<SEC-DOCUMENT>0000950103-24-012835.txt : 20240829
<SEC-HEADER>0000950103-24-012835.hdr.sgml : 20240829
<ACCEPTANCE-DATETIME>20240829163411
ACCESSION NUMBER:		0000950103-24-012835
CONFORMED SUBMISSION TYPE:	SC TO-I/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240829
DATE AS OF CHANGE:		20240829

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Payoneer Global Inc.
		CENTRAL INDEX KEY:			0001845815
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				861778671
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13E3/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-92642
		FILM NUMBER:		241264231

	BUSINESS ADDRESS:	
		STREET 1:		195 BROADWAY, 27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		212-600-9272

	MAIL ADDRESS:	
		STREET 1:		195 BROADWAY, 27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Starship Parent, Inc.
		DATE OF NAME CHANGE:	20210211

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Payoneer Global Inc.
		CENTRAL INDEX KEY:			0001845815
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				861778671
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC TO-I/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-92642
		FILM NUMBER:		241264230

	BUSINESS ADDRESS:	
		STREET 1:		195 BROADWAY, 27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		212-600-9272

	MAIL ADDRESS:	
		STREET 1:		195 BROADWAY, 27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Starship Parent, Inc.
		DATE OF NAME CHANGE:	20210211

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Payoneer Global Inc.
		CENTRAL INDEX KEY:			0001845815
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				861778671
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC TO-I/A

	BUSINESS ADDRESS:	
		STREET 1:		195 BROADWAY, 27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		212-600-9272

	MAIL ADDRESS:	
		STREET 1:		195 BROADWAY, 27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Starship Parent, Inc.
		DATE OF NAME CHANGE:	20210211
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC TO-I/A
<SEQUENCE>1
<FILENAME>dp217241_sctoia.htm
<DESCRIPTION>FORM SC TO-I/A
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on August 29, 2024</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE TO<BR>
Tender Offer Statement under Section&nbsp;14(d)(1)&nbsp;or 13(e)(1)<BR>
of the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934<BR>
(Amendment No. 2)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAYONEER GLOBAL INC.<BR>
(Name of Subject Company (Issuer))</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAYONEER GLOBAL INC. (Offeror)<BR>
(Names of Filing Persons (Identifying Status as Offeror, Issuer or Other Person))</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrants exercisable for common shares at an
exercise price of $11.50 per share<BR>
(Title of Class of Securities)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>70451X112<BR>
(CUSIP Number of Class of Securities)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Executive Officer and Director</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>195 Broadway, 27th floor</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York, 10007</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 600-9272</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices and<BR>
Communications on Behalf of Filing Persons)</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tsafi Goldman</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Legal and Regulatory Officer </B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Payoneer Global Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>195 Broadway, 27th floor</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York, 10007</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 600-9272</B>&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Byron B. Rooney</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John H. Runne</B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell LLP </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>450 Lexington Avenue </B>&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10017</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 450-4000</B>&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; font-size: 12pt; text-indent: -10pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-size: 12pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: justify; width: 97%"><FONT STYLE="font-size: 10pt">Check the box if the filing relates solely to preliminary communications before the commencement of a tender offer.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate boxes below to designate
any transactions to which the statement relates:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-size: 10pt">third-party tender offer subject to Rule&nbsp;14d-1.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">issuer tender offer subject to Rule&nbsp;13e-4.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">going-private transaction subject to Rule&nbsp;13e-3.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the following box if the filing is a final
amendment reporting the results of the tender offer: <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If applicable, check the appropriate box(es) below
to designate the appropriate rule provision relied upon:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-size: 10pt">Rule&nbsp;13e-4(i)&nbsp;(Cross-Border Issuer Tender Offer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rule&nbsp;14d-1(d)&nbsp;(Cross-Border Third-Party Tender Offer)</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Amendment No. 2 (&ldquo;Amendment No.
2&rdquo;) to the Tender Offer Statement on Schedule&nbsp;TO, originally filed by Payoneer Global Inc., a Delaware corporation
(&ldquo;Payoneer&rdquo; or the &ldquo;Company&rdquo;), on August 12, 2024 (&ldquo;Schedule TO&rdquo;), is being filed to amend the
Offer to Purchase and Consent Solicitation (as amended or supplemented from time to time, the &ldquo;Offer to Purchase&rdquo;), a
copy of which was originally filed as Exhibit (a)(1)(A) to the Schedule TO. The Offer to Purchase relates to the tender offer by the
Company to purchase for cash up to 25,158,086 of its outstanding public warrants to purchase common shares, par value $0.01 per
share, at a price of $0.78 per warrant, without interest (the &ldquo;Offer Purchase Price&rdquo;). The Offer to Purchase and the
related Letter of Transmittal and Consent (as amended or supplemented from time to time, the &ldquo;Letter of Transmittal and
Consent&rdquo;), a copy of which was attached to the Schedule TO as Exhibit (a)(1)(B), together, as amended or supplemented from
time to time, constitute the &ldquo;Offer.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concurrently with the Offer, the Company is also
soliciting consents from holders of its outstanding warrants to amend the Warrant Agreement, dated as of August 25, 2020, by and between
FTAC Olympus Acquisition Corp. (&ldquo;FTOC&rdquo;) and Continental Stock Transfer &amp; Trust Company (the &ldquo;Warrant Agent&rdquo;),
as amended by the Assignment, Assumption and Amendment Agreement dated as of June 25, 2021, by and among the Company, FTOC and the Warrant
Agent (as amended, the &ldquo;Warrant Agreement&rdquo;), which governs all of the Warrants, to permit the Company to redeem
each outstanding warrant for $0.70 in cash, without interest (the &ldquo;Redemption Price&rdquo;), which Redemption Price is approximately
10% less than the Offer Purchase Price (the &ldquo;Warrant Amendment&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offer to Purchase, as amended, a copy of which is filed
herewith as Exhibit (a)(1)(A), has been amended to provided additional information within the section entitled &ldquo;Special
Factors &ndash; 2. Fairness of the Transaction (Offer, Consent Solicitation and Redemption&rdquo; regarding certain factors and
procedures relevant to determining the fairness of the Offer and the section entitled &ldquo;Special Factors &ndash; 3. Board
Presentation&rdquo; regarding expenses paid by the Company and its affiliates to the Dealer Manager (as defined within the Offer to
Purchase) and its affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Only those items amended are reported in this Amendment No. 2. Except
as amended hereby to the extent specifically provided herein, the information contained in the Schedule TO, and the other exhibits to
the Schedule TO, remains unchanged and is hereby expressly incorporated into this Amendment No. 2 by reference. This Amendment No. 2 should
be read with the Schedule TO and the Offer to Purchase.</P>

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit <BR>
Number</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="dp217241_ex-a1a.htm"><FONT STYLE="font-size: 10pt">(a)(1)(A)</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="dp217241_ex-a1a.htm"><FONT STYLE="font-size: 10pt; color: #0000EE"><U>Second Amended and Restated Offer to Purchase and Consent Solicitation, dated August 29, 2024.</U></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a1b.htm"><FONT STYLE="font-size: 10pt">(a)(1)(B)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a1b.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Letter of Transmittal and Consent (including Guidelines of the Internal Revenue Service for Certification of Taxpayer Identification Number on Form W-9).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a1c.htm"><FONT STYLE="font-size: 10pt">(a)(1)(C)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a1c.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Form of Notice of Guaranteed Delivery.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a1d.htm"><FONT STYLE="font-size: 10pt">(a)(1)(D)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a1d.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees, dated August 12, 2024.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a1e.htm"><FONT STYLE="font-size: 10pt">(a)(1)(E)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a1e.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees, dated August 12, 2024.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>(a)(2)</U></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a5.htm"><FONT STYLE="font-size: 10pt">(a)(5)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-a5.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Press Release, dated August 12, 2024, announcing cash tender offer for Payoneer Global Inc. warrants.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>(b)</U></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-c.htm"><FONT STYLE="font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-c.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Presentation of Citigroup Global Markets Inc. to the Company&rsquo;s board of directors on August 6, 2024.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1816090/000121390020024578/ea126160ex4-1_ftacolympus.htm"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1816090/000121390020024578/ea126160ex4-1_ftacolympus.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Warrant Agreement, dated August 25, 2020, between FTAC Olympus Acquisition Corp. and Continental Stock Transfer &amp; Trust Company, as warrant agent.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000121390021035350/ea143589ex4-3_newstarship.htm"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000121390021035350/ea143589ex4-3_newstarship.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Assignment, Assumption and Amendment Agreement, dated as of June 25, 2021, by and among FTAC Olympus Acquisition Corp., Payoneer Global Inc., and Continental Stock Transfer &amp; Trust Company.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-d.htm"><FONT STYLE="font-size: 10pt">(d)</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1845815/000095010324012046/dp216438_ex-d.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Tender and Support Agreement, dated August 12, 2024, by and among Payoneer Global Inc. and the warrant holders party thereto.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>(g)</U></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>(h)</U></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1845815/000095010324012046/dp216438_exfilingfees.htm"><FONT STYLE="font-size: 10pt">107</FONT><FONT STYLE="font-size: 10pt"><U>*</U></FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1845815/000095010324012046/dp216438_exfilingfees.htm"><FONT STYLE="font-size: 10pt; color: #0000EE">Filing Fee Table</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(b) Filing Fee Exhibit</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt">____________</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously
filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After due inquiry and to the best of my knowledge
and belief,&nbsp;I certify that the information set forth in this Schedule&nbsp;TO is true, complete and correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: August&nbsp;29, 2024</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>PAYONEER GLOBAL INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 91%"><FONT STYLE="font-size: 10pt">/s/ Bea Ordonez</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Bea Ordonez</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.(A)(1)(A)
<SEQUENCE>2
<FILENAME>dp217241_ex-a1a.htm
<DESCRIPTION>EXHIBIT (A)(1)(A)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit (a)(1)(A)</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDED AND RESTATED OFFER TO PURCHASE
</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UP TO 25,158,086 OF ITS WARRANTS TO PURCHASE
SHARES OF COMMON STOCK<BR>
AT A PURCHASE PRICE OF $0.78 IN CASH PER WARRANT </B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><B>THE OFFER PERIOD AND YOUR RIGHT TO WITHDRAW WARRANTS THAT YOU TENDER WILL EXPIRE AT 12:00 MIDNIGHT, EASTERN TIME, AT THE END OF THE DAY ON SEPTEMBER 9, 2024, UNLESS THE OFFER PERIOD IS EXTENDED. THE COMPANY MAY EXTEND THE OFFER PERIOD AT ANY TIME.</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Payoneer Global Inc., a Delaware
corporation (the &ldquo;<B>Company</B>,&rdquo; &ldquo;<B>we</B>,&rdquo; &ldquo;<B>us</B>,&rdquo; or &ldquo;<B>our</B>&rdquo;), hereby
offers to purchase up to 25,158,086 of its outstanding warrants described below at a purchase price of $0.78 in cash, without interest
(the &ldquo;<B>Offer Purchase Price</B>&rdquo;), for each outstanding warrant tendered. The &ldquo;<B>Offer Period</B>&rdquo; is the period
commencing on August 12, 2024 and ending at 12:00 midnight, Eastern Time, at the end of the day on September 9, 2024, or such later date
to which the Company may extend the Offer (the &ldquo;<B>Expiration Date</B>&rdquo;). The offer is made upon the terms and conditions
in this second amended and restated Offer to Purchase and Consent Solicitation (the &ldquo;<B>Offer Letter</B>&rdquo;) and the related
Letter of Transmittal and Consent (the <B>&ldquo;Letter of Transmittal and Consent&rdquo;</B> and, together with the Offer Letter, as
each may be amended or supplemented from time to time, the &ldquo;<B>Offer</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The warrants eligible to
be tendered pursuant to the Offer comprise the 25,158,086 publicly traded warrants to purchase shares of our common stock that were publicly
issued and sold as part of the units in the initial public offering of FTAC Olympus Acquisition Corp. (&ldquo;<B>FTOC</B>&rdquo;) on August
25, 2020 (the &ldquo;<B>FTOC IPO</B>&rdquo;), and assumed by the Company on June 25, 2021, and which entitle such warrant holders to purchase
one share of common stock at an exercise price of $11.50, subject to certain adjustments (the &ldquo;<B>Warrants</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Concurrently with the Offer,
we also are soliciting consents (the &ldquo;<B>Consent Solicitation</B>&rdquo;) from holders of the Warrants to amend the Warrant Agreement,
dated as of August 25, 2020, by and between FTOC and Continental Stock Transfer &amp; Trust Company (the &ldquo;<B>Warrant Agent</B>&rdquo;),
as amended by the Assignment, Assumption and Amendment Agreement dated as of June 25, 2021, by and between the Company, FTOC and the Warrant
Agent (as amended, the &ldquo;<B>Warrant Agreement</B>&rdquo;), which governs all of the Warrants, to permit the Company to redeem each
outstanding Warrant for $0.70 in cash, without interest (the &ldquo;<B>Redemption Price</B>&rdquo;), which Redemption Price is approximately
10% less than the Offer Purchase Price (the &ldquo;<B>Warrant Amendment</B>&rdquo;). Pursuant to the terms of the Warrant Agreement, the
consent of holders of at least 65% of the outstanding Warrants is required to approve the Warrant Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Parties representing approximately
65.6% of the outstanding Warrants have agreed to tender their Warrants in the Offer and consent to the Warrant Amendment in the Consent
Solicitation pursuant to the Tender and Support Agreement (as defined herein). Accordingly, because the holders of more than 65% of our
outstanding Warrants have agreed to consent to the Warrant Amendment in the Consent Solicitation, if the other conditions described herein
do not occur or, if they occur, are waived, then the Warrant Amendment will be adopted. If the Warrant Amendment is adopted, which we
expect to occur given that holders of more than 65% of the Warrants have consented to the Warrant Amendment, we intend to issue a notice
of redemption to redeem all remaining outstanding Warrants following the consummation of the Offer. The redemption would occur 15 days
after issuing the notice of redemption (the &ldquo;<B>Redemption</B>&rdquo;). For additional detail regarding the Tender and Support Agreement,
see &ldquo;The Offer and Consent Solicitation, Section 9. Transactions and Agreements Concerning the Company&rsquo;s Securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Warrants are registered
in your name, the execution and delivery of the Letter of Transmittal and Consent will constitute your consent to the Warrant Amendment
and will also authorize and direct the Warrant Agent (as defined below) to execute and deliver a written consent to the Warrant Amendment
on your behalf with respect to all Warrants that you tender. Custodial entities that are participants in The Depository Trust Company
(&ldquo;<B>DTC</B>&rdquo;) may tender their Warrants through the Automatic Tender Option Program (&ldquo;<B>ATOP</B>&rdquo;) maintained
by DTC, by which the custodial entity and the beneficial owner on whose behalf the custodial entity is acting agree to be bound by the
Letter of Transmittal and Consent and which constitutes their consent to the Warrant Amendment and also authorizes and directs the Warrant
Agent to execute and deliver a written consent to the Warrant Amendment on their behalf with respect to all Warrants thereby tendered.
You must deliver your consent to the proposed Warrant Amendment in order to participate in the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Warrants are listed on
The Nasdaq Stock Market LLC (&ldquo;<B>Nasdaq</B>&rdquo;) under the symbol &ldquo;PAYOW.&rdquo; On August 9, 2024, the last reported sale
price on Nasdaq for the Warrants was $0.40. As of August 9, 2024, 25,158,086 Warrants were outstanding. <B>Warrant holders should obtain
current market quotations for the Warrants before deciding whether to tender their Warrants pursuant to the Offer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Offer permits holders
of Warrants to tender any and all Warrants in exchange for the Offer Purchase Price for each Warrant tendered. A holder may tender as
few or as many Warrants as the holder elects. Holders are also entitled to exercise their Warrants during the Offer Period in accordance
with the terms of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>If you elect to tender
Warrants in response to the Offer and Consent Solicitation, please follow the instructions in this Offer Letter and the related documents,
including the Letter of Transmittal and Consent. If you wish to exercise your Warrants in accordance with their terms, please follow the
instructions for exercise included in the Warrants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you tender Warrants, you
may withdraw your tendered Warrants at any time before the Expiration Date and retain them on their current terms or amended terms if
the Warrant Amendment is adopted, by following the instructions in this Offer Letter. If you withdraw the tender of your Warrants, your
consent to the Warrant Amendment will be withdrawn as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>See &ldquo;The Offer and
Consent Solicitation, Section 11. Forward-Looking Statements; Risk Factors&rdquo; for a discussion of information that you should consider
before tendering Warrants in the Offer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Offer and Consent Solicitation
will commence on August 12, 2024 and end on the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A detailed discussion of
the Offer and Consent Solicitation is contained in this Offer Letter. We may amend or terminate the Offer and Consent Solicitation at
any time with requisite notice, as further described in this Offer Letter. Holders of Warrants are strongly encouraged to read this entire
package of materials, and the publicly filed information about the Company referenced herein, as well as any supplemental disclosure regarding
the Offer and Consent Solicitation before making a decision regarding the Offer and Consent Solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE COMPANY&rsquo;S BOARD OF DIRECTORS HAS APPROVED
THE OFFER AND CONSENT SOLICITATION. HOWEVER, NONE OF THE COMPANY, ITS DIRECTORS, OFFICERS OR EMPLOYEES, NOR THE WARRANT AGENT, SODALI
&amp; CO., THE INFORMATION AGENT FOR THE OFFER (THE &ldquo;<B>INFORMATION AGENT</B>&rdquo;), OR CITIGROUP GLOBAL MARKETS INC., THE COMPANY&rsquo;S
DEALER MANAGER FOR THE OFFER (THE &ldquo;<B>DEALER MANAGER</B>&rdquo; <B>OR &ldquo;<I>CITIGROUP</I>&rdquo;</B>), MAKES ANY RECOMMENDATION
AS TO WHETHER YOU SHOULD TENDER WARRANTS OR CONSENT TO THE WARRANT AMENDMENT. EACH HOLDER OF A WARRANT MUST MAKE HIS, HER OR ITS OWN DECISION
AS TO WHETHER TO TENDER SOME OR ALL OF HIS, HER OR ITS WARRANTS AND CONSENT TO THE WARRANT AMENDMENT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Neither the U.S. Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of the Offer or passed
upon the merits or fairness of the Offer or the accuracy or adequacy of the disclosure in this Offer Letter or the Letter of Transmittal
and Consent. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Dealer Manager for the Offer and Consent Solicitation
is:<BR>
<B>Citigroup Global Markets Inc.<BR>
</B>Offer to Purchase and Consent Solicitation, dated August 12, 2024, as amended on August 29, 2024</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you want to tender some
or all of your Warrants, you must do one of the following before the Expiration Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">if your Warrants are registered in the name of a broker, dealer, commercial bank, trust company or other nominee, contact the nominee and have the nominee tender your Warrants for you, which typically can be done electronically;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">if you hold Warrant certificates in your own name, complete and sign the Letter of Transmittal and Consent according to its instructions, and deliver the Letter of Transmittal and Consent, together with any required signature guarantee, the certificates for your Warrants and any other documents required by the Letter of Transmittal and Consent, to the Warrant Agent; or</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">if you are an institution participating in DTC, called the &ldquo;book-entry transfer facility&rdquo; in this Offer Letter, tender your Warrants according to the procedure for book-entry transfer described under &ldquo;The Offer and Consent Solicitation, Section 2. Procedure for Tendering Warrants.&rdquo;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you want to tender your
Warrants, but:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">your certificates for the Warrants are not immediately available or cannot be delivered to the Warrant Agent;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">you cannot comply with the procedure for book-entry transfer; or</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify">your other required documents cannot be delivered to the Warrant Agent before the expiration of the Offer,</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">then you can still tender your Warrants if you
comply with the guaranteed delivery procedure described under &ldquo;The Offer and Consent Solicitation, Section 2. Procedure for Tendering
Warrants.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TO TENDER YOUR WARRANTS, YOU MUST CAREFULLY
FOLLOW THE PROCEDURES DESCRIBED IN THIS OFFER LETTER, THE LETTER OF TRANSMITTAL AND CONSENT AND THE OTHER DOCUMENTS DISCUSSED HEREIN RELATED
TO THE OFFER.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WARRANTS NOT TENDERED FOR PURCHASE WILL EXPIRE
IN ACCORDANCE WITH THEIR TERMS ON JUNE 25, 2026, OR EARLIER UPON REDEMPTION, AND OTHERWISE REMAIN SUBJECT TO THEIR ORIGINAL TERMS, UNLESS
THE WARRANT AMENDMENT IS APPROVED BY AT LEAST 65% OF THE HOLDERS OF THE WARRANTS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE OFFER RELATES TO THE WARRANTS THAT WERE
PUBLICLY ISSUED IN CONNECTION WITH THE FTOC IPO, WHICH TRADE ON NASDAQ UNDER THE SYMBOL &ldquo;PAYOW.&rdquo; ANY AND ALL OUTSTANDING WARRANTS
ARE ELIGIBLE TO BE TENDERED PURSUANT TO THE OFFER. AS OF AUGUST 9, 2024, THERE WERE 25,158,086 WARRANTS OUTSTANDING.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE COMPANY RESERVES THE RIGHT TO EXERCISE
ITS ABILITY TO REDEEM THE WARRANTS IF AND WHEN IT IS PERMITTED TO DO SO PURSUANT TO THE TERMS OF THE WARRANTS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you have any questions
or need assistance, you should contact Sodali &amp; Co., the Information Agent for the Offer. You may request additional copies of this
Offer Letter, the Letter of Transmittal and Consent or the Notice of Guaranteed Delivery from the Information Agent. The Information Agent
may be reached at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Sodali &amp; Co.<BR>
333 Ludlow Street<BR>
5th Floor, South Tower<BR>
Stamford, CT 06902</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (800) 662-5200<BR>
Email: PAYO@info.sodali.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The address of the Warrant Agent is:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Continental Stock<BR>
Transfer &amp; Trust Company<BR>
Attn: Corporate Actions<BR>
1 State Street 30th Floor<BR>
New York, NY 10004</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Secure Electronic Upload: <B>https://cstt.citrixdata.com/r-re3fd15eb61d141f2afdfb8243ad4db21</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (917) 262-2378</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Email: tenders+payoneer@continentalstock.com</P>

