<SEC-DOCUMENT>0001019056-16-001297.txt : 20160505
<SEC-HEADER>0001019056-16-001297.hdr.sgml : 20160505
<ACCEPTANCE-DATETIME>20160505172044
ACCESSION NUMBER:		0001019056-16-001297
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20160505
DATE AS OF CHANGE:		20160505
GROUP MEMBERS:		CHONGQING LIANGJIAN NEW AREA STRATEGIC EMERGING INDUSTRIES E
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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-60651
		FILM NUMBER:		161625041

	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/A

	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/A
<SEQUENCE>1
<FILENAME>phicomm_13da3.htm
<DESCRIPTION>SC 13D/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Amendment
No. 3)</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></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; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">UTStarcom
Holdings Corp.</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/4pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></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">&#9;(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: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">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"></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">&#9;(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: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">918076100</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/4pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&#9;<U></U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(CUSIP
Number)</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 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: 0; padding-left: 0; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; padding-bottom: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu
                                         Guoping</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shanghai
        Phicomm Communication Co. Ltd.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">011-86-21-
        31183118</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt/4pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><U></U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">(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; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">April
29, 2016</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: 10pt Times New Roman, Times, Serif">(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"></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">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 &nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></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; letter-spacing: -0.1pt">&nbsp;</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; letter-spacing: -0.1pt"><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: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;</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; letter-spacing: -0.1pt">*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: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;</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; letter-spacing: -0.1pt">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">GU GUOPING</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"><FONT STYLE="font-family: Wingdings">x</FONT></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">AF</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">People&rsquo;s Republic of China</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">11,739,932</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">11,739,932</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">11,739,932</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">31.7%</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/4pt 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="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 -->2<!-- 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 -->


<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">Shanghai Phicomm Communication Co., Ltd.,</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"><FONT STYLE="font-family: Wingdings">x</FONT></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">People&rsquo;s Republic of China</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">11,739,932</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">11,739,932</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">11,739,932</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">31.7%</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/4pt 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 -->
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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 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">Phicomm Technology (Hong Kong) Co., Limited</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"><FONT STYLE="font-family: Wingdings">x</FONT></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">AF</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">Hong Kong</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">11,739,932</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">11,739,932</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">11,739,932</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">31.7%</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/4pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt/4pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 4; 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 -->4<!-- 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 -->


<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">The Smart Soho International Limited</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"><FONT STYLE="font-family: Wingdings">x</FONT></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">AF</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">Cayman Islands</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">11,739,932</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">11,739,932</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">11,739,932</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">31.7%</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>

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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">Chongqing
                                         Liangjian New Area Strategic Emerging Industries Equity Investment Fund 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"></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">WC</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>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Statement on Schedule 13D filed December 14, 2015 (the &ldquo;Statement&rdquo;) filed by Mr. Gu Guoping, <FONT STYLE="letter-spacing: -0.1pt">Shanghai
Phicomm Communication Co., Ltd. (&ldquo;Phicomm&rdquo;), Phicomm Technology (Hong Kong) Co., Limited (&ldquo;Phicomm HK&rdquo;),
</FONT>The Smart Soho International Limited (&ldquo;Smart Soho&rdquo; and, together with Gu Guoping, Phicomm and Phicomm HK, the
&ldquo;Phicomm Group&rdquo; ) and Chongqing Liangjian New Area Strategic Emerging Industries Equity Investment Fund Partnership
(Limited Liability Partnership) (the &ldquo;Fund&rdquo;) relating 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;), as amended
by Amendment No. 1 thereto filed December 22, 2015, and by Amendment No. 2 thereto filed January 19, 2016 solely by the Phicomm
Group, is hereby further amended with respect to the items set forth below in this Amendment No. 3. The members of the Phicomm
Group and the Fund are sometimes referred to individually as a Filing Person and collectively as the &ldquo;Filing Persons.&rdquo;
Otherwise, capitalized terms used herein without definition have the same meanings as those ascribed to them in the Statement.</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: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identity
    and Background</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
2 of the Schedule is hereby amended by the addition of the following information:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Schedule 13D (Amendment No. 3) is also filed by the Fund as an additional Filing Person. For certain information regarding the
Fund and certain rights held by the Fund under the Subscription Agreement and the Acquirer's Memorandum and Articles of Association
which may provide the Fund with beneficial ownership of the Issuer's Ordinary Shares, see the Schedule 13D as filed by the Phicomm
Group and the Fund on December 14, 2015.</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: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;6.</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>Contracts,
    Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
6 of the Schedule is hereby amended by the addition of the following information:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 29, 2016, the Phicomm Group entered into a Supplemental Agreement amending the Subscription Agreement between the
Phicomm Group and the Fund (the &ldquo;Supplemental Agreement&rdquo;). Pursuant to the Supplemental Agreement, the Phicomm Group
committed to complete the capitalization of the Acquirer in accordance with the requirements of the Subscription Agreement and
the Acquirer&rsquo;s purchase of all 11,739,932 Ordinary Shares from the Sellers by June 30, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with their execution of the Supplemental Agreement, as additional security for the performance of the Phicomm Group&rsquo;s
obligations under the Supplemental Agreement and Shanghai Phicomm&rsquo;s obligation to repurchase the shares of the Acquirer
held by the Fund in accordance with the requirements of the Subscription Agreement, the Phicomm Group made certain additional
commitments to the Fund and entered into the certain additional agreements with the Fund, as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Phicomm
                                         HK agreed to complete the procedures necessary to pledge its shares in Acquirer to the
                                         Fund within 15 working days after capitalizing the Acquirer;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</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 agreed to pledge RMB 300 million aggregate amount of accounts receivable to the
                                         Fund. The Supplemental Agreement provides that Shanghai Phicomm and the Fund will negotiate
                                         the details of the pledge, including identification of the accounts to be pledged, as
                                         soon as possible and enter into a Receivable Charge Agreement before June 30, 2016;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</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">Shanghai
                                         Phicomm entered into an Equity Charge Agreement with the Fund in which it also agreed
                                         to pledge its shares in Phicomm HK and to complete the procedures for the pledge by May
                                         6, 2016 (&ldquo;the Equity Charge Agreement&rdquo;);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</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">Acquirer
                                         entered into an Equitable Mortgage with the Fund pursuant to which Acquirer has agreed
                                         to pledge the 5,000,000 Ordinary Shares that it owns and to complete the required pledge
                                         procedures by May 6, 2016 (&ldquo;the Equitable Mortgage"); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</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">Mr.
                                         Gu Guoping entered into a Guarantee Contract (the &#8220;Guarantee&#8221;) pursuant to
                                         which Mr. Gu Guoping guaranteed the Phicomm Group&rsquo;s obligations under the
                                         Supplemental Agreement and Phicomm&#8217;s repurchase obligations under the Subscription
                                         Agreement.</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the foregoing documents, Acquirer&rsquo;s pledge of 5,000,000 Ordinary Shares will be released upon the later to
occur of Acquirer&rsquo;s completion of its purchase of the remaining 6,739,932 Ordinary Shares from the Sellers and Phicomm HK&rsquo;s
completion of its pledge of its shares of Acquirer to the Fund. However, following the Fund&rsquo;s release of the pledge of Acquirer&rsquo;s
Ordinary Shares, the Fund will retain the right to enforce Phicomm&rsquo;s pledge of its shares in Phicomm HK and/or Phicomm HK&rsquo;s
pledge of its shares in the Acquirer if the Phicomm Group does not perform their obligations under the Subscription Agreement,
as amended by the Supplemental Agreement (including Phicomm&rsquo;s obligation to repurchase the Fund&rsquo;s shares in Acquirer
in accordance with the Subscription Agreement). Enforcement of either pledge would result in the Fund becoming the sole direct
or indirect 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-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the Supplemental Agreement, the Filing Parties also confirmed that execution of the Supplemental Agreement does not affect
Phicomm&rsquo;s obligations under the Subscription Agreement to repurchase the Fund&rsquo;s shares in Acquirer. The Supplemental
Agreement provides that if the Filing Parties do not complete the capitalization of Acquirer and the purchase of the remaining
Ordinary Shares by June 30, 2016 or fail to perform their other obligations under the Supplemental Agreement or any of the other
agreements described above, the Fund can accelerate Phicomm&rsquo;s obligation to purchase the Fund&rsquo;s shares in Acquirer.
For information regarding the Fund&rsquo;s right to require Phicomm to purchase the shares in Acquirer held by the Fund, see Item
6 of the Filing Persons&rsquo; Schedule 13D as originally filed. Phicomm has agreed to pay the Fund CNY 3,000,000 upon any breach
of the Supplemental Agreement or any of the other agreements entered into by any of the Filing Parties in connection with the
Supplemental Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing descriptions in this Item 6 of certain material terms of the Supplemental Agreement, the Equitable Charge Agreement,
the Equitable Mortgage and the Guarantee 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 (Amendment No. 3) 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-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with Acquirer&rsquo;s pledge of its 5,000,000 Ordinary Shares to the Fund and Phicomm&rsquo;s agreement to pledge its
shares of Phicomm HK to the Fund, the Acquirer and Phicomm HK requested and obtained from the Shah Sellers a waiver of the restrictions
on pledges and other dispositions of the Ordinary Shares contained in the Purchase Agreement. A copy of the waiver letter is
an exhibit to this Schedule 13D (Amendment No. 3) and is hereby incorporated by reference into this Item 6. See Item 7.</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: 0.5in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item&nbsp;7.</B></FONT></TD>
    <TD STYLE="padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Material
    to be Filed as Exhibits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following documents are filed as exhibits to this Schedule 13D:</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: 10%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Document</U></B></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">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: justify">&nbsp;</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: 10pt Times New Roman, Times, Serif">99.8</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English
    translation of Supplemental Agreement dated April 29, 2016 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.</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: 10pt Times New Roman, Times, Serif">99.9</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English
    translation of Equity Charge Agreement dated April 29, 2016 between Chongqing Liangjian New Area Strategic Emerging
    Industries Equity Investment Fund Partnership (Limited Liability Partnership) and Shanghai Phicomm Communication Co., Ltd.</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: 10pt Times New Roman, Times, Serif">99.10</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English
    translation of Guarantee Contract dated April 29, 2016 between Chongqing Liangjian New Area Strategic Emerging Industries
    Equity Investment Fund Partnership (Limited Liability Partnership) and 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; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.11</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equitable
    Mortgage dated April 29, 2016 between The Smart Soho International, as Chargor and Chongqing Liangjian New Area Strategic
    Emerging Industries Equity Investment Fund Partnership (Limited Liability Partnership), as Chargee.</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-family: Times New Roman, Times, Serif; font-size: 10pt">99.12</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver
    and Consent Letter dated April 25, 2016</FONT></TD></TR>
</TABLE>






