to repurchase any Acquirer shares that the Fund
owns at the end of the two-year exit period at a purchase price to be negotiated by the parties, but not less than the Annualized
Return Purchase Price. Upon a liquidation of Acquirer, the Fund is entitled to receive a liquidating distribution in an amount
not less than the greater of the Annualized Return Purchase Price and the Market Value Repurchase Price of the shares it then
holds. Phicomm and Phicomm HK have agreed to indemnify the Fund for any losses, damages, or depreciation in the value of the Fund&rsquo;s
shares in Acquirer resulting from Acquirer&rsquo;s acquisition of the Ordinary Shares of the Issuer or its actions as a shareholder
of the Issuer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The foregoing
descriptions of certain material terms of the Purchase Agreement and the Subscription Agreement in this Item 6 are not complete
and are qualified in their entirety by reference to the full text of such agreements, each of which is an exhibit to this Schedule
13D and is hereby incorporated by reference into this Item 6. See Item 7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">To the best
knowledge of the Phicomm Group, except as provided herein, there are no other contracts, arrangements, understandings or relationships
(legal or otherwise) among the Filing Persons and between any member of the Phicomm Group and any other person with respect to
any securities of the Issuer. To the best knowledge of the Fund, except as provided herein, there are no other contracts, arrangements,
understandings or relationships (legal or otherwise) among the Filing Persons and between the Fund and any other person with respect
to any securities of the Issuer.</FONT></P>

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    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;7.</B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Materials to be
    Filed as Exhibits<U> </U></B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The following documents are filed
as exhibits to this Schedule 13D:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
    No.</U></B></FONT></td>
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Document</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Purchase
    and Sale Agreement dated as of November 4, 2015 between The Smart Soho International Limited (the &ldquo;Acquirer&rdquo;) and,
    Himanshu Shah, Shah Capital Management, Inc., Shah Capital Opportunity Fund LP, Hong Liang Lu, Lu Charitable Remainder Trust,
    The Lu Family Limited Partnership and Lu Family Trust (collectively, the &rsquo;Sellers&rdquo;) (incorporated by reference to Exhibit
    99.2 to Amendment No. 15 to the Schedule 13D filed by the Sellers on November 5, 2015).</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">99.2</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Letter
    Agreement amending the Purchase Agreement dated December 4, 2015 between Acquirer and the Sellers (incorporated by reference
    to Exhibit 99.3 to Amendment No. 16 to the Schedule 13D filed by the Sellers on December 11, 2015)</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">99.3</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Joint
    Filing Agreement (filed herewith).</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">99.4</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Letter
    of Guarantee dated December 4, 2015 issued by Phicomm Technology (Hong Kong) Co., Limited to the Sellers (filed herewith).</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">99.5</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">English
    translation of Capital Increase and Share Subscription Agreement dated December 2, 2015, among Chongqing Liangjian New Area
    Strategic Emerging Industries Equity Investment Fund Partnership (Limited Liability Partnership), Shanghai Phicomm
    Communication Co., Ltd., Phicomm Technology (Hong Kong), Limited and The Smart Soho International Limited (filed herewith).</FONT></td></tr>
</table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><U>Signatures</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">After reasonable
inquiry and to the best of each of the undersigned&rsquo;s knowledge and belief, each of the undersigned certify that the information
set forth in this statement is true, complete and correct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><FONT STYLE="font-size: 10pt">Dated: December 14, 2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>SHANGHAI
    PHICOMM COMMUNICATION CO., LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>PHICOMM
    TECHNOLOGY (HONG KONG) CO., LIMITED.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>THE SMART SOHO INTERNATIONAL
    LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>GU GUOPING, individually</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Chongqing
    Liangjian New AREA</B></FONT><BR>
    <FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Strategic Emerging Industries </B></FONT><BR>
    <FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Equity Investment Fund Partnership </B></FONT><BR>
    <FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>(Limited LIABILITY Partnership)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Zhang Jun</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Zhang Jun</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Partner Representative</FONT></TD></TR>
</TABLE>


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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>JOINT FILING
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing
on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Ordinary Shares of
UTStarcom Holdings Corp. and further agree that this Joint Filing Agreement shall be included as an exhibit to such joint filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
undersigned further agree that each party hereto is responsible for the timely filing of such Schedule 13D and any amendments
thereto, and for the completeness and accuracy of the information concerning such party contained therein; provided, however,
that no party is responsible for the completeness or accuracy of the information concerning any other party making the filing,
unless such party knows or has reason to believe that such information is inaccurate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Joint Filing Agreement may be executed in any number of counterparts, each of which shall be deemed an original.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the parties have executed this Joint Filing Agreement on December 14, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 42%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>SHANGHAI
    PHICOMM COMMUNICATION CO., LTD.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" ROWSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Chongqing
    Liangjian New AREA </B></FONT><BR>
    <FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Strategic Emerging Industries </B></FONT><BR>
    <FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Equity Investment Fund Partnership </B></FONT><BR>
    <FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>(Limited LIABILITY Partnership)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/
    &nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By:&nbsp; </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Zhang Jun</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>PHICOMM
    TECHNOLOGY (HONG KONG) CO., LIMITED.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Zhang Jun</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Partner Representative</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sole Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>THE SMART SOHO INTERNATIONAL
    LIMITED</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sole Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>GU GUOPING, individually</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>Exhibit
99.4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>LETTER
OF GUARANTEE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>WHEREAS</B>,
The Smart Soho International Limited (&ldquo;<B>Smart Soho</B>&rdquo;) entered into a Purchase and Sale Agreement (the &ldquo;<B>Agreement</B>&rdquo;)
with Shah Capital Management, Inc., Shah Capital Opportunity Fund LP, Hong Liang Lu, Lu Charitable Remainder Trust, Lu Family
Trust and The Lu Family Limited Partnership (collectively, the &ldquo;<B>Sellers</B>&rdquo;) on November 4, 2015, setting out
certain terms of a transaction for the sale of 11,739,932 Ordinary Shares held by the Sellers to Smart Soho.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>WHEREAS</B>,
it is a condition to the obligations of the Sellers to complete the sale and purchase of such 11,739,932 Ordinary Shares that
Smart Soho shall have delivered a letter of guarantee from the undersigned Guarantor (as below defined) pursuant to which the
undersigned Guarantor shall guarantee the payment obligations of Smart Soho in respect of the &ldquo;Second Tranche Payments&rdquo;
under the Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOW
THEREFORE</B>, Phicomm Technology (Hong Kong) Co., Limited (&ldquo;<B>Guarantor</B>&rdquo;) hereby guarantees to the Sellers the
payment obligations of Smart Soho in respect of the Second Tranche Payments under the Agreement (the &ldquo;<B>Guaranteed Obligations</B>&rdquo;),
and shall be liable in respect of the Guaranteed Obligations until the full satisfaction by the Guarantor and Smart Soho of such
payment obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Guarantor
shall remain obligated under this Letter of Guarantee, notwithstanding that, without any notice to or further assent by Guarantor,
the Guaranteed Obligations may, from time to time, be renewed, extended, amended, modified, compromised, waived, surrendered,
or released by Sellers with the agreement or consent of Smart Soho. Guarantor&rsquo;s guarantee of the Guaranteed Obligations
shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the
Guaranteed Obligations is rescinded or must otherwise be restored or returned by Sellers upon the insolvency, bankruptcy, dissolution,
liquidation, or reorganization of Smart Soho, or upon or as a result of the appointment of a receiver, conservator, or trustee
or similar officer for Smart Soho or any substantial part of its property, all as though such payments had not been made. Guarantor
waives notice of any claim or default or demand for payment made by Sellers to or against Smart Soho and Guarantor agrees that
its guarantee of the Guaranteed Obligations shall be continuing and absolute despite any legal or equitable discharge of the Guaranteed
Obligations in bankruptcy. Guarantor&rsquo;s guarantee of the Guaranteed Obligations shall remain in full force and effect and
be binding upon Guarantor and the successors and assigns thereof, and shall inure to Sellers and their respective successors and
assigns until all the Guaranteed Obligations have been indefeasibly paid in full. Guarantor further agrees that its liability
under this Letter of Guarantee shall be continuing, absolute, primary, and direct, and that the Sellers shall not be required
to pursue any right or remedy they may have against Smart Soho under the Agreement, or any modifications or amendments thereto,
or any other document(s) or instrument(s) executed by Smart Soho, or otherwise. Guarantor affirms that the Sellers shall not be
required to first commence any action or obtain any judgment against Smart Soho before enforcing this Letter of Guarantee against
Guarantor, and that Guarantor will, upon demand, pay the Sellers any amount, the payment of which is guaranteed hereunder and
the payment of which by Smart Soho is in default under the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Guarantor
