<SUBMISSION>
<ACCESSION-NUMBER>0001062993-15-002251
<TYPE>SC 13D/A
<PUBLIC-DOCUMENT-COUNT>4
<FILING-DATE>20150430
<DATE-OF-FILING-DATE-CHANGE>20150430
<GROUP-MEMBERS>ACCRETIVE CAPITAL MANAGEMENT, LLC
<GROUP-MEMBERS>RICHARD E. FEARON, JR.
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>Actions Semiconductor Co., Ltd.
<CIK>0001342068
<ASSIGNED-SIC>3674
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>E9
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13D/A
<ACT>34
<FILE-NUMBER>005-81375
<FILM-NUMBER>15815342
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>15-1, NO.1, HIT ROAD,
<CITY>TANGJIA, ZHUHAI, GUANGDONG
<STATE>F4
<ZIP>519085
<PHONE>(87-756) 339-2353
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>15-1, NO.1, HIT ROAD,
<CITY>TANGJIA, ZHUHAI, GUANGDONG
<STATE>F4
<ZIP>519085
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>ACCRETIVE CAPITAL PARTNERS, LLC
<CIK>0001118118
<IRS-NUMBER>364361768
<STATE-OF-INCORPORATION>IL
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13D/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O ACCRETIVE CAPITAL MANAGEMENT, LLC
<STREET2>16A WALL STREET, 2ND FLOOR
<CITY>MADISON
<STATE>CT
<ZIP>06443
<PHONE>203-482-5805
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O ACCRETIVE CAPITAL MANAGEMENT, LLC
<STREET2>16A WALL STREET, 2ND FLOOR
<CITY>MADISON
<STATE>CT
<ZIP>06443
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ACCRETIVE CAPITAL PARTNERS LLC
<DATE-CHANGED>20000705
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
<HTML>
<HEAD>
   <TITLE>Accretive Capital Partners, LLC: Form SC 13D/A - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><FONT size=5><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT><BR>WASHINGTON, DC 20549 <BR></P>
<P align=center><B><FONT size=5>SCHEDULE 13D</FONT><BR></B><B>(Rule 13d-101)
</B></P>
<P align=center><B>INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
<BR>TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO <BR></B><B>RULE
13d-2(a) </B></P>
<P align=center><B>Amendment No. 1 </B></P>
<P align=center><U><font size="5"><B>Actions Semiconductor Co., Ltd.
</B></font><BR>
</U>(Name of Issuer) </P>
<P align=center><U>American Depositary Shares <BR></U>(Title of Class of
Securities) </P>
<P align=center><U>00507E107 <BR></U>(CUSIP Number) </P>
<P align=center>ACCRETIVE
CAPITAL PARTNERS, LLC <BR>
16 Wall Street, 2nd Floor
<BR>Madison, CT 06443 </P>
<P align=center>RICHARD E. FEARON, JR. <BR>16 Wall Street, 2nd Floor
<BR>Madison, CT 06443 <BR><U>(203) 482-5805 </U></P>
<P align=center>(Name, Address and Telephone Number of Person <BR>Authorized to
Receive Notices and Communications) </P>
<P align=center><U>April 30, 2015 <BR></U>(Date of Event Which Requires Filing
of This Statement) </P>
<P align=justify style="text-indent:5%">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 Rule 13d-1(e), 13d-1(f) or 13d-1(g),
check the following box .&nbsp; [&nbsp; ]</P>
<P align=justify style="text-indent:5%"><I>Note. </I>Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all exhibits. <I>See
</I>Rule 13d-7 for other parties to whom copies are to be sent. </P>
<P align=center>(Continued on following pages) </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double"
    noWrap align=center >1 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double"
    noWrap align=left width="90%" colSpan=2>NAME OF REPORTING PERSONS
    <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="90%" colSpan=2>Accretive Capital Partners, LLC
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    noWrap align=center >2 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" noWrap align=left width="90%"
    colSpan=2>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a)&nbsp;
      [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>(b)&nbsp; [ ] </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center >3 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>SEC USE ONLY <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >4 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>SOURCE OF FUNDS </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>WC </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >5 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>PURSUANT TO ITEM 2(d) OR 2(e)&nbsp;
      [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >6 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CITIZENSHIP OR PLACE OF ORGANIZATION </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="90%"
  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>ILLINOIS </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >NUMBER OF </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >7 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SOLE
      VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >SHARES </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="10%"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >BENEFICIALLY </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">-0- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >OWNED BY </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >8 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SHARED
      VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >EACH </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="10%"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >REPORTING </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">4,327,853 American Depositary Shares </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >PERSON WITH </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >9 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SOLE
      DISPOSITIVE POWER </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="10%"
      >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">-0- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >10 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SHARED
      DISPOSITIVE POWER </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="10%"
      >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">4,327,853 American Depositary Shares </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >11 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>PERSON </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>4,327,853 American Depositary Shares
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >12 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>CERTAIN SHARES&nbsp; [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >13 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>12.16 % </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >14 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>TYPE OF REPORTING PERSON </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left width="90%" colSpan=2>OO </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double"
    noWrap align=center >1 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double"
    noWrap align=left width="90%" colSpan=2>NAME OF REPORTING PERSONS
    <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="90%" colSpan=2>Accretive Capital Management, LLC
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    noWrap align=center >2 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" noWrap align=left width="90%"
    colSpan=2>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>(b)&nbsp; [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center >3 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>SEC USE ONLY <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >4 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>SOURCE OF FUNDS </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>AF </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >5 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>PURSUANT TO ITEM 2(d) OR 2(e)&nbsp;
      [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >6 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CITIZENSHIP OR PLACE OF ORGANIZATION </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>ILLINOIS </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >NUMBER OF </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >7 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SOLE
      VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >SHARES </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="10%"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >BENEFICIALLY </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">- 0 - </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >OWNED BY </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >8 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SHARED
      VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >EACH </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="10%"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >REPORTING </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">4,327,853 American Depositary Shares </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >PERSON WITH </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >9 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SOLE
      DISPOSITIVE POWER </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="10%"
      >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">- 0 - </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >10 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SHARED
      DISPOSITIVE POWER </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="10%"
      >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">4,327,853 American Depositary Shares </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >11 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>PERSON </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>4,327,853 American Depositary Shares
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >12 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>CERTAIN SHARES&nbsp; [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >13 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>12.16 % </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >14 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>TYPE OF REPORTING PERSON </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left width="90%" colSpan=2>OO, HC </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 3px double; BORDER-LEFT: #000000 3px double"
    noWrap align=center >1 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double; BORDER-TOP: #000000 3px double"
    noWrap align=left width="90%" colSpan=2>NAME OF REPORTING PERSONS </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    noWrap >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" noWrap width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="90%" colSpan=2>Richard E. Fearon, Jr. </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    noWrap align=center >2 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" noWrap align=left width="90%"
    colSpan=2>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>(b)&nbsp; [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=center >3 </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>SEC USE ONLY <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >4 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>SOURCE OF FUNDS </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>PF </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >5 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>PURSUANT TO ITEM 2(d) OR 2(e)&nbsp;
      [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >6 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CITIZENSHIP OR PLACE OF ORGANIZATION </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>United States </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >NUMBER OF </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >7 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SOLE
      VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >SHARES </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="10%"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >BENEFICIALLY </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">5,570,212<SUP>1</SUP> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >OWNED BY </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >8 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SHARED
      VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >EACH </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="10%"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >REPORTING </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">-0- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >PERSON WITH </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >9 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SOLE
      DISPOSITIVE POWER </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="10%"
      >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">5,570,212<SUP>1</SUP> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center width="10%"
    >10 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="80%">SHARED
      DISPOSITIVE POWER </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="10%"
      >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="80%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%" >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="80%">-0- </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >11 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>PERSON </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>5,570,212<SUP>1</SUP> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >12 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>CERTAIN SHARES&nbsp; [&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >13 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 1px solid"
    align=left width="90%" colSpan=2>15.65% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    align=center >14 </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" align=left width="90%"
    colSpan=2>TYPE OF REPORTING PERSON </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double"
    >&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 3px double" width="90%"
    colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 3px double; BORDER-BOTTOM: #000000 3px double"
    align=left width="90%" colSpan=2>IN </TD></TR></TABLE>
<P align=justify><SUP>__________________________<br>
1</SUP> Includes 4,327,853 American Depositary Shares held
directly by Accretive Capital Partners, LLC, of which Accretive Capital
Management, LLC is the manager and Mr. Fearon is the managing member of
Accretive Capital Management, LLC. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify>The following constitutes the Schedule 13D filed by the
undersigned (the &#147;Schedule 13D&#148;). </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Item 1. </TD>
    <TD align=left width="90%"><U>Security and Issuer.</U>
</TD></TR></TABLE>
<P align=justify style="text-indent:10%">This amendment No. 1 to Schedule 13D (this &#147;Amendment No. 1&#148;),
which amends and supplements the statement on Schedule 13D filed on December 3,
2014 (the &#147;Original 13D&#148;), by (i) Accretive Capital Partners, LLC an Illinois
limited liability company (&#147;Accretive Capital Partners&#148;); (ii) Accretive Capital
Management, LLC, an Illinois limited liability company (&#147;Accretive Capital
Management&#148;) and (iii) Richard E. Fearon, Jr., a citizen of the United States
(together with Accretive Capital Partners and Accretive Capital Management, the
&#147;Reporting Persons&#148;) relates to the American Depositary Shares (the &#147;Shares&#148;) of
Actions Semiconductor Co., Ltd., a Cayman Islands corporation (the &#147;Issuer&#148;).