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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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-top: 0pt; margin-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
May 5, 2016</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>SHANGHAI
    PHICOMM COMMUNICATION CO., LTD.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; width: 3%; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> /s/</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu
    Guoping</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu Guoping</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>PHICOMM
    TECHNOLOGY (HONG KONG) CO., LIMITED.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu
    Guoping</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu Guoping</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sole Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE
    SMART SOHO INTERNATIONAL LIMITED</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> /s/</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu
    Guoping</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu Guoping</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sole Director</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GU
    GUOPING, individually</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 11pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu
    Guoping</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gu Guoping</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><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-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><FONT STYLE="font-size: 10pt"><BR>
    <FONT STYLE="text-transform: uppercase"><B>Strategic Emerging Industries </B></FONT><BR>
    <FONT STYLE="text-transform: uppercase"><B>Equity Investment Fund Partnership </B></FONT><BR>
    <FONT STYLE="text-transform: uppercase"><B>(Limited LIABILITY Partnership)</B></FONT></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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<DESCRIPTION>EXHIBIT 99.8
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<!-- 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-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: none"><B>Exhibit
99.8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: none">Equity
Capital Increasing Agreement</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Domicile:
No. 19, Yinglong Av., Longxing Town, Yubei District, Chongqing</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tel.: 023-63088083</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Address:
21F, Building T2, No. 2, Jiangbeizui Financial City, Jiangbei District, Chongqing</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: justify"><FONT STYLE="font-size: 10pt">Party
B: Shanghai Phicomm Communication Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Domicile:
No. 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">Legal Representative:
Gu Guo Ping</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tel.: 021-31183118</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Address:
<FONT>No. 3666, Sixian Road, Songjiang District, Shanghai</FONT></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: justify"><FONT STYLE="font-size: 10pt">Party
C:</FONT><FONT STYLE="font-size: 10pt"> Phicomm Technology (Hong Kong) Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Domicile:
Suite 1205-6, ICBC Tower, Citibank Plaza, 3 Garden Road, Central, Hong Kong</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tel.:
</FONT><FONT STYLE="font-size: 10pt">021-31183118</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Address:
<FONT>No. 3666, Sixian Road, Songjiang District, Shanghai</FONT></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: justify"><FONT STYLE="font-size: 10pt">Party
D: The Smart Soho International Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Domicile:
PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tel.:
021-31183118</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Address:
<FONT>No. 3666, Sixian Road, Songjiang District, Shanghai</FONT></FONT></P>

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<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"><B>Whereas:</B></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"><FONT STYLE="font-size: 10pt">On December
2, 2015, Parties A, B, C and D signed <I>Equity Capital Increasing Agreement</I> (hereinafter referred to as <I>Equity Capital
Increasing Agreement</I>). According to the agreement, Party A contribute capital of USD 28,175,836.80 to Party D, and Party C
contribute capital of USD 42,263,755.20 to Party D so that Party D can buy 11,739,932 ordinary shares of UTStarcom from its shareholder
including Shah Capital Management (hereinafter referred to as &rdquo; Equity Transferor&rdquo;). After capital increase, Party
A holds 40% of Party D&rsquo;s equity and Party C holds 60% of Party D&rsquo;s equity.</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"><FONT STYLE="font-size: 10pt">After Party
A contributed the capital to Party D according to above agreement, Party C fails to complete capital increase in full to Party
D within the period specified in <I>Equity Capital Increasing Agreement</I>, and Party D fails to buy all of above shares of UTStarcom
on schedule. Considering the delay of Party B, Party C and Party D in acquisition of UTStarcom shares under <I>Equity Capital
Increasing Agreement</I>, four parties sign <I>Supplemental Agreement </I>on 29 April 2016 in Chongqing as follows.</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 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: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">I.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Parties
                                         B, C and D undertake and guarantee that Party C contribute USD 40,439,592 to Party D
                                         in full not later than June 30, 2016, whereas Party D shall complete the delivery procedures
                                         for the undelivered portion of 11,739,932 ordinary shares held by the share transferor
                                         in UTStarcom not later than June 30, 2016.. Party C shall complete the charge procedure
                                         of 60% of its equity in Party D with Party A as Chargee within 15 working days upon payment
                                         aforesaid to Party D, and pay all cost incurred thereon so that Party A can become the
                                         legal chargee of above equity. For avoidance of doubt, four parties agree that execution
                                         hereof does not affect the right of Party A to require Party B to buy all shares of Party
                                         D held by Party A according to Article 6 of <I>Equity Capital Increasing Agreemen</I>t,
                                         and require Parties B, C and D and relevant guarantee to bear corresponding responsibilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: 49.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</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-size: 10pt">II.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                         ensure proper performance of their obligations under <I>Equity Capital Increasing Agreement
                                         </I>and <I>Supplemental Agreement</I> by Parties B, C and D, and ensure that Party B
                                         redeem the equity and Party A can receive the payment of redemption, and reasonable cost
                                         from realization of the creditor&rsquo;s rights smoothly, Parties B, C and D thereby agree
                                         to provide additional guarantee to Party A:</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: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(I)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         B agrees to charge the account receivables amounting to no less than RMB300 million to
                                         Party A.</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: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Negotiation
                                         between Party A and B on such details as charge method on account receivables and registration
                                         of charge on account receivables shall be carried out as soon as possible. Party B shall
                                         provide Party A with a list of account receivables amounting no less than RMB300 million
                                         whose payer shall also be acknowledged by Party A, as attachment to <I>Receivable Charge
                                         Agreement</I> to be executed by Party A and B before 30 June 2016.</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: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.2in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(II)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         B shall charge its shares in Party C as guarantee.</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: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         C warrant to cooperate with Party A to complete all procedures for charging equity of
                                         Party C before 6 May, 2016 (including but not limited to execution of relevant contracts,
                                         the approval, registration or filling, etc. with competent departments or local administrative
                                         and functional departments) so that the charge becomes effective and Party A can become
                                         the Chargee of above equity smoothly, and provide Party A with relevant evidences and
                                         documents indicating completion of the registration</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-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In
                                         the process of equity charge, if relevant party (including but not limited to relevant
                                         commercial registration authority of Hong Kong, etc.) is required to cooperate, or local
                                         intermediary or professional institute should be employed to assist, Party B shall be
                                         responsible for disposal of above matters and payment of relevant costs, and procure
                                         all parties to coordinate and perfect relevant procedures, without deliberate delay in
                                         completion of the procedure.</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-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Relevant
                                         costs from equity charge (including but not limited to registration fees, legal fees,
                                         announcement fee, notary fees, travel expenses, accommodation cost, postage fees, cost
                                         for intermediary, cost for third party or its employees, and administrative cost, other
                                         taxes and fees paid to relevant administrative departments or institutions) shall be
                                         borne by Party 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">&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: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.2in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(III)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         D shall provide charge to Party A on 5 million shares held by it in UTStarcom.</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: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         D warrants to cooperate with Party A to complete all procedures charging its 5 Million
                                         shares of UTStarcom before 6 May, 2016 (including but not limited to execution of contracts
                                         with relevant parties, approval, registration or filling, etc. with competent department
                                         or local administrative and functional authorities) so that the charge becomes effective
                                         and Party A can become the Chargee of above equity smoothly, and provide Party A with
                                         relevant evidences and documents indicating completion of the registration</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-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In
                                         the process of equity charge, if approval and cooperation of UTStarcom and its shareholders,
                                         or affiliated parties (including but not limited to Securities and Exchange Commission
                                         of USA, NASDAQ Security Transaction Registration Authority, etc.) are required, or local
                                         intermediary or professional institute should be employed to assist, Party D shall be
                                         responsible for disposal of above matters and payment of relevant costs, procure all
                                         parties to coordinate and perfect relevant procedures, without deliberate delay in completion
                                         of the procedure.</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-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Relevant
                                         costs from equity charge (including but not limited to registration fees, legal fees,
                                         announcement fee, notary fees, travel expenses, accommodation cost, postage fees, cost
                                         for intermediary, cost for third party or its employees, and administrative cost, other
                                         taxes and fees paid to relevant administrative departments or institutions) shall be
                                         borne by Party D.</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: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.2in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(IV)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gu
                                         Guoping, the actual controller of Party B, shall provide joint and several guarantee.
                                         Party B, Party C and Party D shall procure the actual controller of Party B to provide
                                         joint and several guarantee to Party A for all possible debts under <I>Equity Capital
                                         Increasing Agreement</I> and <I>Supplemental Agreement</I>, which may be borne by Party
                                         B, Party C and Party D to Party A.</FONT></TD></TR></TABLE>
                                         <!-- Field: Page; Sequence: 3; Value: 1 -->
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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-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         B shall procure Gu Guoping to sign <I>Guarantee Contract</I> with Party A upon execution
                                         hereof, and specify followings in <I>Guarantee Contract,</I> including but not limited
                                         to: (1) the Guarantor knows and agrees to provide joint guarantee for all debts of Party
                                         B, Party C and Party D under <I>Equity Capital Increasing Agreement </I>and <I>Supplemental
                                         Agreement</I>; (2) Party A shall be entitled to modify <I>Guarantee Contract </I>according
                                         to actual situations.</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-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Relevant
                                         costs from execution of <I>Guarantee Contract</I> (including but not limited to registration
                                         fee, lawyer fee, announcement fee, notarial fee, travel expense, hotel expense, post
                                         fee, the costs of intermediary employed, the third party or employee, and administrative
                                         expense and other taxes which should be paid to relevant governmental department or organization,
                                         etc.) shall be borne by Party 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">&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: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.2in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(V)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Supplementary
                                         guarantee measures set forth in Article II hereof shall cover:</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: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         amount payable to Party A for repurchase of the equity held by Party A due to Party B&rsquo;s
                                         violation of <I>Equity Capital Increasing Agreemen</I>t or <I>Supplemental Agreement
                                         </I>as well as its Overdue Fine.</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-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3,000,000
                                         CNY payable to Party A as Default Fine in Article 4 hereof and corresponding Overdue
                                         Fine, which shall be paid by Party B to Party A due to breach of <I>Equity Capital Increasing
                                         Agreement</I> or <I>Supplemental Agreement</I> by Party B, Party C or Party D.</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-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">All
                                         compensations paid by Party B to Party A for losses of Party A from breach of<I> Equity
                                         Capital Increasing Agreement </I>or <I>Supplemental Agreement</I> by Party B, Party C
                                         or Party D.</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-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">All
                                         costs from realizing above creditor&rsquo;s rights on account of asserting a claim by Party
                                         A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 49.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</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-size: 10pt">III.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Except
                                         the advance repurchase of equities in <I>Equity Capital Increasing Agreement</I>, in
                                         the case of failure to provide any supplementary guarantee timely and complete relevant
                                         procedures, or any fraud, concealing or fiction or discrepancy of facts in supply of
                                         supplementary guarantee measures by Party B, Party C or Party D, or failure to complete
                                         the equity purchase within deadline agreed in Article 1 of this Supplementary Agreement,
                                         or Default of Gu Guoping under <I>Guarantee Contract </I>signed with Party A, or failure
                                         of Party B, Party C and Party D or Gu Guoping, to exercise the right of guarantee under
                                         corresponding contract at the request of Party A, Party A can require Party B anytime
                                         to purchase all its equities in Party D according to relevant provisions in Article 6
                                         of <I>Equity Capital Increasing Agreement</I>, exempted from the restrictions on equity
                                         purchase or payment deadline under <I>Equity Capital Increasing Agreement</I>, and require
                                         Party B, Party C and Party D and relevant guarantor to undertake corresponding responsibility.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: 49.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</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-size: 10pt">IV.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         A shall be entitled to claim additional 3,000,000 CNY as Default Fine against Party B,
                                         which should be paid within 15 days, if Party B, Party C or Party D breaches <I>Supplementary
                                         Agreement</I> or Annexes hereto. The overdue interest shall be calculated at the rate
                                         of 10% per annum. Party C and Party D shall undertake joint and several obligation of
                                         payment. Above Default Fine shall be minimal estimation of possible losses of Party A
                                         from breach of contract by Party B, Party C or Party D. Therefore, any party shall not
                                         reduce above Default Fine with excuses such as serious misunderstanding, obvious unfairness,
                                         etc.</FONT></TD></TR></TABLE>
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<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-size: 10pt">V.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Anything
                                         unmentioned herein shall be subject to <I>Equity Capital Increasing Agreement</I> signed
                                         by four parties; <I>Supplementary Agreement</I> shall prevail in the case of confliction
                                         with <I>Equity Capital Increasing Agreement</I>.</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: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">VI.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Supplementary
                                         Agreement </I>is in octuplicate, effective after signing and affixing seal by authorized
                                         representative of each party, held by each party equally, with same legal force.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt">Appendix
I: <I>Guarantee Contract</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Appendix II: E<I>quity Charge
Agreement</I></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-size: 10pt">Appendix III: Equitable Mortgage</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt"><FONT STYLE="font-size: 10pt">(No Text Below, Execution
Page of <I>Supplementary Agreement to Equity Capital Increasing Agreement</I>)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt"></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 NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Party A</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Signature: </FONT>&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Zhang Jun&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; width: 93%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Authorized Signatory: Zhang jun</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Title: Executive Partner Representative</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Address for Service:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Party B</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Signature: </FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Gu Guoping</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Authorized Signatory: Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Title: Chairman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Address for Service:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Party C</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Signature: </FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Gu Guoping</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Authorized Signatory: Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Address for Service:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Party D</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Signature: </FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Gu Guoping</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10.5pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Authorized Signatory: Gu Guoping</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Title: Sole Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-size: 10.5pt"><FONT STYLE="font-size: 10pt">Address for Service:</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"><B>Exhibit 99.9</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: center"><FONT STYLE="font-size: 10pt"><B>Equity Charge
Agreement</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Domicile: No. 19, Yinglong Av.,
Longxing Town, Yubei District, Chongqing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Director: Zhang Jun</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Liaison: Long Zhenzhu</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Tel.: 023-63088083</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Address: 21F, Building T2, No.
2, Jiangbeizui Financial City, Jiangbei District, Chongqing</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"><FONT STYLE="font-size: 10pt">Party
B: Shanghai Phicomm Communication Co., Ltd. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Domicile:
No. 3666, Sixian Road, Songjiang District, Shanghai </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Legal Representative: Gu Guoping</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Liaison: Gu Wenyuan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Tel.: 021-31183118</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Address: No.3666, Sixian Road,
Songjiang District, Shanghai</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"><FONT STYLE="font-size: 10pt"><B>Whereas:</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On December
2, 2015, Parties A and B, Phicomm Technology (Hong Kong) Co., Ltd. (hereinafter referred to as Hong Kong Phicomm), and The Smart
Soho International Limited (hereinafter referred to as &ldquo;Smart Soho&rdquo;) signed <I>Equity Capital Increasing Agreement
</I>(hereinafter referred to as <I>Equity Capital Increasing Agreement</I>). According to the agreement, Party A contributes USD
28,175,836.80 to Party D Smart Soho, and Hong Kong Phicomm contributes USD 42,263,755.20 to Smart Soho so that Smart Soho can
buy 11,739,932 ordinary shares of UTStarcom from its shareholder including Shah Capital Management (hereinafter referred to as
&ldquo;Equity Transferor&rdquo;). After capital increase, Party A holds 40% of Smart Soho&rsquo;s equity and Hong Kong Phicomm
holds 60% of Smart Soho&rsquo;s equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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">After Party
A contributes the capital to Smart Soho according to above agreement, Hong Kong Phicomm fails to complete capital increase in
full to Smart Soho within the period specified in <I>Equity Capital Increasing Agreement</I>, and Smart Soho fails to buy all
of above shares of UTStarcom as scheduled. Considering the delay of Party B, Hong Kong Phicomm and Smart Soho in acquisition of
UTStarcom shares under <I>Equity Capital Increasing Agreement</I>, Party A and Party B reached agreements on 29 April 2016
in Chongqing as follows.</FONT></P>