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


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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY TERM SHEET</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL FACTORS</FONT></TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PURPOSE OF THE OFFER</FONT></TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. FAIRNESS OF THE TRANSACTION
    (OFFER, CONSENT SOLICITATION AND REDEMPTION)</FONT></TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. BOARD PRESENTATION</FONT></TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EFFECTS OF THE TRANSACTION
    ON THE MARKET FOR THE WARRANTS</FONT></TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. INTERESTS OF DIRECTORS
    AND EXECUTIVE OFFICERS</FONT></TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. MATERIAL U.S. FEDERAL
    INCOME TAX CONSEQUENCES</FONT></TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND CONSENT SOLICITATION</FONT></TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GENERAL TERMS</FONT></TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. PROCEDURE FOR TENDERING
    WARRANTS</FONT></TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. WITHDRAWAL RIGHTS</FONT></TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ACCEPTANCE OF WARRANTS
    AND PAYMENT OF OFFER PURCHASE PRICE</FONT></TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PRICE RANGE OF WARRANTS</FONT></TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SOURCE AND AMOUNT OF
    FUNDS; FEES AND EXPENSES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. INFORMATION CONCERNING
    PAYONEER GLOBAL INC.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. PLANS, PROPOSALS OR
    NEGOTIATIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. TRANSACTIONS AND AGREEMENTS
    CONCERNING THE COMPANY&rsquo;S SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. CONDITIONS; TERMINATION;
    WAIVERS; EXTENSIONS; AMENDMENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. FORWARD-LOOKING STATEMENTS;
    RISK FACTORS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. THE WARRANT AGENT,
    INFORMATION AGENT AND DEALER MANAGER</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. ADDITIONAL INFORMATION;
    MISCELLANEOUS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We are not making the
Offer to, and will not accept any tendered Warrants from, holders of Warrants in any jurisdiction where it would be unlawful to do so.
However, we may, at our discretion, take any actions necessary for us to make the Offer to holders of Warrants in any such jurisdiction.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We have not authorized
anyone to provide you with information or to make any representation in connection with the Offer other than those contained in this Offer
Letter or in the Letter of Transmittal and Consent. We, the Dealer Manager, Information Agent and Warrant Agent take no responsibility
for, and provide no assurance as to the reliability of, any other information that others may give you. You should not assume that the
information provided in this Offer Letter is accurate as of any date other than the date as of which it is shown, or if no date is otherwise
indicated, the date of this Offer Letter.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We have no contract, arrangement
or understanding relating to the payment of, and will not, directly or indirectly, pay, any commission or other remuneration to any broker,
dealer, salesperson, agent or any other person, including the Dealer Manager, for soliciting tenders in the Offer. In addition, none of
the Warrant Agent, the Information Agent, the Dealer Manager or any broker, dealer, salesperson, agent or any other person is engaged
or authorized to express any statement, opinion, recommendation or judgment with respect to the relative merits and risks of the Offer
and Consent Solicitation. Our officers, directors and regular employees may solicit tenders from holders of the Warrants and will answer
inquiries concerning the terms of the Offer and Consent Solicitation, but they will not receive additional compensation for soliciting
tenders or answering any such inquiries.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Summary
Term Sheet</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Unless otherwise stated in this Offer Letter, references to &ldquo;we,&rdquo;
&ldquo;our,&rdquo; &ldquo;us,&rdquo; or the &ldquo;Company&rdquo; refer to Payoneer Global Inc. This summary term sheet highlights important
information regarding the Offer. To understand the Offer fully and for a more complete description of the terms of the Offer, you should
carefully read this entire Offer Letter and the related Letter of Transmittal and Consent that constitute the Offer. We have included
references to the sections of this Offer Letter where you will find a more complete description of the topics addressed in this summary
term sheet.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; width: 25%">The Company </TD>
    <TD STYLE="padding-right: 6pt; width: 75%">Payoneer Global Inc., a Delaware corporation. Our principal executive offices are located at 195 Broadway, 27th floor, New York, New York, 10007. Our telephone number is (212) 600-9272.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">The Warrants </TD>
    <TD STYLE="padding-right: 6pt">As of August 9, 2024, the Company had 25,158,086 Warrants outstanding. Each Warrant is exercisable for one share of our common stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;), at an exercise price of $11.50. By their terms, the Warrants will expire on June 25, 2026, unless sooner exercised or redeemed by the Company in accordance with the terms of the Warrants. The Offer relates to the Warrants that were sold as part of the units issued in connection with the FTOC IPO, which trade on Nasdaq under the symbol &ldquo;PAYOW.&rdquo; Any and all outstanding Warrants are eligible to be tendered pursuant to the Offer.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Market Price of the Warrants </TD>
    <TD STYLE="padding-right: 6pt">The Warrants are listed on Nasdaq under the symbol &ldquo;PAYOW.&rdquo; On August 9, 2024, the last reported sale price on Nasdaq for the Warrants was $0.40.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">The Offer </TD>
    <TD STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offer is to permit holders of Warrants to tender any and all outstanding
    Warrants for a purchase price of $0.78 in cash, without interest, for each Warrant tendered. A holder may tender as few or as many Warrants
    as the holder elects.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;The Offer and Consent Solicitation, Section 1. General Terms.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; width: 25%">The Consent Solicitation </TD>
    <TD STYLE="padding-right: 6pt; width: 75%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to tender the Warrants in the Offer, holders of the Warrants
    are required to consent (by executing the Letter of Transmittal and Consent or requesting that their broker or nominee consent on their
    behalf) to an amendment to the Warrant Agreement governing the Warrants as set forth in the Warrant Amendment attached as <U>Annex A</U>.
    If approved by at least 65% of the holders of the Warrants, the Warrant Amendment would permit the Company to redeem each Warrant that
    is outstanding upon the closing of the Offer for $0.70 in cash, without interest, which is approximately 10% less than the Offer Purchase
    Price. If the Warrant Amendment is adopted, which we expect to occur given that holders of more than 65% of the Warrants have consented
    to the Warrant Amendment, we intend to issue a notice of redemption to redeem all remaining outstanding Warrants following the consummation
    of the Offer. The Redemption would occur 15 days after issuing the notice of redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;The Offer and Consent Solicitation, Section 1. General Terms.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Fairness of the Transaction </TD>
    <TD STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On August 11, 2024, our board of directors (including all non-employee
    members thereof) approved the fairness of the Offer, the Consent Solicitation, and the Redemption (collectively, the &ldquo;<B>Transaction</B>&rdquo;).
    References herein to the Transaction include the Offer, the Consent Solicitation and the Redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Special Factors, Section 2. Fairness of the Transaction
    (Offer, Consent Solicitation and Redemption).&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">U.S. Federal Income Tax Consequences of the Offer and Warrant Amendment </TD>
    <TD STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The exchange of Warrants for cash pursuant to the Offer will be a taxable
    sale of the Warrants for U.S. federal income tax purposes. A U.S. Holder generally will recognize a gain or loss in an amount equal to
    the difference between the amount of cash received and the U.S. Holder&rsquo;s adjusted tax basis in the Warrants. A Non-U.S. Holder generally
    will not be subject to U.S. federal income tax on any gain or loss realized on the exchange of Warrants for cash pursuant to the Offer
    unless such gain or loss is effectively connected with such Non-U.S. Holder&rsquo;s conduct of a trade or business in the United States
    and certain other requirements are met.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The U.S. federal income tax consequences of the Warrant Amendment are
    not free from doubt. If the Warrant Amendment is approved, the Company intends to treat all Warrants that are not exchanged for cash pursuant
    to the Offer as having been exchanged for &ldquo;new&rdquo; Warrants pursuant to the Warrant Amendment and such deemed exchange as a &ldquo;recapitalization&rdquo;
    within the meaning of Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). Alternative treatments
    are possible, though, and Holders should consult their tax advisors as to the tax consequences applicable in their particular circumstances.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Special Factors, Section 6. Material U.S. Federal Income
    Tax Consequences.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; width: 25%">Reasons for the Offer </TD>
    <TD STYLE="padding-right: 6pt; width: 75%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offer is being made to all holders of Warrants. The purpose of
    the Offer is to reduce the number of potential shares of Common Stock that would become outstanding upon the exercise of the Warrants,
    thus providing investors and potential investors with greater clarity as to the Company&rsquo;s go-forward capital structure.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Special Factors, Section 1. Purpose of the Offer.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Expiration Date of Offer </TD>
    <TD STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12:00 midnight, Eastern Time, at the end of the day on September 9,
    2024, or such later date to which we may extend the Offer. All Warrants and related paperwork must be received by the Warrant Agent by
    this time, as instructed herein.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;The Offer and Consent Solicitation, Section 10. Conditions;
    Termination; Waivers; Extensions; Amendments.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Withdrawal Rights </TD>
    <TD STYLE="padding-right: 6pt">If you tender your Warrants and change your mind, you may withdraw your tendered Warrants at any time until the Expiration Date. See &ldquo;The Offer and Consent Solicitation, Section 3. Withdrawal Rights.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0.25in; text-indent: -0.25in">Participation by Executive Officers
    and Directors</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.1pt 0pt 0.25in; text-indent: -0.25in">&nbsp;</P></TD>
    <TD STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To our knowledge, none of our directors or executive officers beneficially
    own Warrants.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;Special Factors, Section 5. Interests of Directors and Executive
    Officers.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Conditions of the Offer </TD>
    <TD STYLE="padding-right: 6pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not accept for payment, purchase or pay for any Warrants tendered,
    and may terminate or amend the Offer or may postpone the acceptance for payment of, or the purchase of and the payment for the Warrants
    tendered, subject to the rules under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), if:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&middot;</P>
    <P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">there has been instituted, threatened in writing or is pending
    any action, suit or proceeding by any government or governmental, regulatory or administrative agency or instrumentality, or by any other
    person, before any court, authority or other tribunal that, in our reasonable judgment, would or would be reasonably likely to prohibit,
    prevent, restrict or delay consummation of the Offer or materially impair the contemplated benefits to us of the Offer, or that is, or
    is reasonably likely to be, materially adverse to our business, operations, properties, condition, assets, liabilities or prospects;</P>
    </TD></TR>
  </TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any order, statute, rule, regulation, executive order, stay, decree, judgment or injunction has been proposed, enacted, entered, issued,
promulgated, enforced or deemed applicable by any court or governmental, regulatory or administrative agency or instrumentality that,
in our reasonable judgment, would or would be reasonably likely to prohibit, prevent, restrict or delay consummation of the Offer or materially
impair the contemplated benefits to us of the Offer, or that is, or is reasonably likely to be, materially adverse to our business, operations,
properties, condition, assets, liabilities or prospects; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in our reasonable judgment, there shall have occurred or be reasonably likely to occur, any material adverse change to our business,
operations, properties, condition, assets, liabilities, or prospects.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing conditions are solely for our benefit, and we may assert
one or more of the conditions regardless of the circumstances giving rise to any such conditions. We may also, in our sole and absolute
discretion, waive these conditions in whole or in part, subject to the potential requirement to disseminate additional information and
extend the Offer. The determination by us as to whether any condition has occurred shall be conclusive and binding on all parties; provided,
that any such determination may be challenged by a holder of Warrants in any court of competent jurisdiction. The failure by us at any
time to exercise any of the foregoing rights shall not be deemed a waiver of any such right, and each such right shall be deemed a continuing
right which may be asserted at any time and from time to time prior to the Expiration Date. If any of the conditions described above occur
prior to the Expiration Date, we will promptly disclose our decision whether or not to waive such condition and, if the condition is material,
we may be required to extend the Offer. We will amend this Offer Letter to report material changes, such as if a material condition to
the Offer is waived, as required by Rule 13e-4(c) (3) under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;The Offer and Consent Solicitation, Section 10. Conditions;
Termination; Waivers; Extensions; Amendments.&rdquo;</P>

