<SEC-DOCUMENT>0000950103-18-011855.txt : 20181010
<SEC-HEADER>0000950103-18-011855.hdr.sgml : 20181010
<ACCEPTANCE-DATETIME>20181010060344
ACCESSION NUMBER:		0000950103-18-011855
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20181010
DATE AS OF CHANGE:		20181010

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMART Global Holdings, Inc.
		CENTRAL INDEX KEY:			0001616533
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				981013909
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-227451
		FILM NUMBER:		181114821

	BUSINESS ADDRESS:	
		STREET 1:		39870 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560-4809
		BUSINESS PHONE:		(510) 623-1231

	MAIL ADDRESS:	
		STREET 1:		39870 EUREKA DRIVE
		CITY:			NEWARK
		STATE:			CA
		ZIP:			94560-4809
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>dp96742_424b3.htm
<DESCRIPTION>FORM 424B3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal">Registration
No. 333-227451</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal">filed
pursuant to Rule 424(b)(3)</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 71px; width: 267px"></P>

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

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SMART Global Holdings, Inc.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$150,000,000</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ordinary Shares<BR>
Preferred Shares<BR>
Debt Securities<BR>
Warrants<BR>
Purchase Contracts<BR>
Units<BR>
and<BR>
9,256,755 Ordinary Shares Offered by the Selling Shareholders</P>