warrants and represents to the Sellers that the execution and delivery of this Letter of Guarantee is not in contravention of
Guarantor&rsquo;s Articles of Association, other constitutional documents or applicable law; that the execution and delivery of this
Letter of Guarantee, and the performance thereof, has been duly authorized by the Guarantor&rsquo;s Board of Directors; and that the
execution, delivery, and performance of this Letter of Guarantee will not result in a breach of, or constitute a default under,
any loan agreement, indenture, or contract to which Guarantor is a party or by or under which it is bound.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Letter
of Guarantee and the rights and obligations provided hereunder shall be governed by the laws of New York, without regard to the
conflicts of law principles thereof. Any dispute arising out of or in connection with this Letter of Guarantee, including any
question regarding its existence, validity or termination and the rights and obligations provided hereunder shall be referred
to and finally resolved by arbitration in accordance with Clause 4.06 of the Agreement which shall be incorporated into and apply
to this Letter of Guarantee <I>mutatis mutandis</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Capitalized
terms and expressions hereunder shall have the same meaning as those stipulated in the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">For and on behalf of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Phicomm Technology (Hong
Kong) Co., Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <TD NOWRAP STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">/s/ Gu
Guoping</TD>
    <TD NOWRAP STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Date: December 4, 2015</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<TYPE>EX-99.5
<SEQUENCE>4
<FILENAME>ex99_5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>Exhibit
99.5</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>Capital
Increase and Share Subscription Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>by
and among</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chongqing
Liangjiang New Area Strategic Emerging Industries Equity Investment Fund Partnership (Limited Liability Partnership)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>Shanghai
Phicomm Communication Co., Ltd</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>Phicomm
Technology (Hong Kong) Co., Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; "><B>and</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>The
Smart Soho International Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>Date:
December 2, 2015</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>Place:
Chongqing, China</B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Table
of Contents</B></FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma001_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEFINITIONS AND INTERPRETATION</FONT></A></TD>
    <TD STYLE="width: 3%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma002_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CLOSING OF THE SHARES OF PARTY D</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma003_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">GUARANTEES</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma004_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OBLIGATIONS OF THE INVESTED PARTY</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma005_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REPURCHASE</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma006_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EARLY EXIT AND COMPENSATION</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma007_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RIGHTS OF PARTY A AS THE INVESTOR</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma008_v1">CONFIDENTIALITY</A></FONT><A HREF="#phicomma008_v1"></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma009_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">GENERAL PROVISIONS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma010_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VIOLATION OF LAWS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma011_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOTICE</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma012_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TERMINATION</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma013_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">REMEDIES AND WAIVER</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma014_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FORCE MAJEURE</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma015_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARBITRATION</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma016_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">APPLICABLE LAWS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma017_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EFFECTIVENESS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma018_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MISCELLANEOUS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma019_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">APPENDIX A AMENDMENT TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#phicomma020_v1"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">APPENDIX B REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B>Capital
Increase and Share Subscription Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; "><B><U>This
Capital Increase and Share Subscription Agreement</U></B> is made and entered into as of December 2, 2015 in Chongqing, China,
by and among:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chongqing
                                         Liangjiang New Area Strategic Emerging Industries Equity Investment Fund Partnership
                                         (Limited Liability Partnership) (hereinafter referred to as &ldquo;<B><U>Party
                                         A</U></B>&rdquo;), a partnership incorporated and existing under the laws of the People&rsquo;s
                                         Republic of China with its registered address at No. 19, Yinglong Road, Longxing Township,
                                         Yubei, Chongqing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -35.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">Shanghai
                                         Phicomm Communication Co., Ltd. (hereinafter referred to as &ldquo;<B><U>Party B</U></B>&rdquo;),
                                         a liability limited company incorporated and existing under the laws of the People&rsquo;s
                                         Republic of China with its registered address at No. 3666, Sixian Road, Songjiang District,
                                         Shanghai;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -35.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">Phicomm
                                         Technology (Hong Kong) Co., Limited (hereinafter referred to as &ldquo;<B><U>Party C</U></B>&rdquo;),
                                         a liability limited company incorporated and existing under the laws of the Hong Kong
                                         Special Administrative Region of the People&rsquo;s Republic of China with its registered
                                         address at Suite 1205-6, ICBC Tower, Citibank Plaza, 3 Garden Road, Central, Hong Kong;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -35.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">The
                                         Smart Soho International Limited (hereinafter referred to as &ldquo;<B><U>Party D</U></B>&rdquo;),
                                         a liability limited company incorporated and existing under the laws of Cayman Islands
                                         with its registered address at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman
                                         Islands.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Whereas&#9;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B has established a wholly-owned subsidiary, Party C, in Hong Kong, Party C has established
                                         a wholly-owned subsidiary, Party D, in Cayman Islands, and Party D intends to acquire
                                         the shares of UTStarcom Holdings Corp., a company listed on NASDAQ, (hereinafter referred
                                         to &ldquo;<B>UTStarcom</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         August 6, 2015, Party D concluded a binding term sheet (hereinafter referred to the &ldquo;<B>Term
                                         Sheet</B>&rdquo;) and a third-party escrow agreement (hereinafter referred to the &ldquo;<B>Escrow
                                         Agreement</B>&rdquo;) with Shah Capital Management and Hong Liang Lu, shareholders of
                                         UTStarcom, and their respective affiliates (hereinafter referred to as the &ldquo;<B>Sellers</B>&rdquo;)
                                         with respect to the proposed acquisition of 11,739,932 shares of UTStarcom by Party D
                                         from the Sellers; and Party C has deposited US$1,000,000 into the designated account
                                         for the benefit of Party D in accordance with the Escrow Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         November 4, 2015, Party D concluded the Purchase and Sale Agreement with the Sellers,
                                         pursuant to which Party D, among certain other terms and conditions agreed by the parties,
                                         acquired 11,739,932 ordinary shares of UTStarcom from the Sellers at a price of US$6
                                         per share (hereinafter referred to as the &ldquo;<B>Acquisition of UT Shares</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -35.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(D)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D has established a special purpose entity for and only for the purpose of implementing
                                         the Acquisition of UT Shares, and the special purpose entity has a total share capital
                                         of US$50,000 divided into 50,000 shares with a par value of US$1 per share; and the issued
                                         share capital of Party D is US$1 as of the date of this Agreement, which is wholly owned
                                         by Party C;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -35.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(E)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         parties unanimously agree that Party C increases the capital of Party D by US$42,263,755.2
                                         (including US$1,000,000 deposited into the designated account in accordance with the
                                         Escrow Agreement) and Party A increases the capital of Party D by US$28,175,836.8 (hereinafter
                                         referred to as the &ldquo;<B>Capital Increased by Party A</B>&rdquo;); Party A is admitted
                                         as a new shareholder of Party D and obtains 40% shares of Party D (hereinafter referred
                                         to as the &ldquo;<B>Subject Shares</B>&rdquo;); and Party C holds 60% shares of Party
                                         D.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(F)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B undertakes that Party A has the right to require Party B repurchasing the 40% shares