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


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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; width: 25%">No Recommendation by Board of Directors </TD>
    <TD STYLE="padding-right: 6pt; width: 75%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our board of directors has approved the Offer and Consent Solicitation.
    However, none of the Company, its directors, officers or employees, nor the Warrant Agent, the Information Agent or the Dealer Manager
    makes any recommendation as to whether holders of Warrants should tender their Warrants and consent to the Warrant Amendment. Holders
    of Warrants must make their own decision as to whether to tender some or all of their Warrants and consent to the Warrant Amendment.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &ldquo;The Offer and Consent Solicitation, Section 1.C. General
    Terms &mdash; Board Approval of the Offer; No Recommendation; Holder&rsquo;s Own Decision.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">How to Tender Warrants </TD>
    <TD STYLE="padding-right: 6pt">To tender your Warrants, you must complete the actions described herein under &ldquo;The Offer and Consent Solicitation, Section 2. Procedure for Tendering Warrants&rdquo; before the Offer expires.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">Questions or Assistance </TD>
    <TD STYLE="padding-right: 6pt">Please direct questions or requests for assistance, or for additional copies of this Offer Letter, Letter of Transmittal and Consent or other materials to the Information Agent. The contact information for the Information Agent is located on the back cover of this Offer Letter.</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>1. PURPOSE OF THE OFFER</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Offer is being made to
all holders of Warrants. The purpose of the Offer is to reduce the number of potential shares of Common Stock that would become outstanding
upon the exercise of the Warrants. The Company&rsquo;s board of directors believes that given the Company&rsquo;s strong cash flow generation
and cash and cash equivalents on the balance sheet, it is a prudent use of capital at this time to allow holders of Warrants to tender
their Warrants for the Offer Purchase Price. The Company can potentially reduce the substantial number of shares of Common Stock that
would be issuable upon exercise of the Warrants, thus reducing the potential future dilutive impact of the Warrants, and providing investors
and potential investors with greater clarity as to the Company&rsquo;s go-forward capital structure. The Warrants acquired pursuant to
the tender will be retired and cancelled. The Offer is not made pursuant to a plan to periodically increase any securityholder&rsquo;s
proportionate interest in the assets or earnings and profits of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>2. FAIRNESS OF THE TRANSACTION
(OFFER, CONSENT SOLICITATION AND REDEMPTION)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">On August 11, 2024, the board
of directors (including all non-employee members thereof) approved the commencement of the Offer and that the Transaction is fair to the
holders of Warrants. To the Company's knowledge, based on required public filings by Company affiliates, no holders of Warrants are affiliates
of the Company and therefore the Company believes that all Warrant holders are unaffiliated Warrant holders. The board of directors evaluated
information assembled and provided by the Company&rsquo;s management in reaching its determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The board of directors took
into account a number of factors, including the following material factors, which were provided to the board by the Company&rsquo;s management,
in support of its determination that the Transaction is fair to the holders of the Warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">The Offer Purchase Price was individually negotiated with seven
of the largest holders of the Warrants on a wall-crossed basis between August 7, 2024 and August 9, 2024. (Wall-crossed basis means that
these holders agreed to keep Company information confidential and not to trade in Company securities for a limited period of time while
they were negotiating the price of the Offer. These restrictions ended upon the public announcement of the Offer.) The Company initially
gauged investor interest in a tender offer at $0.50 per Warrant but, following further negotiations, six holders, who collectively own
65.6% of the Warrants, committed to tender their Warrants in the Offer at $0.78 per Warrant.</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">For Warrant holders who participate in the tender offer, the
Offer Purchase Price of $0.78 per Warrant constitutes (1) a 95.0% premium over the last reported sale price of the Warrants on Nasdaq
of $0.40 on August 9, 2024, the business day before the Offer was launched, (2) a 162.5% premium over the 30-day volume weighted average
price of the Warrants on Nasdaq before the Offer was launched ($0.2971) and (3) a 181.1% premium over the 60-day volume weighted average
price of the Warrants on Nasdaq before the Offer was launched ($0.2775).</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">For Warrant holders who do not participate in the tender offer,
the redemption price of $0.70 per Warrant constitutes (1) a 75.0% premium over the last reported sale price of the Warrants on Nasdaq
of $0.40 on August 9, 2024, the business day before the Offer was launched, (2) a 135.6% premium over the 30-day volume weighted average
price of the Warrants on Nasdaq before the Offer was launched ($0.2971) and (3) a 152.3% premium over the 60-day volume weighted average
price of the Warrants on Nasdaq before the Offer was launched ($0.2775).</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">The theoretical value of a Warrant on August 9, 2024 using the
Black-Scholes pricing model was $0.73 per Warrant, assuming a volatility of 47.0%, an interest rate of 3.89%, the actual Warrant expiration
date of June 25, 2026, and the actual Warrant exercise price of $11.50. The 47.0% volatility was consistent with the Company&rsquo;s
historical stock volatility over the last 6 to 12 months. The 3.89% interest rate assumption was tied to Bloomberg&rsquo;s standard estimate
for the Secured Overnight Financing Rate (SOFR). The Black-Scholes pricing model is one of a number of valuation models that have been
developed to estimate the value of warrants and other equity linked securities. The model is based on assumed levels of volatility, interest
rates and dividend rates in the future, and therefore the estimated valuation that the Black-Scholes model produces depends on judgments
or approximations about these future events. However, the Black-Scholes model and other similar models are intended to estimate the value
of warrants and other equity-linked securities that are both freely transferable and held by a financial institution or similar entity
that has the ability to enter into offsetting hedging transactions. Given the limited liquidity of our Warrants and shares of our Common
Stock along with the nature of the holders of our Warrants, there is no guarantee that our Warrants have either of these characteristics
nor is there a guarantee that our shares of Common Stock are freely hedgeable and/or liquid.</TD>
</TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">The Offer is likely to be consummated and the Warrant Amendments
are likely to be adopted, given the receipt of commitments prior to the launch of the Offer from Warrant holders representing approximately
65.6% of the outstanding Warrants.</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">The Offer is open to all holders of Warrants. All holders of
Warrants have the same opportunity to participate in the tender and receive the $0.78 Offer Purchase Price.</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">There is a limited trading market for the Warrants &mdash; with
limited liquidity and trading volume. The Offer provides all holders of the Warrants with an opportunity to obtain liquidity with respect
to the Warrants without potential disruption to the Warrant market price, given the limited trading volume of the Warrants and the usual
transaction costs associated with market sales, including brokerage fees and commissions.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">In evaluating the fairness
of the Transaction, the factors considered in particular were recent market prices of the Warrants, historical market prices of the Warrants,
and the Black-Scholes value of the Warrants, as discussed in detail above. Going concern value and liquidation value were not utilized
for purposes of evaluating the fairness of the Transaction &mdash; these are not metrics which investors utilize in pricing warrants generally
or the Warrants specifically. The Company did not consider net book value of the Warrants as a separate metric when evaluating the fairness
of the Transaction because, under generally accepted accounting principles, the book value of the Warrants is equal to its market value,
and the market price of the Warrants was utilized as a metric to evaluate the fairness of the Transaction. Purchase prices paid by the
Company for the Warrants were not considered because the Company has not purchased its own Warrants since the consummation of the Company&rsquo;s
de-SPAC transaction in June 2021. Finally, the Company is not aware of any firm offers being made by any unaffiliated person during the
past two years for (A) the merger or consolidation of the Company with or into another company, or vice versa; (B) the sale or other transfer
of all or any substantial part of the assets of the Company; or (C) a purchase of the Company&rsquo;s securities that would enable the
holder to exercise control over the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fairness for Holders Who Tender or Who Do Not
Tender</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">For Warrant holders who tender
their Warrants in the Offer, the Company believes the Transaction is fair because these holders will receive $0.78 per Warrant, which
is a premium to the last reported sale price of the Warrants on Nasdaq on August 9, 2024, the business day before the Offer was launched
($0.40 per Warrant) and to the 30-day and 60-day volume weighted average price of the Warrants ($0.2971 and $0.2775, respectively). It
is also a premium to the Black-Scholes value of the Warrants on the date prior to the launch of the Offer ($0.73 per Warrant). Given the
illiquid market for the Warrants and the difficulty of finding buyers for large quantities of the Warrants, the Offer provides liquidity
to the holders who might otherwise have difficulty selling their Warrants into the market with limited trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">For Warrant holders who do
not tender their Warrants in the Offer, the Transaction is fair because these holders will receive $0.70 per Warrant when their Warrants
are redeemed, which is also a premium to the last reported sale price of the Warrants on Nasdaq on August 9, 2024, the business day before
the Offer was launched ($0.40 per Warrant) and to the 30-day and 60-day volume weighted average price of the Warrants. Also, these holders
would be receiving $0.70 per Warrant but could have elected to receive $0.78 per Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">In approving the Transaction,
based on analysis assembled and prepared by management, our board of directors weighed the costs and risks, including the transaction
costs associated with the Transaction, costs associated with the cash tender offer price, costs associated with legal counsel, the Dealer
Manager and the Information Agent, the risks of not completing the Transaction, including the Company&rsquo;s capital structure including
Warrants still outstanding, and the potential adverse impact of the Transaction on the trading market for untendered Warrants. Our board
of directors determined that the benefits of the Transaction outweighed these costs and risks based on the factors described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">In evaluating the Transaction,
the Company considered conducting an exchange offer for the Warrants as an alternative in which the Warrants would be exchanged for shares
of Common Stock. For a discussion of various factors relevant to evaluating an exchange offer, see &ldquo;Board Presentation &mdash; Other
Materials&rdquo; below. The Company ultimately concluded that the Transaction presented the optimal transaction approach. An exchange
offer would require the filing of an S-4 with the SEC and potentially take a significant amount of time to execute. Funding an exchange
offer with Common Stock would be a dilutive event for the holders of the Company&rsquo;s Common Stock. The Company estimated that an exchange
offer would also be more expensive and would require the direct involvement of the Company&rsquo;s auditor, which would entail substantial
additional work and expense. The Company has ample liquidity on hand to fund the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">Our board of directors, based
on the recommendation of management, has approved an Offer which includes a premium to the market value of the Warrants as the board of
directors believes the premium offer price will maximize participation in the Offer. Given our view that the Warrants are dilutive to
current common shareholder ownership interests, the advantages of maximizing the Offer participation are viewed as outweighing the higher
costs of offering a premium to the market value of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>No Third-Party Opinions</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">We did not retain any independent
representative or consultant to render a fairness opinion or to provide any fairness analysis in connection with the Transaction. Additionally,
we did not obtain any appraisals or valuations in connection with the determination of the Offer consideration. We concluded that the
Transaction is fair and in the best interests of the Warrant holders based on an analysis assembled and prepared by management and presented
to the board of directors, in light of the factors described above. However, the Company did consult with Citigroup with respect to the
structure of the Transaction and pricing of the Offer and the Redemption. Citigroup did not provide any opinions, valuations or appraisals
with respect to the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>No Warrant Holder Approval</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The Offer does not require
the approval of our Warrant holders; however, the Consent Solicitation requires the consent of holders of at least 65% of the outstanding
Warrants to approve the Warrant Amendment. Although the Offer is not structured to require the approval of our Warrant holders, we believe
that the Offer is fair to the Warrant holders with respect to the price offered. We base these beliefs on the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&bull;
all Warrant holders are offered the same consideration per Warrant;</P>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&bull; Warrant
holders are offered a premium to the market price of the Warrants;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&bull;Warrant holders that collectively own more than 65% of the Warrants
    negotiated the Offer Purchase Price with the Company prior to the commencement of the Tender Offer and committed to tender their Warrants
    in the Offer at $0.78 per Warrant;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&bull;
Warrant holders are provided with full disclosure of the terms and conditions of the Transaction; and</P>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">&bull;
Warrant holders are afforded sufficient time to consider the Transaction.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">All Warrant holders are being
notified of the Transaction and the implications of the Transaction on their holdings, and all Warrant holders are afforded sufficient
time to consider the Transaction. See &ldquo;Special Factors &mdash; Section 4. Effects of the Transaction on the Market for the Warrants&rdquo;
for a detailed discussion of potential consequences that may result from remaining a holder of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">In view of the wide variety
of factors considered in connection with its evaluation of the Transaction, the Company has found it impractical to, and therefore has
not, quantified or otherwise attempted to assign relative weights to the specific factors considered in reaching a decision to approve
the Transaction. However, as stated above, key factors considered were the recent market price of the Warrants, historical market prices
of the Warrants, and the Black-Scholes value of the Warrants on the day prior to the launch of the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">As described herein, the board
of directors of the Company (including all non-employee members thereof) approved the commencement of the Offer and that the Transaction
is fair to the holders of Warrants. To the Company's knowledge, based on required public filings by Company affiliates, no holders of
Warrants are affiliates of the Company and therefore the Company believes that all Warrant holders are unaffiliated Warrant holders. Warrant
holders that collectively own more than 65% of the Warrants negotiated the Offer Purchase Price with the Company prior to the commencement
of the Tender Offer and committed to tender their Warrants in the Offer at $0.78 per Warrant. Because of these direct negotiations with
parties that collectively hold more than a majority of the outstanding Warrants, the Company did not retain an unaffiliated representative
to negotiate on behalf of Warrant holders or to prepare a report with respect to the fairness of the Transaction. For the same reason,
the Company did not seek Warrant holder approval to approve the Offer. Although Warrant holder approval is not necessary to approve the
Offer, the Company believes the Offer is fair to the Warrant holders for the factors set out above under &ldquo;Fairness of The Transaction
(Offer, Consent Solicitation and Redemption) &ndash;&ndash; No Warrant Holder Approval.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>3. BOARD PRESENTATION</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">In connection with the Offer,
Citigroup, acting as Dealer Manager for the Offer, prepared a presentation for consideration by the board of directors of the Company
to assist it in evaluating various considerations involved in undertaking a tender offer for the Warrants (the &ldquo;<B>Presentation</B>&rdquo;).
The Presentation does not constitute an opinion, valuation or appraisal with respect to the Warrants. The Presentation (i) summarized
the Transaction and timing rationale of the potential tender offer, (ii) presented technical trading data and a sensitivity analysis relating
to the potential tender offer (iii) set out an illustrative timeline for the potential tender offer, and (iv) presented precedent transactions
of a similar nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;The Transaction rationale set out in the
Presentation stated that the Transaction may: (i) transition the Company away from a de-SPAC entity, (ii) result in a cleaner overall
capital structure, (iii) reduce short interest and potential stock overhang, (iv) be advantageous for future capital raises or strategic
initiatives, (v) eliminate impact on financial statements relating to the Warrants, and (vi) limit potential dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The Presentation did not comment
on the Offer consideration or the fairness of the consideration to be offered to security holders or the fairness of the Transaction to
the Company, Warrant holders who are affiliates of the Company or Warrant holders who are not affiliates of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The Presentation was not based
on instructions received from the Company and was not limited by any limitations imposed by the Company or any affiliate of the Company
on the scope of investigation which Citigroup could undertake &mdash; e.g., the Company did not instruct Citigroup what information to
include in its Presentation. However, apart from the Presentation, the Company provided instruction to Citigroup regarding the price the
Company was willing to pay for the Warrants and the Company instructed Citigroup to liaise with the Warrant holders on behalf of the Company
to gauge potential interest of such holders in participating in the Offer and the price at which it would be attractive to participate
in the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">Citigroup is an internationally
recognized investment banking firm which is regularly engaged in providing financial advisory services in connection with tender offers.
We selected Citigroup to act as Dealer Manager in connection with the Offer on the basis of Citigroup&rsquo; extensive experience in transactions
similar to the Offer, its reputation in the investment community and its familiarity with the Company. Citigroup in particular has extensive
experience in advising companies with respect to exchange offers and tender offers for their warrants. The Company has agreed to pay Citigroup
$500,000 for its services as Dealer Manager in connection with the Offer. The Company has also agreed to reimburse the cost of Citigroup&rsquo;s
legal counsel in an amount up to $150,000. Payment of reasonable expenses incurred by Citigroup as Dealer Manager and reasonable fees
and expenses of Citigroup&rsquo;s legal counsel in connection with the Offer are not contingent upon the successful completion of the
Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Citigroup
and its affiliates engage in a wide range of financial services activities for its and their own accounts and the accounts of customers.
In the ordinary course of these activities, </FONT>Citigroup <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">and
its affiliates provide services such as cash management, bank transfer and foreign exchange services to the Company and its affiliates,
for which services the Company has paid and may in the future pay expenses to </FONT>Citigroup <FONT STYLE="background-color: white">and
its affiliates. In each of the twelve-month periods ended June 30, 2024 and June 30, 2023, the expenses paid by the Company and its affiliates
for these services has not exceeded approximately $11 million. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">A copy of the Presentation
has been filed with the SEC as an exhibit to the Schedule TO. Citigroup agreed that the Company could discuss the Presentation in this
filing and include the Presentation as an exhibit to this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">In addition to the Presentation,
Citigroup prepared 2 presentations, which were shared with the Company&rsquo;s management prior to Citigroup&rsquo;s engagement as Dealer
Manager (the &ldquo;<B>Discussion Materials</B>&rdquo;). The Discussion Materials do not constitute an opinion, valuation or appraisal
with respect to the Warrants and were not part of the materials that were used by the board of directors to approve the Offer on August
11, 2024. The Discussion Materials were prepared in contemplation of a share exchange transaction which management ultimately chose not
to pursue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>4. EFFECTS OF THE TRANSACTION
ON THE MARKET FOR THE WARRANTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The board of directors, including
our non-employee directors, after receiving analysis assembled and prepared by management, approved the Transaction with an Offer Purchase
Price at a premium to the market price in order to provide the holders of the Warrants with an incentive to tender their Warrants in the
Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The primary benefits and detriments
to the Company, participating Warrant holders and non-participating Warrant holders are described below. To the Company&rsquo;s knowledge,
based on required public filings by Company affiliates, no holders of Warrants are affiliates of the Company and therefore the Company
believes that all Warrant holders are unaffiliated Warrant holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border: black 1pt solid; font-size: 10pt; text-align: center"><B>Benefits</B></TD>
    <TD STYLE="padding: 4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><B>Detriments</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center">To the Company</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">1.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Warrants may be perceived by investors as imposing an effective
    cap on the Company&rsquo;s share price, in the form of the Warrants&rsquo; exercise price. Removing the Warrants from the Company&rsquo;s
    capital structure eliminates this potential perception of an effective cap.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">2.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Removing the Warrants from the Company&rsquo;s capital structure
    will help analysts value the Company more fairly and accurately.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">3.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Removing the Warrants can potentially reduce the substantial
    number of shares of Common Stock that would be issuable upon exercise of the Warrants, thus reducing the potential future dilutive impact
    of the Warrants and providing investors and potential investors with greater clarity as to the Company&rsquo;s go-forward capital structure.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">4.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Removing the Warrants from the Company&rsquo;s capital structure
    will make it easier for the Company to engage in strategic mergers and acquisitions, as the counterparty will not have to pay for, or
    spend resources evaluating, the Warrants.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">5.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Removing the Warrants from the Company&rsquo;s capital structure
    can help reduce any potential stigma associated with the legacy Company&rsquo;s business combination with a Special Purpose Acquisition
    Company (SPAC).</P>
    </TD>