The address of the principal executive offices of the Issuer is No. 1, Ke Ji Si
Road, Technology Innovation Coast of Hi-Tech Zone, Zhuhai, Guangdong, 519085,
The People&#146;s Republic of China. </P>
<P align=justify style="text-indent:10%">Capitalized terms not defined in this Amendment No. 1 shall
have the meaning ascribed to them in the Schedule 13D. Except as set forth
herein, the Schedule 13D is unmodified. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Item 4. </TD>
    <TD align=left width="90%"><U>Purpose of Transaction.</U>
</TD></TR></TABLE>
<P align=justify style="text-indent:10%">Item 4 of the Schedule 13D is hereby amended and supplemented
by adding the following information: </P>
<P align=justify style="text-indent:10%">While the Reporting Persons hold their stake for investment
purposes, the Reporting Persons or its representatives may continue to conduct
discussions from time to time with management of the Issuer, and may conduct
discussions with other stockholders of the Issuer or other relevant parties, in
each case, relating to matters that may include the strategic plans, strategy,
assets, business, financial condition, operations, and capital structure of the
Issuer. The Reporting Persons may engage the Issuer, other stockholders of the
Issuer or other relevant parties in discussions that may include one or more of
the other actions described in subsections (a) through (j) of Item 4 of Schedule
13D. </P>
<P align=justify style="text-indent:10%">In addition to the foregoing, without limitation, the Reporting
Persons may engage in discussions with management, the board of directors,
stockholders of the Issuer and other relevant parties or take other actions
through their representatives concerning any extraordinary corporate transaction
(including but not limited to a merger, acquisition, reorganization or
liquidation) or the business, operations, assets, strategy, future plans,
prospects, corporate structure, board composition, management, capitalization,
dividend policy, charter, bylaws, corporate documents, agreements, de-listing or
de-registration of the Issuer. The Reporting Persons expect to conduct
discussions with other stockholders, potential operating partners, sources of
debt or additional equity financing and other relevant parties regarding
financial or strategic acquisitions of, a liquidation of, or joint ventures with
the Issuer or other similar arrangements. There is no assurance that these
discussions would lead to a definitive transaction. </P>
<P align=justify style="text-indent:10%">The Reporting Persons intend to review their investment in the
Issuer on a continuing basis. Depending on various factors, including the
Issuer&#146;s financial position and strategic direction, the outcome of the
discussions referenced above, actions taken by the Board of Directors of the
Issuer, price levels of the securities of the Issuer, other investment
opportunities available to the Reporting Persons, the availability and cost of
debt financing, conditions in the capital markets and general economic and
industry conditions, the Reporting Persons may in the future take such actions
with respect to their investments in the Issuer as they deem appropriate,
including purchasing additional securities of the Issuer, entering into
financial instruments or other agreements which increase or decrease the
Reporting Persons&#146; economic exposure with respect to their investments in the
Issuer, selling some or all of the Reporting Persons&#146; respective holdings in the
Issuer, engaging in any hedging or similar transactions with respect to such
holdings and/or otherwise changing their intention with respect to any and all
matters referred to in Item 4 of Schedule 13D. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="10%">Item 5. </TD>
    <TD align=left width="90%"><U>Interest in Securities of the Issuer.</U>
  </TD></TR></TABLE>
<P align=justify style="text-indent:10%">Item 5 of the Schedule 13D is hereby
amended and supplemented by adding the following information: </P>
<P align=justify style="text-indent:10%">The aggregate percentage of Shares
reported owned by each person named herein is based upon 35,588,339 Shares
outstanding as of March 31, 2015, which is the total number of Shares
outstanding, based on 213,530,033 Ordinary Shares outstanding, as reported in
Item 7.A. (on page 64) of the Issuer&#146;s annual report on Form 20-F for the year
ended December 31, 2014, filed with the Securities and Exchange Commission on
April 24, 2015. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">A. </TD>
    <TD>
      <P align=justify>Each of ACP and ACM:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >(a) </TD>
    <TD align=left width="90%" colSpan=2>Amount beneficially owned: 4,327,853
    </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD width="87%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%" colSpan=2>Percentage: 12.16% </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD width="87%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(b) </TD>
    <TD align=left width="3%">1. </TD>
    <TD align=left width="87%">Sole power to vote or direct vote: 0 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="3%">2. </TD>
    <TD align=left width="87%">Shared power to vote or direct vote: 4,327,853
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="3%">3. </TD>
    <TD align=left width="87%">Sole power to dispose or direct the
      disposition: 0 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="3%">4. </TD>
    <TD align=left width="87%">Shared power to dispose or direct the
      disposition: 4,327,853 </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD width="87%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left >(c) </TD>
    <TD align=left width="90%" colSpan=2>The transactions in the Shares by ACP
      and ACM during the past sixty days are set forth in <U>Schedule A </U>and
      are incorporated herein by reference.</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">B. </TD>
    <TD>
      <P align=justify>Mr. Fearon:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Amount beneficially owned: 5,570,212</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Percentage: 15.65%</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>1.&nbsp; </P></TD>
    <TD>
      Sole power to vote or direct vote: 5,570,212</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="3%">2. </TD>
    <TD>
      <P align=justify>Shared power to vote or direct vote: 0</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="3%">3. </TD>
    <TD>
      <P align=justify>Sole power to dispose or direct the disposition:
      5,570,212</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="3%">4. </TD>
    <TD>
      <P align=justify>Shared power to dispose or direct the disposition:
    0</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>The transactions in the Shares by Mr. Fearon during the
      past sixty days are set forth in <U>Schedule A </U>and are incorporated
      herein by reference.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%">An aggregate of 5,570,212 Shares, constituting approximately
15.65% of the Shares outstanding, are reported in this Schedule 13D. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>No person other than the Reporting Persons is known to
      have the right to receive, or the power to direct the receipt of dividends
      from, or proceeds from the sale of, the Shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Not applicable.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Item 7. </TD>
    <TD align=left width="90%"><U>Material to be Filed as an Exhibit.</U>
  </TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Item 7 of the Schedule 13D includes
the following exhibit: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left bgColor=#eeeeee width="10%"><a href="exhibit99-1.htm">Exhibit 99.1</a> </TD>
    <TD noWrap align=left width="92%" bgColor=#eeeeee><a href="exhibit99-1.htm">An Open Letter to the
      Board of Directors of Actions Semiconductor Co., Ltd., dated April 30,
      2015 by Accretive Capital Management, LLC </a></TD></TR></TABLE>
<P align=center><B>SIGNATURES </B></P>
<P align=justify style="text-indent:10%">After reasonable inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>April 30, 2015 </TD>
    <TD align=left width="3%" >&nbsp;</TD>
    <TD align=left width="48%"></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="3%" >&nbsp;</TD>