                                         of Party D from Party A at any time within two years after three years of the Closing
                                         Date (hereinafter referred to as the &ldquo;<B>Shares Repurchase</B>&rdquo;), and Party
                                         A has the right to require Party B determining the repurchase price based on the higher
                                         of the Annualized Return Repurchase Price or the Market Value Repurchase Price.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>NOW
THEREFORE</U></B>, the parties reach this Agreement as follows regarding the increase of the capital of Party D by Party C and
Party A for share capital expansion through friendly negotiations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma001_v1"></A>1.&#9;Definitions
and Interpretation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
                                         otherwise stipulated, for the purpose of this Agreement and the appendices hereto:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B><U>Amendment
                                         to the Articles</U></B>&rdquo; shall refer to the amendment to the articles of association
                                         jointly concluded by Party A and Party C in the form and substance specified in Appendix
                                         A hereto;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-align: justify; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B><U>Business
                                         Day</U></B>&rdquo; shall refer to any day on which the banks are open for business in
                                         the PRC, Hong Kong and Cayman Islands (other than Saturdays, Sundays and statutory public
                                         holidays);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-align: justify; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B><U>Closing</U></B>&rdquo;
                                         shall refer to the completion of additional issue and share subscription in accordance
                                         with Clause 2 hereof;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-align: justify; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B><U>Closing
                                         Date</U></B>&rdquo; shall refer to the date on which the increased capital payable by
                                         Party A to Party D is paid to the account designated by Party D at the time stipulated
                                         in Clause 2.4;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-align: justify; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B><U>Contribution
                                         Date</U></B>&rdquo; shall refer to the date on which Party A instructs the remitting
                                         bank to remit the Capital Increased by Party A to the account of Party D;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-align: justify; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Lock-up
                                         Period</U></B>&rdquo; shall refer to the three years applicable to Party A from the Closing
                                         Date;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Number
                                         of the Subject Shares</U></B>&rdquo; shall refer to the aggregate number of the additional
                                         shares issued by Party D to Party A with a par value of US$0.1 per share (US$28,175,836.8
                                         in total), which is 28,175,836 shares in total, accounting for 40% of the total shares
                                         of Party D upon the additional issue by Party D to Party A and Party C;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Encumbrances</U></B>&rdquo;
                                         shall refer to any and all the mortgage, assignment of receivable accounts, bonds, liens,
                                         guarantees, pledge, reserved ownership, rights of acquisition, security interest, options,
                                         rights of pre-emption or other similar rights, rights of first refusal and other burdens
                                         or conditions;</FONT></TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Approval
                                         Authority</U></B>&rdquo; shall refer to the governmental authority of the PRC competent
                                         to conduct examination and approval;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 10.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>IPR</U></B>&rdquo;
                                         shall refer to any trademark, ongoing trademark application, patent, ongoing patent application,
                                         proprietary technology, registered and unregistered design, copyright, trade secret and
                                         license related to the foregoing or other similar industrial or commercial right;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 10.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Material
                                         Adverse Change</U></B>&rdquo; has the meaning set forth in Clause 6.1(u);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>PRC</U></B>&rdquo;
                                         shall refer to the People&rsquo;s Republic of China (for the purpose of this Agreement,
                                         excluding Hong Kong, Macau and Taiwan);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Registration
                                         Authority</U></B>&rdquo; shall refer to the governmental authority of the PRC competent
                                         to issue business licenses;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>RMB</U></B>&rdquo;
                                         shall refer to the statutory currency of the PRC;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Tax</U></B>&rdquo;
                                         or &ldquo;<B><U>Taxation</U></B>&rdquo; shall refer to any and all the taxes imposed
                                         in the PRC or any other region in any form, including all the state taxes or local taxes;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Transaction</U></B>&rdquo;
                                         shall refer to the issue of shares by Party D to Party A and Party C hereunder;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>US$</U></B>&rdquo;shall
                                         refer to the statutory currency of the United States of America;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Warranties</U></B>&rdquo;
                                         shall refer to the representations, warranties and undertakings made by the parties as
                                         stipulated in Appendix B hereto;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Capital
                                         Increased by Party A</U></B>&rdquo; shall refer to the amount paid by Party A to Party
                                         D for capital increase, that is, US$28,175,836.8;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Capital
                                         Increased by Party C</U></B>&rdquo; shall refer to the amount paid by Party C to Party
                                         D for capital increase, that is, US$42,263,755.2 (including the US$1,000,000 deposited
                                         into the designated account in accordance with the Escrow Agreement);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1pt"></TD><TD STYLE="width: 35.9pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Annualized
                                         Return Purchase Price</U></B>&rdquo; shall refer to the total value of the principal
                                         and the interest from the Closing Date to the date of the repurchase notice from Party
                                         A to Party B, among which the principal is the proportion of the number of the shares
                                         to be repurchased each time as required by Party A in the Number of the Subject Shares
                                         multiplied by the Capital Increased by Party A and the interest is calculated at the
                                         annualized interest rate of 8%;</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; margin-left: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;<U>Market Value Purchase Price</U></B>&rdquo; shall refer to</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><IMG SRC="phicomm001_v1.jpg" ALT="(image)"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the purpose of this definition, 20 trading days shall refer to the 20 trading days before Party A notifies Party B of exit in
writing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
                                         reference to laws and regulations in this Agreement or the appendices and schedules hereto
                                         shall include the laws and regulations and the laws and regulations amended or re-enacted
                                         according to the laws and regulations from time to time, whether before or after the
                                         date of this Agreement, as long as such amendments or re-enacts apply to or may be apply
                                         to any Transaction entered into prior to the Closing, and (as long as the liabilities
                                         under the Transaction will exist or take place) also include the previous laws or regulations
                                         directly or indirectly replaced by the laws or regulations (including the amendments
                                         or re-enacts thereto).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         headings of this Agreement are for convenience of reference only and will not affect
                                         the interpretation of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
                                         reference to &ldquo;<B><U>this Agreement</U></B>&rdquo; herein shall include any and
                                         all the amendments, supplements and changes agreed by the parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
otherwise stipulated, words&nbsp;importing&nbsp;the&nbsp;singular&nbsp;shall include&nbsp;the&nbsp;plural&nbsp;and&nbsp;vice&nbsp;versa;
and words importing a gender shall include any other gender. &ldquo;<B><U>Person</U></B>&rdquo; (regardless of any of the following
words used together with &ldquo;<B><U>Person</U></B>&rdquo; sometimes) shall include individuals, corporations, enterprises, partnerships,
firms, trustees, trusts, executors, administrators or other legal personal representatives, unincorporated associations, joint
ventures, enterprise groups or other commercial enterprises, governmental, administrative or regulatory authorities or agencies
and successors, legal representatives and assigns thereof (as the case may be). Pronouns shall include the similar extended meanings.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
reference to &ldquo;<B><U>writing</U></B>&rdquo; and &ldquo;<B><U>in the written form</U></B>&rdquo; shall include the tangible
copies in any form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
reference to &ldquo;<B><U>whereas</U></B>&rdquo;, &ldquo;<B><U>clause</U></B>&rdquo;, &ldquo;<B><U>appendix</U></B>&rdquo; and
&ldquo;<B><U>schedule</U></B>&rdquo; means the whereas, clause, appendix and schedule of this Agreement (unless otherwise stipulated).