    <TD STYLE="padding: 4pt; border-bottom: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">1.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">If 100% of the Warrants are tendered, the Transaction will
    cost the Company approximately $20.6 million (inclusive of fees and expenses), which is a sum the Company could have profitably allocated
    elsewhere in its business.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">2.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">The Transaction will demand attention from the Company&rsquo;s
    management and board of directors.</P>
    </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center">To Warrant holders that participate in the Offer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">1.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Participating Warrant holders will receive a higher price
    if they tender their Warrants in the Offer rather than selling their Warrants in the open market at the current market price, which we
    define as the last reported sale price of the Warrants on Nasdaq of $0.40 on August 9, 2024, the business day before the Offer was launched.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">2.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">The Offer Purchase Price was determined following negotiations
    with parties holding more than a majority of the outstanding Warrants.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">3.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Participating Warrant holders will receive liquidity for
    a security with limited trading volume.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">4.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Participating Warrant holders who tender their Warrants for
    $0.78 in this Offer can avoid the risk of their Warrants expiring worthless in June 2026.</P>
    </TD>
    <TD STYLE="padding: 4pt; border-bottom: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">1.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Participating Warrant holders may forego an increase in the
    value of their Warrants if the Company&rsquo;s share price increases substantially in the future or if the Company is purchased by another
    company for a substantial premium to the Company&rsquo;s current share price.</P>
    </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: center">To Warrant holders that do not participate in the Offer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">1.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Non-participating Warrant holders will receive a higher price
    for the redemption of their Warrants, relative to the recent trading prices of the Warrants, if the Warrant Amendment is adopted.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">2.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Non-participating Warrant holders who have their Warrants
    redeemed will avoid the risk of their Warrants expiring worthless in June 2026.</P>
    </TD>
    <TD STYLE="padding: 4pt; border-bottom: black 1pt solid; border-right: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">1.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">Non-participating Warrant holders will receive $0.70 upon
    the redemption of their Warrants, which is lower than the $0.78 participating Warrant holders will receive for the tender of their Warrants.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">2.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0pt 0pt 0.5in">If, for any reason, the Company did not redeem all of the
    untendered Warrants following the consummation of the Offer, the market for the Warrants would have less liquidity and volume, which would
    negatively affect the trading price of the Warrants and make it more difficult for non-participating Warrant holders to sell them in the
    market.</P>
    </TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The Warrants currently trade
on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">As of the launch date of the
Offer, we entered into the Tender and Support Agreement with six holders representing approximately 65.6% of the outstanding Warrants
who agreed to tender their Warrants in the Offer and consent to the Warrant Amendment in the Consent Solicitation. Accordingly, because
the holders of more than 65% of our outstanding Warrants have agreed to consent to the Warrant Amendment in the Consent Solicitation,
if the other conditions described herein do not occur or, if they occur, are waived, then the Warrant Amendment will be adopted and we
will have the right to redeem the Warrants that are not tendered in the Offer. We intend to issue a notice of redemption to redeem all
untendered Warrants following the consummation of the Offer, and the redemption would occur 15 days after issuing the notice of redemption.
Upon the redemption of the remaining untendered Warrants, the Nasdaq listing of the Warrants will be terminated, and we would seek to
terminate the registration of the Warrants pursuant to Sections 12(b), 12(g) and 15(d) of the Exchange Act. However, regardless of whether
the Offer is consummated, the Company&rsquo;s Common Stock will remain listed on Nasdaq and registered with the SEC pursuant to Section
12(b) of the Exchange Act and we will remain an SEC registrant. See &ldquo;<I>Forward-Looking Statements; Risk Factors &mdash; The Warrant
Amendment, if approved by the requisite holders of the Warrants, will allow us to redeem all outstanding Warrants at a price that is approximately
10% lower than the Offer Purchase Price</I>&rdquo;, &ldquo;<I>Forward-Looking Statements; Risk Factors &mdash; There is no guarantee that
your decision whether to tender your Warrants in the Offer will put you in a better future economic position,</I>&rdquo; and &ldquo;<I>Forward-Looking
Statements; Risk Factors &mdash; The liquidity of the Warrants that are not tendered may be reduced</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE COMPANY&rsquo;S BOARD OF DIRECTORS HAS APPROVED
THE OFFER AND CONSENT SOLICITATION. HOWEVER, NONE OF THE COMPANY, ITS DIRECTORS, OFFICERS OR EMPLOYEES, NOR THE WARRANT AGENT, THE INFORMATION
AGENT OR THE DEALER MANAGER, MAKES ANY RECOMMENDATION AS TO WHETHER A WARRANT HOLDER SHOULD TENDER ANY WARRANTS AND CONSENT TO THE WARRANT
AMENDMENT. EACH HOLDER OF A WARRANT MUST MAKE HIS, HER OR ITS OWN DECISION AS TO WHETHER TO TENDER SOME OR ALL OF HIS, HER OR ITS WARRANTS
AND CONSENT TO THE WARRANT AMENDMENT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>5. Interests of Directors
and Executive Officers</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The names of the executive officers and directors
of the Company are set forth below. The business address for each such person is: c/o Payoneer Global Inc., 195 Broadway, 27th floor,
New York, New York, 10007, and the telephone number for each such person is (212) 600-9272.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"><B>Name</B></P>
    </TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"><B>Position</B></P>
    </TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt">John Caplan </TD>
    <TD STYLE="font-size: 10pt">Chief Executive Officer and Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">Bea Ordonez </TD>
    <TD STYLE="font-size: 10pt">Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt">Tsafi Goldman </TD>
    <TD STYLE="font-size: 10pt">Chief Legal &amp; Regulatory Officer and Corporate Secretary </TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">Sharda Caro del-Castillo </TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt">Scott Galit </TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">Amir Goldman </TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt">Christopher (Woody) Marshall </TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">Susanna Morgan </TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt">Pamela H. Patsley </TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt">Rich Williams </TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt">Avi Zeevi </TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of August 9, 2024, 25,158,086 Warrants were
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To our knowledge, none of
our directors or executive officers beneficially own Warrants. The Company does not beneficially own any Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as set forth below,
we have not and, to the best of our knowledge, none of our current directors, executive officers or any person holding a controlling interest
in us has, engaged in any transactions involving the Warrants during the 60-day period prior to the date of this Offer Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NONE OF THE COMPANY OR ANY OF ITS DIRECTORS, OFFICERS
OR EMPLOYEES, OR THE WARRANT AGENT, THE INFORMATION AGENT OR THE DEALER MANAGER MAKES ANY RECOMMENDATION AS TO WHETHER ANY HOLDER SHOULD
TENDER ANY WARRANTS AND CONSENT TO THE WARRANT AMENDMENT. EACH HOLDER OF A WARRANT MUST MAKE HIS, HER OR ITS OWN DECISION AS TO WHETHER
TO TENDER SOME OR ALL OF HIS, HER OR ITS WARRANTS AND CONSENT TO THE WARRANT AMENDMENT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth information regarding the beneficial ownership of our shares of Common Stock by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">each person known by us to be the beneficial owner of more than
5% of our issued and outstanding shares of Common Stock;</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">each of our executive officers and directors; and</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all our executive officers and directors as a group.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Beneficial ownership is determined
according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses
sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable
within 60 days and restricted stock units that vest within 60 days. In addition, shares issuable pursuant to warrants, stock options or
restricted stock units are deemed outstanding for computing the percentage of the person holding such options or restricted stock units
but are not outstanding for computing the percentage of any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The percentage ownership
of our shares of Common Stock is based on 352,689,391 shares of Common Stock issued and outstanding as of June 30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name and Address of Beneficial Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares of Common Stock Beneficially Owned</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of Issued and Outstanding Shares of Common Stock(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Current Directors and Executive Officers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left">John Caplan</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">896,505</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">*</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Bea Ordonez</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Tsafi Goldman&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">907,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Sharda Caro del-Castillo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,032</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Scott Galit&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,754,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.34</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Amir Goldman(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,009,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Christopher (Woody) Marshall(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Susanna Morgan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,097</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pamela H. Patsley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name and Address of Beneficial Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares of Common Stock Beneficially Owned</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of Issued and Outstanding Shares of Common Stock(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 64%; text-align: left">Rich Williams</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">126,450</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">*</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Avi Zeevi</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">417,642</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; border-bottom: black 0.5pt solid">*</P></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">All directors and executive officers as a group (eleven individuals)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,512,430</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.67</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Five Percent or Greater Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Certain funds and accounts of TCV (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,141,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.43</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Certain funds and accounts of BlackRock (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,741,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.85</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Certain funds and accounts of Susquehanna Growth Equity(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,848,786</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.14</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Certain funds and accounts of Vanguard(6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,579,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.10</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Certain funds and accounts of Temasek(7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,428,749</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.06</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">_______________</TD><TD></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">* Less than 1%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&dagger;</TD><TD STYLE="text-align: justify">Shares of common stock beneficially owned include shares issuable
upon the exercise or settlement of existing stock options and restricted stock units, respectively, that could have vested during the
60-day period following the date of the above chart, and the pro-rated remainder of the Earn-Out Shares (as such term is defined in the
Agreement and Plan of Reorganization dated February 3, 2021, as amended).</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Based on 352,689,391 shares of Common Stock of the Company issued
and outstanding as of June 30, 2024.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Includes 2,008,352 shares of Common Stock held by a family limited
partnership of which Mr. Goldman is a general partner.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Consists of 31,404,189 shares of Common Stock (including Earn-Out
shares) held by TCV VIII, L.P., 8,468,718 shares of Common Stock (including earn-out Shares) held by TCV VIII (A), L.P., 1,950,462 shares
of Common Stock (including Earn-Out shares) held by TCV VIII (B), L.P. (TCV VIII, L.P., TCV VIII (A), L.P., and TCV VIII (B), L.P., the
&ldquo;<B>TCV VIII Funds</B>&rdquo;), and 2,318,185 shares of Common Stock (including Earn-Out Shares) held by TCV Member Fund, L.P.
(the &ldquo;<B>Member Fund</B>&rdquo;, and together with the TCV VIII Funds, the &ldquo;<B>TCV Entities</B>&rdquo;). Technology Crossover
Management VIII, Ltd. (&ldquo;<B>Management VIII</B>&rdquo;) is the sole general partner of Technology Crossover Management VIII, L.P.
(&ldquo;<B>TCM VIII</B>&rdquo;), which in turn is the sole general partner of the TCV VIII Funds. Management VIII is a general partner
of the Member Fund. Each of the TCV Entities has the sole power to dispose or direct the disposition of the shares of Common Stock that
it holds directly and has the sole power to vote or direct the vote of such shares. Management VIII, as the ultimate general partner
of the TCV Entities, may be deemed to have the sole power to dispose or direct the disposition of the shares held by the TCV Entities
and have the sole power to direct the vote of such shares of Common Stock. TCM VIII, as the direct general partner of the TCV VIII Funds,
may also be deemed to have sole power to dispose or direct the disposition of the shares of Common Stock held by the TCV VIII Funds and
have the sole power to direct the vote of such shares of Common Stock. Christopher (Woody) Marshall, a Class A Director of Management
VIII and a limited partner of TCM VIII and the Member Fund, serves as a director of Payoneer. The address for each of these entities
is c/o TCV, 250 Middlefield Road, Menlo Park, California 94025.</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">According to a Schedule 13G filed with the SEC on January 24,
2024, consists of 34,741,372 shares of Common Stock held by BlackRock, Inc., a parent holding company or control person for the following
entities: BlackRock Advisors, LLC, Aperio Group, LLC, BlackRock (Netherlands) B.V., BlackRock Fund Advisors (over 5%), BlackRock Institutional
Trust Company, National Association, BlackRock Asset Management Ireland Limited, BlackRock Financial Management, Inc., BlackRock Asset
Management Schweiz AG, BlackRock Investment Management, LLC, BlackRock Investment Management (UK) Limited, BlackRock Asset Management
Canada Limited, BlackRock (Luxembourg) S.A., and BlackRock Fund Managers Ltd. The address for Blackrock, Inc. is 50 Hudson Yards, New
York, NY 10001.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Consists of 18,797,758 shares of Common Stock held by SIG Growth
Equity Funds Limited Partnership, LLLP (&ldquo;SIG&rdquo;), 8,742,838 shares of Common Stock (including Earn-Out Shares) held by Susquehanna
Growth Equity Fund V, LLLP (&ldquo;SGE V&rdquo;), and 1,308,190 earn-out Shares held by Susquehanna Growth Equity Fund III, LLLP (&ldquo;<B>SGE
III</B>&rdquo;, and, together with SIG and SGE V, the &ldquo;<B>SGE Funds</B>&rdquo;). The address for each of these entities is 401
City Avenue, suite 220, Bala Cynwyd, PA 19004. Amir Goldman, a director of Payoneer, is affiliated with Susquehanna Capital Management,
LLC (&ldquo;<B>SGE Management</B>&rdquo;), which provides investment advisory services to the SGE Funds. In such capacity, SGE Management
has voting and dispositive power over such shares. SGE Management and Mr. Goldman disclaim beneficial ownership of securities it or he
does not directly own.</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: justify">According to a Schedule 13G/A filed with the SEC on February
13, 2024, consists of 28,579,172 shares of Common Stock held by The Vanguard Group, an investment adviser. The address for this entity
is 100 Vanguard Blvd., Malvern, PA 19355.</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(7)</TD><TD STYLE="text-align: justify">According to a Schedule 13G/A filed with the SEC on February
9, 2022, consists of 21,428,749 shares of Common Stock (including Earn-Out Shares) held by Birchtree Fund Investments Private Limited.
Birchtree Fund Investments Private Limited is a direct wholly-owned subsidiary of Fullerton Fund Investments Pte Ltd, which in turn is
a direct wholly-owned subsidiary of Temasek Holdings (Private) Limited. Each of Fullerton Fund Investments Pte Ltd and Temasek Holdings
(Private) Limited, through the ownership described herein, may be deemed to beneficially own the securities held directly by Birchtree
Fund Investments Private Limited. The address for these entities is 60B Orchard Road, #06-18, Tower 2, The Atrium @ Orchard, Singapore
238891.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>6. MATERIAL U.S. FEDERAL
INCOME TAX CONSEQUENCES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a discussion
of the material U.S. federal income tax consequences to &ldquo;U.S. Holders&rdquo; and &ldquo;Non-U.S. Holders&rdquo; (each as defined
below and collectively, for purposes of this tax discussion, &ldquo;<B>Holders</B>&rdquo;) of (i) the exchange of Warrants for cash pursuant
to the Offer, and (ii) the adoption of the Warrant Amendment if it is approved. This discussion is not a complete description of all the
potential tax considerations relating to the Offer or the adoption of the Warrant Amendment and is not a substitute for tax advice. This
discussion addresses only those Holders that hold their Warrants as a capital asset within the meaning of Section 1221 of the Internal
Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;) (generally, property held for investment), and does not address the alternative
minimum tax, the Medicare equivalent tax on certain investment income or special tax accounting rules under Section 451(b) of the Code,
or all of the U.S. federal income tax consequences that may be relevant to particular Holders in light of their individual circumstances
or that are subject to special rules, such as: insurance companies, real estate investment trusts or regulated investment companies, persons
who acquired the Warrants as compensation or in connection with the performance of services, Holders owning directly, indirectly or constructively
5% or more of the Company&rsquo;s common stock by vote or value, individual retirement and other tax-deferred accounts, persons whose
functional currency is not the U.S. dollar, certain financial institutions, partnerships or other entities classified as partnerships
for U.S. federal income tax purposes, tax-exempt organizations, dealers in securities, traders in securities that elect to use a mark-to-market
method of accounting, persons holding our Warrants as part of a &ldquo;straddle,&rdquo; &ldquo;hedge,&rdquo; &ldquo;conversion transaction,&rdquo;
&ldquo;synthetic security&rdquo; or other integrated investment, &ldquo;controlled foreign corporations,&rdquo; &ldquo;passive foreign
investment companies&rdquo; or corporations that accumulate earnings to avoid U.S. federal income taxes, and U.S. expatriates or former
long-term residents of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For purposes of this discussion,
a &ldquo;<B>U.S. Holder</B>&rdquo; is a beneficial owner of our Warrants that is: (i) a citizen or individual resident of the United States,
(ii) a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under
the laws of the United States, any State thereof or the District of Columbia, (iii) an estate whose income is subject to U.S. federal
income taxation regardless of its source, or (iv) any trust if (1) a U.S. court is able to exercise primary supervision over the administration
of such trust and one or more U.S. persons have the authority to control all substantial decisions of such trust or (2) it has a valid
election in place to be treated as a U.S. person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For purposes of this discussion,
a &ldquo;<B>Non-U.S. Holder</B>&rdquo; is a beneficial owner of Warrants that is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD>a nonresident alien individual;</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&bull;</TD>
    <TD>a foreign corporation; or</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&bull;</TD>
    <TD>a foreign estate or trust.</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This discussion does not
describe the U.S. federal income tax consequences to Non-U.S. Holders who are individuals present in the United States for 183 days or
more in the taxable year of disposition of the Warrants, who will generally be subject to special rules. Such Non-U.S. Holders are urged
to consult their tax advisers regarding the U.S. federal income tax consequences applicable to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an entity (or arrangement)
treated as a partnership for U.S. federal income tax purposes holds Warrants, the tax treatment of a partner in the partnership will depend
on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, entities
(or arrangements) treated as partnerships holding Warrants and the partners in such partnerships should consult their tax advisors regarding
the U.S. federal income tax consequences to them of the exchange of Warrants for cash pursuant to the Offer and/or adoption of the Warrant
Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This discussion is based
on the Code, applicable U.S. Treasury regulations, published rulings and court decisions, all as currently in effect as of the date hereof,
and all of which are subject to change or differing interpretation, possibly with retroactive effect. This discussion does not address
U.S. federal taxes other than those pertaining to U.S. federal income taxation (such as estate or gift taxes), and does not address the
effects of any U.S. state or local or non-U.S. tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not sought, and do
not intend to seek, a ruling from the Internal Revenue Service (&ldquo;<B>IRS</B>&rdquo;) as to any U.S. federal income tax consequence
described herein. The IRS may disagree with this discussion, and its determination may be upheld by a court. Moreover, there can be no
assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the
statements in this discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>THIS DISCUSSION IS ONLY
A SUMMARY OF THE MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE OFFER AND THE ADOPTION OF THE WARRANT AMENDMENT TO HOLDERS OF WARRANTS.
EACH HOLDER OF WARRANTS IS URGED TO CONSULT HIS, HER OR ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER
OF THE OFFER AND THE ADOPTION OF THE WARRANT AMENDMENT, INCLUDING THE APPLICABILITY AND EFFECT OF U.S. FEDERAL ESTATE, GIFT OR OTHER NON-INCOME
TAX LAWS AND ANY STATE, LOCAL, AND NON-U.S. TAX LAWS, AS WELL AS U.S. FEDERAL INCOME TAX LAWS AND ANY APPLICABLE TAX TREATIES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>U.S. Holders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exchange of Warrants for Cash Pursuant to the
Offer</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The exchange of Warrants
for cash pursuant to the Offer will be a taxable sale of the Warrants for U.S. federal income tax purposes. Subject to the discussion
below of possible alternative treatments, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between
the amount of cash received and the U.S. Holder&rsquo;s adjusted tax basis in the Warrants. Any such capital gain or loss will be long-term
capital gain or loss if the U.S. Holder&rsquo;s holding period for the Warrants exceeds one year. A U.S. Holder must calculate gain or
loss separately for each block of Warrants exchanged pursuant to the Offer (generally, Warrants acquired at the same cost in a single