    <TD width="48%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="51%" colSpan=2>ACCRETIVE CAPITAL PARTNERS, LLC
</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >By: </TD>
    <TD align=left width="48%">Accretive Capital Management, LLC, its managing
      member </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="3%" >&nbsp;</TD>
    <TD width="48%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="3%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="48%">/s/
      Richard E. Fearon, Jr. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="51%" colSpan=2>Name: Richard E. Fearon, Jr. </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="51%" colSpan=2>
      <P align=justify>Title: Managing Member </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="3%" >&nbsp;</TD>
    <TD width="48%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="51%" colSpan=2>ACCRETIVE CAPITAL MANAGEMENT, LLC
  </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="3%" >&nbsp;</TD>
    <TD width="48%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="51%"
    colSpan=2>
      <P align=justify>/s/ Richard E. Fearon, Jr. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="51%" colSpan=2>
      <P align=justify>Name: Richard E. Fearon, Jr. </P></TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="51%" colSpan=2>
      <P align=justify>Title: Managing Member </P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="3%" >&nbsp;</TD>
    <TD width="48%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="3%" >&nbsp;</TD>
    <TD width="48%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="51%"
    colSpan=2>
      <P align=justify>/s/ Richard E. Fearon, Jr. </P></TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="51%" colSpan=2>
      <P align=justify>Richard E. Fearon, Jr. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center><B><U>SCHEDULE A</U></B><B> </B></P>
<P align=center><B><U>Transactions in the Shares During the Past Sixty
Days</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center>Shares of Common Stock </TD>
    <TD noWrap align=center width="33%">Price Per </TD>
    <TD noWrap align=center width="33%">Date of </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center><U>Purchased/(Sold)</U> </TD>
    <TD noWrap align=center width="33%"><U>Share($)</U> </TD>
    <TD noWrap align=center width="33%"><U>Purchase/(Sale)</U>
</TD></TR></TABLE>
<P align=center><B><U>ACCRETIVE CAPITAL PARTNERS, LLC</U></B><B> </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=center bgColor=#e6efff>400 </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff></TD>
    <TD noWrap align=center width="30%" bgColor=#e6efff>$ 1.60 </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=center width="30%" bgColor=#e6efff>03/04/2015 </TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>780 </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=center width="30%">$ 1.55 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="30%">03/06/2015 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center bgColor=#e6efff>10,000 </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff></TD>
    <TD noWrap align=center width="30%" bgColor=#e6efff>$ 1.50 </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=center width="30%" bgColor=#e6efff>03/12/2015 </TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>2,450 </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=center width="30%">$ 1.49 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="30%">03/19/2015 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center bgColor=#e6efff>1,000 </TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff></TD>
    <TD noWrap align=center width="30%" bgColor=#e6efff>$ 1.50 </TD>
    <TD noWrap align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD noWrap align=center width="30%" bgColor=#e6efff>03/20/2015 </TD>
    <TD noWrap align=left width="2%"
bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>376 </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=center width="30%">$ 1.47 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=center width="30%">03/25/2015 </TD>
    <TD noWrap align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>400 </TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=center width="30%" bgColor=#e6efff>$ 1.49 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="30%" bgColor=#e6efff>03/27/2015 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>1,182 </TD>
    <TD align=left width="1%" ></TD>
    <TD align=center width="30%">$ 1.48 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="30%">03/30/2015 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>2,962 </TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=center width="30%" bgColor=#e6efff>$ 1.48 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="30%" bgColor=#e6efff>03/31/2015 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>600 </TD>
    <TD align=left width="1%" ></TD>
    <TD align=center width="30%">$ 1.48 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="30%">04/01/2015 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>2,200 </TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=center width="30%" bgColor=#e6efff>$ 1.54 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="30%" bgColor=#e6efff>04/09/2015 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>5,300 </TD>
    <TD align=left width="1%" ></TD>
    <TD align=center width="30%">$ 1.56 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="30%">04/10/2015 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>6,200 </TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=center width="30%" bgColor=#e6efff>$ 1.56 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="30%" bgColor=#e6efff>04/10/2015 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>1,700 </TD>
    <TD align=left width="1%" ></TD>
    <TD align=center width="30%">$ 1.55 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="30%">04/13/2015 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>9,000 </TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=center width="30%" bgColor=#e6efff>$ 1.55 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="30%" bgColor=#e6efff>04/20/2015 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>646 </TD>
    <TD align=left width="1%" ></TD>
    <TD align=center width="30%">$ 1.50 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="30%">04/28/2015 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>3,900 </TD>
    <TD align=left width="1%"  bgColor=#e6efff></TD>
    <TD align=center width="30%" bgColor=#e6efff>$ 1.50 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center width="30%" bgColor=#e6efff>04/29/2015 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>5,900 </TD>
    <TD align=left width="1%" ></TD>
    <TD align=center width="30%">$ 1.51 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="30%">04/29/2015 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=center><B><U>RICHARD E. FEARON, JR.</U></B></P>
<P align=center>None </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Accretive Capital Partners, LLC: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left rowSpan=5><BR>
    <img src="exhibit99-1x1x1.jpg" width="283" height="101"><BR></TD>
  <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%" style="font-size: 10pt" valign="bottom" nowrap>16 Wall Street, 2<SUP>nd </SUP>Floor </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%" style="font-size: 10pt" valign="bottom" nowrap>Madison, Connecticut 06443 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%" style="font-size: 10pt" valign="bottom" nowrap>203.482.5805 direct </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%" style="font-size: 10pt" valign="bottom" nowrap>info@accretivecapital.com </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%" style="font-size: 10pt" valign="bottom" nowrap>www.accretivecapital.com </TD></TR></TABLE>
<P align=justify><B><I>An Open Letter to the Board of Directors of Actions
Semiconductor Co., Ltd. </I></B></P>
<P align=justify>April 30, 2015
</P>
<P align=justify>Mr. Hsiang-Wei Lee <BR>Mr. Chin-Hsin Chen
<BR>Mr. Jun Tse Huang <BR>Mr. Yu-Hsin Lin <BR>Mr. Nan-Horng Yeh <BR>Actions
Semiconductor Co., Ltd. <BR>No. 1 Ke Ji Si Road <BR>Technology Innovation Coast
of Hi-Tech Zone <BR>Zhuhai, Guangdong, 519085 <BR>People&#146;s Republic of China
</P>
