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The Underwriter may terminate its commitment under the Underwriting Agreement at any time prior to the Latest Time for Termination if: there shall develop, occur, exist or come into effect: any new law or regulation or any change in existing laws or regulations or any change in the interpretation or application thereof by any court or other competent authority in Hong Kong or any other place in which any member of the Group conducts or carries on business; or any event or series of events resulting or likely to result in any change in local, national or international financial, political, military, industrial, economic or market conditions; or any change in the conditions of local, national or international securities markets (including but without limitation, the imposition of any moratorium, suspension or restriction on trading in securities generally on the Stock Exchange due to exceptional financial circumstances or otherwise); or any change or development involving a prospective change in Hong Kong taxation or exchange control which will or may affect the Group or a proportion of the existing Shareholders of the Company in their capacity as such, which, in the reasonable opinion of the Underwriter:(1) is or will or is likely to have a material adverse effect on the business or financial condition of the Group as a whole or the Rights Issue; or (2) has or will have or is likely to have a material adverse effect on the success of the Rights Issue or the level of Rights Shares taken up; or (3) makes it inadvisable or inexpedient for the Company to proceed with the Rights Issue; or there comes to the notice of the Underwriter: any matter or event showing any of the representations, warranties and undertakings made by PIL and the Company was, when given, untrue or misleading or as having been breached in any respect; or any breach by any of the other parties to the Underwriting Agreement of any of their respective obligations or undertakings under the Underwriting Agreement or under any of the PIL Letter of Undertaking, Option Undertakings or the Sub-underwriting Letter, then and in any such case the Underwriter may, upon giving notice to the Company and PIL, terminate the Underwriting Agreement with immediate effect.

倘发生下列事件，包销商可于最后终止时间前任何时间终止其根据包销协议之责任：以下情况将会出现、发生、存在或生效：香港或本集团任何成员公司经营或从事业务所在任何其他地方之法院或其他主管机关颁布任何新法律或法规，或更改现行法律或法规，或有关法律或法规之诠释或应用有变；或发生任何事件或连串事件导致或可能导致本地、国家或国际金融、政治、军事、工业、经济或市况有变；或本地、国家或国际证券市场之状况有变（包括但不限于因特殊金融状况或其他原因而暂时禁止、暂停或限制港交所之整体证券交易）；或香港税务或外汇管制有变或出现可能导致变动之事态发展，而将会或可能对本集团或本公司部份现有股东产生影响，而包销商合理认为上述情况：(1)会或将会或可能会对本集团整体之业务或财务状况或供股有重大不利影响；或(2)经已或将会或可能会对供股之成功或供股股份之认购数量有重大不利影响；或(3)令本公司进行供股变得不智或不宜时；或包销商得悉：任何事情或事件显示太平船务及本公司所作出之任何陈述、保证及承诺于作出时在任何方面属失实或构成误导或遭违反；或包销协议之任何其他订约方违反彼等各自根据包销协议或任何太平船务承诺函、购股权承诺或分包销函件之任何责任或承诺，而在此情况下，包销商可向本公司及太平船务发出通知即时终止包销协议。

On Monday, 3 August 2009 if in the reasonable opinion of the Underwriter: the success of the Rights Issue would be materially and adversely affected by: the introduction of any new law or regulation or any change in existing law or regulation (or the judicial interpretation thereof) or other occurrence of any nature whatsoever which may in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or the occurrence of any local, national or international event or change, whether or not forming part of a series of events or changes occurring or continuing before, and/or after the date hereof, of a political, military, financial, economic or other nature (whether or not ejusdem generis with any of the foregoing), or in the nature of any local, national or international outbreak or escalation of hostilities or armed conflict, or affecting local securities markets which may, in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or any material adverse change in the business or in the financial or trading position of the Group as a whole; or any material adverse change in market conditions (including, without limitation, a change in fiscal or monetary policy or foreign exchange or currency markets, suspension or restriction of trading in securities) occurs which in the reasonable opinion of the Underwriter makes it inexpedient or inadvisable to proceed with the Rights Issue; or the Prospectus or announcements of the Company published since the date of the Underwriting Agreement when published contain information (either as to business prospects or the condition of the Group or as to its compliance with any laws or the GEM Listing Rules or any applicable regulations) which has not prior to the date hereof been publicly announced or published by the Company and which may in the reasonable opinion of the Underwriter is material to the Group as a whole and is likely to affect materially and adversely the success of the Rights Issue or might cause a prudent investor not to accept the Rights Shares provisionally allotted to it, the Underwriter shall be entitled by notice in writing to the Company, served prior to the Latest Time for Termination, to terminate the Underwriting Agreement.