transaction). Long-term capital gain recognized by a non-corporate U.S. Holder generally will be eligible for reduced rates of tax. The
deduction of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, if a U.S. Holder
that is otherwise a direct or indirect owner of our Common Stock exchanges some, but not all, of its Warrants for cash pursuant to the
Offer and the Warrant Amendment is approved, all or a portion of the U.S. Holder&rsquo;s realized gain may be treated as dividend income,
rather than capital gain, and any realized loss may be disallowed. The application of these rules is complex. U.S. Holders should consult
their tax advisors as to the applicability of these rules to their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. Holders are urged to consult their tax
advisors regarding the U.S. federal income tax treatment of the exchange of Warrants for cash pursuant to the Offer.</B></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although the issue is not
free from doubt, if the Warrant Amendment is approved, the Company intends to treat all Warrants that are not exchanged for cash pursuant
to the Offer as having been exchanged for &ldquo;new&rdquo; Warrants pursuant to the Warrant Amendment. The Company intends to treat this
deemed exchange as a &ldquo;recapitalization&rdquo; within the meaning of Section 368(a)(1)(E) of the Code. If this treatment is respected,
(i) a U.S. Holder will generally not recognize any gain or loss on the deemed exchange of Warrants for &ldquo;new&rdquo; Warrants, (ii)
the U.S. Holder&rsquo;s aggregate tax basis in the &ldquo;new&rdquo; Warrants deemed to be received will generally equal its aggregate
tax basis in the existing Warrants deemed surrendered, and (iii) the U.S. Holder&rsquo;s holding period for the &ldquo;new&rdquo; Warrants
deemed to be received will generally include its holding period for the Warrants deemed surrendered. Special tax basis and holding period
rules apply to U.S. Holders that acquired different blocks of Warrants at different prices or at different times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because there is a lack of
direct legal authority regarding the U.S. federal income tax consequences of the deemed exchange of Warrants for &ldquo;new&rdquo; Warrants
pursuant to the Warrant Amendment, there can be no assurance that the IRS or a court will agree with the foregoing treatment and alternative
characterizations by the IRS or a court are possible, including ones that would require U.S. Holders to recognize taxable income. If our
treatment of the deemed exchange of Warrants for &ldquo;new&rdquo; Warrants pursuant to the Warrant Amendment were successfully challenged
by the IRS and such exchange were not treated as a recapitalization for United States federal income tax purposes, a U.S. Holder would
generally recognize a gain or loss on the deemed exchange of Warrants in an amount equal to the difference between the fair market value
of the Warrants on the day the Warrant Amendment became effective and its tax basis in the Warrants, with consequences generally similar
to those discussed above under &ldquo;U.S. Holders&mdash;<I>Exchange of Warrants for Cash Pursuant to the Offer</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Alternatively, because the
Company intends to redeem any Warrants which remain outstanding after the Offer, the approval of the Warrant Amendment may be treated
as an exchange of Warrants for an amount of cash equal to the Redemption Price, with consequences generally similar to those discussed
above in the manner described above under &ldquo;U.S Holders<I>&ndash;&ndash;Exchange of Warrants for Cash Pursuant to the Offer.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Warrant Amendment
is not approved, U.S. Holders who do not tender any of their Warrants pursuant to the Offer will generally not recognize any gain or loss
for U.S. federal income tax purposes solely as a result of the consummation of the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Non-U.S. Holders</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exchange of Warrants for Cash Pursuant to the
Offer</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the discussion
of backup withholding and FATCA below, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain or loss
realized on the exchange of Warrants for cash pursuant to the Offer unless such gain or loss is effectively connected with such Non-U.S.
Holder&rsquo;s conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable
to a permanent establishment or fixed base that such Non-U.S. Holder maintains in the United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Gains that are effectively
connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business in the United States (and, if required by an applicable income
tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally will be taxed in the same manner
as gains for a U.S. Holder (see &ldquo;U.S. Holders&mdash;<I>Exchange of Warrants for Cash Pursuant to the Offer</I>&rdquo; above). A
Non-U.S. Holder that is a corporation for U.S. federal income tax purposes may also be subject to an additional branch profits tax at
a 30% rate or a lower applicable tax treaty rate on its effectively connected earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, if a Non-U.S. Holder
that is otherwise a direct or indirect owner of our Common Stock exchanges some, but not all, of its Warrants for cash pursuant to the
Offer and the Warrant Amendment is approved, all or a portion of the Non-U.S. Holder&rsquo;s realized gain may be treated as dividend
subject to withholding tax at a 30% rate (or a reduced rate specified by an applicable income tax treaty), rather than capital gain, and
any realized loss may be disallowed. The applications of these rules are complex. Non-U.S. Holders should consult their tax advisors as
to the applicability of these rules to their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-U.S. Holders are urged to consult their
tax advisors regarding the U.S. federal income tax treatment of the exchange of Warrants for cash pursuant to the Offer.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As described in &ldquo;U.S.
Holders&mdash;<I>Warrant Amendment</I>&rdquo; above, the U.S. federal income tax treatment of the Warrant Amendment is not free from doubt.
The Company intends to treat this deemed exchange as a &ldquo;recapitalization&rdquo; within the meaning of Section 368(a)(1)(E) of the
Code. If this treatment is respected, a Non-U.S. Holder will generally not be subject to U.S. tax on the deemed exchange of Warrants for
&ldquo;new&rdquo; Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the deemed exchange of
Warrants for &ldquo;new&rdquo; Warrants pursuant to the Warrant Amendment is not treated as a recapitalization for purposes of Section
368(a)(1)(E) of the Code and is instead treated as a taxable exchange, the consequences to Non-U.S. Holders will be generally similar
to those discussed above under &ldquo;Non-U.S. Holders&mdash;<I>Exchange of Warrants for Cash Pursuant to the Offer</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Warrant Amendment
is not approved, Non-U.S. Holders who do not tender any of their Warrants pursuant to the Offer will generally not be subject to U.S.
tax as a result of the consummation of the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Backup Withholding and Information Reporting</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An exchanging U.S. Holder
generally will be subject to information reporting and backup withholding with respect to the proceeds from the sale of Warrants unless
(i) the U.S. Holder is an exempt recipient and, when required, establishes its exemption from information reporting and backup withholding
or (ii) in the case of backup withholding, the U.S. Holder provides its taxpayer identification number (&ldquo;TIN&rdquo;), certifies
that such TIN is correct and that it is not currently subject to backup withholding, and otherwise complies with applicable requirements
of the backup withholding rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An exchanging Non-U.S. Holder
generally will not be subject to backup withholding with respect to the proceeds from the sale of Warrants; provided (i) the Non-U.S.
Holder certifies that it is a foreign person for U.S. federal income tax purposes (generally, by providing an IRS Form W-8BEN or W-8BEN-E
or other applicable IRS Form W-8) or (ii) the Non-U.S. Holder otherwise establishes an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Backup withholding is not
an additional U.S. federal income tax. Rather, the U.S. federal income tax liability of persons subject to backup withholding will be
offset by the amount of tax withheld. If backup withholding results in an overpayment of U.S. federal income taxes, a refund or credit
may be obtained, provided the required information is timely furnished with the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional Withholding Requirements Under
the Foreign Account Tax Compliance Act</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sections 1471 through 1474
of the Code and the Treasury regulations thereunder (&ldquo;<B>FATCA</B>&rdquo;) generally impose a 30% withholding tax on certain types
of payments made to &ldquo;foreign financial institutions,&rdquo; as specially defined under FATCA, and certain other non-U.S. entities.
For this purpose, FATCA applies to certain payments of U.S.-source interest and gross proceeds paid to a foreign financial institution
unless certain requirements are met. The IRS recently issued proposed Treasury regulations that would eliminate the application of this
regime with respect to payments of gross proceeds. Pursuant to these proposed Treasury regulations, the Company and any withholding agent
may (but are not required to) rely on this proposed change to FATCA withholding until final Treasury regulations are issued. Foreign financial
institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to
different rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not pay any additional
amounts with respect to any amounts withheld, including pursuant to FATCA. Under certain circumstances, a Non-U.S. Holder might be eligible
for refunds or credits of such taxes. Each Non-U.S. Holder should consult its own tax advisors regarding the application of FATCA to the
disposition of Warrants pursuant to the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The preceding summary of material U.S. federal
income tax consequences is for general information only and is not legal or tax advice. Accordingly, each Holder should consult its own
tax advisors regarding the U.S. federal, state, and local and non-U.S. tax consequences to them of the Offer and the adoption of the Warrant
Amendment.</B></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks of Participating in the Offer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Participation in the Offer
involves a number of risks, including, but not limited to, the risks identified in Section 11 below. Holders of the Warrants should carefully
consider these risks and are urged to speak with their financial, investment and/or tax advisors as necessary before deciding whether
to participate in the Offer. In addition, we strongly encourage you to read this Offer Letter in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1. GENERAL TERMS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Offer is to permit holders
of Warrants that were publicly issued in connection with the FTOC IPO to tender any and all outstanding Warrants for a purchase price
of $0.78 in cash, without interest, for each Warrant tendered. A holder may tender as few or as many Warrants as the holder elects. Holders
may also exercise their Warrants during the Offer Period in accordance with the terms of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You may tender some or all
of your Warrants on these terms. <B>The Offer relates to the Warrants that were publicly issued in connection with the FTOC IPO, which
trade on Nasdaq under the symbol &ldquo;PAYOW.&rdquo; Any and all outstanding Warrants are eligible to be tendered pursuant to the Offer</B>.
As of August 9, 2024, there were 25,158,086 Warrants outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>If you elect to tender
Warrants in response to the Offer, please follow the instructions in this Offer Letter and the related documents, including the Letter
of Transmittal and Consent.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you tender Warrants, you
may withdraw your tendered Warrants before the Expiration Date and retain them on their terms by following the instructions herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As part of the Offer, we
are also soliciting from holders of the Warrants their consent to the Warrant Amendment. If approved, the Warrant Amendment would permit
the Company to redeem each Warrant that is outstanding upon the closing of the Offer for $0.70 in cash, without interest, which is approximately
10% less than the Offer Purchase Price. A copy of the Warrant Amendment is attached hereto as <U>Annex A</U>. We urge that you carefully
read the Warrant Amendment in its entirety. Pursuant to the terms of the Warrant Agreement, the consent of holders of at least 65% of
the outstanding Warrants is required to approve the Warrant Amendment. If the Warrant Amendment is adopted, which we expect to occur given
that holders of more than 65% of the Warrants have consented to the Warrant Amendment, we intend to issue a notice of redemption to redeem
all remaining outstanding Warrants following the consummation of the Offer. The redemption would occur 15 days after issuing the notice
of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A holder who tenders Warrants
in the Offer will automatically be deemed, without any further action, to have given his, her or its consent to approval of the Warrant
Amendment (effective upon our acceptance of the Warrants tendered). The consent to the Warrant Amendment is a part of the Letter of Transmittal
and Consent relating to the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You cannot tender any Warrants
in the Offer without giving your consent to the Warrant Amendment. Thus, before deciding whether to tender any Warrants, you should be
aware that a tender of Warrants may result in the approval of the Warrant Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>A. Period of Offer</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Offer will only be open
for a period beginning on August 12, 2024 and ending on the Expiration Date. We expressly reserve the right, in our sole discretion, at
any time or from time to time, prior to the Expiration Date, to extend the period of time during which the Offer is open. There can be
no assurance, however, that we will exercise our right to extend the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>B. Partial Tender Permitted</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If you choose to participate
in the Offer, you may tender less than all of your Warrants pursuant to the terms of the Offer. The Offer is not conditioned on any minimum
number of Warrants being tendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HOLDERS MAY ALSO EXERCISE THEIR WARRANTS DURING
THE OFFER PERIOD IN ACCORDANCE WITH THE TERMS OF THE WARRANTS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>C. Board Approval of the Offer;
No Recommendation; Holder&rsquo;s Own Decision</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE COMPANY&rsquo;S BOARD OF DIRECTORS HAS APPROVED
THE OFFER AND THE CONSENT SOLICITATION. HOWEVER, NONE OF THE COMPANY, ITS DIRECTORS, OFFICERS OR EMPLOYEES, NOR THE WARRANT AGENT, THE
INFORMATION AGENT OR THE DEALER MANAGER, MAKES ANY RECOMMENDATION AS TO WHETHER A HOLDER SHOULD TENDER WARRANTS AND CONSENT TO THE WARRANT
AMENDMENT. EACH HOLDER OF A WARRANT MUST MAKE HIS, HER OR ITS OWN DECISION AS TO WHETHER TO TENDER SOME OR ALL OF HIS, HER OR ITS WARRANTS
AND CONSENT TO THE WARRANT AMENDMENT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>D. Extensions of the Offer</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expressly reserve the
right, in our sole discretion, and at any time or from time to time, prior to the Expiration Date, to extend the period of time during
which the Offer is open. There can be no assurance, however, that we will exercise our right to extend the Offer. If we extend the Offer,
we will give notice of such extension by press release or other public announcement no later than 9:00 a.m., Eastern Time, on the next
business day after the previously scheduled Expiration Date of the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2. PROCEDURE FOR TENDERING WARRANTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>A. Proper Tender of Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To validly tender Warrants
pursuant to the Offer, either (i) a properly completed and duly executed Letter of Transmittal and Consent or photocopy thereof, together
with any required signature guarantees, must be received by the Warrant Agent at its address set forth on the last page of this Offer
Letter prior to the Expiration Date or (ii) the ATOP procedures for book-entry transfer described below must be complied with prior to
the Expiration Date. The method of delivery of all required documents is at the option and risk of the tendering Warrant holders. If delivery
is by mail, the Company recommends registered mail with return receipt requested (properly insured). In all cases, sufficient time should
be allowed to assure timely delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the Letter of Transmittal
and Consent, the tendering Warrant holder must set forth: (i) his, her or its name and address; (ii) the number of Warrants tendered;
and (iii) the number of the Warrant certificate(s) representing such Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Warrants are registered
in the name of a person other than the signer of the Letter of Transmittal and Consent, the Warrants must be endorsed or accompanied by
appropriate instruments of assignment, in either case signed exactly as the name(s) of the registered owner(s) appear on the Warrants,
with the signature(s) on the Warrants or instruments of assignment guaranteed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A tender of Warrants pursuant
to the procedures described below in this Section 2 will constitute a binding agreement between the tendering Warrant holder and the Company
upon the terms and subject to the conditions of the Offer and Consent Solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ALL DELIVERIES IN CONNECTION WITH THE OFFER,
INCLUDING A LETTER OF TRANSMITTAL AND CONSENT AND WARRANTS, MUST BE MADE TO THE WARRANT AGENT OR THE BOOK-ENTRY TRANSFER FACILITY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NO DELIVERIES SHOULD BE MADE TO THE COMPANY,
AND ANY DOCUMENTS DELIVERED TO THE COMPANY WILL NOT BE FORWARDED TO THE WARRANT AGENT OR THE BOOK-ENTRY TRANSFER FACILITY AND, THEREFORE,
WILL NOT BE DEEMED TO BE PROPERLY TENDERED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY.</B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">BOOK-ENTRY DELIVERY. The
Warrant Agent will establish an account for the Warrants at DTC for purposes of the Offer, within two business days after the date of
this Offer Letter. Any financial institution that is a participant in DTC&rsquo;s system may make book-entry delivery of Warrants by causing
DTC to transfer such Warrants into the Warrant Agent&rsquo;s account in accordance with DTC&rsquo;s procedure for such transfer. Delivery
of the Letter of Transmittal and Consent or Agent&rsquo;s Message (or other required documentation) to DTC does not constitute delivery
to the Warrant Agent. The term &ldquo;Agent&rsquo;s Message&rdquo; means a message, transmitted by DTC to, and received by, the Warrant
Agent and forming a part of a Book-Entry Confirmation, which states that DTC has received an express acknowledgment from the participant
in DTC tendering the Warrants that such participant has received and agrees to be bound by the terms of the Letter of Transmittal and
Consent and that the Company may enforce such agreement against the participant. The term &ldquo;Book-Entry Confirmation&rdquo; means
a timely confirmation of a book-entry transfer of Warrants into the Warrant Agent&rsquo;s account at DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">WARRANTS HELD IN STREET NAME.
If Warrants are held through a direct or indirect DTC participant, such as a broker, dealer, commercial bank, trust company or other financial
intermediary, you must instruct that holder to tender your Warrants on your behalf. A letter of instructions is included as an exhibit
to the Schedule TO. The letter may be used by you to instruct a custodian to tender and deliver Warrants on your behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless the Warrants being
tendered are delivered to the Warrant Agent by the Expiration Date accompanied by a properly completed and duly executed Letter of Transmittal
and Consent or a properly transmitted Agent&rsquo;s Message, the Company may, at its option, treat such tender as invalid. Payment of
the Offer Purchase Price upon tender of Warrants will be made only against the valid tender of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">GUARANTEED DELIVERY. If you
want to tender your Warrants pursuant to the Offer, but (i) your Warrants are not immediately available, (ii) the procedure for book-entry
transfer cannot be completed on a timely basis, or (iii) time will not permit all required documents to reach the Warrant Agent prior
to the Expiration Date, you can still tender your Warrants, if all of the following conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a) the tender is made by
or through an Eligible Institution (as defined in the Letter of Transmittal and Consent);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b) the Warrant Agent receives
by hand, mail or overnight courier, prior to the Expiration Date, a properly completed and duly executed Notice of Guaranteed Delivery
in the form the Company has provided with this Offer Letter (with signatures guaranteed by an Eligible Institution); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c) the Warrant Agent receives,
within one (1) Nasdaq trading day after the date of its receipt of the Notice of Guaranteed Delivery:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(1) the certificates
for all tendered Warrants, or confirmation of receipt of the Warrants pursuant to the procedure for book-entry transfer as described above;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(2) a properly
completed and duly executed Letter of Transmittal and Consent (or copy thereof), or any Agent&rsquo;s Message in the case of a book-entry
transfer, and any other documents required by the Letter of Transmittal and Consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In any event, the payment
of the Offer Purchase Price for Warrants tendered and accepted pursuant to the Offer will be made only after timely receipt by the Warrant
Agent of such Warrants, properly completed and duly executed Letters of Transmittal and Consent and any other required documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Warrants tendered by Notice
of Guaranteed Delivery will be excluded from the determination of whether at least 65% of the Warrants (which is the minimum number required
to amend the Warrant Agreement) have been tendered in the Offer and Consent Solicitation, unless such Warrants and other required documents
are received by the Warrant Agent by the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>B. Conditions of the Offer</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify; text-indent: 0.5in">See &ldquo;The
Offer and Consent Solicitation, Section 10. Conditions; Termination; Waivers; Extensions; Amendments.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>C. Determination of Validity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All questions as to the form
of documents and the validity, eligibility (including time of receipt) and acceptance for purchase of any tenders of Warrants will be
determined by the Company, in its sole discretion, and its determination will be final and binding, subject to the judgment of any court
that might provide otherwise. The Company reserves the absolute right, subject to the judgment of any court that might provide otherwise,
to reject any or all tenders of Warrants that it determines are not in proper form or reject tenders of Warrants that may, in the opinion
of the Company&rsquo;s counsel, be unlawful. The Company also reserves the absolute right, subject to the judgment of any court that might
provide otherwise, to waive any defect or irregularity in any tender of Warrants, and such waiver shall not require the Company to make
a similar waiver of a similar defect or irregularity in other tendered Warrants. Neither the Company nor any other person will be under
any duty to give notice of any defect or irregularity in tenders, nor will any of them incur any liability for failure to give any such
notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>D. Tender Constitutes an Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A tender of Warrants made
pursuant to any method of delivery set forth herein will also constitute an acknowledgement by the tendering Warrant holder that: (i)
the Offer is discretionary and may be extended, modified, suspended or terminated by us as provided herein; (ii) such Warrant holder is
voluntarily participating in the Offer; (iii) the future value of our Warrants is unknown and cannot be predicted with certainty; (iv)
such Warrant holder has read this Offer Letter; (v) such Warrant holder has consulted his, her or its tax and financial advisors with
regard to how the Offer will impact the tendering Warrant holder&rsquo;s specific situation; (vi) any foreign exchange obligations triggered
by such Warrant holder&rsquo;s tender of Warrants or receipt of the Offer Purchase Price are solely his, her or its responsibility; and
(vii) regardless of any action that we take with respect to any or all income/capital gains tax, social security or insurance tax, transfer
tax or other tax-related items (&ldquo;<B>Tax Items</B>&rdquo;) related to the Offer and the disposition of Warrants, such Warrant holder
acknowledges that the ultimate liability for all Tax Items is and remains his, her or its sole responsibility. In that regard, a tender