Any reference to &ldquo;<B><U>sub-clause</U></B>&rdquo; means a paragraph of a clause. Appendices and schedules shall constitute
an integral part hereof and have the same legal force and effect as this Agreement as if the same were explicitly specified in
the body of this Agreement. </FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
                                         the date on which a certain matter or obligation shall be completed is not a Business
                                         Day, any matter or obligation to be completed on the date shall be completed on the immediately
                                         following Business Day.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma002_v1"></A>2.&#9;
Closing of the Shares of Party D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
accordance with the relevant provisions hereof, Party D, as the owner of the Subject Shares, agrees to issue additional shares
to be subscribed for by Party A and Party C. In reliance on various Warranties, Party A agrees to purchase from Party D the Subject
Shares, free from Encumbrances, and all the interests related thereto.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Before
Party A makes contribution to Party D, the following conditions shall be satisfied:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Purchase and Sale Agreement between Party D and the shareholders of UTSTARCOM remains legitimate and valid, and Party D has fully
disclosed to Party A any and all the legal documents concluded by and between Party D and the Sellers in relation to the Purchase
and Sale Agreement;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         C undertakes to pay the increased capital of US$42,263,755.2 (including the US$1,000,000
                                         deposited into the designated account in accordance with the Escrow Agreement) to the
                                         account designated by Party D within the time limit and in the manner agreed herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         authorized representatives or authorized authorities of Party C and Party D have passed
                                         or made necessary resolutions or expressions, approving Party D to issue additional shares
                                         as agreed herein to Party A and Party C, respectively, so that Party A and Party C will
                                         become the shareholders of Party D, holding the corresponding number of shares upon the
                                         capital increase of Party D.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         contribution by Party A to Party D has been approved by the internal competent authority
                                         of Party A through resolutions and approved by any and all the Approval Authorities related
                                         to the contribution.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
                                         consideration that Party A will become the registered shareholder of Party D, Party C
                                         and Party D have delivered to Party A for review any and all the application documents
                                         to be signed by Party A and submitted to the local commercial registration authority
                                         in the place where Party D is located and have obtained the consent of Party A.</FONT></TD></TR>                                                                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         representations, warranties and undertakings of Party B, Party C and Party D under this
                                         Agreement and the appendices hereto have been legally and duly satisfied and remain legitimate
                                         and valid upon capital contribution.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         A agrees to contribute US$28,175,836.8 to Party D only for the Acquisition of UT</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.55pt; text-indent: -26.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.55pt; text-indent: -26.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
specified in item (C) of the whereas clause hereof, and obtains 40% shares of Party D.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.55pt; text-indent: -26.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
                                         to the satisfaction of all the conditions under Clause 2.2, Party A shall pay the agreed
                                         amount in US$ directly to the account designated by Party D, and shall ensure that the
                                         Capital Increased by Party A will be fully paid to the designated account before 16:00
                                         on December 3, 2015 (Beijing Time) (except that Party A will not be deemed as breaching
                                         this Agreement if the amount may not be received in the account by the reasons not attributable
                                         to Party A). The cost incurred by Party A due to foreign currency purchase shall be solely
                                         borne by Party A. If the participation of Party A in this capital increase will be subject
                                         to foreign investment filing/examination and approval procedures in accordance with the
                                         laws and regulations of the PRC, Party A shall reasonably complete such foreign investment
                                         filing/examination and approval procedures in good faith as early as possible before
                                         the payment date agreed herein, during which Party C and Party D shall render all the
                                         necessary assistance or cooperation. The information of the account designated by Party
                                         D is as follows:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Account
                                         Name: THE SMART SOHO INTERNATIONAL LIMITED</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Account
                                         Number: NRA10010020000000608</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opening
                                         Bank: SPD Silicon Valley Bank</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.55pt; text-indent: -26.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D will go through the relevant procedures of capital verification and share registration
                                         and other administrative examination and approval, registration, filing and similar formalities
                                         stipulated by local laws and regulations or required by competent administrative authorities
                                         with respect to this capital increase in Cayman Islands by itself and at its own cost.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.55pt; text-indent: -26.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
                                         Party A fails to make contribution before the time agreed in Clause 2.4 due to the non-satisfaction
                                         of the conditions under Clause 2.2, Party D shall raise funds by itself (including but
                                         not limited to borrowing funds from third parties) so that the Purchase and Sale Agreement
                                         with the relevant shareholders UTSTARCOM may be performed in due time, and any and all
                                         the liabilities of breach, damage and losses, costs and fees to any third party so incurred
                                         shall be solely borne by Party D and Party A is not required to assume any payment obligation
                                         or indemnity liability for the same.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
                                         Party A fails to make contribution before the time agreed in Clause 2.4 due to the non-satisfaction
                                         of the conditions under Clause 2.2 and Party C or Party D notifies Party A of terminating
                                         or rescinding this Agreement or not making contribution to Party D before Party A makes
                                         contribution, Party D shall indemnify Party A for the cost, fees and other expenses incurred
                                         by Party A for the application of the project, which is RMB[ ] in total. Subject to the
                                         satisfaction of the conditions under Clause 2.2, if Party A fails to make contribution
                                         before the time agreed in Clause 2.4, Party A shall indemnify the damage to or losses
                                         of Party A, Party B and Party D so incurred, including but not limited to the termination
                                         fee, business travel cost, consultation fee and attorney fee under the Purchase and Sale
                                         Agreement with the relevant shareholders UTSTARCOM.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon
                                         the issuance of the Subject Shares, Party A will hold 40% shares of Party D and Party
                                         C will hold 60% shares of Party D. Party C shall procure Party D to complete the relevant
                                         registration formalities within 15 working days upon the contribution made by Party A
                                         so that Party A will become the legitimate shareholder of Party D, holding 40% shares
                                         of Party D with the number of such shares meeting the requirements regarding the Number
                                         of the Subject Shares, and, during the same period, all the supporting documents regarding
                                         the shares held by Party A and the supporting documents proving Party C&rsquo;s complete
                                         performance of the capital increase obligations hereunder shall be delivered to Party
                                         A, and the legitimate supporting documents regarding the shares held by Party C, proving
                                         that Party C has been registered as holding 60% shares of Party D, shall also be provided.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Once
                                         any party becomes aware that any covenant hereunder has been or may not be satisfied,
                                         the party shall immediately notify the other parties.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma003_v1"></A>3.
Guarantees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
                                         Party A makes contribution to Party D, in order to ensure that Party B may perform the
                                         obligations of repurchasing shares from Party A:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
C will pledge all the shares of Party D held by it upon its contribution of the Capital Increased by Party C to Party A as a guarantee
on the repurchase of shares by Party B from Party A.</FONT></TD>
</TR>     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
C shall complete the procedures related to the above share pledge within 15 working days from the Closing Date and assume any
and all the relevant fees so incurred so that Party A may become the legitimate pledgee of the shares without hindrance with a
view to ensuring that Party B will repurchase the shares and Party A will successfully take back all the repurchase price and
the relevant fees incurred during the exercise of the creditor&rsquo;s rights.</FONT></TD>
</TR>     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Before
Party B repurchases the shares and Party A successfully takes back all the repurchase price and the relevant fees incurred during
the exercise of the creditor&rsquo;s rights, Party A has the right not to release the share pledge.</FONT></TD>
</TR>     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
Party B fails to repurchase the shares as agreed, Party A is entitled to the priority in taking back all the repurchase price
and the relevant fees incurred during the exercise of the creditor&rsquo;s rights from the amounts obtained from auction or other
sale of the relevant pledged shares.</FONT></TD>
</TR></TABLE>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
                                         the purpose of ensuring the performance of this Agreement, each of Party B, Party C and
                                         Party D irrevocably assumes several and joint liabilities for the possible liabilities
                                         of breach, indemnity liabilities or payment obligations of the other parties hereunder
                                         for two years from the due date of the said payment obligations.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma004_v1"></A>4.
Obligations of the Invested Party</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
B, Party C and Party D shall ensure that the Capital Increased by Party A and the Capital Increased by Party C received by Party
D and the amounts paid to the Sellers of the shares of UTSTARCOM by Party C for and on behalf of Party D will be used only for
the acquisition of the shares of UTSTARCOM. Party D shall be engaged in no other business activities (including but not limited
to continuing to purchase other shares of UTSTARCOM) and the shareholding structure of Party D shall not be changed without the
written consent of Party A.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
B shall actively adopt such feasible plans and measures as may be necessary to promote the improvement and appreciation of UTSTARCOM.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
D shall submit the registration documents to and obtain the share registration certificates from the competent approval authority
of Cayman Islands regarding the matter that Party A and Party C increase the capital of Party D and hold 40% and 60% shares of
Party D respectively within 15 working days after the Closing Date; otherwise, Party A has the right to immediately exercise its
right of repurchase in accordance with Clause 5 hereof.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">While
Party A exercises its right of repurchase, Party B, Party C and Party D shall render reasonable cooperation so that the relevant
examination or registration procedures will be completed within the reasonable period.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
Party A pays the increased capital, Party B, Party C and Party D shall make reasonable efforts in good faith to ensure that Party
A will obtain the investment returns on the Capital Increased by Party A in an amount no lower than the repurchase price agreed
herein under the conditions agreed herein through either requiring Party B repurchasing the Subject Shares held by Party A or
liquidating the Subject Shares held by Party A in legitimate ways.</FONT></TD>
</TR></TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma005_v1"></A>5.&#9;Repurchase</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         parties agree that Party A has the right to require Party B repurchasing the shares of
                                         Party D held by Party A in whole or in part by a written notice at any time within two
                                         years from the expiry of the Lock-up Period (i.e. thirty-six months upon the Closing).