务请注意，倘包销商合理认为，则包销商可于二零零九年八月三日下午四时正前，随时向本公司发出书面通知，终止包销协议所载的安排：供股之成效将因下列事项而受到重大不利影响：引入任何新法律或法规，或现行法律或法规有任何改变，或发生包销商合理认为可能对本集团整体业务或财务或贸易状况或前景构成重大不利影响之任何性质之其他事件；或发生任何本地、全国或国际的政治、军事、财务、经济或其他性质（不论是否与上述任何事件同类）之事件或变化（不论是否于本公布日期之前、当日及╱或之后发生或延续之连串事件或变动之一部分），或任何本地、全国或国际性之敌对行为或武装冲突爆发或升级，或发生会影响本地证券市场的事件或变化，且包销商合理认为该等事件或变化可能对本集团整体业务或财务或贸易状况或前景构成重大不利影响；或本集团整体业务或财务或贸易状况出现任何重大不利变动；或市场状况发生任何不利变动（包括但不限于，财务或货币政策或外汇或货币市场的任何变动、证券买卖暂停或受到限制），而包销商合理认为该等变动很可能使进行供股变得不宜或不智；或本公司于包销协议日期后发出之章程或公布载有于本公布日期前本公司未公开发布或刊发之资料（不论关于本集团业务前景或状况或本集团遵守任何法律或创业板上市规则或任何适用法规的情况），而包销商合理认为该等资料可能对本集团整体而言属重大，并很可能对供股的成效构成重大不利影响或可能导致审慎投资者不接纳获暂定配发的供股股份，则包销商可于最后终止时间前，向本公司发出书面通知终止包销协议。

The second, make sure the right of privacy and power, other rights to apply the principle: Namely be principle, power towards power proceed strict system roughly, had match comparison principle (aptness principle, necessity principle with comparison principle) that when the right of privacy and power take place to conflict, can have the initiative to apply with the rights basis, and cannot breach the relevant entity method with the provision of the procedure method; When the right of privacy conflict with the other rights occurrence, on the equal foundation of rights, make use of the basic value for method for background for row preface for rights for rank principle with benefits measuring and rights moderating the principle make suring have the initiativing the suitable for use, namely advancedly act liking the right of quality with rights row preface, the former is a kind of law ruling, having the stable legal effect, the latter then having the palliation with individual, by the of the right of conflict representing of preface and worth an of scene row the freedom, justice, order with general value equal, the efficiency, benefits is one by one in order preface suit

第二，确定权力与其他权利是否侵犯隐私权的标准：即以权利本位的理念，对权力进行严格制约，只有符合比例原则(适当性原则、必要性原则和比例性原则)的权力才不构成侵权，并不得违反有关实体法和程序法的规定；在权利平等的基础上，利用情景排序及价值位阶原则和利益衡量及权利协调原则确定其他权利是否构成侵权，即先进行同质权利的排序和权利的背景排序，前者是一种法律规定，具有稳定的法律效力，后者则具有暂时性和个体性，按权利所代表的法的基本价值和一般价值依次序适用。一般价值的适用次序，则根据具体情况，按利益衡量、权利协调的原则确定，使个案的解决能够适当兼顾双方的利益。第三，确定隐私权的内容，采用列举式和概括式的方法对侵犯隐私权的行为予以具体化，并规定排除侵权的例外，包括正当业务行为，权利人的承诺及推定承诺行为，契约行为，自弃行为及自救行为。第四，对科学技术发展和国际政治经济变化引发的隐私权保护问题予以充分重视，以制度化、法律化解决问题。

Article 2 This law applies to the drafting of laws, regulations and rules relating to the protection of human rights within the borders of the People's Republic of China, the furnishing of various conditions for the realization of human rights by way of administrative measures, the realization of judicial remedies against acts violating human rights, human rights propaganda and human rights education within the whole society, the performance of Signatory States' obligations under human rights treaties that have been already concluded or acceded to by the People's Republic of China, the conduct of international exchange and co-operation in the field of human rights and other activities.