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<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"><FONT STYLE="font-size: 10pt"><B>Article 1</B> Main Contract</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         B knows and acknowledges <I>Equity Capital Increasing Agreement</I> signed by Party A
                                         and Party B, Hong Kong Phicomm as well as Smart Soho, <I>Supplemental Agreement</I> signed
                                         by above parties on 29 April 2016, and relevant contacts.</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: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         B knows the obligations of Party B, Hong Kong Phicomm and Smart Soho under E<I>quity
                                         Capital Increasing Agreement</I> and relevant documents (including but not limited to
                                         <I>Supplemental Agreement</I>, modification agreement, mediation documents, written judgment,
                                         etc.) [<I>Equity Capital Increasing Agreement</I> and relevant documents are referred
                                         to as &ldquo;Main Contract&rdquo; hereinafter], and the joint liabilities of Hong Kong
                                         Phicomm and Smart Soho (including but not limited to redemption obligations or obligations
                                         to refund investment and compensate for loss, etc.).</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: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Party
                                         A knows that Shanghai Phicomm and Hong Kong Phicomm promise to contribute USD 40,439,592
                                         in full not later than June 30, 2016, whereas Smart Soho shall complete the delivery
                                         procedures for the undelivered portion of 11,739,932 ordinary shares held by the share
                                         transferor in UTStarcom not later than June 30, 2016.</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: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In
                                         the case of change in liability of Default, type and amount of compensation and payment
                                         responsibility in default, calculation method of Default Fine, interest rate adjustment,
                                         period adjustment, triggering conditions, payment or repayment modes under Main Contract,
                                         relevant document confirmed by more than one parities including Party A, Party B, Hong
                                         Kong Phicomm and Smart Soho shall apply(including but not limited to supplemental agreement,
                                         agreement modification, mediation documents, written judgment, etc.). Party B irreversibly
                                         and unconditionally acknowledges the change in guarantee rights and obligations caused
                                         by the change of above documents.</FONT></TD></TR></TABLE>



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

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<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-size: 10pt"><B>Article 2 </B>Charged Equity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For the purpose hereof,
the charged equity refers to 100% of the equity held by Party B in Hong Kong Phicomm.</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As of execution hereof,
the charged equity is not involved with any existing or impending lawsuit, arbitration or administrative procedure, charge, mortgage
or other encumbrances or other third party rights, or sealing, freezing, detention, execution, and other compulsory measure or
security measures of court, arbitral institution or other authorities; and the charged equity is the property legally held by
the Chargor and may be disposed according to this agreement.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Article 3 </B>About Equity
Charge</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B undertakes that
Party B irrevocably charges 100% of Hong Kong Phicomm&rsquo;s equity held legally by Party B, with Party A as Chargee, after consent,
approval and authorization of Party B&rsquo;s internal organization of authority, without any legal defect.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B undertakes that,
from effectiveness hereof to 6 May, 2016, 100% of Hong Kong Phicomm&rsquo;s equity held legally by it is charged to Party A, all
procedures for equity Charge are completed (including but not limited to execution of contracts, approval, registration or filling,
etc. with competent department or local administrative and functional department) so that the charge becomes effective and Party
A can become the Chargee of above equity smoothly, relevant evidences and documents indicating completion of registration is provided
to Party A, the charged equity is recorded in Register of Shareholders, and the equity certificate is kept by Party A.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parties confirm and agree
that, during the charge period, without written consent of Party A, Party B shall not dispose 100% equities of Hong Kong Phicomm
in any form wholly or partially (including but not limited to transfer, gifting, charge), and not modify the equity structure,
amount of shares, total amount of shares, share nature of Hong Kong Phicomm (including but not limited to share splitting, share
exchange, share reduction, etc.) in any form.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">From execution hereof to
the termination of the Charge hereunder, without written consent of the Chargee, the Chargor shall ensure that Hong Kong Phicomm
does not engage in any activity with material adverse effect on the assets, business or responsibility of the Chargor , or take
any action with material adverse effect on the assets, business or responsibility of Hong Kong Phicomm.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If any event occurs or similar
notice is serviced, with material adverse effect on the charged equity or its right, or which may change in obligation of the
Chargor hereunder. In such case, the Chargor should notify the Chargee timely and act according to reasonable instruction of the
Chargee.</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: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parties confirm and agree
that during the charge period, Party A must be informed of all board resolutions of Hong Kong Phicomm within three days after
they are made.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parties confirm and agree
that, during the charge period, without written consent of Party A, Party B shall exercise the stockholder&rsquo;s right to ensure Hong
Kong Phicomm not to distribute profit in any form.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Parties confirm and agree
that, during the charge period, Party A shall be entitled to require Party B anytime to obtain<I> Articles of Association</I>,
financial statements and relevant documents of Hong Kong Phicomm by exercising stockholder&rsquo;s right.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except for the guarantee
mode specified herein, if other guarantee is provided under Main Contract, Party A shall be entitled to preferentially exercise
the guarantee right hereunder. Party B shall not require Party A to preferentially exercise other guarantee right (including the
guarantee provided by Party B, Hong Kong Phicomm and Smart Soho). If Party A waives or modifies other guarantee under Main Contract
for any reason, Party B agrees that its guarantee liability hereunder is not exempted or reduced.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Even if one or more documents
under Main Contract is judged to be invalid for any reason, Party B irreversibly agrees to bear guarantee liability to Party A
for all legal liability and payment obligation of Party B, Hong Kong Phicomm and Smart Soho specified in such documents.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">During completion of the
charge procedure, relevant party (including but not limited to relevant commercial registration authority of Hong Kong, etc.)
is required to cooperate, or it is required to employ local intermediary or professional institute where equity is registered,
Party B shall be responsible for handling above matters and pay relevant costs, procure all parties to cooperate and perfect relevant
procedures, and not delay the completion of procedures deliberately with such excuse.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Relevant costs from equity
charge (including but not limited to registration fees, legal fees, announcement fee, notary fees, travel expenses, accommodation
cost, postage fees, cost for intermediary, cost for third party or its employees, and administrative cost, other taxes and fees
paid to competent administrative departments or institutions,) shall be borne by Party B.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Article 4 </B>Scope of Charge
Guarantee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amount
                                         repaid (paid) for redemption, investment refunded, and compensation, Default Fine, interest
                                         or default interest paid by all parties to Party A under Main Contract.</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: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Costs
                                         (Legal fare, arbitration fee, compulsory execution fee, security expenses, guarantee
                                         cost, announcement fee, service fee, counsel fee, valuation fee, appraisal fee, auction
                                         fee, notary fees, travel expenses, telecommunication fee, printing fee, etc) and other
                                         expenses incurred by Party A for realization of the creditor&rsquo;s rights under Main
                                         Contract as well as all other payables.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Party B
shall bear joint and several liability for settlement within above charge scope, and fully understands and accepts component of
above costs or the calculation method and determination standard specified in relevant documents, and waives defense in pretext
of against too high costs or unreasonable amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15.75pt; text-align: justify"><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>Article 5 </B>Realization
of Charge Right</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Party B, Hong Kong Phicomm
or Smart Soho fails to perform relevant contractual obligations under Main Contract, Party A shall be entitled to dispose the
charged equity hereunder according to relevant laws and regulations.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If disposal proceedings
of the charged equity is not enough to repay the debt and cost, Party A shall be entitled to claim the difference legally.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Article 6 </B>Termination
of Charge Right</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"><FONT STYLE="font-size: 10pt">Parties
confirm and agree that the charge right hereunder shall be terminated in one of following cases:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The charge right hereunder
will be terminated if Party B, Hong Kong Phicomm and Smart Soho does not breach Main Contract and fulfill their obligations under
Main Contract.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Party B provides equivalent
guarantee or charge after written consent of Party A, which is enough to replace the equity charge hereunder with written acknowledge
of Party A, and relevant registration procedures are completed, then the charge right hereunder can be terminated.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B></B></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"><B>Article 7 </B>Warranty and
Undertaking</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each party warrants to the
other party that it has obtained all necessary authorizations, and all necessary approvals or authorizations have been obtained
in execution hereof (including but not limited to governmental approval, approval or authorization of Board of Shareholders and
Board of Directors). After execution and stamping hereof, either party shall not allege that the Agreement is invalid for no approval
or authorization is obtained.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each party warrants to the
other party that its execution and performance hereof do not violate other contract, agreement and legal instrument signed with
other parties. After effectiveness hereof, either party shall not allege that the Agreement is invalid or refuse to perform its
obligation hereunder in the pretext of no necessary authorization for execution hereof or violation of other contract, agreement
and legal instrument signed between other parties.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Article 8 </B>Responsibility
of Default</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"><FONT STYLE="font-size: 10pt">After execution
hereof, Parties shall perform its obligation actively, any violation hereof and warranty clauses shall constitute default, and
Default Party shall compensate for the loss of Non-default Party wherefrom.</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>Article 9 Applicable Law
and Settlement of Dispute </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The execution, validity,
modification, construction, perforation, and termination hereof, and settlement of any dispute arising from or in connection herewith
shall be governed by and construed according to law of People&rsquo;s Republic of China (for the avoidance of doubt, only including
Chinese Mainland, excluding the laws of Hong Kong and Macao Special Administrative Regions and Taiwan).</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any dispute arising from
or in connection herewith, including the existence, validity or termination hereof, shall be submitted to China International
Economic and Trade Arbitration Commission (CIETAC) for arbitration based on its arbitration rule (&ldquo;Rule&rdquo;). According
to the rule, three (3) arbitrators shall be appointed for final settlement. The venue of arbitration shall be Beijing. If the
rule is unavailable, the applicable local procedure shall apply. The award of arbitration court, including arbitration on arbitration
fees, shall be final and binding on Parties. Except for the provisions submitted for arbitration, other provisions hereof shall
continue to be performed, however, the arbitration procedure does not hinder either party from exercising its right to terminate
the Agreement.</FONT></TD>
</TR></TABLE>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Article 10 </B>Modification
and Termination hereof</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt; text-align: justify">&nbsp;</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">During the valid period
hereof, the Agreement can be modified or terminated by consensus between Parties.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For modification and termination
hereof, a written agreement must be concluded by consensus between Parties, and effective upon completion of necessary procedures
such as execution thereof and seal affixation with seal thereon.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Article 11 </B>Notice and
Service</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any notice or all communications
in connection with the Agreement, including but not limited to lawsuit and arbitration instruments, shall be delivered to other
party in written according to the address provided in the first page hereof. In the case of change in its address and telephone,
the party shall give a written notice to the other party within ten days, otherwise, other party shall be deemed to have performed
notice obligation upon giving the notice according to previous address, and the changing party shall bear corresponding legal
liability.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If one party holds that
the headline in the mail cover is inconsistent with text of the mail, the party shall give a written notice to the other party
within three working days after reception of the mail, failing which the mail cover shall be deemed consistent with text of the
mail.</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">
<TD STYLE="width: 0%; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For delivery of any notice
or all communications in connection with the Agreement (including but not limited to all data, notice, and other instruments issued
by the arbitration agency, or written data issued by the court), the return date shall be deemed as the delivery date if they
are returned for any reason including the rejection or error address of the other party or its agent, etc.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 10pt"><B>Article 12 Execution, Effectiveness
and Others </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Agreement
may be executed in 3 counterparts, held by each party and one for registration purpose. Each counterpart has same legal force.
Party A and Party B acknowledge terms and conditions hereof without any objection or doubt hereto.</FONT></P>