<P align=justify>To the Board of Directors of Actions Semiconductor: </P>
<P align=justify>As you know, we received your correspondence&#151;written by the
Corporate Secretary to Actions Semiconductor, delivered more than four months
after making our director nominations, sent to us by the Company&#146;s IR
representative instead of you, and informing us of your extraordinary decision
to reject the Accretive Capital Partners director nominees. We find your
behavior utterly despicable and blatantly conflicted&#151;yet perfectly consistent
with your abusive behavior towards shareholders of Actions Semiconductor,
including the largest shareholder of the Company. We cannot fathom how any one
of you can possibly claim to be acting in the best interest of the Company or
its shareholders. </P>
<P align=justify>For more than eight long and excruciating years, Accretive
Capital Partners and its affiliates have been among the largest and most
supportive shareholders of Actions Semiconductor Co., Ltd. ("Actions" or the
"Company"). We own over 33.3 million ordinary shares (or approximately 5.6
million ADS shares) held by our fund and its affiliates. </P>
<P align=justify>Our ownership now equates to approximately 15.6% of the
outstanding shares (based on 213,530,033 ordinary shares outstanding, as
reported by the Company in its Form 20-F filing on April 24, 2015), as compared
to <I>less than 1% held by the entire Board of Directors and management
combined</I>. </P>
<P align=justify>Despite your total disinterest in purchasing ownership and your
failure to provide management with any direction to build or even to preserve
value at Actions, we nevertheless take pride in being value-added partners to
the Company and our fellow shareholders. We have worked hard to provide
constructive advice during the past eight years, despite the extraordinary
destruction of shareholder value authorized by you, as directors of our Company.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left rowSpan=3><img src="exhibit99-1x2x1.jpg" width="182" height="72"><BR></TD>
  <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">April 30, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">Page 2 </TD></TR></TABLE>
<P align=justify>We believe that investment firms like ours serve an important
societal role in identifying outstanding business managers and supporting them
as they turn their visions of fulfilling market needs into realities of new
products or better services, improving life for everyone. We strive to achieve
our professional responsibilities by investing in and partnering with
exceptional CEOs who have demonstrated their success at allocating assets as
they build superior businesses. And we are committed to allocating the funds
entrusted to us by our investors intelligently, honorably, and just as
rationally. </P>
<P align=justify>It is with these responsibilities in mind that we come to the
disheartening conclusion that the Board of Directors at Actions Semiconductor
shares none of our values. </P>
<P align=justify>We are writing you once again to advise you of our: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B>Grave concerns relating to your conflicts of interest
      and related-party transactions at Actions Semiconductor and our continued
      questions which have gone unanswered by the Board of Directors for over
      six months;</B></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B>Intention to consider extraordinary corporate
      transactions with Actions, including but not limited to a merger,
      reorganization, liquidation, or offer to purchase the outstanding
      securities of the Company;</B></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><B>3.</B> </TD>
    <TD>
      <P align=justify><B>Amendment to our Schedule 13D filing with the U.S.
      Securities and Exchange Commission to report these
  developments;</B></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>Recommendation that you replace your director
      nominations with the candidates nominated by Accretive Capital Partners on
      December 8, 2014; and</B></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>Interest in hearing from other concerned shareholders,
      who may contact as at the following email or phone number:
      info@accretivecapital.com or 203.794.6360.</B></P></TD></TR></TABLE>
<P align=justify>We are extremely troubled by the obvious conflicts of interest
and related-party transactions with Nan-Horng Yeh ("Mr. Yeh") and Yu-Hsin Lin
("Mr. Lin"), and we are shocked that other Board members do not understand the
risks of providing continued support to these two directors. </P>
<P align=justify>Specifically: Mr. Yeh is Chairman of the Board and substantial
owner of Realtek Semiconductor Corporation (&#147;Realtek&#148;), which has received
significant investment capital from Actions; moreover, Mr. Yeh's elder brother
is President of GMI Technology ("GMI"), which is one of the largest distributors
of semiconductors for Actions and was sold product for $9.2 million in 2014; and
Mr. Lin is Director and Chief Financial Officer of a semiconductor wafer
manufacturer, United Microelectronics Corporation ("UMC"), which sells Actions
almost all of its semiconductor wafers. </P>
<P align=justify>Each of these related-parties stands to lose substantial
profits if Actions were to sell the Company to a third party or even to
eliminate certain unprofitable product lines so that Actions shareholders could
benefit from a profitable business of their own. Meanwhile, Mr. Yeh continues to
serve as a director at Actions, charged by our Company with fiduciary duties to
Actions&#151;and not to Realtek or GMI. Amazingly, Mr. Lin serves as Chairman of the
Audit Committee for Actions, entrusted with the responsibility and power to
approve these related party transactions. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=-->
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left rowSpan=3><img src="exhibit99-1x2x1.jpg" width="182" height="72"><BR></TD>
  <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">April 30, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">Page 3 </TD>
  </TR></TABLE><br>
<P align=justify>In each of the last six (6) years since 2008, Actions has
hemorrhaged an operating loss totaling a staggering $102.7 million. Last year
alone, under the direction of this Board, Actions destroyed $39.5 million of
Company assets with its operating loss. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>1.</I> </TD>
    <TD>
      <P align=justify><I>Did Realtek, GMI, or UMC suffer any of these operating
      losses?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>2.</I> </TD>
    <TD>
      <P align=justify><I>What products were sold to GMI for $9.2 million in
      2014 and were they sold at a loss or had they been previously written
      down?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>3.</I> </TD>
    <TD>
      <P align=justify><I>How is it that these related parties to Mr. Yeh and
      Mr. Lin can enjoy profits from Actions when we shareholders must endure
      these extraordinary losses?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>4.</I> </TD>
    <TD>
      <P align=justify><I>How is it that Mr. Yeh and Mr. Lin are acting in the
      best interest of Actions shareholders by authorizing ongoing operating
      losses to the benefit of Realtek, GMI, and UMC?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>5.</I> </TD>
    <TD>
      <P align=justify><I>How does Mr. Yeh fulfill his fiduciary duties as a
      director when he is personally conflicted in significant related party
      transactions with Realtek and GMI?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">6. </TD>
    <TD>
      <P align=justify><I>How does Mr. Lin fulfill his fiduciary duties as
      Chairman of the Audit Committee when he is personally conflicted in
      significant related party transactions with
UMC?</I></P></TD></TR></TABLE>
<P align=justify>Mr. Yeh and Mr. Lin are unwilling to authorize additional
Company stock repurchases, have purchased no Actions stock for themselves, and
are unwilling to consider a sale of the Company. We believe the sole purpose for
continuing this money-losing business at the expense of Actions shareholders is
to enrich the related parties of Mr. Yeh and Mr. Lin. </P>
<P align=justify>We are also perplexed by the transactions approved by this
Board on behalf of shareholders. The following investments, as reported in the