第二条 在中华人民共和国境内制定有关人权保障的法律、法规和规章，通过行政管理措施来为人权的实现提供各种条件，对侵害人权的行为实现司法救济，在全社会进行人权宣传和人权教育，根据中华人民共和国已经缔结和参加的国际人权公约履行公约下的缔约国应尽义务，进行人权领域的国际交流和合作等活动，适用本法。

The enterprise stock rights owned by asset management companies include: stock rights obtained by asset management companies through debt-to-equity swap, stock rights possessed by asset management companies after the debt enterprise being restructured, and stock rights possessed by asset management companies by other means

资产管理公司拥有的企业股权，包括：资产管理公司对企业实施债转股后取得的股权，资产管理公司对欠债企业进行重组后拥有的股权，资产管理公司以其他方式拥有的股权

The primary views as following: water rights allocation means to distribute the natural resource water's usufructs, real right of product water and water-abstract rights in different areas and among various subjects by government or market, which is an important method to use water efficiently and to better resources structure; water rights allocation should emphasize the value of efficiency and equity; water rights administrative allocation should follow nine principles such as the principle of the priority to residents' daily water and take into consideration the domestic water and the environment water, the principles of sustainable development, of united planning and macro-adjustment, total quantity control and ration management, plan the distribution of water by unit of drainage area, respecting the conventional water rights, earlier applicants first in the same sort of rights, combination of administrative allotment and transference with compensation, the water rights gained by transferring is terminable; water rights allocation inside the government departments should distribute according to population, area, and output via planning and negotiation means; water rights allocation outside the government departments should decide the use order according to the kind of water, which can be realized by competition or non-competition methods.

主要观点是：水权配置是运用行政或市场手段对自然资源水的使用权、产品水物权和取水权在不同区域之间或不同用水主体之间的分配，是有效利用水资源、实现资源优化组合的重要手段；水权配置应当兼顾效益和公平两大价值目标；水权行政配置应当遵循居民生活用水优先并兼顾生活和生态环境用水、促进人类可持续发展、统一规划宏观调配、总量控制定额管理以供定需、以流域为单元制定分水方案、尊重习惯水权、同类水权申请在先、无偿划拨与有偿出让相结合、出让方式获得水权有期限等九大原则；水权行政内部配置应当以人口、面积、产值等为依据通过计划和协商等方式进行配置；水权行政外部配置应当按照用水类别确定不同的用水顺序，并通过竞争性和非竞争性手段实现。

Analyzing the reality of the conflict betweent the rights of the minority and those of the majority, as a result of taking place of the conflict betweent the rights of the minority and those of the majority is limitation of human resource and the immoralism of the rights of the minority by the minority being obedient to the majority and absurdity of deploying rights by domestic law,the essence of the conflict betweent the rights of the minority and those of the majority is interest conflict and conflict betweent right and power and value conflict .

从历史上与现实社会中少数人与多数人权利冲突的现象来分析，资源的有限性、&多数原则&对少数人权利的漠视、国内法配置权利的不合理性是导致少数人与多数人权利冲突发生的原因；从历史上与现实社会中少数人与多数人权利冲突的现象来分析，少数人与多数人权利冲突的本质是利益冲突、权利与权力的冲突和价值冲突。

At present, people gradually realize that all kinds of human rights as integrity has mutual relation, liberal rights and social rights are not two insolated rights, and one could not been protected through separating oneself from another. So, judicial remedy of social rights included class action,social interpretation about civil and citizen rights as well as factual judicial protection of social rights by affirmative action has been generated in some countries and regions.

目前，人们逐渐认识到作为整体的人的各种权利具有相互关联性，自由权与社会权不是孤立的两类存在，无法脱离其中的一类权利来抽象地保护另一类权利，于是，一些国家和地区在可能的范围内发展了社会权利的司法救济，包括集体申诉制度、对公民和政治权利的社会性解释、通过肯定性救济手段给予社会权利以事实上的司法保护与公益诉讼等形式。

This is reality, but it is not necessarily good for the people of the United States, who are by rights the ones who give politicians, indeed governments, power.