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<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-indent: 0.5in; text-align: justify"><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>Special
Tips: Party B confirms that it has understood all provisions hereof fully and accurately, without any misleading, ambiguity or
threat that violates Party B&rsquo;s true intention due to coerce. Execution hereof does not influence the rights of Party A to
require Party B to buy all shares held by Party A in Smart Soho according to Article 6 of Equity Capital Increasing Agreement,
and require Party B, Shanghai Phicomm, Hong Kong Phicomm, Smart Soho and relevant guarantor to bear corresponding responsibilities.
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.9pt; text-align: justify"><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">Party A (Seal):</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Director (Authorized Representative):
Zhang Jun</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><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">Party B (Seal): Shanghai Phicomm
Communication Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Legal Representative (Authorized
Representative): Gu Guoping</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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">Annexes:</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"><FONT STYLE="font-size: 10pt">1.<I> Equity Capital Increasing
Agreement</I></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"><FONT STYLE="font-size: 10pt">2. <I>Supplemental Agreement
to Equity Capital Increasing Agreement</I></FONT></P>

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<DESCRIPTION>EXHIBIT 99.10
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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="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.10</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 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Guarantee
Contract</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Domicile:
</B>No. 19, Yinglong Av., Longxing Town, Yubei District, Chongqing</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tel.:
</B>023-63088083</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Address:
</B>21F, Building T2, No. 2, Jiangbeizui Financial City, Jiangbei District, Chongqing</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"><FONT STYLE="font-size: 10pt"><B>Party
B: </B>Gu Guoping</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ID Card
No.: </B>310227197705171615</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Address:
</B>Room 601, No.38, Lane 838, Liangcheng Road, Hongkou District, Shanghai</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tel.:
</B>021-31183118</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Contact
Data: </B>021-31183118</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Address:
</B>No. 3666, Sixian Road, Songjiang District, Shanghai</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"><FONT STYLE="font-size: 10pt"><B>Whereas:
</B></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"><FONT STYLE="font-size: 10pt">On December
2, 2015, four parties Chongqing Liangjiang New Area Strategic Emerging Industries Equity Investment Fund Partnership (Limited
Liability Partnership) (hereinafter referred to as &ldquo;Party A&rdquo;), Shanghai Phicomm Communication Co., Ltd. (hereinafter
referred to as &ldquo;Shanghai Phicomm&rdquo;), Phicomm Technology (Hong Kong) Co. Ltd. (hereinafter referred to as &ldquo;Hong
Kong Phicomm&rdquo;) and The Smart Soho International Limited (hereinafter referred to as &ldquo;Smart Soho&rdquo;) signed <I>Equity
Capital Increasing Agreement</I> (hereinafter referred to as Capital Increase Agreement). According to the agreement, Party A
contributes USD 28,175,836.80 to Smart Soho, and Hong Kong Phicomm contributes USD 42,263,755.20 to Smart Soho so that Smart Soho
can buy 11,739,932 ordinary shares of UTStarcom from its shareholder including Shah Capital Management (hereinafter referred to
as &ldquo;Equity Transferor&rdquo;). After capital increase, Party A holds 40% of Smart Soho&rsquo;s equity and Hong Kong Phicomm
holds 60% of Smart Soho&rsquo;s equity.</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"><FONT STYLE="font-size: 10pt">After Party
A contributed the capital to Smart Soho according to above agreement, Hong Kong Phicomm fails to complete capital increase in
full to Smart Soho within the period specified in <I>Capital Increase Agreement</I>, and Smart Soho thus fails to buy all of above
shares of UTStarcom as scheduled. Considering Shanghai Phicomm, Hong Kong Phicomm and Smart Soho delays in buying the shares of
UTStarcom according to <I>Capital Increase Agreement</I>, to guarantee Party A&rsquo;s interest in<I> Capital Increase Agreement</I>,
Party B provides Party A with irrevocable joint guarantee for possible breach of contract, liability of compensation, or payment
obligation of Shanghai Phicomm, Hong Kong Phicomm and Smart Soho under <I>Capital Increase Agreement</I> and relevant documents
(including but not limited to supplemental agreement, modification agreement, mediation documents, written judgment, etc.) [<I>Capital
Increase Agreement</I> and relevant documents are referred to as &ldquo;Main Contract&rdquo; hereinafter]. To define Parties&rsquo;
rights, obligations and Responsibility of Default, Party A and Party B conclude following conditions and terms in Chongqing on
29 April, 2016 on the basis of free will, fairness, equity, good faith and in other legal principle after friendly consultation.</FONT></P>

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<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; 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"><B>Article 1
Main Contract</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party
                                         B knows and acknowledges <I>Capital Increase Agreement</I> signed by Party A and Shanghai
                                         Phicomm, Hong Kong Phicomm and Smart Soho, the supplemental agreement signed by above
                                         parties on 29 April, 2016, and relevant contacts.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B knows relevant obligations
of Shanghai Phicomm under Main Contract, and the joint liabilities of Hong Kong Phicomm and Smart Soho (including but not limited
to redemption obligations and obligations to refund investment and compensate for loss, etc.).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party A knows that Shanghai
Phicomm and Hong Kong Phicomm promise to contribute USD 40,439,592 in full not later than June 30, 2016, whereas Smart Soho shall
complete the delivery procedures for the undelivered portion of 11,739,932 ordinary shares held by the share transferor in UTStarcom
not later than June 30, 2016.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">1.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the case of change in
liability of Default, type and amount of compensation and payment responsibility in default, calculation method of Default Fine,
interest rate adjustment, period adjustment, triggering conditions, payment or repayment modes under Main Contract, relevant document
confirmed by more than one parities including Party A, Shanghai Phicomm, Hong Kong Phicomm and Smart Soho shall apply (including
but not limited to supplemental agreement, agreement modification, mediation documents, written judgment, etc.). Party B irreversibly
and unconditionally acknowledges the change in guarantee rights and obligations caused by the change of above documents.</FONT></TD>
</TR></TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">2.1</FONT></TD><TD><FONT STYLE="font-size: 10pt">Scope of Party B&rsquo;s
Guarantee:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">2.1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Amount to be repaid (paid)
for buyback, investment refunded, and compensation, liquidated damages, interest or default interest paid by all parties to Party
A under Main Contract (for the avoidance of doubt, above guarantee covers Default Fine and overdue interest under Article 4 of
the supplemental agreement to<I> Equity Capital Increasing Agreement</I>).</FONT></TD>
</TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">2.1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Costs (Legal fare, arbitration
fee, compulsory execution fee, security expenses, guarantee cost, announcement fee, service fee, counsel fee, valuation fee, appraisal
fee, auction fee, notary fees, travel expenses, telecommunication fee, printing fee, etc) and other expenses incurred by Party
A for realization of the creditor&rsquo;s rights under Main Contract and the guarantee interest hereunder.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-size: 10pt">Party
B shall bear joint liability for satisfaction within above Guarantee Scope, and fully understands and acknowledges components
of above costs or the calculation method and determination standard specified in relevant documents, and waives defense in pretext
of too high costs or unreasonable amount.</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"><B>Article
3 Guarantee Type </B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">3.1</FONT></TD><TD><FONT STYLE="font-size: 10pt">Party B provides joint guarantee.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Except specified herein,
if other guarantee is provided under Main Contract, Party A shall be entitled to exercise guarantee right hereunder preferentially
at its discretion, and require Party B to bear joint guarantee liability. Party B shall not request Party A to exercise other
guarantee rights (including various guarantees provided by Shanghai Phicomm, Hong Kong Phicomm and Smart Soho) in advance.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Party A waives or modifies
other guarantee under Main Contract for any reason, Party B agrees that its guarantee liability hereunder should not exempted
or reduced.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">3.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Even if one or more documents
under Main Contract is judged to be invalid for any reason, Party B irreversibly agrees to bear joint guarantee liability to Party
A for all legal liabilities and payment obligation of Shanghai Phicomm, Hong Kong Phicomm and Smart Soho specified in such documents.</FONT></TD>
</TR></TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Guarantee Period hereunder
shall start from effectiveness hereof to the end of two years upon expiry of the payment term of all creditor&rsquo;s rights within
Guarantee Scope hereunder.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Party A terminates Main
Contract due to the default of Shanghai Phicomm, Hong Kong Phicomm and Smart Soho, Guarantee Period of Party B shall start from
effectiveness hereof to the end of two years upon the termination of Main Contract.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event that Party
A exercises its right to require Shanghai Phicomm to redeem the share of Smart Soho held by Party A and require payment for the
redemption due to the default of any of Shanghai Phicomm, Hong Kong Phicomm and Smart Soho during fulfillment of one or more document
under Main Contract, Party B shall bear guarantee liability as required by Party A.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">4.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Party A agrees to grant
grace to all or partial liabilities of Shanghai Phicomm, Hong Kong Phicomm and Smart Soho under Main Contract, Party B shall continue
to bear guarantee liability, and Guarantee Period shall be extended to the end of two years upon expiry of grace period specified
in <I>Liability Repayment Extension Agreement</I>.</FONT></TD>
</TR></TABLE>