Company's Form 20-F filings since 2005, have resulted in an astounding <B>loss
of more than $35.9 million, or 46% of the invested capital</B>: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left rowSpan=3><img src="exhibit99-1x2x1.jpg" width="182" height="72"><BR></TD>
  <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">April 30, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">Page 4 </TD>
  </TR></TABLE><br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left
    noWrap bgcolor="#1F497C"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
    <B>($ in millions)</B> </font></TD>
    <TD width="1%" align=left
    noWrap bgcolor="#1F497C" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
    </font></TD>
    <TD width="10%" align=right
    noWrap bgcolor="#1F497C" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
        <B>Date of</B>
      <BR>
      <B>Investment</B> </font></TD>
    <TD width="2%" align=left
    noWrap bgcolor="#1F497C"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
    </font></TD>
    <TD width="1%" align=left
    noWrap bgcolor="#1F497C" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
    </font></TD>
    <TD width="10%" align=right
    noWrap bgcolor="#1F497C" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
        <B>Amount</B>
      <BR>
      <STRONG>Invested</STRONG></font></TD>
    <TD width="2%" align=left
    noWrap bgcolor="#1F497C"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
    </font></TD>
    <TD width="1%" align=left
    noWrap bgcolor="#1F497C" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
    </font></TD>
    <TD width="10%" align=right
    noWrap bgcolor="#1F497C" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><B>Carrying</B> <BR>
        <B>Value
      at</B> <BR>
      <B>12/31/14</B> </font></TD>
    <TD width="2%" align=left
    noWrap bgcolor="#1F497C"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
    </font></TD>
    <TD width="1%" align=left
    noWrap bgcolor="#1F497C" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
    </font></TD>
    <TD width="10%" align=right
    noWrap bgcolor="#1F497C" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
        <B>Return on</B>
      <BR>
      <B>Investment</B> </font></TD>
  <TD width="2%"
    align=left bgcolor="#1F497C"
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><font color="#FFFFFF"><BR>
      <BR>
  </font></TD>
  </TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left><B>Beijing Actions Microelectronics Co., Ltd.</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">2005 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">$</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">&nbsp;6.1 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">$</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">&nbsp;3.3 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">-45% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left><B>AMC Holdings Limited</B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">2007 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">27.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">0.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">-100% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left><B>Bizlink Holdings Inc.</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">2007 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">1.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">0.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    noWrap align=right width="10%">-100% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Unitech Electronics Co., Ltd.</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">2007 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">0.2 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">0.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">-100% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Actar Limited</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">2008 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">3.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">0.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">-100% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Nann Capital Corporation</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">2009 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">24.2 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">24.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">-1% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Grand Choice Investment Limited</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">2010 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">2.7 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">0.8 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">-70% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Hi-Trend Investment Holdings Co., Ltd.</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">2010 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">1.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">1.1 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">8% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>OCTT Asia Limited</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">2011 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">13.7 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">13.7 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">0% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;<B>Total</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="10%">&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">$</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">&nbsp;78.9 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">$</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">&nbsp;43.0 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="10%">-46% </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B><U>Beijing Actions Microelectronics Co., Ltd.</U></B><B>
</B></P>
<P align=justify>On November 17, 2005 Actions established a subsidiary, Actions
Microelectronics Co., Ltd. ("Beijing Actions") which served as a holding company
for its research and development center for imaging and video technology. On
September 22, 2009, Beijing Actions introduced a group of new shareholders and
Actions further invested $1.5 million. The Company subsequently invested an
additional $2.6 million on January 25, 2011. Actions total investment reached
$6.1 million as of January 25, 2011, and the Company held a <I>minority</I>
stake of 46% equity interest in Beijing Actions. The carrying value as of
December 31, 2014 was only $3.3 million, a 45% decline in value. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>7.</I> </TD>
    <TD>
      <P align=justify><I>Who owns the other 54% of Beijing
  Actions?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>8.</I> </TD>
    <TD>
      <P align=justify><I>Why is this minority investment in a business
      controlled by another party that has lost 45% of its value in the best
      interest of Actions shareholders?</I></P></TD></TR></TABLE>
<P align=justify><B><U>AMC Holdings Limited</U></B><B> </B></P>
<P align=justify>In 2007, Actions acquired a <I>minority</I> stake of 5% equity
interest in AMC Holdings Limited ("AMC"), which has somehow grown to a total
investment of $27.0 million. AMC was established in Taiwan and engages in
manufacturing printed circuit board (PCB) laminate and providing other related
sub-contractor service. Actions' investment in AMC is now worthless, with a
reported carrying value of $0.0 as of December 31, 2014. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>9.</I> </TD>
    <TD>
      <P align=justify><I>Who owns the other 95% of AMC?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>10.</I> </TD>
    <TD>
      <P align=justify><I>Why is a minority investment in a Taiwanese company
      unrelated to Actions&#146; core business that lost an astounding $27.0 million
      in the best interest of shareholders?</I></P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left rowSpan=3><img src="exhibit99-1x2x1.jpg" width="182" height="72"><BR></TD>
  <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">April 30, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">Page 5 </TD>
  </TR></TABLE><br>
<P align=justify><B><U>Bizlink Holdings Inc.</U></B><B> </B></P>
<P align=justify>In 2007, Actions made a $1.0 million investment in Bizlink