这是现实，但不一定是好为美国人民的，谁的权利是谁给那些政治家，事实上政府权力。

We have the honour to make this statement on human rights, sexual orientation and gender identity on behalf of 1 - We reaffirm the principle of universality of human rights, as enshrined in the Universal Declaration of Human Rights whose 60th anniversary is celebrated this year, Article 1 of which proclaims that "all human beings are born free and equal in dignity and rights"; 2 - We reaffirm that everyone is entitled to the enjoyment of human rights without distinction of any kind, such as race, colour, sex, language, religion, political or other opinion, national or social origin, property, birth or other status, as set out in Article 2 of the Universal Declaration of Human Rights and Article 2 of the International Covenants on Civil and Political, Economic, Social and Cultural Rights, as well as in article 26 of the International Covenant on Civil and Political Rights; 3 - We reaffirm the principle of non-discrimination which requires that human rights apply equally to every human being regardless of sexual orientation or gender identity; 4 - We are deeply concerned by violations of human rights and fundamental freedoms based on sexual orientation or gender identity; 5 - We are also disturbed that violence, harassment, discrimination, exclusion, stigmatisation and prejudice are directed against persons in all countries in the world because of sexual orientation or gender identity, and that these practices undermine the integrity and dignity of those subjected to these abuses; 6 - We condemn the human rights violations based on sexual orientation or gender identity wherever they occur, in particular the use of the death penalty on this ground, extrajudicial, summary or arbitrary executions, the practice of torture and other cruel, inhuman and degrading treatment or punishment, arbitrary arrest or detention and deprivation of economic, social and cultural rights, including the right to health; 7 - We recall the statement in 2006 before the Human Rights Council by fifty four countries requesting the President of the Council to provide an opportunity, at an appropriate future session of the Council, for discussing these violations; 8 - We commend the attention paid to these issues by special procedures of the Human Rights Council and treaty bodies and encourage them to continue to integrate consideration of human rights violations based on sexual orientation or gender identity within their relevant mandates; 9 - We welcome the adoption of Resolution AG/RES.

附录：关于性倾向和性别认同联合声明中英文联合声明中文我们很荣幸地代表做出这一关于人权、性倾向和性别认同的声明 1 -如同宣布&所有人类生而自由，平等享有尊严和权利&的《世界人权宣言》——今年是该宣言发表60周年——第1条中所昭示的那样，我们重申人权的普遍性原则； 2 -如同《世界人权宣言》第2条和《公民、政治、经济、社会和文化权利国际公约》第2条及《公民权利和政治权利国际公约》第26条中所陈述的那样，我们重申所有人都有权享有人权，不受任何种类——如种族、肤色、性别、语言、宗教、政治观点或其他观点、国家或社会出身、财产、血统或其他身份——的区别对待； 3 -我们重申要求将所有人权平等应用于所有人类，无论其性倾向或性别认同如何的非歧视原则； 4 -我们深切关注基于性倾向和性别认同的侵犯人权和基本自由的现象； 5 -我们还对世界各国由于性倾向或性别认同而针对人们的暴力、骚扰、歧视、排斥、污名化和偏见，以及这些做法破坏了遭受这些虐待者的完整性和尊严感到不安； 6 -我们谴责基于性倾向和性别认同的侵犯人权行为，无论这些行为发生在哪里，尤其是以此为由使用死刑，法外处决、即审即决或任意处决，酷刑和其他残忍、不人道或有辱人格的待遇或处罚的做法，任意逮捕或拘留，以及剥夺经济、社会和文化权利，包括健康权； 7 -我们回想起2006年，五十四个国家在人权理事会面前发言，请求理事会主席提供一个未来在适当的理事会会议上讨论这些侵犯人权行为的机会； 8 -我们赞赏人权理事会特别程序和条约机构对这些问题给予的关注，并且鼓励他们继续将对基于性倾向和性别认同的侵犯人权事件的考虑纳入其有关权限中； 9 -我们欢迎美洲国家组织大会在其2008年6月3日的第38次会议上通过了关于&人权、性倾向与性别认同&的AG/RES。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。