<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"><B>Article
5 Rights and Obligations of Party A</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party A shall be entitled
to know the assets, liabilities and financial activities of Party B and require Party B to provide reasonable asset information.
Party B shall provide above data within 5 working days after request from Party A.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event that Shanghai
Phicomm, Hong Kong Phicomm and Smart Soho should undertake the liability specified in Article 2.1 hereof according to relevant
document under Main Contract due to their any default, Party A shall be entitled to require Party B to bear the joint guarantee
liability specified herein.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the event that Party
B bears the liability specified in Article 2.1 hereof to Party A according to relevant document under Main Contract due to its
failure to perform its obligations hereunder timely, Party A can require Party B to bear guarantee liability directly and shall
be entitled to disclose the default of Party B.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">5.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If Party A transfers the
creditor&rsquo;s rights under Main Contract to third party, Party A promises to bear the guarantee liability for the creditor&rsquo;s
rights according to the period and mode specified herein after the transfer.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">5.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party A shall be entitled
to modify all contents of Main Contract after consultation with Shanghai Phicomm, Hong Kong Phicomm and Smart Soho. If Main Contract
is modified, Party B irreversibly and unconditionally agree to provide joint guarantee for the obligation and liability of Shanghai
Phicomm, Hong Kong Phicomm and Smart Soho under the modified main contract, whether the original Guarantee Scope is expanded or
not.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">5.6</FONT></TD><TD><FONT STYLE="font-size: 10pt">Party A shall notice Party
B of Party B&rsquo;s all obligations by written letter, telephone, fax or email.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Article
6 Rights and Obligations of Party B</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B shall ensure that
it has ability for both legal civil right and civil conduct at execution hereof and during validity period hereof and within 5
years after expiration of Guarantee Period.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B shall ensure that
its execution and fulfillment hereof do not break any rules or regulations binding on Party B and its property, any guarantee
agreement signed by Party B with others, any other agreement and document, agreement and commitment binding on Party B.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any document, statement,
voucher and other material provided by Party B to Party A are true, accurate, lawful, complete and valid.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B knows and agrees
on all terms and conditions of Main Contract, and guarantees for Shanghai Phicomm, Hong Kong Phicomm and Smart Soho voluntarily.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B shall ensure not
to provide any guarantee beyond its guarantee capability for any third party in any form during the valid period hereof.</FONT></TD>
</TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B shall give an written
notice to Party A within 2 days after any change in legal status of Party B (including but not limited to divorce, serious disease,
being suspected of criminal offence, other significant lawsuit or arbitration, etc.) or any other conditions enough to threaten
or impair its guarantee ability.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party B shall bear relevant
costs hereunder, including but not limited to legal fare, arbitration fee, compulsory execution fee, security expenses, guarantee
cost, announcement fee, service fee, counsel fee, valuation fee, appraisal fee, auction fee, notary fees, travel expenses, telecommunication
fee, printing fee, etc.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Party A shall be entitled
to require Party B to bear guarantee liability in advance, provided that Party A considers Party B&rsquo;s violation of one or
more of Article 6.1, 6.2, 6.3, 6.4 and 6.5 may endanger the realization of its rights.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Article
7 Responsibility of Default</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Party A
and Party B shall perform their own obligations hereunder after execution hereof. Either party should be liable to Default and
compensate the other party for loss wherefrom in the case of failure to perform its obligations hereunder partially or completely.</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: center"><FONT STYLE="font-size: 10pt"><B>Article
8 Supplementary Articles</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">8.1</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Contract shall come
into effect from execution or stamping hereof by Parties.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The supplemental agreement
hereto can be signed if Party A and Party B reach agreement through negotiation, and shall be deemed as modification hereto.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">8.3</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Contract is in duplicates,
held by each party, with same legal force.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">8.4</FONT></TD><TD><FONT STYLE="font-size: 10pt">Party A and Party B accept
terms and conditions hereof without any objection or doubt.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Article
9 Applicable Law and Settlement of Dispute</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Contract shall be governed
by and construed in accordance with the laws of the People&rsquo;s Republic of China (for the purpose hereof, excluding the laws
of Hong Kong and Macao Special Administrative Regions and Taiwan).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any dispute arising from
or in connection with this contract, including the existence, validity or termination hereof, shall be submitted to China International
Economic and Trade Arbitration Commission (CIETAC) for arbitration based on its arbitration rule (&ldquo;Rule&rdquo;). According
to the rule, three (3) arbitrators shall be appointed for final settlement. The venue of arbitration shall be Beijing. If the
rule has not been determined, applicable local procedure can be adopted. The award of arbitration court, including arbitration
on the arbitration fees, shall be final and binding on Parties. Except for the provisions submitted for the arbitration, other
provisions hereof shall continue to be performed, provided that the arbitration procedure does not hinder either party from exercising
its right to terminate this contract.</FONT></TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any notice or all communications
in connection with this contract, including but not limited to lawsuit and arbitration instruments, shall be delivered to other
party in written according to the address provided in the first page hereof . In the case of change in its address and telephone,
the party shall give a written notice to the other party within ten days, otherwise, other party shall be deemed to have performed
notice obligation upon giving the notice according to previous address, and the changing party shall bear corresponding legal
liability.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If one party considers that
the headline provided in the mail cover is not in accordance with text of the mail, the party shall give a written notice to the
other party within three working days after reception of the mail, failing which the mail cover shall be deemed conformable with
text of the mail.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">10.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For delivery of any notice
or all communications in connection with this contract, except for the notary office&rsquo;s documents verifying the debt, other
documents and data (including but not limited to all data, notice, and other legal instrument issued by the arbitration agency,
or written data issued by the court), the return date shall be deemed as the delivery date if they are returned for any reason
including the rejection or error address of the other party or its agent, etc.</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Special
Tips: Party B is the actual controller of Shanghai Phicomm. As Party B&rsquo;s irreversible prior confirmation of its guarantee
liability hereunder and the possible change of the guarantee rights is precondition for Party A and Shanghai Phicomm, etc. to
sign relevant agreement. Prior confirmation of the guarantee liability, Guarantee Scope, Guarantee Period, and possible guarantee
change is the expression of Party B&rsquo;s true intention. Party B confirms that it has understood all provisions hereof fully
and accurately, which do not have any misleading or ambiguous content or any content violating Party B&rsquo;s true meaning. Signature
of this guarantee contract does on influence the rights of Party A to require Shanghai Phicomm to buy all shares held by Party
A in Smart Soho according to Article 6 of Equity Capital Increasing Agreement, and require Party B, Shanghai Phicomm, Hong Kong
Phicomm, Smart Soho and relevant guarantor to bear corresponding responsibilities.</B></FONT></P>

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

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<TD NOWRAP STYLE="width: 17.33pt; text-align: left"><FONT STYLE="font-size: 10pt">Enclosed:</FONT>&nbsp;&nbsp;&nbsp;</TD><TD NOWRAP><FONT STYLE="font-size: 10pt">Annex I <I>Equity Capital
Increasing Agreement</I></FONT></TD>
</TR>     <TR STYLE="vertical-align: top">
<TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP><FONT STYLE="font-size: 10pt">Annex II
<I>Supplemental Agreement to Equity Capital Increasing Agreement</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 34.66pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><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"><B>[Not
Text Below, Followed by Execution Page] </B></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"><FONT STYLE="font-size: 10pt"><B>[Not
Text Below, Execution Page of Guarantee Contract] </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Party A: Chongqing
Liangjiang New Area Strategic Emerging Industries Equity Investment Fund Partnership (Limited Liability Partnership)&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Date: April
29, 2016</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Signature: <U>/s/
Gu Guoping&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Date: April
29, 2016</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>5
<FILENAME>ex99_11.htm
<DESCRIPTION>EXHIBIT 99.11
<TEXT>
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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 -->



<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="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit
    99.11</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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">The
                                         Smart Soho International Limited</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(as
        the <B><I>Chargor</I></B>)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt">and</FONT></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">Chongqing
        Liangjiang New Area Strategic Emerging Industries Equity Investment Fund Partnership (Limited Liability Partnership)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(as
        the <B><I>Chargee</I></B>)</FONT></P></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-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 13%; padding: 10pt 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 74%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 10pt 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">EQUITABLE
                                         MORTGAGE</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">over
        registered shares in a Cayman Islands exempted company</FONT></P></td>
    <TD STYLE="vertical-align: top; width: 13%; padding: 10pt 5.4pt; font: 10pt Times New Roman, Times, Serif; 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="3" 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="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="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 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt">WARNING</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt">THE
        TAKING OR SENDING BY ANY PERSON OF AN ORIGINAL OF THIS DOCUMENT INTO THE CAYMAN ISLANDS MAY GIVE RISE TO THE IMPOSITION
        OF CAYMAN ISLANDS STAMP DUTY</FONT></P></td></tr>
</table>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">Content</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; font-weight: normal; text-align: left"><A HREF="#phicomma001_v1">1</A></TD>
    <TD STYLE="width: 80%; font-weight: normal"><A HREF="#phicomma001_v1">Interpretation</A></TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: normal; text-align: right">1</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma002_v1">2</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma002_v1">Creation of security</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">3</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma003_v1">3</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma003_v1">Representations</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">4</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma004_v1">4</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma004_v1">Covenants</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma005_v1">5</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma005_v1">Shares</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">6</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma006_v1">6</A></TD>
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma006_v1">When security becomes enforceable</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">6</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma007_v1">7</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma007_v1">Enforcement of security</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">6</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma008_v1">8</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma008_v1">Receiver</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">7</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma009_v1">9</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma009_v1">Powers of receiver</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">7</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma010_v1">10</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma010_v1">Application of proceeds</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">9</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma011_v1">11</A></TD>
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma011_v1">Further assurances</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">9</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma012_v1">12</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma012_v1">Miscellaneous</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">10</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma013_v1">13</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma013_v1">Notices</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">11</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma014_v1">14</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma014_v1">Release</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma015_v1">15</A></TD>
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma015_v1">Third party rights</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma016_v1">16</A></TD>
    <TD STYLE="font-weight: normal"><A HREF="#phicomma016_v1">Jurisdiction</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma017_v1">17</A></TD>
    <TD STYLE="font-weight: normal; text-align: left"><A HREF="#phicomma017_v1">Governing law</A></TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>THIS
MORTGAGE</B> is dated 29 April, 2016 and is made as a deed</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">BETWEEN</FONT></P>