Holdings Inc. ("Bizlink"), a manufacturer of interconnectivity solutions such as
cable, wire and connectors. In 2008, the equity value of this investment was
wiped out, resulting in a $0.0 carrying value as of December 31, 2008.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>11.</I> </TD>
    <TD>
      <P align=justify><I>Who were the other investors in Bizlink?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>12.</I> </TD>
    <TD>
      <P align=justify><I>Why is this investment, which lost its entire value in
      1 year, in the best interest of shareholders?</I></P></TD></TR></TABLE>
<P align=justify><B><U>Unitech Electronics Co., Ltd.</U></B><B> </B></P>
<P align=justify>In 2007, Actions invested $100,000 in Unitech Electronics Co.,
Ltd. ("Unitech"), a manufacturer and designer of automatic identification and
data collection products. Actions invested an additional $100,000 in 2008; since
increasing its investment in Unitech to $200,000 in 2008, however, Actions has
made no mention of this investment in its subsequent 20-F filings.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>13.</I> </TD>
    <TD>
      <P align=justify><I>What has happened to Actions&#146; investment in Unitech
      and what is its current value?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>14.</I> </TD>
    <TD>
      <P align=justify><I>Why is this investment in the best interest of
      shareholders?</I></P></TD></TR></TABLE>
<P align=justify><B><U>Actar Limited</U></B><B> </B></P>
<P align=justify>In 2008, Actions acquired a 7% <I>minority</I> stake in Actar
Limited ("Actar"), which was established in the PRC and engages in the
entertainment media industry, for $3.0 million. Since Actions made this
investment, Actar has become fully impaired, completed a liquidation process,
and has a carrying value of $0.0 as of December 31, 2014. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>15.</I> </TD>
    <TD>
      <P align=justify><I>Who owns the other 93% of Actar?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">16. </TD>
    <TD>
      <P align=justify><I>Why is this $3 million minority investment, which
      resulted in a total loss of capital, in the best interest of
      shareholders?</I></P></TD></TR></TABLE><br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left rowSpan=3><img src="exhibit99-1x2x1.jpg" width="182" height="72"><BR></TD>
  <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">April 30, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">Page 6 </TD>
  </TR></TABLE><br>
<P align=justify><B><U>Nann Capital Corporation</U></B><B> </B></P>
<P align=justify>In August 2009, the Company&#146;s Hong Kong subsidiary, Actions
Enterprises (via its Shanghai subsidiary, Actions Technology), obtained land use
rights to the Shanghai Zhangjiang High-Tech Park office building. Less than a
year later, in July 2010, the Company transferred all ownership interest of
Actions Enterprises to Nann Capital ("Nann") for $1 and the Company further
invested $4.4 million for a 40% ownership stake in Nann. The following year, in
June 2011, Actions invested an additional $7.1 million in Nann. In April 2014,
Actions invested another $3.7 million, and in May 2014, Actions invested an
additional $9.0 million, for a total investment of $24.2 million. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>17.</I> </TD>
    <TD>
      <P align=justify><I>Who owns and manages Nann?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>18.</I> </TD>
    <TD>
      <P align=justify><I>Where is Nann domiciled?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>19.</I> </TD>
    <TD>
      <P align=justify><I>What are the management fees paid by Actions to
      Nann?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>20.</I> </TD>
    <TD>
      <P align=justify><I>What are Actions&#146; liquidity provisions for this
      investment?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>21.</I> </TD>
    <TD>
      <P align=justify><I>Why is this minority investment in Nann in the best
      interests of Actions shareholders?</I></P></TD></TR></TABLE>
<P align=justify><B><U>Hi-Trend Investment Holdings Co., Ltd.</U></B><B>
</B></P>
<P align=justify>In 2010, Actions acquired a 10% <I>minority</I> equity interest
in Hi-Trend Investment Holdings Co., Ltd ("Hi-Trend") for $800,000. Hi-Trend was
established in the PRC and engages in developing and manufacturing of integrated
circuits and chips. Actions made an additional $202,000 investment and its
ownership was subsequently diluted to 9%. The carrying value of Hi-Trend was
$1.1 million as of December 31, 2014. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>22.</I> </TD>
    <TD>
      <P align=justify><I>Who owns the other 91% of Hi-Trend?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%">23. </TD>
    <TD>
      <P align=justify><I>Why is this minority investment in the best interest
      of shareholders?</I></P></TD></TR></TABLE>
<P align=justify><B><U>Grand Choice Investment Limited</U></B><B> </B></P>
<P align=justify>In February 2010, Actions purchased a 20% <I>minority</I>
interest in Grand Choice Investment Limited ("Grand Choice") for $600,000. Grand
Choice is a private company established in February 2010 which designs and
manufactures software and hardware for electronic books. In December 2010,
Actions invested another $600,000 to maintain its 20% interest, and in March and
April 2011, Actions' ownership was diluted to 15% and 12%, respectively, due to
additional capital injection from other investors. In September 2012, Actions
invested yet another $1.5 million in Grand Choice, increasing its total
investment to $2.7 million and ownership to 19%. The carrying value of Grand
Choice is only $819,000 as of December 31, 2014, a 70% loss on investment. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>24.</I> </TD>
    <TD>
      <P align=justify><I>Who owns the other 81% of Grand Choice?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>25.</I> </TD>
    <TD>
      <P align=justify><I>Why is this minority investment that has resulted in a
      70% loss in the best interest of shareholders?</I></P></TD></TR></TABLE>
<P align=justify>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
</P><!--$$/page=--><A name=page_7></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left rowSpan=3><img src="exhibit99-1x2x1.jpg" width="182" height="72"><BR></TD>
  <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">April 30, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">Page 7 </TD>
  </TR></TABLE><br>
<P align=justify><STRONG><U>OCTT Asia Limited</U> </STRONG></P>
<P align=justify>In January 2011, Actions invested $13.7 million in OCTT Asia
Limited ("OCTT"), a private equity fund incorporated in Mauritius for the stated
purpose of investing in fabless semiconductor design companies in Taiwan that
would provide M&amp;A opportunities for the Company. Of the $70 million managed
by OCTT, $30.6 million was invested in Realtek Semiconductor Corporation, whose
Chairman and substantial owner is Actions Board member Mr. Yeh. Moreover, in
your June 11, 2014 letter to shareholders you stated, "Our investment in the
private equity fund OCTT Holding Co., Ltd. has been financially rewarding"; yet
the December 31, 2014 carrying value of the OCTT is unchanged from Actions&#146;
original 2011 investment. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>26.</I> </TD>
    <TD>
      <P align=justify><I>Who owns and manages OCTT?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>27.</I> </TD>
    <TD>
      <P align=justify><I>How is OCTT's investment in Realtek consistent with
      Actions' stated purpose of investing in OCTT?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>28.</I> </TD>
    <TD>
      <P align=justify><I>With no investment appreciation, how is the investment
      in OCTT financially rewarding for shareholders?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>29.</I> </TD>
    <TD>
      <P align=justify><I>Why is this minority investment in OCTT in the best
      interests of Actions shareholders?</I></P></TD></TR></TABLE>
<P align=justify><B><U>Shanghai Real Estate Project</U></B><B> </B></P>
<P align=justify>In November 2014, Actions announced that it invested $10
million for a 40%<I> minority</I> stake in Shanghai real estate, which the CEO
of Actions stated was &#147;not the core business of Actions Semiconductor.&#148; Yet,