of Warrants authorizes us to withhold all applicable Tax Items potentially payable by a tendering Warrant holder. Our acceptance for payment
of Warrants tendered pursuant to the Offer will constitute a binding agreement between the tendering holder and us upon the terms and
subject to certain conditions of the Offer, including the consent to the Warrant Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>E. Signature Guarantees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as otherwise provided
below, all signatures on a Letter of Transmittal and Consent by a person residing in or tendering Warrants in the United States must be
guaranteed by an Eligible Institution. Signatures on a Letter of Transmittal and Consent need not be guaranteed if (i) the Letter of Transmittal
and Consent is signed by the registered holder of the Warrant(s) tendered therewith; or (ii) such Warrant(s) are tendered for the account
of an Eligible Institution. See Instructions 1, 3 and 4 of the Letter of Transmittal and Consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3. WITHDRAWAL RIGHTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Tenders of Warrants made
pursuant to the Offer may be withdrawn at any time prior to the Expiration Date. Thereafter, such tenders are irrevocable. If the Company
extends the period of time during which the Offer is open for any reason, then Warrants that were previously tendered and not validly
withdrawn will remain subject to the Offer. Notwithstanding the foregoing, tendered Warrants may also be withdrawn if the Company has
not accepted the tendered Warrants by the 40th business day after the initial commencement of the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To be effective, a written
notice of withdrawal must be timely received by the Warrant Agent at its address identified in this Offer Letter. Any notice of withdrawal
must specify the name of the holder who tendered the Warrants for which tenders are to be withdrawn and the number of Warrants to be withdrawn.
If the Warrants to be withdrawn have been delivered to the Warrant Agent, a signed notice of withdrawal must be submitted to the Warrant
Agent prior to release of such Warrants. In addition, such notice must specify the name of the registered holder (if different from that
of the tendering holder). Withdrawal may not be cancelled, and Warrants for which tenders are withdrawn will thereafter be deemed not
validly tendered for purposes of the Offer. However, Warrants for which tenders are withdrawn may be tendered again by following one of
the procedures described in Section 2 at any time prior to the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A holder of Warrants desiring
to withdraw tendered Warrants previously delivered through DTC should contact the DTC participant through which such holder holds his,
her or its Warrants. In order to withdraw previously tendered Warrants, a DTC participant may, prior to the Expiration Date, withdraw
its instruction previously transmitted through DTC&rsquo;s ATOP procedures by (i) withdrawing its acceptance, or (ii) delivering to the
Warrant Agent by mail or hand delivery, a notice of withdrawal of such instruction. Holders of Warrants submitting a tender via DTC&rsquo;s
ATOP procedures are deemed to consent to the Warrant Amendment. The valid revocation of a consent will constitute the concurrent valid
withdrawal of the tendered Warrants as to which consent was delivered. The notices of withdrawal must contain the name and number of the
DTC participant. A withdrawal of an instruction must be executed by a DTC participant as such DTC participant&rsquo;s name appears on
its transmission to which such withdrawal relates. A DTC participant may withdraw a tendered Warrant only if such withdrawal complies
with the provisions described in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A holder who tendered his,
her or its Warrants other than through DTC should send written notice of withdrawal to the Warrant Agent specifying the name of the holder
who tendered the Warrants being withdrawn. All signatures on a notice of withdrawal must be guaranteed by a Medallion Signature Guarantor;
provided, however, that signatures on the notice of withdrawal need not be guaranteed if the Warrants being withdrawn are held for the
account of an Eligible Institution. Withdrawal of a prior Warrant tender will be effective upon receipt of the notice of withdrawal by
the Warrant Agent. Selection of the method of notification is at the risk of the holder and notice of withdrawal must be timely received
by the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All questions as to the form
and validity (including time of receipt) of any notice of withdrawal will be determined by the Company, in its sole discretion, which
determination will be final and binding, subject to the judgment of any court that might provide otherwise. Neither the Company nor any
other person will be under any duty to give notification of any defect or irregularity in any notice of withdrawal or incur any liability
for failure to give any such notification, subject to the judgment of any court that might provide otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4. ACCEPTANCE OF WARRANTS AND PAYMENT OF OFFER
PURCHASE PRICE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Upon the terms and subject
to the conditions of the Offer, we will purchase Warrants validly tendered as of the Expiration Date for a purchase price of $0.78 per
Warrant. The Offer Purchase Price to be paid will be delivered promptly following the Expiration Date. In all cases, Warrants will only
be accepted for purchase pursuant to the Offer after timely receipt by the Warrant Agent of a properly completed and duly executed Letter
of Transmittal and Consent (or copy thereof), or any Agent&rsquo;s Message in the case of a book-entry transfer, and any other documents
required by the Letter of Transmittal and Consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Under no circumstances
will we pay interest on the Offer Purchase Price, including, but not limited to, by reason of any delay in making payment. In addition,
if certain events occur, we may not be obligated to purchase Warrants in the Offer. See &ldquo;The Offer and Consent Solicitation, Section
10. Conditions; Termination; Waivers; Extensions; Amendments.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>We urge holders of Warrants
who hold Warrants through a broker, dealer, commercial bank, trust company or other nominee to consult their nominee to determine whether
transaction costs are applicable if they tender Warrants through their nominee and not directly to the Warrant Agent. The Company will
not bear the costs of such transaction costs. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5. PRICE RANGE OF WARRANTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Warrants are listed on
Nasdaq under the symbol &ldquo;PAYOW.&rdquo; On August 9, 2024, the last reported sale price for the Warrants was $0.40. The following
table sets forth the high and low sales prices for the Warrants for the periods shown:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Warrants</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>High</B></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Low</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">$</TD>
    <TD STYLE="text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><B>Fiscal 2021</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Second Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">3.20</TD>
    <TD STYLE="vertical-align: top; text-align: right">1.40</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Third Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">2.68</TD>
    <TD STYLE="vertical-align: top; text-align: right">1.79</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Fourth Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">2.45</TD>
    <TD STYLE="vertical-align: top; text-align: right">1.65</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom"><B>Fiscal 2022</B></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">First Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">2.41</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.95</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Second Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">1.23</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.37</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Third Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">1.59</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.56</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Fourth Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">1.87</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.86</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt; text-indent: -9.35pt"><B>Fiscal 2023</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt; text-indent: -9.35pt"></P></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">First Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">1.28</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.50</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Second Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">1.02</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.44</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Third Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">0.93</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.45</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Fourth Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">0.85</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.16</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom"><B>Fiscal 2024</B></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">First Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">0.43</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.17</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom">Second Quarter </TD>
    <TD STYLE="vertical-align: top; text-align: right">0.45</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.20</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Third Quarter (1) </TD>
    <TD STYLE="vertical-align: top; text-align: right">0.42</TD>
    <TD STYLE="vertical-align: top; text-align: right">0.19</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_________________</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD>Through August 9, 2024</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company recommends that holders consider current market quotations
for the Warrants, among other factors, before deciding whether or not to tender their Warrants.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6. SOURCE AND AMOUNT OF FUNDS; FEES AND EXPENSES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Assuming 100% participation
in the Offer, we will need approximately $19.6 million to purchase all of the outstanding Warrants at the purchase price of $0.78 per
Warrant. We estimate that the total amount of cash required to complete the Offer and Consent Solicitation, including the payment of any
fees, expenses and other related amounts incurred in connection with the Offer and Consent Solicitation will be approximately $20.6 million,
all of which will be funded by us from our existing and available cash reserves. No alternative plan exists to finance the purchase of
the tendered Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The estimated costs and expenses
to be paid by us in connection with the offer are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 87%; text-align: left">Legal fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">450,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Filing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,897</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Tender/Information Agent/Printing and Mailing expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">65,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dealer Manager fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,017,897</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7. INFORMATION CONCERNING PAYONEER GLOBAL INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On June 25, 2021, Payoneer
Inc. and FTAC Olympus Acquisition Corporation consummated a business combination pursuant to the Agreement and Plan of Reorganization,
dated February 3, 2021 (as amended), through a merger of subsidiaries under a newly formed holding company (the &ldquo;<B>Reverse Recapitalization</B>&rdquo;).
On June 25, 2021, in connection with the closing of the Reverse Recapitalization, the new combined company changed its name to Payoneer
Global Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a financial technology
company purpose-built to enable the world&rsquo;s small and medium-sized businesses (&ldquo;<B>SMB(s)</B>&rdquo;) to grow and operate
their businesses around the world by reliably and securely connecting them to the global digital economy. We were founded in 2005 and
in the 19 years since our founding, we have built a global financial stack that makes it easier for millions of SMBs, particularly in
emerging markets, to access global demand and supply, pay and get paid, and manage their cross border and other needs from a single platform.
Our financial stack provides a full suite of cross-border accounts receivable (AR) and accounts payable (AP) capabilities and includes
services such as working capital and the provision of data-driven insights. Our core value proposition is that we remove the complexity
and barriers of doing business across borders for our customers. With a multi-currency Payoneer Account, businesses around the world can
serve and transact with their overseas customers, suppliers, vendors, and partners as if they were local.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Payoneer financial stack
is comprised of a secure, regulated payment infrastructure platform that provides customers with a one-stop, global, multi-currency account
to serve their comprehensive AR and AP needs. Our global platform is built with a focus on security, stability and redundancy. We leverage
nearly 100 banking and payment service providers globally to support transactions in over 7,000 trade corridors and enable same-day and
real-time settlement in over 150 countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We serve SMBs located in
more than 190 countries and territories and operating in a wide variety of industries. We have approximately 2 million active customers,
including over 500,000 who meet our ideal customer profile (as further defined below). Customers include goods exporters selling cross-border
to consumers and other businesses, services companies exporting their capabilities to international clients, independent professionals,
creators, and contractors capitalizing on the digitization of the workplace and remote work, vacation rental hosts, and businesses working
with suppliers and vendors from different countries in different currencies. Our customers sell their goods or services either via a marketplace
or directly to other businesses (B2B), and/or to customers via webstores. Given the diverse nature of our customers and their businesses,
our revenues experience seasonal fluctuations as a result of consumer and business spending patterns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have built a meaningful
brand and efficient go-to-market engine that enables us to drive customer acquisition through a diverse range of channels. We leverage
our global partnerships and enterprise relationships, deep local knowledge and sales presence, product- and customer-driven network effects,
and organic traffic to our website. This supports an efficient customer acquisition model and enables us to differentiate our efforts
based on different segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following summary historical
financial data should be read in conjunction with, and are qualified by reference to, &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations&rdquo; and the audited consolidated financial statements and the notes thereto, included
in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024 (the &ldquo;Annual Report&rdquo;),
the &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and the unaudited condensed
consolidated financial statements and the notes thereto in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed
with the SEC on May 8, 2024 (the &ldquo;Q1 10-Q&rdquo;), and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024,
filed with the SEC on August 7, 2024 (the &ldquo;Q2 10-Q&rdquo;), which are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consolidated statement
of comprehensive income data and summarized consolidated balance sheet data for, and as of, the years ended December 31, 2023 and 2022
are derived from the audited consolidated financial statements included in our Annual Report incorporated by reference in this Offer to
Purchase. The condensed consolidated statement of comprehensive income data for the three and six months ended June 30, 2024 and 2023,
and the summarized condensed consolidated balance sheet data as of June 30, 2024 are derived from unaudited condensed consolidated financial
statements that are included in the Q2 10-Q incorporated by reference in this Offer to Purchase. Historical results are not necessarily
indicative of results that may be expected for the fiscal year ended December 31, 2024 or any other future period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
DATA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. DOLLARS IN THOUSANDS, EXCEPT SHARE AND
PER SHARE DATA</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three months ended<BR> June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<BR> June 30,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended<BR> December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; width: 22%">Revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">239,520</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">206,734</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">467,703</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">398,748</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">831,103</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">627,623</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; text-align: left">Transaction costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,961<SUP>2</SUP></TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,497</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,927<SUP>3</SUP></TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,578<SUP>3</SUP></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,291<SUP>1</SUP></TD><TD STYLE="text-align: left"><SUP>&nbsp;</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,165<SUP>1</SUP></TD><TD STYLE="text-align: left"><SUP></SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; text-align: left">Other operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,199</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,995</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,631</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,041</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; text-align: left">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,614</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,654</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,564</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,102</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,311</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Depreciation and amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,712</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,909</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,120</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,948</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,814</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,858</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">Total operating expenses</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">193,211</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">173,342</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">383,018</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">350,344</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">727,494</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">649,837</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">Operating income (loss)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">46,309</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,392</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">84,685</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">48,404</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">103,609</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(22,214</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">Financial income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 0pt; text-align: left">Gain from change in fair value of Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,963</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 0pt">Other financial income (expense), net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">976</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,318</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,723</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,668</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,568</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,131</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">Financial income, net</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,982</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,904</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,490</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,002</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">28,927</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">23,832</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">Income before taxes on income and share in losses of associated company</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">48,291</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">51,296</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">91,175</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">68,406</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">132,536</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,618</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">Taxes on income</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,866</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,747</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,776</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14,919</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">39,203</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,586</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 0pt">Share in losses of associated company</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 0pt">Net income (loss)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">32,425</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,549</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">61,399</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">53,487</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">93,333</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(11,970</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">Other comprehensive loss, net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 0pt; text-align: left">Foreign currency translation adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,429</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 0pt; text-align: left">Unrealized gain on available-for-sale debt securities, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">871</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 0pt; text-align: left">Unrealized loss on cash flow hedges, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(699</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(665</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 0pt">Tax benefit on unrealized losses on cash flow hedges, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">126</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">120</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold; text-align: left">Other comprehensive income (loss), net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">326</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,429</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 0pt">Comprehensive income (loss)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">32,724</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,549</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">61,725</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">53,487</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">93,333</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(14,399</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt; font-weight: bold">Per Share Data</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 0pt; text-align: left">Net income (loss) per share attributable to common stockholders - Basic earnings (loss) per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.03</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 0pt">- Diluted earnings (loss) per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.03</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 0pt">Weighted average common shares outstanding - Basic</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">356,315,658</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">365,000,974</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">357,795,857</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">364,260,883</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">361,678,893</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">348,044,831</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; padding-bottom: 0pt">Weighted average common shares outstanding - Diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">373,368,383</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">387,623,679</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">376,727,575</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">392,572,475</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">392,665,718</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">348,044,831</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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