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<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-size: 10pt">1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>The
                                         Smart Soho International Limited</B>, an exempted company incorporated under the laws
                                         of the Cayman Islands whose registered office is at PO Box 309, Ugland House, Grand Cayman,
                                         KY1-1104, Cayman Islands (the <B><I>Chargor</I></B>); and</FONT></TD></TR></TABLE>

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<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-size: 10pt">2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Chongqing
                                         Liangjiang New Area Strategic Emerging Industries Equity Investment Fund Partnership
                                         (Limited Liability Partnership) <IMG SRC="phicomm001_v1.jpg" ALT="(matter)"></B>,
                                         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(the <B><I>Chargee</I></B>).</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">BACKGROUND</FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">A</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         Chargee, the Chargor, Shanghai Phicomm Communication Co., Ltd. (Phicomm Shanghai) and
                                         Phicomm Technology (Hong Kong) Co., Limited (Phicomm HK) have entered into the <B><I>Capital
                                         Increase and Share Subscription Agreement</I></B> (the <B>Capital Increase Agreement</B>),
                                         pursuant to which the Chargee and Phicomm HK shall respectively contribute USD $28,175,836.80
                                         and USD$42,263,755.20 as additional capital injection into the Chargor, which shall make
                                         the Chargee and Phicomm HK the shareholders, respectively holding 40% and 60% of the
                                         Chargor, and the additional capital injection shall be used to purchase 11,739,932 shares
                                         of UTStarcom Holdings Corp. The Chargee has fully fulfilled its capital contribution
                                         obligation in accordance with the Capital Increase Agreement, while neither had Phicomm
                                         HK fully fulfilled its capital contribution obligation on time, nor had the Chargor fully
                                         completed its purchase of the relevant shares of UTSarcom Holdings Corp., in each case
                                         on time in accordance with the Capital Increase Agreement. Therefore, the Chargee, the
                                         Chargor, Phicomm Shanghai and Phicomm HK entered into a supplemental agreement to the
                                         <B>Capital Increase Agreement</B> on 29 April, 2016 (the <B><I>Supplemental Agreement</I></B>).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">B</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In
                                         consideration for the Chargee entering into the Supplemental Agreement, pursuant to which
                                         Phicomm Shanghai, Phicomm HK and the Chargor jointly warrant that the capital contributions
                                         into the Chargor by Phicomm HK and the purchase of 11,739,932 shares of UTStarcom Holdings
                                         Corp. by the Chargor shall be completed before the deadline 30 June, 2016, and the Chargor
                                         intends to enter into this Mortgage to provide guarantee in favour of the Chargee.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">C</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">It
                                         is intended that this document takes effect as a deed notwithstanding the fact that a
                                         party may only execute this document under hand.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>IT
IS AGREED</B> as follows:</FONT></P>

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<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-size: 10pt"><B>1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma001_v1"></A><FONT STYLE="font-size: 10pt">Interpretation</FONT></B></TD></TR></TABLE>

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<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-size: 10pt"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Definitions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
this Mortgage:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Company
</I></B>means UTStarcom Holdings Corp., an exempted company limited by shares incorporated under the laws of the Cayman Islands.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Event
of Default</I></B> means a failure by Phicomm HK, Phicomm Shanghai and/or the Chargor to perform the Obligations in accordance
with the Supplemental Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Mortgage
</I></B>means this equitable mortgage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Obligations
</I></B>means the obligations of Phicomm HK, Phicomm Shanghai and/or the Chargor to complete its capital contributions into the
Chargor in accordance with the Supplemental Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Obligor
</I></B><FONT STYLE="font-weight: normal">means Phicomm HK.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Receiver
</I></B>means (i) a receiver and manager or (ii) a receiver, in each case, appointed under this Mortgage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Related
Rights</I></B> means the rights attached to the Shares described in Clause 2.2(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Security
Assets</I></B> means all the Shares and the Related Rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Secured
Amount</I></B> means (i) the repurchase price of the shares of the Chargor, repayment of the investment amount to the Chargor,
compensation, liquidated damages, interests and penalties under the Principal Agreement and (ii) all the fees and cost (including
but not limited to litigation fees, arbitration fees, guarantee fees, announcement fees, notary fees, lawyer&rsquo;s fee, appraising
fees, auction fees, travelling fees, postage, accommodation fees, etc.) the Chargee has or shall pay to enforce the Principal
Agreement and any of the guarantee to the Principal Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Security
Interest</I></B> means any mortgage, pledge, lien, charge, assignment, hypothecation or other security interest, any pre-emption
rights or options, hold back or flawed asset arrangements or any other agreement or arrangement having a similar effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Security
Period</I></B> means the period beginning on the date of this Mortgage and ending on the later of (i) the date on which the purchase
of 11,739,932 shares of UTStarcom Holdings Corp. by the Chargor is closed, in accordance with the Capital Increase Agreement and/or
the Supplemental Agreement, and (ii) Phicomm HK has completed the pledge of 60% shares in the Chargor to the Chargee in accordance
with the Capital Increase Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Shares
</I></B>means the 5,000,000 ordinary shares of a nominal or par value of US$0.00375 each issued by the Company and owned by the
Chargor on the date of this Mortgage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Third
Parties Law</I></B> means The Contracts (Rights of Third Parties) Law (Revised).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The
Principal Agreement </I></B>means the Capital Increase Agreement and other relevant agreements (including but not limited to supplemental
agreements, guarantee agreements, mortgage agreements, pledge agreements, etc.).</FONT></P>

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<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-size: 10pt"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Construction</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In
                                         this Mortgage, unless the contrary intention appears, a reference to:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         reference to any <B><I>asset</I></B>, unless the context otherwise requires, includes
                                         any present, future or contingent asset (including properties, revenues and rights of
                                         every description) whether tangible or intangible;</FONT></TD></TR></TABLE>
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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">an
                                         <B><I>authorisation</I></B> includes an authorisation, consent, approval, resolution,
                                         licence, exemption, filing and registration;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         <B><I>regulation</I></B> includes any regulation, rule, official directive, request or
                                         guideline (whether or not having the force of law) of any governmental body, agency,
                                         department or regulatory, self-regulatory or other authority or organisation;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>tax
                                         </I></B>shall be construed so as to include any tax, fund, levy, impost, duty or other
                                         charge of a similar nature (including, without limitation, any penalty or interest payable
                                         in connection with any failure to pay or any delay in paying of the same);</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         provision of law is a reference to that provision as amended or re-enacted;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         <B><I>Clause</I></B> is a reference to a clause of this Mortgage;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         person includes its successors and assigns; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         time of day is a reference to time in the Cayman Islands.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">References
                                         to the singular include the plural, and vice versa.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         index to and headings in this Mortgage are for convenience only and are to be ignored
                                         in construing this Mortgage.</FONT></TD></TR></TABLE>

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<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-size: 10pt"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Statutes</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">In
this Mortgage a reference to a statute or statutory instrument is, unless otherwise specified, a reference to the most recent
revision of the relevant statute or statutory instrument of the Cayman Islands and includes any statutory modification or re-enactment
thereof for the time being in force.</FONT></P>

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<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-size: 10pt"><B>2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma002_v1"></A><FONT STYLE="font-size: 10pt">Creation
                                         of security</FONT></B></TD></TR></TABLE>

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<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-size: 10pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>General</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
security created under this Mortgage:</FONT></P>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">is
                                         created in favour of the Chargee;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">is
                                         created over the Security Assets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">is
                                         security for the irrevocable payment and satisfaction in full of all the Obligations;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">is
                                         created by the Chargor as legal and beneficial owner.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Securities</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         Chargor charges by way of first equitable mortgage all of its interest in all the 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: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         Chargor charges by way of first fixed charge all of its rights, title and interest including
                                         all benefits, present and future, actual and contingent accruing in respect of:</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         dividend or interest paid or payable in relation to the Shares; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         right, money or property accruing or offered at any time in relation to the Shares by
                                         way of redemption, repurchase, substitution, exchange, bonus or preference, under option
                                         rights or otherwise,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">(the
<B><I>Related Rights</I></B>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>2.3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Change
                                         or amendment to the Principal Agreement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">Any
change or amendment to the Principal Agreement, including but not limited to the liability of breach of agreement, liability and
amount of compensation and payment, the interest rate, calculation of liquidated damages, the term of the agreement, enforcement
conditions, etc., and any change and amendment to the security provided hereunder accordingly due to which, shall be irrevocably
approved and accepted by the Chargor.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma003_v1"></A><FONT STYLE="font-size: 10pt">Representations</FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>3.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Chargor
                                         Representations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Chargor makes the following representations to the Chargee on the date of this Mortgage.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Legal
                                         and beneficial ownership</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Chargor is the sole absolute legal and beneficial owner of the Security Assets, free and clear of any rights or interests in favour
of third parties except for this Mortgage. By the time of signing of this Mortgage:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">There
                                         is no existing or potential litigation, arbitration or administrative procedure over
                                         the Shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">No
                                         mortgage, lien, pledge or any other encumbrance has been created over the Shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">None
                                         of the Shares has been seized, blocked, detained or judicial executed, or is subject
                                         to any coercive measures or preservative measures.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>3.3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Security</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Mortgage creates a first ranking equitable mortgage over all of the Shares and a first fixed charge over the Related Rights and
is not liable to be avoided or otherwise set aside on the liquidation or administration of the Chargor or otherwise.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>3.4</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         Shares are fully paid and non-assessable.</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: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         Shares represent 13.5% of the shares issued by the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 70.9pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">The
Shares are freely transferable, subject to restrictions on transfer imposed by the US Securities Act of 1933, as amended, and
no consents or approvals (including rights of pre-emption) are required in order to register a transfer of the Shares.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>4</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma004_v1"></A><FONT STYLE="font-size: 10pt">Covenants</FONT></B></TD></TR></TABLE>

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<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-size: 10pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Security</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Chargor agrees to charge its interest in all the Shares in accordance with Clause 2.2. The Chargor shall irrevocably provide 5,000,000
ordinary shares of the Company in favour of the Chargee as security under this Mortgage on signing of this Mortgage. The Chargor
shall go through and complete relevant procedure (including but not limited to application for and registration with competent
authority) to make the Chargee to be the legal chargee over the Shares before 6 May, 2016, with all the fees and charges (including
but not limited to lawyer&rsquo;s fee, registration fee, notary fee, announcement fee, travelling fee, postage, accommodation
fee, taxation, employment fee, etc.) borne by itself. The Chargor shall not create or permit to subsist any Security Interest
on any Security Asset (except for this Security).</FONT></P>

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<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-size: 10pt"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Disposals</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Chargor shall not sell, transfer, licence, lease or otherwise dispose of any Security Asset, or do anything which may result in
the reduction in value of the Security Assets.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>4.3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Filings
                                         and Registrations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without
limiting the provisions of Clause 11 or any other provisions of this Mortgage, the Chargor shall, immediately after execution
of this Mortgage and in any event on or before 6 May 2016, make all filings and registrations necessary in the Cayman Islands
to protect and perfect the security interests created pursuant to this Mortgage.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>4.4</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Notice</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
the events of any act which results in the value of the Security Assets being reduced, the Chargor shall immediately inform the
Chargee, follow the reasonable instruction from the Chargee to prevent further reduction to the value of the Security Assets,
and provide other security assets, the value of which shall be equivalent to the reduced amount of value of the Security Assets.</FONT></P>