                                         Once Party A raises the repurchase requirement, Party B must perform the obligation of
                                         repurchase. Each time when Party A exercises the right of repurchase, Party A shall send
                                         a written notice to Party B, specifying the number of the shares of Party D to be repurchased
                                         and the repurchase price. Party A has the right to require Party B accepting the shares
                                         of Party D held by Party A in the number so notified at the price calculated in accordance
                                         with the following Clause 5.2 by notice once or several times subject to the satisfaction
                                         of the repurchase conditions agreed herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.55pt; text-align: justify; text-indent: -26.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B shall pay the repurchase price in US$. Party B shall make notifications to and go through
                                         relevant registration, filing and examination and approval formalities with the competent
                                         foreign exchange administration authorities and banks in advance. The repurchase price
                                         payable by Party B shall be the higher of the Annualized Return Repurchase Price and
                                         the Market Value Repurchase Price.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26.55pt; text-align: justify; text-indent: -26.55pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition to paying the repurchase price to Party A, Party B shall also assume any and all the fees incurred due to the Share Repurchase
(including but not limited to the fees incurred due to the employment of any intermediary, third party or staff and the administrative
fees, taxes and charges paid to the competent governmental administrative authorities or agencies, but excluding the taxes and
charges incurred and paid to the competent Taxation authorities of the PRC by Party A).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
                                         the shares to be repurchased must be evaluated according to the mandatory rules under
                                         the laws of the PRC, the parties agree to appoint an evaluation institution recognized
                                         by the state-owned assets supervision and administration authority of Chongqing and designated
                                         by Party A to evaluate the shares (subject to the reference date and methods of evaluation
                                         determined by Party A). If the evaluated price is higher than the repurchase price agreed
                                         herein, the parties shall separately determine the repurchase price and methods through
                                         negotiations.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B and Party D shall conclude all of such documents as may be necessary for the completion
                                         of the Share Repurchase (including but not limited to procuring the authorized authorities
                                         of the parties to pass resolutions approving the Share Repurchase; executing share transfer
                                         agreements; and executing the amended articles of association) within 15 working days
                                         from the date of the written repurchase notice issued by Party A, and complete all the
                                         examination and registration formalities within 12 months from the date of the written
                                         repurchase notice issued by Party A (the &ldquo;<B>Transition Period</B>&rdquo;), and,
                                         during the Transition Period, Party B shall pay all the payable repurchase price and
                                         the occupation cost incurred by Party B with respect to the repurchase price during the
                                         Transition Period to Party A. The calculation method of the occupation cost is as follows:
                                         the interest accrued on the payable repurchase price at the annualized interest rate
                                         of 10% from the next day after Party A issues the written notice to the date when Party
                                         B actually makes the payment before the expiry of the Transition Period. In case of any
                                         outstanding amount upon the expiry of the Transition Period, Party B shall also pay the
                                         liquidated damages at 0.1% of the outstanding amount per day.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
                                         the avoidance of doubts, notwithstanding the foregoing, Party A may also select to retain
                                         its shares in Party D without requiring Party B repurchasing the same within two years
                                         from the expiry of the Lock-up Period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.7</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         C and Party D are severally and jointly liable to guarantee the payment of all the amounts
                                         payable by Party B when Party A requires Party B repurchasing the shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.8</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
                                         case of any event stipulated in Clause 6.1 hereof, Party A has the right to require Party
                                         B early repurchasing the shares held by Party C and paying all the payable amounts regardless
                                         of the rules hereof on the Lock-up Period of 36 months.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.9</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
                                         anything to the contrary, Party B shall redeem all the shares of Party D held by Party
                                         A and pay all the payable amounts to Party A before the expiry of the exit period (two
                                         years from the expiration of the Lock-up Period), and the agreements in Clause 5.5 shall
                                         not violate the agreements in this clause, except for the circumstances stipulated in
                                         the above Clause 5.6.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.10</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
                                         Party A still holds the shares of Party D upon two years from the expiry of the Lock-up
                                         Period, Party B may repurchase all the shares of Party D then held by Party A by a written
                                         notice to Party A. The repurchase price shall be separately determined by the parties
                                         through negotiations.</FONT></TD></TR></TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma006_v1"></A>6.
Early Exit and Compensation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
                                         case of any of the following events, Party A has, at any time, the right to: either require
                                         Party B repurchasing the shares of Party D held by Party A in whole or in part in accordance
                                         with Clause 5 regardless of the period agreed in Clause 5.1; or rescind this Agreement
                                         by a written notice and, if Party A has made contribution, require the party accepting
                                         the contribution returning all the contribution and indemnifying any and all the damage
                                         to or losses of Party A so caused (including but not limited to litigation fee, arbitration
                                         fee, public notarization fee, attorney fee, evaluation fee, certification fee, mailing
                                         fee, business travel cost and photocopying fee):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B fails to provide the guarantees to Party A as agreed herein or Party C fails to complete
                                         the change registration formalities regarding the share pledge as agreed herein within
                                         15 working days after the Closing Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B or its affiliate fails to pledge the shares of Party D held by it to Party A and complete
                                         the share pledge registration formalities within 15 working days from the date when Party
                                         B or its affiliate accepts the shares of Party D transferred by Party C as agreed in
                                         Clause 7.1 hereof;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 16.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D fails to complete the relevant registration formalities regarding the change to its
                                         shareholding structure or otherwise prevents Party A from becoming its legitimate shareholder
                                         within 15 working days after the Closing Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D fails to provide Party A with the payment voucher regarding the payment of the Capital
                                         Increased by Party C paid by Party C and the registration document issued by the competent
                                         approval authority of Cayman Islands regarding Party C&rsquo;s holding of 60% shares
                                         of Party D within 15 working days after the Closing Date;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D breach the representations, undertakings and
                                         warranties under this Agreement and the appendices hereto (as specified in Appendix B);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D breach the confidentiality obligations hereunder;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         shareholding structure of Party D is changed without the written consent of Party A within
                                         the Lock-up Period;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D are subject to material lawsuits or arbitrations
                                         without timely notifying Party A in writing during the Lock-up Period, or the main bank
                                         accounts or significant properties of any or several of Party B, Party C and Party D
                                         are attached or frozen by judicial authorities, or the financial conditions of any or
                                         several of Party B, Party C and Party D have been or may be subject to the Material Adverse
                                         Change, or the significant properties of any or several of Party B, Party C and Party
                                         D are frozen, attached or detained by judicial or administrative authorities, or any
                                         or several of Party B, Party C and Party D are subject to significant adverse reports
                                         published by public media, so that Party A has reasonable grounds to believe that its
                                         exercise of the right of repurchase may be incurred or affected;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         operation of any or several of Party B, Party C and Party D is in disorder or suspended
                                         for any reason;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D or the major shareholders, actual controllers
                                         or legal representatives of any or several of Party B, Party C and Party D are suspected
                                         to be involved in material irregularity or criminal offenses;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         A has reasonable grounds to believe that Party B has no sufficient ability or sincerity
                                         to fully repurchase the shares as agreed herein as Party B is subject to material operating
                                         losses or material derogation in its goodwill or transfers its major assets or major
                                         profitable business;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(l)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D breach any obligation in this Agreement or
                                         the Guarantee Documents (the guarantee terms, guarantee contracts, pledge contracts and
                                         mortgage contracts hereunder being referred to collectively as the &ldquo;<B>Guarantee
                                         Documents</B>&rdquo;), or any or several of Party B, Party C and Party D indicate explicitly
                                         or through acts that the party/parties will not perform the contractual obligations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D close business or decrease registered capital
                                         passively or voluntarily;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(n)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D cancel the plan of Share Repurchase hereunder
                                         or cause the same impossible to be implemented;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(o)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D make material mistakes in operation so that
                                         financial losses are caused.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(p)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D are subject to administrative punishment or
                                         criminal liabilities due to significant offences in operation;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(q)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D are subject to such circumstances as division,
                                         merger, liquidation, restructuring, cancellation, bankruptcy declaration, dissolution
                                         and business license revocation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(r)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D fail to comply with the undertakings, statements
                                         or warranties related to this Agreement, or any certificate, representation or document
                                         submitted or prepared by any or several of Party B, Party C and Party D is proved to
                                         be untrue, incorrect or inaccurate;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(s)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         or several of Party B, Party C and Party D are subject to material cross default;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(t)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         mortgaged or pledged properties are damaged or lost and any or several of Party B, Party
                                         C and Party D fail to timely provide new guarantees acceptable by Party A;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(u)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B, Party C and Party D otherwise endanger or may otherwise endanger the Share Repurchase
                                         from Party A;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">from
                                         the date of this Agreement, the business, operation, assets, financial conditions or
                                         prospects of Party B, Party C and Party D are subject to the Material Adverse Change;
                                         and for the purpose of this Agreement, the &ldquo;Material Adverse Change&rdquo; shall
                                         refer to any adverse impact on the assets, financial conditions, operation results or
                                         prospects of the Company, the single amount of which is no less than 10% of the net assets
                                         of Party B specified in the audited financial statement of the last financial year of
                                         Party B;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(w)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">UTSTARCOM
                                         is subject to such adverse circumstances as privatization, bankruptcy, restructuring,
                                         merger and division or its listing is otherwise terminated under the laws of the U.S.