just one month later, in a Form 6-K filed with the U.S. Securities and Exchange
Commission on December 9, 2014, Mr. Lee described cash as so "scarce" that the
Company would not be using it "to buy back shares and, by so doing, limiting our
operating flexibility and ability to act quickly, risk[ing] putting the Company
at a competitive disadvantage and serv[ing] shareholders poorly." </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top align=center width="5%"><I>30.</I> </TD>
    <TD>
      <P align=justify><I>How is a $10 million minority real estate investment
      more attractive than repurchasing $10 million of additional Company stock
      at $2.50/share and below, when the Company's liquidation value is over
      $3.30/share?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>31.</I> </TD>
    <TD>
      <P align=justify><I>Who owns and controls the other 60% of this Shanghai
      real estate project?</I></P></TD></TR>
  <TR>
    <TD align=center width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=center width="5%"><I>32.</I> </TD>
    <TD>
      <P align=justify><I>Why is this minority investment in real estate in the
      best interests of Actions shareholders?</I></P></TD></TR></TABLE>
<P align=justify>We believe these decisions conflict directly with the Company&#146;s
Corporate Governance Guidelines transcribed below: </P>
<P align=justify>&#147;Transactions with Directors and their Affiliates: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left rowSpan=3><img src="exhibit99-1x2x1.jpg" width="182" height="72"><BR></TD>
  <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR>
    <TD align=right width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">April 30, 2015 </TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp;</TD>
    <TD align=right width="50%">Page 8 </TD>
  </TR></TABLE>
<P align=justify>Except for employment arrangements with the CEO and other
management directors, <B><U>the</U></B><B> </B><B><U>Company does not engage in
transactions with directors or their affiliates if a transaction</U></B><B>
</B><B><U>would cast into doubt the independence of a director, would present
the appearance of a</U></B><B> </B><B><U>conflict of interest, or is otherwise
prohibited by law, rule or regulation</U></B>. This includes, directly or
indirectly, any extension, maintenance or renewal of an extension of credit to
any director or member of management of the Company. This prohibition also
includes significant business dealings with directors or their affiliates,
substantial charitable contributions to organizations in which a director is
affiliated, and consulting contracts with, or other indirect forms of
compensation to, a director. The Board will conduct an appropriate review of all
related party transactions on an ongoing basis.&#148; &#150; Page 3, Paragraph 3, Actions
Semiconductor &#147;Corporate Governance Guidelines&#148; </P>
<P align=justify>We are profoundly concerned about the conflicts of interest
among the Board of Directors at Actions and by the accelerating pace of
extraordinary destruction in shareholder value of our Company and we demand
answers to the questions contained in this letter. We remain resolute in
correcting this situation and adamant that you follow through with your
commitment to support the nomination of our two directors. The disproportionate
research and development expenditure must be reduced immediately and the company
should be sold to better custodians of capital. </P>
<P align=justify>For over eight long and painful years, Accretive remained a
patient and supportive long-term investor in Actions, hoping that its Board of
Directors would act in the best interests of shareholders. You have failed us
and all of our fellow shareholders, and we are determined to stop the Board from
destroying additional value of our assets at Actions Semiconductor. </P>
<P align=justify>ACCRETIVE CAPITAL MANAGEMENT, LLC </P>
<P align=justify>Regards, </P>
<P align=justify>Richard E. Fearon, Jr. <BR>Managing Partner </P>
<P align=justify><B><U>About Accretive Capital Partners:</U></B><B>
<BR></B>Accretive Capital Partners is an investment fund focused on value
investing in small and micro-cap public companies in which its active
partnership with management may help to build and unlock shareholder value. </P>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-size:10pt" bordercolor="#111111" width="30%">
  <tr>
    <td width="48%" colspan="2"><font size="2">With inquiries please contact: <BR>Accretive Capital
Management, LLC <BR>16 Wall Street, 2nd Floor <BR>Madison, CT 06443 </font></td>
  </tr>
  <tr>
    <td width="15%"><font size="2">Email:&nbsp;&nbsp; </font></td>
    <td width="33%"><font size="2">info@accretivecapital.com &nbsp;</font></td>
  </tr>
  <tr>
    <td width="15%"><font size="2">website:&nbsp;&nbsp;&nbsp; </font></td>
    <td width="33%"><font size="2">www.accretivecapital.com </font></td>
  </tr>
  <tr>
    <td width="15%"><font size="2">phone: </font></td>
    <td width="33%"><font size="2">203.794.6360</font></td>
  </tr>
</table>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>exhibit99-1x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-1x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!E`1L#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MKD=?\=1Z/JDMBE@T[18W,9=@R0#QP?6@#KJ*\_\`^%F_]0C_`,F?_L*T=!\=
MIJ^J16+Z>T#2Y"N)=XR`3SP/2@#KZ***`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"L;4_"^
MD:K=&YO+8M,0`65RN<>N#6S7FGC:WUZ7Q!*8(KV2VVKY7DJQ4#`ST[YS0!T_
M_""Z!_SZ/_W^;_&K>F^%M(TN[6ZM+4K,H(5F=FQGTR:\M^P^(/\`GUU/_OW)
M6]X+M]>B\0P&:*^CML-YOG*P4C!QU]\4`>FT444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5@WGC
M#0[.X>"6\S(APVQ&8`^F0*WJ\CO?!&NQW<JQ6GGQ[CMD61?F'KR<T`=Q_P`)
MUH'_`#]O_P!^6_PH_P"$ZT#_`)^W_P"_+?X5P/\`PAGB#_H'-_W\3_&C_A#/
M$'_0.;_OXG^-`'??\)UH'_/V_P#WY;_"C_A.M`_Y^W_[\M_A7`_\(9X@_P"@
M<W_?Q/\`&C_A#/$'_0.;_OXG^-`'??\`"=:!_P`_;_\`?EO\*FM?&6A7=PD$
M=YAW.%WHRC/U(Q7G?_"&>(/^@<W_`'\3_&I+?P1KTLZ))9^2C'#2-(I"CUX.
M:`/720H))P!R34=M<17=M'<0.'BE4,C#N#5/5B8='>%6.^55MT/?+84']<UF
M^"+ASHSV,PQ-83/`P^AR#^N/PH`Z.BJ.H7YMI(;>"(3W<Y/EQ%MHP.K$X.`/
M\*CLM3EFU!K&XM3!/''YC8;<I&<`J<#(//IC%`&E162VK7$TDYT^S%S!;L4D
M<R;2S#J$&.<>Y'/%5IO$<HT./5K>Q\Z!V*D&78P^?8IP1WX^E`&_165#JTRZ
MA#9W]D;9[@'R7642*Q`R1G`P<4RXU:\CUH:;%IZ2,T1E60W&T%0<<C:<')H`
MV**PVUZYAM]0>YTUHY;,(1&)=WFAB0,''M4$GB*_CGN8#HX,MM")Y$6Y!.T]
MA\O)H`Z.BL!]?N]^G"+35==00-$3<8Q\NX@_+VYJQ#JUX^N-ILFGK'M3S?-\
M_(*9QD#'7VH`UZ*S!J%Z=7DLAIZ^6D?F>=Y_!!R%XQU)%5;76=2NTNC#I,9-
MM*T+*;H`EAC./E]Z`-RL]M=TQ;EH#=IO5MK'!VJ?0MT!_&LW6=>EA\'OJ21&
M"XD&Q48Y*,3M/XCDUJ6&G00:-%8&,&+R@C@C[V1R3]>:`+-O<Q72,\+AU5V0
MD>H."/SJ:L3PE:-8:3)9L2?(N)4#'^(;N#^M7[74([F^O;5?O6K*&YZ[ES_C
M0!<HK(U#5KNTU2VLH]/27[3N\J0S[1\HR<C:<?K3K?59II;FT:S\N_@4/Y+2
M#:ZDX!#8Z<>E`&K17/6GB.XNM#?4UTTXWK'%$)@6D8OM]..:9/XDOH&OE.CA
MVL51Y@ER#@,,\?+S@`YH`Z2BJ-UJ*6VC/J+KA5A\W;GKQD#^E3QS&:S6>%0S
M/&'12V`<C(&:`)Z*R=#U:?5EFD>S6WCBD:(GS=Q+*<'C`X]ZUJ`"BBB@`J"]
MNX;"TENKEPD42[F8U/6)XPL9]1\.74%LI:7Y7"CJV"#B@#"?XE688A-/G9>Q
M+@&F_P#"R[7_`*!TW_?P5Y\;:=2089`1U!4TGD3?\\I/^^30!Z%_PLNU_P"@
M=-_W\%'_``LNU_Z!TW_?P5Y[Y$W_`#RD_P"^31Y$W_/*3_ODT`>B+\2K,L-^
MGSA>Y#@UU^GWT&I645W:ONBE&5.,'Z&O#!;SDX$,A)_V37KW@JQGT_PW;Q7*
M%)&+.488*@G@&@"SJT\,=_8+-YA1&:;"1L_(&T9"@_WL_A63H]U%%XSU"&(.
ML5]$LZ[XV3YUX.`P'J35G2M;M;_Q'>HCGA$C@RA`<#<6(_$_I5+Q1?06GB;1
M[@2?O+=V68!2=J,!R>/K0!=A)E\?7!8\06*JH^K9)K8GA1)C>]'CA9/J.#_3
M]:Q[DQV7B2WUDN!975KY+RG[J'(92?0'I6I!=17]P6MG\VV5"K.IRC,2.`>^
M`#^=`%+P</\`BF+-SRT@9V/J2Q)J#Q#:I8>$YX8@2BS*X`_VI@V/UQ3/#]Y!
MHU@VEZC*EO+:R,L8D.#*A)*LOKUQQZ4WQ%<A/#3I=.4N)Y5D6)N6"^:IQ^"X
MS0!.SOJWB"T5H'MEL-TS+,0'<L"HP`3QUY_"F:E<-:^+H94MIK@BP?Y(@"WW
MU]2*AU.\\GQ!8:E9@SQW%M+`K("59P<J#CU;BI+K4+2#QG&\LZ(L=D\;D]`Q
M=3CZXH`TK2!=0TNWFFSYD\$+.?7;\W\R:IV:;O&FID]/LL0(^N:ETG4;>\U2
M>"R8O;VL$:!L'!.6Z>O`%4K"_MF\:7Q692LL$:(>S,"<@>]`$]Y;+;:KX<MD
M)V0F15)]!$:DUF3[%KFD7G19':TD/KO&5_\`'E%0:YJ%M#XATC?.JF"20R_[
M`:/C/US5OQ1;FYT&X>(9E@`N(_\`>0[OY`_G0!9T]C->7T_\/F"%#ZA!S_X\
M6K#T^^EMKF^ACMIF$NK%3,N-B@E,YYS[=.];NEQFTTJ'S_E?89)2>S'YF_4F
ML/1]4TV,:G]HND57OWE3.?F`VD$>O(H`C\?Q+!X;14^Y]K#M^)8G]376+@J"
M.F*YV6W/B?PA*H#*\[R/#NX((D;;G\`!4VG>([%;"*.]G$%[&H26W<8?>."`
MO4Y[8]:`-DS1*LK;UQ%_K.?N\9Y_`@USEBDMCXCLYI`5&IV[^8#VD#%P/P#$
M?A4]Q<1V6DL=3/E2ZA-EXSR0K$*1QZ)C/TJGXBCT[2[2QU"RBC29)TECV#F1
M.C`>V&H`OZW*L'B#1)&5V`,_"(6/W/0<TZPBGNO$UUJ3020VXMEMX_,7:TAW
M%B<'D#MS575-4L3X@T:47*%(_-+MV4,@QGZUT,MQ##`9Y9%2(#)8],4`<_X-
MA6?PK;*_19V?\1(2/Y5-IR"7Q/XAC;[K);J?H4:H?`D\;>'DA#?O(W<NIX*@
ML2*-%OK:7Q7K!CF5A.L'E$?Q[4;=CZ4`:-S:KY5AIO,D0QYF>Z(O'_CVRH?"