<P STYLE="font: bold 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">We may offer and sell from time to time
ordinary shares, preferred shares, debt securities, warrants, purchase contracts or units. We may offer and sell&nbsp;these securities
to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. Specific
amounts and terms of these securities will be provided in supplements to this prospectus. The aggregate initial offering price
of all securities sold by us will not exceed $150,000,000.</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">In addition, the selling shareholders named
in this prospectus (the &ldquo;selling shareholders&rdquo;) may from time to time offer and sell up to 9,256,755 of our ordinary
shares. We are registering these ordinary shares pursuant to registration rights agreements that we entered into with the selling
shareholders. The selling shareholders may offer and sell our ordinary shares in public or private transactions, or both. These
sales may occur at fixed prices, at market prices prevailing at the time of sale, at prices related to prevailing market prices,
or at negotiated prices. See &ldquo;Plan of Distribution&rdquo; for more information on how the selling shareholders may conduct
sales of our ordinary shares. We will not receive any proceeds from any sale of these ordinary shares by the selling shareholders.</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">Each time we or the selling shareholders
offer and sell securities, we will provide a supplement to this prospectus that contains specific information about the offering
and the amounts, prices and terms of the securities. The supplement may also add, update or change information contained in this
prospectus with respect to that offering. You should carefully read this prospectus and the applicable prospectus supplement before
you invest in any of our securities.</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"><FONT STYLE="text-transform: uppercase"><B>Investing
in our securities involves risks. See &ldquo;<U>Risk Factors</U>&rdquo; on page 3  of this prospectus and any similar
section contained in the applicable prospectus supplement concerning factors you should consider before investing in our
securities.</B></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">Our ordinary shares are listed on The
Nasdaq Global Select Market under the symbol &ldquo;SGH.&rdquo; On October 8, 2018, the last reported sale price
of our ordinary shares on The Nasdaq Global Select Market was $30.71 per share.</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>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. 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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is
October 9, 2018</P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: right"><U>Page</U></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%">SMART Global Holdings, Inc.</TD>
    <TD STYLE="width: 6%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>About This Prospectus</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Forward-Looking Statements</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Where You Can Find More Information</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Incorporation By Reference</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Risk Factors</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Use of Proceeds</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Ratio of Earnings to Fixed Charges</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Description of Share Capital</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Description of Debt Securities</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Description of Warrants</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Description of Purchase Contracts</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Description of Units</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Forms of Securities</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Plan of Distribution</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Legal Matters</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Experts</TD>
    <TD STYLE="text-align: right">18</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither we nor the selling shareholders have authorized anyone
to provide any information other than that contained or incorporated by reference in this prospectus or in any free writing prospectus
prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as
to the reliability of, any other information that others may give you. Neither we nor the selling shareholders are making an offer
of these securities in any state where the offer is not permitted. You should not assume that the information contained in or incorporated
by reference in this prospectus or any prospectus supplement or in any such free writing prospectus is accurate as of any date
other than their respective dates.</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">Unless otherwise indicated or the context otherwise requires,
all references in this prospectus to &ldquo;SMART Global Holdings&rdquo; or the &ldquo;Company,&rdquo; &ldquo;Registrant,&rdquo;
&ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;ours,&rdquo; &ldquo;us&rdquo; or similar terms refer to SMART Global Holdings, Inc.,
together with its subsidiaries, and, where the context requires, our predecessor entities.</P>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SMART Global
Holdings, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a global leader in specialty memory solutions,
serving the electronics industry for over 25 years. As part of our global business, we have established a leading market
position, as measured by market share, in Brazil as the largest in-country manufacturer of memory for desktops, notebooks and
servers, as well as mobile memory for smartphones. We also have a leading market position worldwide, as measured by revenue,
in specialty memory where we work closely with original equipment manufacturer, or OEM, customers to develop memory
solutions, which incorporate customer-specific requirements. As a result of our acquisition of Penguin Computing, Inc. in
June 2018, and the creation of a new business unit, SMART Specialty Compute &amp; Storage Solutions (SCSS), SMART has
expanded its serviceable markets into areas requiring specialized computing platforms in artificial intelligence and machine
learning, advanced modeling and high performance computing serving a broad base of enterprise and government customers. We
believe our customers rely on us as a strategic supplier due to our customer-specific designs, product quality and technical
support, our global footprint and, in Brazil, our ability to provide locally manufactured memory products. We also provide
customized, integrated supply chain services to certain OEM customers to assist them in the management and execution of their
procurement processes. Our global, diversified customer base includes over 250 end customers such as Cisco Systems, Inc., or
Cisco, Samsung Electronics Co. Ltd., or together with its affiliates, Samsung, Hewlett Packard Enterprise Company, or HPE,
Dell Technologies Inc., or Dell, and LG Electronics Inc., or LG.</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">Our address in the Cayman Islands is c/o Maples Corporate Services
Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Our U.S. principal executive offices are located at
39870 Eureka Drive, Newark, California 94560. Our telephone number at this address is (510) 623-1231. Our principal website is
http://www.smartm.com. The information contained on, or that can be accessed through, our website is not a part of this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">About This
Prospectus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration
statement that we filed with the U.S. Securities and Exchange Commission, or the SEC, using a &ldquo;shelf&rdquo; registration
process. By using a shelf registration statement, we may sell securities from time to time and in one or more offerings up to a
total dollar amount of $150,000,000 as described in this prospectus. In addition, under this shelf registration statement, the selling
shareholders named in this prospectus may sell, from time to time, up to 9,256,755 of our ordinary shares. Each time that we or
the selling shareholders offer and sell securities, we will provide a prospectus supplement to this prospectus that contains specific
information about the securities being offered and sold and the specific terms of that offering. The prospectus supplement may
also add, update or change information contained in this prospectus with respect to that offering. If there is any inconsistency
between the information in this prospectus and the applicable prospectus supplement, you should rely on the prospectus supplement.
Before purchasing any securities, you should carefully read both this prospectus and the applicable prospectus supplement, together
with the additional information described under the headings &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation
by Reference.&rdquo;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Forward-Looking
Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus, any prospectus supplement and the documents
incorporated by reference herein or therein contain forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Section 21E of the Securities Exchange Act of 1934, as amended
(the &ldquo;Exchange Act&rdquo;). Such statements contained in this prospectus or any prospectus supplement or incorporated by
reference herein or therein are based upon current expectations that involve risks and uncertainties. Any statements contained
in this prospectus or any prospectus supplement or incorporated by reference herein or therein that are not statements of historical
fact may be deemed to be forward-looking statements. For example, the words &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;plans,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends&rdquo; and similar expressions are intended to identify forward-looking
statements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking
statements. Factors that might cause such a discrepancy include, but are not limited to, those discussed in the &ldquo;Risk Factors&rdquo;
section, in addition to the other information set forth in this prospectus or any prospectus supplement or incorporated by reference
herein or therein. We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 for all forward-looking statements. All forward-looking statements contained in this prospectus or
any prospectus supplement or incorporated by reference herein or therein are based on information available to us as of their respective
dates and we assume no obligation to</P>