<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1</TD><TD>Exclusive of depreciation and amortization and inclusive of $1,781 and $1,491 interest expense and fees associated with related party
transactions in 2023 and 2022, respectively.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2</TD><TD>Exclusive of depreciation and amortization and inclusive of $375 and $436 interest expense and fees associated with related party
transactions during the three months ended June 30, 2024 and 2023 respectively.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3</TD><TD>Exclusive of depreciation and amortization and inclusive of $812 and $857 interest expense and fees associated with related party
transactions during the six months ended June 30, 2024 and 2023 respectively.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in">SUMMARIZED CONSOLIDATED
BALANCE SHEET DATA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in">U.S. DOLLARS IN
THOUSANDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; font-weight: bold; text-align: left">Total current assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">6,732,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">7,108,723</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">6,471,104</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">187,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">174,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">123,547</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,920,312</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,283,119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,594,651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,191,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,541,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,977,512</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Total non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">59,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">76,871</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">71,883</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,250,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,618,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,049,395</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Total shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">669,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">664,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">545,256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our principal executive office
is located at 195 Broadway, 27th floor, New York, New York, 10007, and our telephone number is (212) 600-9272.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8. PLANS, PROPOSALS OR NEGOTIATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except for (i) the Offer,
Consent Solicitation and Redemption, (ii) as described in the information incorporated by reference herein, and (iii) other than the negotiations
with Warrant holders described under &ldquo;Special Factors &mdash; 2. Fairness of the Transaction (Offer, Warrant Amendment and Redemption&rdquo;),
there are no present plans, proposals or negotiations by the Company that relate to or would result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; any extraordinary
corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; a purchase, sale or
transfer of a material amount of assets of the Company or any of its subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; any material change
in the present dividend rate or policy, or indebtedness or capitalization of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; any change in the
present board of directors or management of the Company, including, but not limited to, any plans or proposals to change the number or
the term of directors, to fill any existing vacancies on the board or to change any material term of the employment contract of any executive
officer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; any other material
change in the Company&rsquo;s corporate structure or business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; any class of equity
security of the Company being delisted from a national securities exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; any class of equity
security of the Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; the suspension of
the Company&rsquo;s obligation to file reports pursuant to Section 15(d) of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; the acquisition by
any person of additional securities of the subject company, or the disposition of securities of the subject company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&bull; changes in the Company&rsquo;s
Certificate of Incorporation or By-laws or other governing instruments or other actions that could impede the acquisition of control of
the Company by any person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>9. TRANSACTIONS AND AGREEMENTS CONCERNING THE
COMPANY&rsquo;S SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as described herein
(including the information incorporated herein by reference), none of the Company or, to our knowledge, any of our affiliates, directors
or executive officers, is a party to any contract, arrangement, understanding or agreement with any other person relating, directly or
indirectly, to the Offer or with respect to any of our securities, including any contract, arrangement, understanding or agreement concerning
the transfer or the voting of the securities, joint ventures, loan or option arrangements, puts or calls, guaranties of loans, guaranties
against loss or the giving or withholding of proxies, consents or authorizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders who collectively
represent approximately 65.6% of the outstanding Warrants (together, the &ldquo;<B>Supporting Warrant Holders</B>&rdquo;) have agreed
pursuant to a Tender and Support Agreement dated August 12, 2024, by and among the Company and the Supporting Warrant Holders (the &ldquo;<B>Tender
and Support Agreement</B>&rdquo;), to (i) tender their Warrants in the Offer and (ii) consent to the Warrant Amendment in the Consent
Solicitation. Accordingly, because the holders of more than 65% of our outstanding Warrants have agreed to consent to the Warrant Amendment
in the Consent Solicitation, if the other conditions described herein do not occur or, if they occur, are waived, then the Warrant Amendment
will be adopted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>Warrant Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the FTOC
IPO and the appointment of a warrant agent for the Warrants, FTOC entered into the Warrant Agreement with Continental Stock Transfer &amp;
Trust Company on August 25, 2020. The Warrant Agreement was amended on June 25, 2021 to, among other things, add the Company as a party
to the Warrant Agreement. The Warrant Agreement (as amended) provides for the various terms, restrictions and governing provisions that
dictate all of the terms of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>Other Agreements and Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has retained
Continental Stock Transfer &amp; Trust Company to act as the Warrant Agent, Sodali &amp; Co. to act as the Information Agent and Citigroup
Global Markets Inc. to act as the Dealer Manager. Directors, officers and employees of the Company or its affiliates or the Information
Agent may contact holders of Warrants by hand, mail, e-mail or telephone regarding the Offer and may request brokers, dealers and other
nominees to forward the Offer Letter and related materials to beneficial owners of the Warrants. Such directors, officers and employees
will not be specifically compensated for providing such services. The Dealer Manager, the Warrant Agent and the Information Agent will
receive reasonable and customary compensation for their respective services in connection with the Offer, plus reimbursement for out-of-pocket
expenses, and will be indemnified by the Company against certain liabilities and expenses in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have no contract, arrangement
or understanding relating to the payment of, and will not, directly or indirectly, pay, any commission or other remuneration to any broker,
dealer, salesperson, agent or any other person, including the Dealer Manager, for soliciting tenders in the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Rule 13e-4 under the Exchange
Act generally prohibits us and our affiliates from purchasing any Warrants, other than in the Offer, until at least ten business days
after the Expiration Date, except pursuant to certain limited exceptions provided in Exchange Act Rule 14e-5. Following that time, we
expressly reserve the absolute right, in our sole discretion from time to time in the future, to purchase or redeem Warrants, whether
or not any Warrants are purchased pursuant to the Offer, through open market purchases, privately negotiated transactions, accelerated
share repurchases, tender offers, exchange offers or otherwise, upon the same or different terms than the terms of the Offer. We cannot
assure you as to which, if any, of these alternatives, or combinations thereof, we might pursue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10. CONDITIONS; TERMINATION; WAIVERS; EXTENSIONS;
AMENDMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not accept for payment,
purchase or pay for any Warrants tendered, and may terminate or amend the Offer or may postpone the acceptance for payment of, or the
purchase of and the payment for the Warrants tendered, subject to the rules under the Exchange Act if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a) there has been instituted,
threatened in writing or is pending any action, suit or proceeding by any government or governmental, regulatory or administrative agency
or instrumentality, or by any other person, before any court, authority or other tribunal that, in our reasonable judgment, would or would
be reasonably likely to prohibit, prevent, restrict or delay consummation of the Offer or materially impair the contemplated benefits
to us of the Offer, or that is, or is reasonably likely to be, materially adverse to our business, operations, properties, condition,
assets, liabilities or prospects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b) any order, statute, rule,
regulation, executive order, stay, decree, judgment or injunction has been proposed, enacted, entered, issued, promulgated, enforced or
deemed applicable by any court or governmental, regulatory or administrative agency or instrumentality that, in our reasonable judgment,
would or would be reasonably likely to prohibit, prevent, restrict or delay consummation of the Offer or materially impair the contemplated
benefits to us of the Offer, or that is, or is reasonably likely to be, materially adverse to our business, operations, properties, condition,
assets, liabilities or prospects; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c) in our reasonable judgment,
there shall have occurred or be reasonably likely to occur, any material adverse change to our business, operations, properties, condition,
assets, liabilities, or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The foregoing conditions
are solely for our benefit, and we may assert one or more of the conditions regardless of the circumstances giving rise to any such conditions.
We may also, in our sole and absolute discretion, waive these conditions in whole or in part, subject to the potential requirement to
disseminate additional information and extend the Offer. The determination by us as to whether any condition has occurred shall be conclusive
and binding on all parties; provided, that any such determination may be challenged by a holder of Warrants in any court of competent
jurisdiction. The failure by us at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right, and
each such right shall be deemed a continuing right which may be asserted at any time and from time to time prior to the Expiration Date.
If any of the conditions described above occur prior to the Expiration Date, we will promptly disclose our decision whether or not to
waive such condition and, if the condition is material, we may be required to extend the Offer. We will amend this Offer Letter to report
material changes, such as if a material condition to the Offer is waived, as required by Rule 13e-4(c)(3) under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may terminate the Offer
if any of the conditions of the Offer occur prior to the Expiration Date. In the event that we terminate the Offer, all Warrants tendered
by a holder in connection with the Offer will be returned to such holder and the Warrants will expire in accordance with their terms on
June 25, 2026, and will otherwise remain subject to their original terms, including the redemption provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to applicable securities
laws and the terms and conditions set forth in this Offer Letter, we expressly reserve the right (but will not be obligated), at any time
or from time to time, prior to the Expiration Date, regardless of whether or not any of the events set forth above shall have occurred
or shall have been determined by us to have occurred, to (a) waive any and all conditions of the Offer, (b) extend the Offer, or (c) otherwise
amend the Offer in any respect. The rights reserved by us in this paragraph are in addition to our rights to terminate the Offer described
above. Irrespective of any amendment to the Offer, all Warrants previously tendered pursuant to the Offer and not accepted for purchase
or withdrawn will remain subject to the Offer and may be accepted thereafter for purchase by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we materially change the
terms of the Offer or the information concerning the Offer, or if we waive a material condition to the Offer, we will disseminate additional
information and extend the Offer to the extent required by Exchange Act Rules 13e-4(d)(2) and 13e-4(e)(3). In addition, we may, if we
deem appropriate, extend the Offer for any other reason. In addition, if the Offer Purchase Price is adjusted, the Offer will remain open
at least ten (10) business days from the date we first give notice of such change to Warrant holders, by press release or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any extension, amendment
or termination of the Offer by us will be followed promptly by a public announcement thereof. Without limiting the manner in which we
may choose to make such announcement, we will not, unless otherwise required by law, have any obligation to advertise or otherwise communicate
any such announcement other than by issuing a press release or by such other means of public announcement as we deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If for any reason the acceptance
for tender (whether before or after any Warrants have been accepted for tender pursuant to the Offer), or the tender for Warrants subject
to the Offer is delayed or if we are unable to accept for tender Warrants pursuant to the Offer, then, without prejudice to our rights
under the Offer, tendered Warrants may be retained by the Warrant Agent on our behalf and may not be withdrawn (subject to Exchange Act
Rule 14e-1(c), which requires that an offeror deliver the consideration offered or return the securities deposited by or on behalf of
the investor promptly after the termination or withdrawal of a tender offer). In addition to being limited by Exchange Act Rule 14e-1(c),
our reservation of the right to delay delivery of the Offer Purchase Price for Warrants which we have accepted for tender pursuant to
the Offer is limited by Exchange Act Rule 13e- 4(f)(5), which requires that an offeror deliver the consideration offered or return the
securities tendered pursuant to a tender offer promptly after termination or withdrawal of that tender offer. Notwithstanding the foregoing,
tendered Warrants may also be withdrawn if the Company has not accepted the Warrants for tender by the 40<FONT STYLE="font-size: 12pt"><SUP>th</SUP></FONT>
business day after the initial commencement of the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to Exchange Act
Rules 13e-3 and 13e-4, we have filed the Schedule TO with the SEC which contains additional information with respect to the Offer. The
Schedule TO also serves as a Schedule 13E-3 with respect to the Offer. The Schedule TO, including the exhibits and any amendments thereto,
may be examined, and copies may be obtained, at the same places and in the same manner as set forth under &ldquo;Additional Information;
Miscellaneous&rdquo; in this Offer Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11. FORWARD-LOOKING STATEMENTS; RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Offer Letter contains
forward-looking statements. Forward-looking statements usually relate to future events, conditions and anticipated revenues, earnings,
cash flows or other aspects of our operations or operating results. Forward- looking statements are often identified by the words &ldquo;believes,&rdquo;
&ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;will,&rdquo;
&ldquo;plans,&rdquo; &ldquo;may,&rdquo; &ldquo;should,&rdquo; or the negative thereof or similar terms. The absence of these words, however,
does not mean that these statements are not forward-looking. Forward-looking statements are based on our current expectation, belief and
assumptions concerning future developments and business conditions and their potential effect on us. While management believes that these
forward-looking statements are reasonable as and when made, there can be no assurance that future development affecting us will be those
that we anticipate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All of our forward-looking
statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual
results to differ materially from our historical experience and our present expectations or projections. Known material factors that could
cause actual results to differ materially from those contemplated in the forward-looking statements include those set forth in this &ldquo;Item
12. Forward-Looking Statements; Risk Factors.&rdquo; We caution you not to place undue reliance on any forward-looking statements, which
speak only as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>The Warrant Amendment, if approved
by the requisite holders of the Warrants, will allow us to redeem all outstanding Warrants at a price that is approximately 10% lower
than the Offer Purchase Price.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we complete the Offer
and Consent Solicitation and obtain the approval of the Warrant Amendment by holders of at least 65% of the Warrants, the Company will
have the right to redeem each outstanding Warrant, including Warrants held by holders who do not wish to participate and did not participate
in the Offer, for $0.70 in cash, which is approximately 10% less than the Offer Purchase Price, without interest. If the Warrant Amendment
is adopted, which we expect to occur given that holders of more than 65% of the Warrants have consented to the Warrant Amendment, we intend
to issue a notice of redemption to redeem all remaining outstanding Warrants following the consummation of the Offer. The redemption would
occur 15 days after issuing the notice of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the terms of
the Warrant Agreement, the consent of holders of at least 65% of the outstanding Warrants is required to approve the Warrant Amendment.
Therefore, one of the conditions to the adoption of the Warrant Amendment is the receipt of the consent of holders of at least 65% of
the outstanding Warrants. Pursuant to the Tender and Support Agreement, parties representing approximately 65.6% of the outstanding Warrants
have agreed to tender their Warrants in the Offer and to consent to the Warrant Amendment in the Consent Solicitation. Accordingly, because
the holders of more than 65% of our outstanding Warrants have agreed to consent to the Warrant Amendment in the Consent Solicitation,
if the other conditions described herein do not occur or, if they occur, are waived, then the Warrant Amendment will be adopted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Warrant Amendment
is adopted, we intend to redeem the remaining outstanding Warrants as provided in the Warrant Agreement, which would result in the holders
of any remaining outstanding Warrants receiving approximately 10% less cash than if they had tendered their Warrants in the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>There is no guarantee that your
decision whether to tender your Warrants in the Offer will put you in a better future economic position.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We can give no assurance
as to the price at which a Warrant holder may be able to sell his, her or its Warrants in the future following the completion of the Offer.
Certain future events may cause an increase in the price of the Warrants, which could result in you realizing a lower value now than you
might realize in the future had you not agreed to tender your Warrants. Similarly, if you do not tender your Warrants in the Offer, you
will bear the risk of ownership of your Warrants after the closing of the Offer, and there can be no assurance that you can sell your
Warrants (or exercise them for shares of Common Stock) in the future at a higher price than would have been obtained by participating
in the Offer or at all. In addition, if you do not tender your Warrants and if we obtain the approval of the Warrant Amendment, we intend
to implement the Warrant Amendment and subsequently redeem your Warrants for the Redemption Price, which is approximately 10% lower than
the Offer Purchase Price. You should carefully review the terms of the Warrants, including the Warrant Agreement governing the Warrants,
and consult your own individual tax and/or financial advisor for assistance on how the tender of your Warrants may affect your individual
situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>The liquidity of the Warrants
that are not tendered may be reduced.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the Warrant Amendment
is adopted, we intend to exercise our redemption rights thereunder and thus it is unlikely that any untendered Warrants will remain outstanding
for a significant period of time following the completion of the Offer and Consent Solicitation. See &ldquo;The Warrant Amendment, if
approved by the requisite holders of the Warrants, will allow us to redeem all outstanding Warrants at a price that is approximately 10%
lower than the Offer Purchase Price.&rdquo; However, if any untendered Warrants remain outstanding due to the Warrant Amendment not being
approved, then the ability to sell such Warrants may become more limited due to the reduction in the number of Warrants outstanding upon
completion of the Offer and Consent Solicitation. A more limited trading market might adversely affect the liquidity, market price and
price volatility of untendered Warrants. If there continues to be a market for our untendered Warrants, these securities may trade at
a discount to the price at which the securities would trade if the number outstanding were not reduced, depending on the market for similar
securities and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>There is no guarantee that the
Warrants will ever be in the money, and they may expire worthless.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The exercise price for the
Warrants is $11.50 per share. There is no guarantee that the Warrants will ever be in the money prior to their expiration, and as such,
the Warrants may expire worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>There is no assurance that the
Offer will be successful.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Offer is not conditioned
upon any minimum number of Warrants being tendered. The Offer is, however, subject to other conditions. See &ldquo;The Offer and Consent
Solicitation, Section 10. Conditions; Termination; Waivers; Extensions; Amendments.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><B><I>Our Warrant Amendment will designate
the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive
forum for certain types of actions and proceedings that may be initiated by holders of our Warrants, which could limit the ability of
Warrant holders to obtain a favorable judicial forum for disputes with the Company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Warrant Amendment will
provide that any action, proceeding or claim against us arising out of or relating in any way to the Warrant Amendment shall be brought
and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and the
parties to the Warrant Amendment irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. Each party to the Warrant
Amendment waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notwithstanding the foregoing,
these provisions of the Warrant Amendment will not apply to suits brought to enforce any liability or duty created by the Securities Act
or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Any person or entity purchasing or otherwise
acquiring any interest in any of our Warrants shall be deemed to have notice of and to have consented to the forum provisions in our Warrant
Amendment. If any action, the subject matter of which is within the scope the forum provisions of the Warrant Amendment, is filed in a
court other than a court of the State of New York or the United States District Court for the Southern District of New York (a &ldquo;foreign
action&rdquo;) in the name of any holder of our Warrants, such holder shall be deemed to have consented to: (i) the personal jurisdiction
of the state and federal courts located in the State of New York in connection with any action brought in any such court to enforce the
forum provisions (an &ldquo;enforcement action&rdquo;), and (ii) having service of process made upon such Warrant holder in any such enforcement
action by service upon such Warrant holder&rsquo;s counsel in the foreign action as agent for such Warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This choice-of-forum provision
may limit a Warrant holder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable for disputes with our Company
relating to the Warrant Amendment, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our Warrant
Amendment inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional
costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial
condition and results of operations and result in a diversion of the time and resources of our management and board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12. THE WARRANT AGENT, INFORMATION AGENT AND
DEALER MANAGER</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have retained Continental
Stock Transfer &amp; Trust Company to act as the Warrant Agent and Sodali &amp; Co. to act as the Information Agent, in connection with
the Offer and Consent Solicitation. All deliveries, correspondence and questions sent or presented to the Warrant Agent or the Information
Agent relating to the Offer and Consent Solicitation should be directed to the addresses or telephone numbers set forth on the back cover
of this Offer Letter. The Information Agent and the Warrant Agent will receive reasonable and customary compensation for their respective
services, will be reimbursed by us for reasonable out-of-pocket expenses and will be indemnified against certain liabilities in connection
with the Offer and Consent Solicitation, including certain liabilities under the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We also retained Citigroup
Global Markets Inc. to act as the Dealer Manager in connection with the Offer and Consent Solicitation. The Dealer Manager may communicate
with, but may not solicit tenders of Warrants from, brokers, dealers, commercial banks and trust companies with respect to the Offer and
Consent Solicitation. The Dealer Manager will receive a reasonable and customary fixed fee for these services that becomes payable upon
the closing of the Offer, which is contingent upon the consummation of the Offer and Consent Solicitation. We have also agreed to indemnify
the Dealer Manager against liabilities in connection with the Offer and Consent Solicitation, including liabilities under the federal
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Dealer Manager and its
affiliates provide, or may provide in the future, various investment banking, commercial banking and other services to us for which they
have received, or we expect they will receive, customary compensation from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not pay any fees
or commissions to brokers, dealers or other persons for soliciting tenders of Warrants pursuant to the Offer. Warrant holders holding
Warrants through a broker, dealer, commercial bank, trust company or other nominee are urged to consult such nominees to determine whether
transaction costs may apply if Warrant holders tender Warrants through such nominees and not directly to the Warrant Agent. We will, however,
upon request, reimburse brokers, dealers, commercial banks, trust companies and other nominees for customary mailing and handling expenses
incurred by them in forwarding the Offer and related materials to the beneficial owners of Warrants held by them as a nominee or in a
fiduciary capacity. No broker, dealer, commercial bank, trust company or other nominee has been authorized to act as our agent or the