                                         after the Closing Date in the opinion of Party A;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt; text-align: justify; text-indent: 63.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">UTSTARCOM
                                         exits from NASDAQ or is otherwise unable to carry out normal transactions in the market
                                         for 20 working days.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         breaching party undertakes to compensate the other party and its officers, directors
                                         and employees for the damage or losses (including but not limited to litigation fee,
                                         arbitration fee and reasonable attorney fee) caused by the material breach of the Warranties
                                         by the breaching party and/or the material breach of the obligations hereunder by the
                                         breaching party or its representatives or agents.</FONT></TD></TR></TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma007_v1"></A>7.
Rights of Party A as the Investor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
                                         Party A becomes the shareholder of Party D, if Party C intends to transfer the shares
                                         of Party D held by it to Party B and its affiliate (and for the avoidance of doubts,
                                         the affiliate shall refer to another company controlled by Party B), Party C shall notify
                                         Party A in writing in advance and Party B or its affiliate shall pledge its shares to
                                         Party A and complete the share pledge registration formalities within 15 working days
                                         upon its acceptance of the shares of Party D so transferred; and if Party C intends to
                                         transfer its shares in Party D to any independent third party other than Party B and
                                         its affiliates in whole or in part, Party C shall notify Party A in writing in advance
                                         of its intended transfer (including the name of the transferee and the transfer conditions)
                                         and obtain the prior written consent of Party A. Party A is entitled to the right of
                                         first refusal to purchase the shares to be transferred by Party C based on the same conditions
                                         as those agreed by the third party, or has the right to require Party C ensuring that
                                         the third party will agree to also purchase the shares of Party D held by Party A in
                                         whole or in part based on the conditions no less favorable than those offered for the
                                         purchase of the shares held by Party C (at the price no less than the higher of the prices
                                         agreed in Clause 5.2); otherwise Party A has the right to require Party C not transferring
                                         such shares to the independent third party.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
                                         Party A becomes the shareholder of Party D, if Party D issues additional shares with
                                         the consent of Party A, Party A is entitled to the right of pre-emption to subscribe
                                         for the additional shares issued by Party D.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">After
                                         Party A becomes the shareholder of Party D, if Party D is liquidated, Party C shall guarantee
                                         that Party A is entitled to the right of pre-emption in liquidation distribution, that
                                         is, no assets may be distributed to Party C upon liquidation unless and until the amount
                                         obtained by Party A through such liquidation distribution is no less than the higher
                                         of the Annualized Return Repurchase Price and the Market Value Repurchase Price of the
                                         shares of Party D then held by Party A.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma008_v1"></A>8.&#9;Confidentiality</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         parties agree to keep any and all the confidential information arising out of or in connection
                                         with this Agreement strictly confidential and not to disclose the same to any individual
                                         or institution other than a party hereto unless the disclosure is explicitly permitted
                                         in the manner agreed by the other party in writing in advance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
                                         anything to the contrary in Clause 8.1, the confidentiality obligation under Clause 8
                                         is not applicable to the following information:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         information known by any party hereto or known to the public, except that the same is
                                         known to the public due to any malicious misconduct, fault or negligence of the other
                                         parties or any of their respective agents, consultants, directors, officers, employees
                                         or representatives;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         information to be disclosed in accordance with the applicable laws or the rules or regulations
                                         promulgated by the competent governmental or statutory authorities or regulatory, administrative
                                         or supervisory agencies (including but not limited to the relevant stock exchanges or
                                         securities commissions);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 16.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         information to be disclosed in accordance with any legal proceeding of any court or tribunal
                                         in the PRC or any other region;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 16.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         information to be disclosed by any party to its banks, financial consultants, advisors
                                         and legal or other counsels for the purpose of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma009_v1"></A>9.&#9;General
Provisions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         Agreement is effective and binding upon the successors and properties of the parties.
                                         No party may transfer or assign its rights and obligations hereunder in whole or in part
                                         without the prior consent of the other parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         parties shall take and execute any and all of such further acts, actions, things and
                                         documents as may be necessary for the provisions hereof to become effective, or cause
                                         such acts, actions, things and documents taken and executed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         Agreement and the documents mentioned herein shall constitute the entire agreement and
                                         understanding among the parties with respect to the subject matter hereof. No party has
                                         executed this Agreement in reliance on any representations, warranties or undertakings
                                         of any party not stipulated or mentioned herein. The parties agree not to make any change
                                         or amendment to this Agreement without the prior written consent of the parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
                                         explicitly stipulated herein, the right of recession of Party A is in addition and without
                                         prejudice to the other rights and remedies of Party A. Any failure or disability to exercise
                                         the right of rescission shall not constitute a waiver of the other rights or remedies.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
                                         all the parties have participated in the drafting of this Agreement, the parties agree
                                         that any rule on interpreting this Agreement or any provision hereof in a way against
                                         the drafting party shall not apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
                                         party shall solely assume and pay the fees incurred by itself due to this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma010_v1"></A>10.&#9;Violation
of Laws</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
any provision hereof is held as illegitimate, invalid or unenforceable under the laws of any country, the legitimacy, validity
or enforceability of the provision under the laws of any other country and the legitimacy, validity or enforceability of the other
provisions hereof shall not be affected.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma011_v1"></A>11.
Notice</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
and all the notices sent by any party to the other party as required herein shall be deemed to take effect when delivered in person
or by telex or recognized international express courier to the address or facsimile number of the parties listed on the signature
page hereof or any other address or facsimile number notified by the parties for this purpose from time to time.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.2</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
notice or information will be deemed as delivered:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">upon
                                         delivery, if delivered in person; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 16.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">when
                                         the sending party receives the transmission report, indicating that the notice or information
                                         has been completely delivered to the facsimile machine or any other similar receiving
                                         media of the receiving party, if sent by facsimile; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 16.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28.35pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5
                                         Business Days after the package containing the letter is received by the relevant express
                                         courier company, if sent by express courier.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
will constitute sufficient evidence that the notice has been duly delivered if it is proved that the notice has been delivered
in person, or the envelope containing the notice or document has been properly addressed and sent out by the prepaid first class
letter, or the facsimile confirmation notice indicates successful transmission, or (as applicable) the package containing the
notice or document has been properly addressed and sent to the relevant express courier company.</FONT></TD>
</TR></TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma012_v1"></A>12.&#9;Termination</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Agreement is terminated if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         parties hereto unanimously agree to rescind or terminate this Agreement;</FONT></TD></TR>                                                                                                                                  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         purposes agreed herein have been fully realized;</FONT></TD></TR>                                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">there
                                         occurs any event of force majeure so that it is impossible to continue to perform this
                                         Agreement;</FONT></TD></TR>                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         A requires rescinding this Agreement and has obtained all the compensation or payment
                                         in accordance with Clause 6 hereof;</FONT></TD></TR>                                                                                             <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">there
                                         occurs any other reason stipulated by laws and administrative regulations. </FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma013_v1"></A>13.