MEPTNC+;N?WEG(UL__`#@?IBF-/IVJZ]+9SA)6MHP$5@>6)._'TVK531[FPTW
M7M5LXI$C@?;,@'16"D2#\-N:`+/A#_CPO?\`K^F_]"K>KD_#>L6%EI]Z;BY5
M";N:0+@Y92<@@=\UL>&;A[O1(KF0$--)+)@C!&9&('ZT`:M%%%`!24M%`"44
MM%`"44M%`"44M%`"44M%`"$`C!'%```P``/:EHH`:54D$@$CID=*BN[E;2)9
M&C=P75,(!G+'`ZGU(J>J&LL%LTRVW]_"<CVD4D_@`30!9M[A+A6*9!1BC*PP
M5([']*(+F.Y@\Z$[T)(&.^"0?U%5;A4L;"=XY&$DS9\PC/SM@`\=AQ^`J'1R
MUM/>V<A7;$XD0JI"A6'(YST(/YT`6;34H+IT0+)&\B%T608W*"`2/H2/SJ)=
M:MVNS;B&?<&VEMG'W]F>O3<*HZ.5%W;;UDD8P,(W*\1_-EEZ<9^7KSQ5E50>
M)G7:-OV5>W&[>6_/O0!<;4(5O);0J_GQQ^:$Q]]?5?7GBFSZC%#:P3O%*5G9
M550HSEN@//O5+4M[7TLUHN^[M8T=4Q]\9;<N?<'\\4FK_P#(*L5W,A\^`Y`Y
M4!@2?PH`O_VC&+.XN6BE5;?/F*5&X8&3WYXYJ6WNDG9T"LDD>-R..1GI66\J
MOX<OXE)?RH6AWX/[UO+'(]>3C\*L6#J+R]^_(YVL)2.'3:,<CCJ6Z4`68;Z*
M:9(U#@NAD0E>&4$#(/XBIS&A<.44L.C8Y%8NBH\<T/DSRO:M`3Y$R_-;GY<*
M&QG'7@^E;,,J3Q^9&<KDC.,<@X/ZB@")KM%OTL]CF1T,@8`;<`@']2/SI9[I
M89X(C&[&9MJE0,`X)YY]`:HW<\=OKT4LK81;20$X)YW(0/KP?RI;BZ1I-*FD
M_=[F,C`_P@QMU_$@4`7[FXCMH]\A/)"J`,EB>@'O26UU'<F4(&#1/Y;AA@AL
M`_R(K.U"0W$-C>(K&&&[WN-ISLPR[L>F2#]*T;:1)?,DB`VLWWQ_'P.?Z?A0
M!-12T4`)12T4`)12T4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!24M
M%`"44M%`"44M%`"44M%`"44M%`"4B(J+M48'6G44`)12T4`)12T4`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
H%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`'_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>exhibit99-1x2x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-1x2x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!(`+8#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MK*\07.K6MI&^C6D=U,7PRR=`N#SU%`&K17(V.J>,)+V!+K1[9+=G`D8<%5SR
M?OG^5==0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%9/B&#5[BTC71;F.WF#Y=G[KCZ'O67XLTC7=2O('TJ]\B!(\,@F:,[L]>.
MO&/RK!_X1;Q?_P!!-O\`P+>@#9L=/\91WT#W6J6[P*X,B\'*YY'W?2NOKS?_
M`(1;Q?\`]!-O_`MZ4>%O%X(_XFC?^!;T`>CT5A7][=Z;;Z=YS>:\10W<BC`(
M.$/ZMG_@-:4U[LNC;0Q^;,L?FLH;&%S@?B<''TZT`6Z*S1JH>.1X8&D$**TH
M!P5+#=@>N`03]>]+_:H2Z2&6$J))S;JP;/S;=W(],"@#1HK*BUAI87E6T)57
MD3`<9W(2/R)4X--;6V3=FT.`S*"'X)601GMZL#]*`->BJ(OG+7"^0-\,B1XW
M]=V,'IT^;]#3(M3,D[Q^0`$G,)._G(`YQCIR/SH`T:*P+-+K4=.34UGF6>9P
MZQJYV>5OX7;TSM[]<UK"\C-^]F/]:L8D]B,X_3C\Q0!9HK*;6?+A=Y+<@A9F
M4!\Y\LX8=/R_I22ZR\;1J+0L70L,..<(&(Z>A'XT`:U%0?:4^V?9L'?Y?F`]
MB,X_S]:CTV]^WVOGB,QCS'3!.?NL5/Z@T`6Z***`"BBB@`HHHH`RO$_V[_A'
M[O\`LW?]J"C;Y?WL9&<>^,UY?_Q5'_48_P#(M>RT4`>-?\51_P!1C_R+6[X.
M_P"$D_M^'[3]O^RX)E^T;MN,<?>[YQTKTBB@#`O1'J2:LL@NXUB3R@!&X#@`
M\@8^;YB1QZ465P5OAJ4T<RI=VD:X,3;ED0ME2,9_BX]<&M^B@#%L_,L;R_66
M,E[J198@JD@DHJD9'3!7\N:KHY76$F6WFE4W;HQ,;83*##C/`Z$9'K715FJ]
MUNNSYPV$[(LX)5LX_J.M`&=X?E$,SQ^5<>9<7$Q;?$X54#R,#DC`SN%.:8-H
MLY$4V1>%L>2^2#-NSC&<8YJ\EU*]U:GS,)(B[EX(R0V?U`[]J9$UU%;.QN7G
MD27;@A06P3D#CJ1_2@!9;60Z]#/%GR9H@9OJA.W\27_\=K/LY%AU6>98KEI9
M;IH@IB?9L;9ELXP,;3S5]9YOM]LAN'$1@1CG:"S'(Y&._MC&*JV=]>OI9=I"
M\V]1SA3@H"<'&.N3^F:`':5)+9:='I3K(MW$QB4B,E=N>'SC&-OZ\=:1W5=0
MM=0"S'=/)$P$#[@I&,GCIE4[5N[E8-ANG!YZ5G0WH,-G(TYZ8ESCYCLS_/TH
M`HB*)]#O[@1S-*1<J@9'SAF8C:I'?Y>@J7S`;W13Y<N!&VX^4V%RH`SQQSZU
MI6[N\\A:0\$CR\#Y<'@_B.:M4`<^\[#4[:]B\YD>Y>&1#`X*H5QGITRJG/O3
M="O'BAMK003;I;F<R%X74(A:1@<D8Y^7\ZZ*B@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@!,`=!UI:**`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
$B@#_V3\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