agent of the Information Agent or the Warrant Agent for purposes of the Offer and Consent Solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>13. ADDITIONAL INFORMATION; MISCELLANEOUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to Rule 13e-3 promulgated
under the Exchange Act, we have filed a combined statement on Schedules TO and 13E-3 with the SEC under cover of Schedule TO, which contains
additional information with respect to the Offer. This Offer Letter does not contain all of the information contained in the Schedule
TO (of which this Offer Letter is a part) and the exhibits to the Schedule TO. The Company recommends that all holders of the Warrants
review the Schedule TO, including the exhibits and the information incorporated by reference in the Schedule TO, and the Company&rsquo;s
other materials that have been filed with the SEC before making a decision on whether to accept the Offer, including the following documents
hereby incorporated by reference into this Offer Letter:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">1. Annual Report on Form
10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 28, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2. Form 10-Qs for the quarter
ended March 31, 2024, filed with the SEC on May 8, 2024, and for the quarter ended June 30, 2024, filed with the SEC on August 7, 2024,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Documents we file (but not
documents or information deemed to have been furnished and not filed in accordance with the SEC&rsquo;s rules) with the SEC under Section
13(e), 13(c), 14 or 15(d) of the Exchange Act after the date of this Offer Letter will be incorporated by reference in this Offer Letter
only upon our filing of a subsequent amendment to the Schedule TO. Any statement contained in this Offer Letter or in a document (or part
thereof) incorporated by reference in this Offer Letter shall be considered to be modified or superseded for purposes of this Offer Letter
to the extent that a statement contained in any subsequent amendment to this Offer Letter or amendment to the Schedule TO to which this
Offer Letter relates modifies or supersedes that statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You can obtain any of the
documents incorporated by reference in this Offer Letter from the SEC&rsquo;s website at www.sec.gov. You may also request a copy of these
filings, at no cost, by writing or telephoning the Information Agent for the Offer at the telephone numbers and address set forth on the
back cover of this Offer Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each person to whom a copy
of this Offer Letter is delivered may obtain a copy of any or all of the referenced documents, other than exhibits to such documents,
unless such exhibits are specifically incorporated by reference into such documents, at no cost. Requests should be directed to our investor
relations representative at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Payoneer Global Inc.<BR>
Attention: VP Investor Relations<BR>
investor@payoneer.com</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payoneer Global Inc.<BR>
195 Broadway, 27th floor</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York, 10007</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Warrant Agent is Continental
Stock Transfer &amp; Trust Company. The Letter of Transmittal and Consent and certificates representing Warrants, and any other required
documents should be sent or delivered by each holder of Warrants or such holder&rsquo;s broker, dealer, commercial bank, trust company
or other nominee to the Warrant Agent at one of its addresses set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE WARRANT AGENT FOR THE OFFER IS:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Continental Stock Transfer &amp; Trust Company</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Continental Stock<BR>
</B>Transfer &amp; Trust Company<BR>
Attn: Corporate Actions (Payoneer)<BR>
1 State Street 30th Floor<BR>
New York, NY 10004 Telephone: 917-262-2378<BR>
Email: tenders+payoneer@continentalstock.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BY OVERNIGHT OR HAND DELIVERY:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Continental Stock<BR>
Transfer &amp; Trust Company<BR>
Attn: Corporate Actions (Payoneer)<BR>
1 State Street 30th Floor<BR>
New York, NY 10004<BR>
Telephone: 917-262-2378<BR>
Email: tenders+payoneer@continentalstock.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>BY SECURE ELECTRONIC UPLOAD</U>:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>https://cstt.citrixdata.com/r-re3fd15eb61d141f2afdfb8243ad4db21</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE INFORMATION AGENT FOR THE OFFER IS:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Sodali &amp; Co.<BR>
333 Ludlow Street<BR>
5th Floor, South Tower<BR>
Stamford, CT 06902</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (800) 662-5200<BR>
Email: PAYO@info.sodali.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Any question or request for assistance may be directed to the Information
Agent at the address, phone number and email address listed above.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Requests for additional copies of the Offer Letter, the Letter of
Transmittal and Consent or other documents related to the offer may also be directed to the Information Agent.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Dealer Manager for the Offer and Consent
Solicitation is:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Citigroup Global Markets Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Citigroup Global Markets Inc.<BR>
388 Greenwich Street</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10013</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1. Beneficial ownership of the Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">To our knowledge, none of our
directors or executive officers beneficially own Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2. Directors and Senior Management</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The following table sets forth
our current directors and executive officers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 49%"><B>Directors and Executive Officers</B></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 49%"><B>Position/Title</B></TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>John Caplan</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Chief Executive Officer and Director</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Bea Ordonez</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Chief Financial Officer</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Tsafi Goldman</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Chief Legal &amp; Regulatory Officer and Corporate Secretary </TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Sharda Caro del-Castillo</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Director</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Scott Galit</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Director</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Amir Goldman</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Director</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Christopher (Woody) Marshall</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Director</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Susanna Morgan</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Director</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Pamela H. Patsley</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Director</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>Rich Williams</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Director</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Avi Zeevi</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Director</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The business address of each
of the following persons is: c/o Payoneer Global Inc., 195 Broadway, 27th floor, New York, New York, 10007, and the telephone number for
each of the following persons is (212) 600-9272.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">None of the following persons
has been convicted in a criminal proceeding during the past five years (excluding traffic violations or similar misdemeanors), and none
of the following persons has during the past five years been a party to any judicial or administrative proceeding (except for matters
that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future
violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">Biographical information concerning
our directors and executive officers listed above is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B><I>John Caplan </I></B>has
served as the CEO of Payoneer since 2023, after joining as Co-CEO and director in 2022. Prior to joining Payoneer, Mr. Caplan was President
North America &amp; Europe at Alibaba.com, a business unit of the Alibaba Group (NYSE: BABA), from September 2018 to 2022. Previously,
from 2009 to 2018, Mr. Caplan was founder and Chief Executive Officer of OpenSky, a SMB software and services firm. Alibaba acquired a
majority stake in OpenSky in 2017. Prior to founding OpenSky, Mr. Caplan was Chief Executive Officer at Ford Models, Inc., a fashion talent
agency, from 2002 to 2009; and CMO of About.com, an internet publishing business, from 1998 to 2001. Mr. Caplan currently serves on the
board of Oscar Heyman &amp; Brothers, a privately held company, and previously served on the boards of private companies, including Caroo,
Sendle and Clyde. Mr. Caplan has a Bachelor of Arts in English from the University of Rochester.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B><I>Bea Ordonez</I></B> has
served as the Chief Financial Officer of Payoneer since March 2023, after joining the Company as Deputy Chief Financial Officer in January
2023. From 2022 to 2023, Ms. Ordonez was Chief Innovation Officer of Webster Bank (NYSE: WBS). From 2021 to 2022, Ms. Ordonez served as
Chief Financial Officer and Executive Vice President of Sterling National Bank (NYSE: STL, prior to its acquisition by Webster Bank).
Prior to joining Sterling National Bank, from 2015 to 2021, Ms. Ordonez was Chief Financial Officer of OTC Markets Group (OTCQX: OTCM),
a company that operates regulated financial markets for U.S. and global securities. From 2006 to 2015 Ms. Ordonez served as COO and Managing
Director of Convergex, a global financial services firm (since acquired by Cowen (NASDAQ: COWN)) providing execution, trading, prime brokerage,
clearing and other services to institutional investors and counterparties. Earlier in her career, Ms. Ordonez served as Chief Financial
Officer of G-Trade, a broker-dealer providing electronic access to global equities markets and held roles as a tax consultant with PricewaterhouseCoopers
as well as with Arthur Andersen. Ms. Ordonez has a Bachelor of Laws (LLB) from the University of Nottingham and is a member of the Institute
of Chartered Accountants in England and Wales.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B><I>Tsafi Goldman</I></B>
has served as the Chief Legal &amp; Regulatory Officer of Payoneer since 2019. She is responsible for the legal and regulatory aspects
of Payoneer&rsquo;s business activities and operations, management of the Company&rsquo;s in-house team of lawyers and regulatory governance
matters, and since 2023 is also responsible for the Company&rsquo;s Enterprise Risk Management team. Ms. Goldman joined Payoneer in 2015.
Ms. Goldman&rsquo;s experience as a lawyer includes a large range of commercial, corporate and private equity legal work, representing
early-stage and growth companies, as well as expertise in payments services and regulation. Prior to joining Payoneer, Ms. Goldman was
a partner at CBLS Law Offices from 2004 to 2014, a boutique Tel-Aviv law firm, where Payoneer was one of her clients. Ms. Goldman held
various positions in leading law firms, focusing on the high-tech and bio-med sectors, as well as in-house roles at Israel Chemicals group
(ICL) and ECI Telecom from 1996 to 1998. Ms. Goldman has a Bachelor of Laws (LLB) from Tel Aviv University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B><I>Sharda Caro del Castillo
</I></B>has served as a director of Payoneer since 2023. Prior to her appointment, Ms. Caro del Castillo served as Chief Legal Officer,
Chief Compliance Officer and Corporate Secretary of Affirm, Inc. (NASDAQ: AFRM) from 2019 to 2021. From 2014 to 2019, Ms. Caro del Castillo
was General Counsel and Chief Compliance Officer of Payments, and interim Global Head of Payments (2018-2019), at Airbnb (NASDAQ: ABNB).
Prior to joining Airbnb, Ms. Caro del Castillo was Payments Counsel and subsequently the Head of Payments Platform at Square, Inc. (NYSE:
SQ) from 2012 to 2014, and a Director of Product and Regulatory Counsel at PayPal (NASDAQ: PYPL) from 2010 to 2012. Ms. Caro del Castillo
serves on the boards of Forter since 2022 and GoFundMe since 2021. Ms. Caro del Castillo has a Bachelor of Science from Santa Clara University,
and a Juris Doctorate from Case Western Reserve University School of Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B><I>Scott Galit </I></B>has
served as a director of Payoneer since 2010. He was also CEO until May 2022 and later Co-CEO of Payoneer until March 2023, when he transitioned
to serving as a Senior Advisor until June 2024. Prior to joining Payoneer, Mr. Galit was President of i2c. Before joining i2c in 2010,
he was the Executive Vice President at Meta Payments Systems and on the Executive Committee of MetaBank, an OTS-regulated financial institution.
From 2005 to 2007 he was the Global Head of Prepaid for Mastercard, where he developed Mastercard&rsquo;s global prepaid strategy and
oversaw its global prepaid business. Mr. Galit was the founder and CEO of Solspark from 1999 to 2002, Senior Vice President/General Manager
at Concord EFS from 2002 to 2003 (after Solspark was sold to Concord EFS), and Senior Vice President/General Manager of First Data Prepaid
from 2003 to 2004 (after Concord EFS was sold to First Data). Earlier in his career he was an investment banker at Donaldson, Lufkin &amp;
Jenrette. Mr. Galit was also a founding board member of the Network Branded Prepaid Card Association (NPBCA) and currently serves on the
board of Paddle, a privately held company. Mr. Galit has a Bachelor of Arts with distinction from the honors program at the University
of Virginia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B><I>Amir Goldman</I></B>
has served as a director of Payoneer since 2014. Since 2006, he has served as the founder and Managing Director of Susquehanna Growth
Equity, a private equity firm focused on investing in growing companies in the software and payments sectors. From 2002 to 2006, he was
a Principal at TL Ventures, a venture capital firm, and he previously served as Principal at BRM Capital, a venture capital firm focused
on internet infrastructure and software companies between 1999 and 2002. Mr. Goldman serves as a director in a number of private companies,
such as HighRadius and HMP Global. Mr. Goldman has a Master of Business Administration from Harvard Business School and a Bachelor of
Science in Economics from the Wharton School at the University of Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Christopher (Woody)
Marshall </I></B>has served as a director of Payoneer since 2017. In addition to his role on Payoneer&rsquo;s Board, he currently serves
on the board of directors of Spotify (NYSE: SPOT) (where he serves as lead independent director) and board of managers of Nerdy LLC since
2015, on the board of directors of Nerdy (NYSE: NRDY) since 2021, and as a director in a number of private companies. Since 2008, Mr.
Marshall has served as a general partner of TCV, a private equity firm. Mr. Marshall has been active in the venture capital industry since
1995, having spent 12 years at Trident Capital, a venture capital and private equity firm with a primary investment focus on the payments,
internet and mobile industries. Mr. Marshall has a Bachelor of Arts in Economics from Hamilton College and a Master of Business Administration
from the Kellogg School of Management at Northwestern University.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B><I>Susanna Morgan</I></B>
has served as a director of Payoneer since 2023. Ms. Morgan currently serves as the CEO of Agate Advisors LLC, which she founded to provide
strategic consulting and advisory services for technology companies, investors, and finance executives. From 2018 to 2022, Ms. Morgan
was the Chief Financial Officer of Remitly Global Inc. (NASDAQ: RELY), a mobile-first provider of remittances and financial services for
immigrants. From 2015 to 2018, Ms. Morgan served as SVP, Finance &amp; Investor Relations of Apptio (NASDAQ: APTI&thinsp;-&thinsp; subsequently
acquired by IBM), a leading provider of technology business management applications. Prior to joining Apptio, between 2013 and 2015, Ms.
Morgan was SVP and Global Head of Financial Planning &amp; Analysis at Concur (NASDAQ: CNQR, acquired by SAP in 2014), a travel and expense
SaaS company. She previously served in Corporate Development leadership roles at Vertafore, an insurance software company, Charles Schwab,
a multinational financial services company, and Oracle, a multinational technology company, after beginning her career in strategy consulting.
Ms. Morgan currently serves on the board of Mixpanel, a privately held product analytics company. Ms. Morgan holds a Master of Business
Administration from Harvard Business School, a Master of Arts in International Policy Studies from Stanford University and a Bachelor
of Arts with Honors in Quantitative Economics from Stanford University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Pamela H. Patsley </I></B>has
served as a director of Payoneer since 2021. From 2016 to 2018, Ms. Patsley served as Executive Chair of MoneyGram International, Inc.
(NASDAQ: MGI), the global remittance Company, and was its Chair and Chief Executive Officer from 2009 through 2015. Ms. Patsley also previously
held executive positions with the payment processor First Data Corporation, First Data Merchant Services (a division of First Data Corporation),
Paymentech, Inc. and First USA, Inc. Earlier in her career, she worked for KPMG. Ms. Patsley currently serves on the boards of Texas Instruments
Inc. (NASDAQ: TXN) since 2004, Keurig Dr Pepper Inc. (NASDAQ: KDP) since 2008 and Hilton Grand Vacations Inc. (NYSE: HGV) since 2016.
She also serves on the board of Tolleson Wealth Management, a privately held company. Ms. Patsley previously served on the boards of ACI
Worldwide, Inc. (NASDAQ: ACIW), Molson Coors Brewing Company (NYSE: TAP), and Pegasus Solutions Inc. (NASDAQ: PEGS). Ms. Patsley holds
a Bachelor of Science in Business Administration&thinsp;-&thinsp;Accounting from the University of Missouri.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B><I>Rich Williams </I></B>has
served as a director of Payoneer since 2021. Mr. Williams currently serves as CEO of The Value Studio, LLC, which he founded in 2020 to
provide strategic consulting and advisory services for leading private equity and venture capital firms and their portfolio companies;
managing partner of Works Capital, LLC, a private investment fund focusing on early-stage disruptive technology companies; and President
and Director of Built Technologies, a private technology company serving the construction industry. Mr. Williams serves as a board member
for Indiegogo, an online commerce and crowdfunding platform for entrepreneurs to launch new and groundbreaking products, and he serves
as a board member of Shift One, Inc., a privately held labor marketplace technology company. From 2020 to 2021, Mr. Williams served as
CEO and board member of Alkuri Global Acquisition Corp. (Alkuri; NASDAQ: KURI), a special purpose acquisition corporation favoring next-generation
technology businesses in the areas of consumer internet and marketplaces, healthtech, fintech and mobility. From 2011 to 2020, Mr. Williams
served in a variety of executive roles at Groupon (NASDAQ: GRPN), a small business services and products online marketplace, including
serving as CEO from 2015 to 2020. From 2008 to 2011, Mr. Williams ran a variety of global marketing and advertising teams and technologies
at Amazon. Prior to joining Amazon, Mr. Williams spent over seven years developing marketing programs and technologies in a variety of
leadership roles at Experian (LSE: EXPN), a leading global data, analytics and financial services company. Mr. Williams also served on
the boards of Groupon (NASDAQ: GRPN) and Kontoor Brands (NYSE: KTB).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Avi Zeevi</I></B> has
served as a director and Chair of the Board of Directors of Payoneer since 2008. Mr. Zeevi is a FinTech entrepreneur and investor. He
is Co-founder of the Viola group, a private equity investment group with over $4B of assets under management, and co-founder and General
Partner of Viola Ventures, a venture capital firm. Mr. Zeevi is also a co-founder and the Chairman of the investment committee of Viola
FinTech. Mr. Zeevi has been with Viola since it was founded in 2000 and has more than 40 years of experience as an entrepreneur, executive
and investor. Mr. Zeevi has experience in the global financial industry through his involvement in several FinTech companies including:
MINT Systems, Decalog and Actimize, where he served as an active Chairman from 2001 and until it was sold to NICE Systems (NASDAQ: NICE),
and Pagaya (NASDAQ: PGY), where he serves as the Chairman of its board of directors since 2016. Mr. Zeevi is also a board member of a
number of private companies, such as Duetti, Personetics, EverC and Bounce. Mr. Zeevi is a Board Member at The Center for Educational
Technology (CET) which is dedicated to the advancement of the education system in Israel, in the Jewish world and around the globe and
a Board Member at Bat Sheva Dance Company. He is also a Member of the Board of Governors of the Technion, the Israel Institute of Technology.
Mr. Zeevi has a Bachelor of Science in Industrial Engineering from the Technion, the Israel Institute of Technology.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 2 TO WARRANT AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">THIS AMENDMENT NO. 2 TO THE
WARRANT AGREEMENT (this &ldquo;<B>Amendment</B>&rdquo;) is made as of September [&bull;], 2024, by and between Payoneer Global Inc., a
Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), and Continental Stock Transfer &amp; Trust Company, a New York corporation, as
warrant agent (the &ldquo;<B>Warrant Agent</B>&rdquo;), and constitutes an amendment to that certain Warrant Agreement, dated as of August
25, 2020, by and between FTAC Olympus Acquisition Corp., a Delaware corporation (&ldquo;<B>FTOC</B>&rdquo;), and the Warrant Agent, as
amended by the Assignment, Assumption and Amendment Agreement, dated as of June 25, 2021, by and among FTOC, the Company and the Warrant
Agent, pursuant to which the Company assumed all of the obligations of FTOC under the Warrant Agreement (the &ldquo;<B>Existing Warrant
Agreement</B>&rdquo;). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings given to such terms
in the Existing Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">WHEREAS, Section 9.8 of the
Existing Warrant Agreement provides that the Company and the Warrant Agent may amend the Existing Warrant Agreement with the vote or written
consent of the Registered Holders of 65% of the then outstanding Warrants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">WHEREAS, the Company desires
to amend the Existing Warrant Agreement to provide the Company with the right to redeem the Warrants for cash on the terms and subject
to the conditions set forth herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">WHEREAS, following a consent
solicitation undertaken by the Company, the Registered Holders of more than 65% of the then outstanding Warrants have consented to and
approved this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">NOW, THEREFORE, in consideration
of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree to amend the Existing Warrant Agreement as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">1. <I>Amendment of Existing
Warrant Agreement</I>. The Existing Warrant Agreement is hereby amended by adding the new Section 6A thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>6A Redemption</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">6A.1 <I>Company Election
to Redeem</I>. Notwithstanding any other provision in this Agreement to the contrary, not less than all of the outstanding Warrants may
be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the
Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6A.2 below, for $0.70 in cash for every
Warrant held by the holder thereof (the &ldquo;<B>6A Redemption Price</B>&rdquo;) (subject to equitable adjustment by the Company in the
event of any share splits, share dividends, recapitalizations or similar transaction with respect to the Company&rsquo;s shares of Common
Stock, par value $0.01 per share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">6A.2 <I>Date Fixed for, and
Notice of, Redemption</I>. In the event that the Company elects to redeem all of the Warrants, the Company shall fix a date for the redemption
(the &ldquo;<B>6A Redemption Date</B>&rdquo;). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company
not less than fifteen (15) days prior to the 6A Redemption Date to the Registered Holders of the Warrants at their last addresses as they
shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly
given whether or not the Registered Holder received such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">6A.3 <I>Exercise After Notice
of Redemption</I>. The Warrants may be exercised, for cash at any time after notice of redemption shall have been given by the Company
pursuant to Section 6A.2 hereof and prior to the 6A Redemption Date. On and after the 6A Redemption Date, the record holder of the Warrants
shall have no further rights except to receive, upon surrender of the Warrants, the 6A Redemption Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annex-A-1</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2. <I>Miscellaneous Provisions</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.1 <I>Severability</I>.
This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.2 <I>Applicable Law.</I>
The validity, interpretation, and performance of this Amendment shall be governed in all respects by the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Amendment shall
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.3 <I>Counterparts</I>.
This Amendment may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each
of which shall be an original and all of which together shall constitute one and the same instrument. The words &ldquo;execution,&rdquo;
&ldquo;signed,&rdquo; &ldquo;signature,&rdquo; and words of like import in this Amendment or in any other certificate, agreement or document
related to this Amendment, if any, shall include images of manually executed signatures transmitted by facsimile or other electronic format
(including, without limitation, &ldquo;pdf,&rdquo; &ldquo;tif&rdquo; or &ldquo;jpg&rdquo;) and other electronic signatures (including,
without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any
contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect,
validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted
by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act or the Uniform Commercial Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.4 <I>Effect of Headings</I>.
The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">2.5 <I>Entire Agreement</I>.
Except as expressly provided in this Amendment, all of the terms and provisions in the Existing Warrant Agreement are and shall remain
in full force and effect, on the terms and subject to the conditions set forth therein. This Amendment does not constitute, directly or
by implication, an amendment or waiver of any provision of the Existing Warrant Agreement, or any other right, remedy, power or privilege
of any party thereto, except as expressly set forth herein. Any reference to the Warrant Agreement in the Existing Warrant Agreement or
any other agreement, document, instrument or certificate entered into or issued in connection therewith shall hereinafter mean the Existing
Warrant Agreement, as amended by this Amendment (or as the Existing Warrant Agreement may be further amended or modified in accordance
with the terms thereof). Except as expressly set forth in this Amendment, the terms of this Amendment shall be governed by, enforced and
construed and interpreted in a manner consistent with the provisions of the Existing Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signatures Appear on Following Page</I>]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Annex-A-2&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, each of the parties has caused
this Amendment to be duly executed as of the date first above written.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">PAYONEER GLOBAL INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 90%">Name:</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">CONTINENTAL STOCK TRANSFER &amp; TRUST COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 90%">Name:</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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