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<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-size: 10pt"><B>4.5</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Provision
                                         of Information</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Upon
the request of the Chargee, the Chargor shall provide the articles of association, financial report and other relevant documents
of the Company (insofar as the Chargor is in possession of such documents) to the Chargee at any time for supervision of the Chargor
in exercising its rights as shareholders of the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<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-size: 10pt"><B>5</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma005_v1"></A><FONT STYLE="font-size: 10pt">Shares</FONT></B></TD></TR></TABLE>

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<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-size: 10pt"><B>5.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Voting
                                         rights</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">Before
this Security becomes enforceable, the voting rights, powers and other rights in respect of the Security Assets shall be exercised
by the Chargor.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>5.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Dividends</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Before
this Security becomes enforceable, the Chargor shall be entitled to receive and retain all cash dividends, interest and any other
monies paid to it in respect of any Security Assets.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>6</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma006_v1"></A><FONT STYLE="font-size: 10pt">When
                                         security becomes enforceable</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Security will become immediately enforceable if an Event of Default occurs and is continuing.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>7</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma007_v1"></A><FONT STYLE="font-size: 10pt">Enforcement
                                         of security</FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>7.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>No
                                         liability as mortgagee in possession</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Neither
the Chargee nor any Receiver will be liable, by reason of entering into possession of a Security Asset, to account as mortgagee
in possession or for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>7.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Protection
                                         of third parties</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">No
person (including a purchaser) dealing with the Chargee or a Receiver or its or his agents will be concerned to enquire:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">whether
                                         the Obligations have become payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">whether
                                         any power which the Chargee or a Receiver is purporting to exercise has become exercisable
                                         or is being properly exercised;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">whether
                                         any money remains due under the Supplemental Agreement; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">how
                                         any money paid to the Chargee or to that Receiver is to be applied.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>7.3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Priority
                                         in choice of guarantees</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">Other
than the Security Interest created under this Mortgage, there may exist some other guarantees provided in favour of the Chargee
to guarantee the performance of the Principal Agreement. If an Event of Default occurs, the Chargor acknowledges and agrees that
the Chargee may choose to enforce any one or more than one of such guarantees, and the Chargee is not required to enforce other
guarantee(s) before enforcing this Security.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>7.4</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Method
                                         of Enforcement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">When
the security hereunder is enforceable, the Chargee shall be entitled to negotiate with the Chargor on converting the Shares into
money, or be entitled to be compensated by the price from the auction or sell-off the Shares.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>8</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma008_v1"></A><FONT STYLE="font-size: 10pt">Receiver</FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>8.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Appointment
                                         of Receiver</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         Chargee may appoint any one or more persons to be a Receiver of all or any part of the
                                         Security Assets if this Security has become enforceable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Any
                                         appointment under paragraph (a) above may be by deed, under seal or in writing under
                                         its hand.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>8.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Removal</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Chargee may remove any Receiver appointed by it and may, whenever it thinks fit, appoint a new Receiver in the place of any Receiver
whose appointment may for any reason have terminated.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>8.3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Agent
                                         of the Chargor</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">A
                                         Receiver will be deemed to be the agent of the Chargor for all purposes. The Chargor
                                         alone is responsible for the contracts, engagements, acts, omissions, defaults and losses
                                         of a Receiver and for liabilities incurred by a Receiver.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         Chargee will not incur any liability (either to the Chargor or to any other person) by
                                         reason of the appointment of a Receiver or for any other reason.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>8.4</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Exercise
                                         of Receiver powers by the Chargee</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">To
the fullest extent allowed by law, any right, power or discretion conferred by this Mortgage (either expressly or impliedly) or
by law on a Receiver may after this Security becomes enforceable be exercised by the Chargee in relation to any Security Asset
without first appointing a Receiver and notwithstanding the appointment of a Receiver.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>9</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma009_v1"></A><FONT STYLE="font-size: 10pt">Powers
                                         of receiver</FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>9.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>General</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">A
                                         Receiver has all of the rights, powers and discretions set out below in this Clause,
                                         unless the Chargee confers otherwise in writing.</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: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">If
                                         there is more than one Receiver holding office at the same time, each Receiver may (unless
                                         the document appointing him states otherwise) exercise all of the powers conferred on
                                         a Receiver under this Mortgage individually and to the exclusion of any other Receiver.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>9.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Possession</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to the approval of the Chargee, a Receiver may take immediate possession of, get in and collect any Security Asset.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>9.3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Employees</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Subject
                                         to the approval of the Chargee, a Receiver may appoint and discharge managers, officers,
                                         agents, accountants, servants, workmen and others for the purposes of this Mortgage upon
                                         such terms as to remuneration or otherwise as he thinks fit.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Subject
                                         to the approval of the Chargee, a Receiver may discharge any person appointed by the
                                         Chargor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>9.4</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Borrow
                                         money</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to the approval of the Chargee, a Receiver may raise and borrow money either unsecured or on the security of any Security Asset
either in priority to this Security or otherwise and generally on any terms and for whatever purpose which he thinks fit.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>9.5</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Sale
                                         of assets</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Subject
                                         to the approval of the Chargee, a Receiver may sell, exchange, convert into money and
                                         realise any Security Asset by public auction or private contract and generally in any
                                         manner and on any terms which he thinks fit.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Subject
                                         to the approval of the Chargee, the consideration for any such transaction may consist
                                         of cash, debentures or other obligations, shares, stock or other valuable consideration
                                         and any such consideration may be payable in a lump sum or by instalments spread over
                                         any period which he thinks fit.</FONT></TD></TR></TABLE>

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<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-size: 10pt"><B>9.6</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Compromise</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to the approval of the Chargee, a Receiver may settle, adjust, refer to arbitration, compromise and arrange any claim, account,
dispute, question or demand with or by any person who is or claims to be a creditor of the Chargor or relating in any way to any
Security Asset.</FONT></P>

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<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-size: 10pt"><B>9.7</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Legal
                                         actions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to the approval of the Chargee, a Receiver may bring, prosecute, enforce, defend and abandon any action, suit or proceedings in
relation to any Security Asset which he thinks fit.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"></P>

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<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-size: 10pt"><B>9.8</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Receipts</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to the approval of the Chargee, a Receiver may give a valid receipt for any moneys and execute any assurance or thing which may
be proper or desirable for realising any Security Asset.</FONT></P>

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<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-size: 10pt"><B>9.9</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Delegation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to the approval of the Chargee, a Receiver may delegate his powers in accordance with this Mortgage.</FONT></P>

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<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-size: 10pt"><B>9.10</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Other
                                         powers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to the approval of the Chargee, a Receiver may:</FONT></P>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">do
                                         all other acts and things which he may consider desirable or necessary for realising
                                         any Security Asset or incidental or conducive to any of the rights, powers or discretions
                                         conferred on a Receiver under or by virtue of this Mortgage or law;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">exercise
                                         in relation to any Security Asset all the powers, authorities and things which he would
                                         be capable of exercising if he were the absolute beneficial owner of that Security Asset;
                                         and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">use
                                         the name of the Chargor for any of the above purposes.</FONT></TD></TR></TABLE>

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<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-size: 10pt"><B>10</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma010_v1"></A><FONT STYLE="font-size: 10pt">Application
                                         of proceeds</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
moneys received by the Chargee or any Receiver after this Security has become enforceable shall be applied in or towards payment
of or provision for all costs and expenses incurred by the Chargee or any Receiver under or in connection with this Mortgage and
of all remuneration due to any Receiver under or in connection with this Mortgage and thereafter to the Chargee. Following the
payment of the Secured Amount in full, the surplus (if any) will be paid to the Chargor. This Clause does not prejudice the right
of the Chargee to recover any shortfall from the Chargor.</FONT></P>

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<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-size: 10pt"><B>11</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma011_v1"></A><FONT STYLE="font-size: 10pt">Further
                                         assurances</FONT></B></TD></TR></TABLE>

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<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-size: 10pt"><B>11.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Further
                                         actions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Chargor shall, at its own expense, take whatever action the Chargee or a Receiver may reasonably require for:</FONT></P>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">creating,
                                         perfecting or protecting any security intended to be created by this Mortgage; or</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">facilitating
                                         the realisation of any Security Asset, or the exercise of any right, power or discretion
                                         exercisable, by the Chargee or any Receiver or any of its delegates or sub-delegates
                                         in respect of any Security Asset.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
includes:</FONT></P>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         execution of any transfer, conveyance, assignment or assurance of any property, whether
                                         to the Chargee or to its nominee; or</FONT></TD></TR></TABLE>
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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         giving of any notice, order or direction and the making of any registration,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 70.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">which,
in any such case, the Chargee may think expedient.</FONT></P>

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<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-size: 10pt"><B>11.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Principal
                                         Agreement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Chargor undertakes to irrevocably approve and accept any change or amendment to the Principal Agreement.&nbsp;</FONT></P>

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<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-size: 10pt"><B>12</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma012_v1"></A><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></B></TD></TR></TABLE>

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<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-size: 10pt"><B>12.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Waivers
                                         and remedies cumulative</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         rights of the Chargee under this Mortgage:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">may
                                         be exercised as often as necessary;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">are
                                         cumulative and not exclusive of its rights under general law; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">may
                                         be waived only in writing and specifically.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Delay
                                         in exercising or non-exercise of any such right is not a waiver of that right.</FONT></TD></TR></TABLE>

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<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-size: 10pt"><B>12.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Transfers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">No
party may assign or transfer all or any part of its rights and/or obligations under this Mortgage.</FONT></P>

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<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-size: 10pt"><B>12.3</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Severability</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">If
a provision of this Mortgage is or becomes illegal, invalid or unenforceable, in any jurisdiction that shall not affect:</FONT></P>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(i)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         validity or enforceability in that jurisdiction of any other provision of this Mortgage;
                                         or</FONT></TD></TR></TABLE>

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<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>(ii)</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         validity or enforceability in any other jurisdiction of that or any other provision of
                                         this Mortgage.</FONT></TD></TR></TABLE>

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<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-size: 10pt"><B>12.4</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Amendments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Mortgage may only be amended by an instrument in writing signed by each party to this Mortgage.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>12.5</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Waiver</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">No
                                         waiver of any right or rights arising under this Mortgage shall be effective unless such
                                         waiver is in writing and signed by the party whose rights are being waived.</FONT></TD></TR></TABLE>
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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">No
                                         waiver by a party of a failure by the other party to perform any provision of this Mortgage
                                         shall operate or be construed as a waiver in respect of any other failure whether of
                                         a like or different character.</FONT></TD></TR></TABLE>

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<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-size: 10pt"><B>12.6</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Counterparts</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Mortgage may be executed in <FONT STYLE="font-family: SimSun">&#12304;</FONT>3<FONT STYLE="font-family: SimSun">&#12305;</FONT>
counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Mortgage.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>12.7</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Language</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">All
documents and notices provided or given in connection with this Mortgage shall be in English.&nbsp;</FONT></P>

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<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-size: 10pt"><B>12.8</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Payments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">All
payments made by the Chargor under this Mortgage shall be made free of any deductions or withholding (whether in respect of tax
or otherwise). If the Chargor is compelled by law to make such deductions, it shall pay such additional amounts as to ensure that
the net amount received by the Chargee would be the same as if no such deductions had been made.</FONT></P>