Remedies and Waiver</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 33.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
failure to exercise or delay in exercising any right or remedy hereunder on the part of any party hereto shall constitute a waiver
of the right or remedy; and no single or partial exercise of any right or remedy shall preclude any other or further exercise
of the or any other right or remedy. The rights hereunder are cumulative and do not exclude any right or remedy under laws.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma014_v1"></A>14.&#9;Force
Majeure</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.7pt; text-align: justify; text-indent: 2.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
otherwise explicitly stipulated herein, no party is liable for its failure to or delay in performing any obligation hereunder
caused by the reasons out of its control, including but not limited to natural disasters, civil or military acts, fire, strikes,
blockade, labor disputes, epidemics, governmental restrictions, wars, disturbances, earthquake, storm, typhoon, flood and failure
in power, computer and telecommunications system. In case of any of such delays, the time for the parties to perform the obligations
shall be correspondingly postponed based on the time so delayed (provided that the parties shall adopt all the reasonably available
measures to avoid such delays).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma015_v1"></A>15.&#9;Arbitration</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
                                         and all the controversies or disputes arising out of this Agreement or the performance
                                         of this Agreement shall be settled by the parties through friendly negotiations. If any
                                         party so notifies the other party in writing, the efforts of friendly negotiations shall
                                         be immediately deemed as failing.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-align: justify; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
                                         and all the disputes arising out of or in connection with this Agreement, including any
                                         issue related to the existence, validity or termination of this Agreement, shall be submitted
                                         to China International Economic and Trade Arbitration Commission (hereinafter referred
                                         to as &ldquo;<B>CIETAC</B>&rdquo;) for final arbitration in accordance with the Arbitration
                                         Rules of CIETAC (hereinafter referred to as the &ldquo;<B>Rules</B>&rdquo;) by three
                                         (3) arbitrators designated pursuant to the Rules. In case of no provision in the Rules,
                                         the local procedural law shall prevail. The award of the arbitration tribunal, including
                                         the award on the arbitration fee, shall be final and binding upon the parties.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-align: justify; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
for the provisions in arbitration, the parties shall continue to perform this Agreement in the course of arbitration; provided
that the arbitration proceeding shall not prevent any party from exercising its right of termination hereunder.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma016_v1"></A>16.&#9;Applicable
Laws</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Agreement shall be governed by and construed in accordance with the laws of the PRC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma017_v1"></A>17.&#9;Effectiveness</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Agreement shall take effect from the date when this Agreement is officially executed and stamped by the parties and approved by
the competent Approval Authority of the PRC (including but not limited to the state-owned assets supervision and administration
authority and the commerce authority).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma018_v1"></A>18.
Miscellaneous</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         Agreement is written in Chinese, and the Chinese version shall prevail.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.9pt; text-align: justify; text-indent: -28.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         Agreement is executed in eight counterparts. Each party holds two counterparts. All the
                                         counterparts are equally authentic.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Appendix
A: Amendment to the Memorandum and Articles of Association</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Appendix
B: Representations, Warranties and Undertakings</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(SIGNATURE
PAGE of CAPITAL INCREASE AND SHARE SUBSCRIPTION AGREEMENT)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B>, this Agreement has been signed on the first date written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.2pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Party
    A</U></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Zhang Jun</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 79%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Executive Partner Representative</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address of Service:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Party B</U></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chairman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address of Service:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Party C</U></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Sole Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address of Service:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Party D</U></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Gu Guoping</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Sole Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address of Service:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma019_v1"></A>Appendix
A</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Amendment to the Memorandum and Articles of Association</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date:</B>December,
2015</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Company:</B>The
Smart Soho International Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Address:</B>Maples
Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         amendment is intended to be affixed to and become part of the above-captioned Memorandum
                                         and Articles and Association of sale dated <B>December, 2015</B>. If any provision of
                                         this amendment shall conflict or be inconsistent with the Memorandum and Articles of
                                         Association, the provision of this amendment shall govern.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provision
                                         5 of the Memorandum of Association is replaced in its entirety by the following: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 21.25pt; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
share capital of the Company is USD $70,439,592 divided into 704,395,920 shares of a par value of US$0.1 each.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 21.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provision
                                         3.1 of the Articles of Association is replaced in its entirety by the following:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 21.25pt; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in general meeting) and the
unanimous consent in writing of all the Members, and without prejudice to any rights attached to any existing Shares, the Directors
may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with or without preferred,
deferred or other rights or restrictions, whether in regard to Dividend or other distribution, voting, return of capital or otherwise
and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Statute and the
Articles) vary such rights. Notwithstanding the foregoing, the Subscriber shall have the power to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 21.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
&nbsp;issue one Share to itself; <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 21.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
&nbsp;transfer that Share by an instrument of transfer to any person; and <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)
&nbsp;update the Register of Members in respect of the issue and transfer of that Share.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provision
                                         7.1 of the Articles of Association is replaced in its entirety by the following:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to Article 3.1 and the unanimous consent in writing of all the Members, Shares are transferable subject to the approval of the
Directors by resolution who may, in their absolute discretion, decline to register any transfer of Shares without giving any reason.
If the Directors refuse to register a transfer, they shall notify the transferee within two months of such refusal. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provision
                                         8.2 of the Articles of Association is replaced in its entirety by the following:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to the provisions of the Statute and the unanimous consent in writing of all the Members, the Company may purchase its own Shares
(including any redeemable Shares) in such manner and on such other terms as the Directors may agree with the relevant Member.