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<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-size: 10pt"><B>12.9</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Chargor&rsquo;s
                                         Acknowledgement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Chargor acknowledges that the signing of this Mortgage shall not affect any rights conferred on the Chargee to demand Phicomm
HK, Phicomm Shanghai, the Chargor and the relevant individual who provides guarantee in favour of the Chargee to repurchase the
shares in the Chargor and to perform the relevant obligations under the relevant guarantees in accordance with article 6 of the
Capital Increase Agreement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>13</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma013_v1"></A><FONT STYLE="font-size: 10pt">Notices</FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>13.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Giving
                                         of notices</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">All
                                         notices or other communications under or in connection with this Mortgage shall be given
                                         in writing and, unless otherwise stated, may be made by facsimile. Any such notice will
                                         be deemed to be given 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: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">if
                                         by hand or by post, when delivered; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">if
                                         by facsimile, when received in legible form.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">However,
                                         a notice given in accordance with the above but received on a non-working day or after
                                         business hours in the place of receipt will only be deemed to be given on the next working
                                         day in that place.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Notices
                                         and other communications under this Mortgage may not be sent by electronic mail over
                                         the internet or over any intranet.</FONT></TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>13.2</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Addresses
                                         for notices</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">For
the purpose of notices and other communications under this Mortgage:</FONT></P>

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<TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         address and facsimile number of the Chargor are:</FONT></TD></TR></TABLE>

<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: 35.45pt">&nbsp;</TD>
    <TD STYLE="width: 35.45pt">&nbsp;</TD>
    <TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Address:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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, PRC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Facsimile:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">+8621 67754018</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Attention:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Guoping Gu</FONT></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         address and facsimile number of the Chargee are:</FONT></TD></TR></TABLE>

<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: 35.45pt">&nbsp;</TD>
    <TD STYLE="width: 35.45pt">&nbsp;</TD>
    <TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Address:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">Floor
                                         21, No.2 Financing Tower Jiangbeizui, Jiangbei District, Chongqing</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Facsimile:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">+8623-63088083</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Attention:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Jun Zhang</FONT></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>14</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma014_v1"></A><FONT STYLE="font-size: 10pt">Release</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">At
the end of the Security Period, the Chargee shall take whatever action is necessary to release the Security Assets from this Security.</FONT></P>

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<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-size: 10pt"><B>15</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma015_v1"></A><FONT STYLE="font-size: 10pt">Third
                                         party rights</FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Subject
                                         to paragraph (b), a person who is not a party to this Mortgage has no right under the
                                         Third Parties Law to enforce any provision of this Mortgage in its own right.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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: 35.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">A
                                         Receiver may enforce any provision of this Mortgage conferring a right on it.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>16</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma016_v1"></A><FONT STYLE="font-size: 10pt">Jurisdiction</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
parties agree that any disputes, arising under, in connection with and/or in respect to this Mortgage, shall be settled by China
International Economic and Trade Arbitration Commission through arbitration and the place of arbitration shall be in Beijing,
with three (3) arbitrators appointed.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><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-size: 10pt"><B>17</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><B><A NAME="phicomma017_v1"></A><FONT STYLE="font-size: 10pt">Governing
                                         law</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Mortgage is governed by Cayman Islands law.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">The parties
have executed this Mortgage on the day and year first above written.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 66%; 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: 30%; font: 10pt Times New Roman, Times, Serif"><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; 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; 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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; 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 STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Executed
    and delivered as a deed by</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/
    Gu Guoping&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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: justify"><FONT STYLE="font-size: 10pt"><B>The
    Smart Soho International Limited</B></FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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; text-align: justify"><FONT STYLE="font-size: 10pt">acting
    by its duly authorised director</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(Director)</FONT></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Chargee</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 66%; 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: 30%; font: 10pt Times New Roman, Times, Serif"><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; 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; 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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; 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 STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Executed
    and delivered as a deed by</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><U>/s/ Zhang Jun&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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: justify"><FONT STYLE="font-size: 10pt"><B>Chongqing
    Liangjiang New Area Strategic Emerging Industries Equity Investment Fund Partnership (Limited Liability Partnership)</B></FONT></td>
    <TD STYLE="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: 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">)</FONT></P>
        <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">)</FONT></P></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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; text-align: justify"><FONT STYLE="font-size: 10pt">acting
    by its Executive Partner Representative</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">(Executive
    Partner Representative)</FONT></td></tr>
</table>

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<TYPE>EX-99.12
<SEQUENCE>6
<FILENAME>ex99_12.htm
<DESCRIPTION>EXHIBIT 99.12
<TEXT>
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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: 10pt Times New Roman, Times, Serif"><B>Exhibit
99.12</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 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%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 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/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>P.O.
        BOX 309</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Uganda
        House</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Grand
        Cayman KY1-1104</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cayman
        Islands</B></FONT></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PHICOMM
                                         TECHNOLOGY(HONG KONG)</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CO.,
        LIMITED</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Suite
        1205-6, ICBC Tower</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Citibank
        Plaza</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3
        Garden Road</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Central,
        Hong Kong</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal 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>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
25, 2016</FONT></P>

<P STYLE="font: 10pt/normal 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>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
the Sellers referred to as the &ldquo;Shah Sellers&rdquo;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
the Purchase and Sale Agreement dated</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as
of November 4, 2015, as amended</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
refer to the Purchase and Sale Agreement among yourselves, the &ldquo;Lu Sellers,&rdquo; and the undersigned dated as of November
4, 2015, and amended by a First Amendment dated December 4, 2015, a Second Amendment dated December 16, 2015 and a Third Amendment
dated January 8, 2016 (as so amended, the &ldquo;Purchase Agreement&rdquo;). Capitalized terms used in this letter shall have
the meanings assigned to them by the Purchase Agreement.</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
you know, Shanghai Phicomm Communication Co., Ltd. (&ldquo;Phicomm&rdquo;), Phicomm HK and the Acquirer have entered into a Capital
Increase and Share Subscription Agreement (the &ldquo;Subscription Agreement&rdquo;) with Chongqing Liangjian New Area Strategic
Emerging Industries Equity Investment Fund Partnership (Limited Liability Partnership) (the &ldquo;Fund&rdquo;). Pursuant to the
Subscription Agreement, Phicomm has agreed to make certain capital contributions to Phicomm HK, which, in turn, is required to
use such funds to purchase 60% of the outstanding ordinary shares of the Acquirer. Acquirer will use the funds contributed by
Phicomm HK to pay a portion of the Purchase Price for the Ordinary Shares under the Purchase Agreement.</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Subscription Agreement requires that Phicomm HK pledge its shares of the Acquirer to the Fund. Under the Subscription Agreement,
the Fund has the right to require additional security for the performance of Phicomm&rsquo;s, Phicomm HK&rsquo;s and Acquirer&rsquo;s
obligations under the Subscription Agreement. The Purchase Agreement permits Phicomm HK to pledge its shares of Acquirer to the
Fund pursuant to the Subscription Agreement. Except for such pledge, Phicomm HK and Acquirer have each agreed in the Purchase
Agreement that, until the earlier to occur of the Closing under the Purchase Agreement and Termination of the Purchase Agreement
it will not, and it will use its best efforts to cause its Affiliates not to, in each case without the prior written consent of
the Shah Sellers, lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly,
any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Fund has informed us that it now requires that (i) Phicomm pledge its shares of Phicomm HK (the &ldquo;PHK Shares&rdquo;) to the
Fund, and that (ii) Acquirer pledge the 5,000,000 Ordinary Shares presently owned by the Acquirer to the Fund, in each case as
additional security under the Subscription Agreement. Accordingly, we hereby request that you waive the restriction in the Purchase
Agreement on such pledges and consent to such pledges to the extent and on the condition that the contemplated pledge of the 5,000,000
Ordinary Shares, once effected, shall be effective up until and expiring on June 30, 2016 (by which time such 5,000,000 Ordinary
Shares shall be immediately released from the pledge, charge, equitable mortgage or any other security interest) and shall no
longer be existing or effective (in whatever form of charge, pledge, equitable mortgage or other securities interest or encumbrances)
following June 30, 2016 if the closing of all of the remaining Ordinary Shares and corresponding Purchase Price in accordance
with the terms of the Purchase Agreement has not been completed by June 30, 2016. Please provide your waiver and consent by countersigning
a duplicate copy of this letter and returning such signed counterpart to the undersigned.</FONT></P>

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<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
your information, a copy of the Subscription Agreement has been filed as an exhibit to the Schedule 13D filed by Phicomm, Phicomm
HK, the Acquirer and Mr. Gu Guoping with the U.S. Securities and Exchange (the &ldquo;SEC&rdquo;). Should you wish to review it,
it is available on the SEC web site at [URL]. If you require any additional information in connection with this request, please
contact the undersigned.</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thank
you very much for your cooperation.</FONT></P>


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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; width: 46%"><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">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</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 COLSPAN="2" STYLE="font: 10pt/13pt Times New Roman, Times, Serif">&nbsp;</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">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt 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; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ 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: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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">&nbsp;</TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif">&nbsp;</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">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><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: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt 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; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ 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: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font: 10pt/13pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sole Director</FONT></TD>
    </TR>
</TABLE>




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

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned hereby (i) waive the restriction on the pledge of the Ordinary Shares set forth in paragraph 6 of the Third Amendment
to the Purchase Agreement referred to above only with respect to the proposed pledges of (A) all PHK Shares owned by Phicomm,
and (B) 5,000,000 Ordinary Shares owned by the Acquirer and (ii) consent to Phicomm&rsquo;s pledge of such PHK Shares and Acquirer&rsquo;s
pledge of such Ordinary Shares to the Fund pursuant to the Subscription Agreement referred to above and the above letter. As provided
in Section 4.02 of Purchase Agreement, this waiver and consent is effective solely in this specific instance and for the specific
purpose of permitting Phicomm to pledge its PHK Shares to the Fund and permitting Acquirer to pledge such 5,000,000 Ordinary Shares
to the Fund, in each case pursuant to the Subscription Agreement and the above letter from the Acquirer and Phicomm HK, subject
to the condition that the contemplated pledge of such 5,000,000 Ordinary Shares, once effected, shall be subject to a valid term
until and expiring on June 30, 2016 (by which time such 5,000,000 Ordinary Shares shall be immediately released from the pledge,
charge, equitable mortgage or any other securities interest) and shall no longer be valid or existing (in whatever form of charge,
pledge, equitable mortgage or other securities interest or encumbrances) following June 30, 2016 of the closing of all the remaining
Ordinary Shares and corresponding Purchase Price in accordance with the terms of the Purchase Agreement has not been completed
by June 30, 2016, and in case of any breach or non-occurrence of such condition, this waiver and consent shall be automatically
and unconditionally revoked as if this waiver and consent has never been issued at all. The consent of the undersigned shall continue
to be required for any additional pledge or other direct or indirect disposition of Ordinary Shares by Acquirer of any of its
Affiliates.</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capitalized
terms used in this Waiver and Consent without definition shall have the respective meanings assigned to them by the Purchase Agreement
referred to above.</FONT></P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></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: 4%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 43%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHAH CAPITAL MANAGEMENT INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>HIMANSHU
    H. SHAH</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>/s/ Himanshu H.
    Shah</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</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/ Himanshu H.
    Shah</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>Himanshu H. Shah</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Himanshu H. Shah</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHAH CAPITAL OPPORTUNITY FUND LP</B></FONT></TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="margin: 0">/s/ Himanshu H. Shah</P>


<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U></U></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0">Himanshu H. Shah</P>


<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD>Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD>&nbsp;</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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