<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provision
                                         17.1 of the Articles of Association is replaced in its entirety by the following:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company may by unanimous approval of all Members:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
&nbsp;&nbsp;increase its share capital by such sum as the unanimous approval of all Members shall prescribe and with such rights, priorities
and privileges annexed thereto, as the Company in general meeting may determine;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
&nbsp;&nbsp;consolidate and divide all or any of its share capital into Shares of larger amount than its existing Shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)
&nbsp;&nbsp;convert all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares of any denomination;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;
&nbsp;by subdivision of its existing Shares or any of them divide the whole or any part of its share capital into Shares of smaller
amount than is fixed by the Memorandum or into Shares without par value; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)
&nbsp;&nbsp;cancel any Shares that at the date of the giving of the unanimous approval of all Members have not been taken or agreed
to be taken by any person and diminish the amount of its share capital by the amount of the Shares so cancelled.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provision
                                         20.1 (b) of the Articles of Association is replaced in its entirety by the following:
                                         </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the case of an extraordinary general meeting, all the Members, having a right to attend and vote at the meeting, together holding
100% in par value of the Shares giving that right.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provision
                                         21.1 of the Articles of Association is replaced in its entirety by the following: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
business shall be transacted at any meeting unless all the Members, being individuals present in person or by proxy or if a corporation
or other non-natural person by its duly authorized representative or proxy, are present.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Provision
                                         41.2 is replaced in its entirety by the following: </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Directors shall, at the reasonable request of the Members, determine whether and to what extent and at what times and places and
under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members
not being Directors.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
                                         amendment may be signed by Facsimile or electronic signature, which shall have the same
                                         force and effect as an original signature.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Intentionally
blank)</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma020_v1"></A>Appendix
B</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Representations, Warranties and Undertakings</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B, Party C and Party D jointly represent, warrant and undertake that as of the date of
                                         this Agreement to the Closing Date:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">Party
                                         D has the right to issue the Subject Shares free from the Encumbrances to Party A;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">Party
                                         D has been legally established and duly existing under the laws of the place of its registration
                                         and possesses any and all of such powers and authorities as may be necessary for it to
                                         own its properties and assets and carry out its current business;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">the
                                         shares of Party C and Party D held by the shareholders of Party C and Party D are free
                                         from the Encumbrances or restrictions in any form and their respective shareholding structure
                                         may not be changed without the written consent of Party A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">Party
                                         D has no outstanding actual or contingent payment or repayment obligation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">the
                                         income or assets of Party D is subject to no Encumbrances in whole or in part;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(f)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">there
                                         is no actual or threatened lawsuit or legal proceeding against Party D or Party C;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(g)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">the
                                         IPR used by Party D (whether owned by or licensed to Party D) infringes no IPR of any
                                         third party;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(h)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">There
                                         is no actual or potential conflict of interest between Party D and Party A; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">Party
                                         D possesses any and all of such statutory capabilities or qualifications as may be necessary
                                         for it to carry out its relevant business, and commits no material breach.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; ">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B, Party C and Party D jointly undertake with Party A that they will do the best from
                                         the date of this Agreement to the date before the completion of the repurchase of all
                                         the repurchased shares or the expiry of the two-year exit period (whichever is the earlier)
                                         to procure and ensure that:</FONT></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         parties shall keep and maintain the existence of Party C and Party D, keep Party C and
                                         Party D in good standing and cause Party C and Party D to comply with any and all the
                                         laws, regulations, rules, decrees and orders applicable to them in all material aspects;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">except
                                         for the actions to be adopted in the ordinary course of business or for the Transaction
                                         contemplated herein, Party D shall not carry out any investment, financing and trading
                                         or other activities or transactions; and Party A has the right to require Party D disclosing
                                         any and all the outstanding actual or contingent payment or repayment obligations at
                                         any time upon the execution of this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D shall keep accounting records in accordance with the generally recognized accounting
                                         standards, principles and practices applicable to it as of the date of this Agreement,
                                         containing the full and correct accounting information on the material aspects of any
                                         and all the financial transactions and assets and business of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D shall repay its debts and liabilities (including but not limited to the Taxation liabilities)
                                         or cause the same paid and repaid when such debts and liabilities become due and payable
                                         or are alleged to become payable;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D shall immediately notify Party A upon its awareness of the following events: (i) any
                                         lawsuit, investigation or proceeding against the Company; or (ii) any lawsuit or proceeding
                                         raised by the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D shall not sell, pledge or otherwise dispose of the 11,739,932 shares of UTSTARCOM held
                                         by it without prior written consent of Party A;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D shall not make investments in or purchase significant assets from other companies or
                                         enterprises without the prior written consent of Party A;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D shall not conclude or make any contract or commitment other than for its daily operation
                                         purpose without the prior written consent of Party A;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         D shall not assume any liability or issue any bond, debenture, loan stock, note and/or
                                         other securities or instrument by contract or any other way in order to acknowledge,
                                         certify or create any debt or grant any loan or provide any indemnity or guarantee of
                                         any nature to any individual, company or enterprise without prior written consent of
                                         Party A;</FONT></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">without
                                         the prior written consent of Party A, Party D shall not decrease capital, issue award
                                         shares, divide shares or adopt any other similar action with respect to its share capital,
                                         or retain, distribute and issue any share or other securities, or grant any share or
                                         securities option, or issue any warrant, convertible preferred shares or other securities
                                         convertible to the shares of the Company (regardless of the denomination), or execute
                                         any agreement or make any commitment for the foregoing matters, or take or agree or permit
                                         others to take or procure others to take any act that may dilute the interests of the
                                         purchaser in the Company, or change the rights in the Subject Shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
                                         Party D is subject to the punishment imposed by the competent governmental authorities
                                         (including but not limited to the U.S. securities regulatory and administration authorities)
                                         due to the acquisition of the ordinary shares of UTSTARCOM by Party D or the acts taken
                                         by Party D as the shareholder or the transactions related to the stocks of UTSTARCOM
                                         launched by Party D after Party D becomes the shareholder of UTSTARCOM, and Party D so
                                         suffers damage or losses and the value of the Subject Shares of Party D held by Party
                                         A is so affected, Party B and Party C shall severally and jointly assume such damage
                                         to or losses of Party D or remedy the depreciation in the value of the Subject Shares
                                         of Party D held by Party A so that the value of the Subject Shares of Party D held by
                                         Party A will not be depreciated and Party A will be held harmless from the direct punishment
                                         that may be caused by such acts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
                                                                                                                                                                                                            of Party B, Party C and Party D hereby agrees to severally and jointly make the following
                                                                                                                                                                                                            representations, warranties and undertakings to Party A in accordance with Appendix B
                                                                                                                                                                                                            hereto and severally and jointly assume the compensation or payment obligation to Party
                                                                                                                                                                                                            A that may be incurred by them individually or jointly. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
                                         of Party B, Party C and Party D hereby makes the following representations, warranties
                                         and undertakings to Party A:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20%; text-align: left"></TD><TD STYLE="text-align: justify; width: 80%">It <FONT STYLE="font: 10pt Times New Roman, Times, Serif">has the full power and authorities to execute and
                                                                            deliver this Agreement and the other agreements hereunder and complete the transactions contemplated in this Agreement and
                                                                            such other agreements; this Agreement and any and all the other agreements and obligations entered into or assumed in
                                                                            relation to the Transaction contemplated herein constitute its valid and legally binding obligation, enforceable in
                                                                            accordance with their respective terms; and the execution and delivery of this Agreement and the performance of the
                                                                            obligations in accordance with this Agreement (including but not limited to transferring or purchasing the Subject Shares, if
                                                                            applicable) shall not:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 16%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">result
                                         in the material violation of its articles of association or any instrument, contract,
                                         document or agreement, to which it or the Company is a party or which is binding upon
                                         it, or constitute a material breach of such instruments, contracts, documents or agreements;
                                         and/or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 16%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">result
                                         in the material violation of any law, regulation, rule, decree, order, judgment or instruction
                                         of any court, governmental authority, statutory authority or regulatory, administrative
                                         or supervisory agency (including but not limited to any relevant stock exchange or securities
                                         commission) or result in the violation of any obligation to such courts, governmental
                                         authorities, statutory authorities or regulatory, administrative or supervisory agencies
                                         (whether in the PRC or any other region, whether it is a party to or bound by such laws,
                                         regulations, rules, decrees, orders, judgments, instructions or obligation);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: -8.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
                                         and all the representations, warranties and undertakings under Appendix A hereto shall
                                         be separate and independent and free from any restriction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B, Party C and Party D further warrant and undertake with Party A that any and all the
                                         Warranties made by them hereunder are true and correct in all aspects as of the date
                                         hereof and will remain true and correct in all aspects as of the Closing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
                                         case of any event that results in or may result in any material violation of the Warranties
                                         or causes or may cause the Warranties to become untrue or incorrect at the time of capital
                                         increase and share capital expansion, the party making the Warranties shall immediately
                                         notify the other parties in writing upon its knowledge of the same and conduct investigations
                                         and/or take actions regarding such events or matters as reasonably required by the other
                                         parties;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Party
                                         B, Party C and Party D shall not take or permit or procure others to take any act or
                                         omission prior to the Closing so that the Warranties made by them may be materially violated
                                         as of the Closing or will become materially incorrect or misleading;</FONT></TD></TR></TABLE>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
                                         any party has obviously materially violated the Warranties or any other provision hereof
                                         at the time of or prior to the Closing, Party A may rescind this Agreement by a written
                                         notice to the breaching party; and if Party A rescinds this Agreement as agreed herein,
                                         Party A shall be indemnified for and held harmless from any and all the reasonable legal,
                                         financial and other cost and fees incurred by Party A in relation to this Agreement and
                                         claims.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 16.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
                                                                                                                                          <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Warranties made by Party B, Party C and Party D remain true and not misleading in all material aspects as of the Closing as if
the Warranties were always true and not misleading as of the Closing and on each day from the date of this Agreement to the Closing,
and the Warranties only regarding the matters taking place on the particular dates shall be true, complete and not misleading
in all material aspects on such particular days.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
                                         party has received any injunction or other order, decree or notice restricting or prohibiting
                                         the completion of the Transaction hereunder, and there is neither pending act aiming
                                         to restrict or prohibit the completion of the Transaction hereunder nor pending request
                                         for the damages related to this Agreement, or there is no person threatening to issue
                                         or adopt such injunction, other orders or acts.</FONT></TD></TR></TABLE>

    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD></TR></TABLE></DIV>

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