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


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">update any such forward-looking statements. Our actual results
could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but
not limited to, those set forth under &ldquo;Risk Factors&rdquo; in this prospectus, our Annual Report on Form 10-K for the year
ended August 25, 2017 and our Quarterly Reports on Form 10-Q for the quarters ended November 24, 2017, February 23, 2018 and May
25, 2018. You should carefully consider the risks described in the &ldquo;Risk Factors&rdquo; section, in addition to the other
information set forth in this prospectus or any prospectus supplement or incorporated by reference herein or therein, before making
an investment decision.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Where You
Can Find More Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are subject to the informational requirements of the Exchange
Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K. You may inspect and copy reports and other information filed with the SEC
at the Public Reference Room at 100 F Street, N.E., Washington, DC 20549. Information on the operation of the Public Reference
Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet website that contains reports
and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.
We also maintain a website at ir.smartm.com, at which you may access these materials free of charge as soon as reasonably practicable
after they are electronically filed with, or furnished to, the SEC. The information contained on, or that can be accessed through,
our website is not a part of this prospectus. Investors should not rely on any such information in deciding whether to purchase
our ordinary shares. We have included our website address in this prospectus solely as an inactive textual reference.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Incorporation
By Reference</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus, and information that we file later with the
SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and all documents
subsequently filed with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act of 1934, as amended, prior to
the termination of the offering under this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>Current Reports on Form 8-K filed on September 21, 2017, October 23, 2017, November 9, 2017, January 22, 2018, January
                                                                                                               30, 2018, February 2, 2018, March 14, 2018, April 9, 2018,  June 11, 2018 (as amended on August 24, 2018) and October
                                                                                                               3, 2018&#894;</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>Quarterly Reports on Form 10-Q for the quarters ended November 24, 2017, February 23, 2018 and May 25, 2018&#894;</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>Annual Report on Form 10-K for the year ended August 25, 2017, including portions of our Definitive Proxy Statement on Schedule
14A filed on December 15, 2017, to the extent specifically incorporated by reference into such Annual Report on Form 10-K&#894;
and</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>The description of our outstanding Ordinary Shares contained in our Registration Statement No. 000-38102 on Form 8-A filed
with the SEC on May 23, 2017, pursuant to Section 12 of the Exchange Act of 1934, as amended, including any amendment or report
filed for the purpose of updating such description.</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">We are not, however, incorporating by reference any documents
or portions thereof, whether specifically listed above or filed in the future, that are not deemed &ldquo;filed&rdquo; with the
SEC, including any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K or certain exhibits furnished pursuant to Item
9.1 of Form 8-K.</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">You may request, and we will provide you with, a copy of these
filings, at no cost, by calling us at (510) 623-1231 or by writing to us at the following address:</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">SMART Global Holdings, Inc.<BR>
c/o 39870 Eureka Drive<BR>
Newark, CA 94560<BR>
Attn: Investor Relations</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">Exhibits to the filings will not be sent,
however, unless those exhibits have specifically been incorporated by reference in this prospectus or any accompanying prospectus
supplement.<BR STYLE="clear: both">
</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"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An investment in our securities involves
significant risks. Before purchasing any securities, you should carefully consider and evaluate all of the information included
and incorporated by reference or deemed to be incorporated by reference in this prospectus or the applicable prospectus supplement,
including the risk factors incorporated by reference herein from our Annual Report on Form 10-K for the year ended August 25, 2017,
as updated by annual, quarterly and other reports and documents we file with the SEC after the date of this prospectus and that
are incorporated by reference herein or in the applicable prospectus supplement. Our business, results of operations or financial
condition could be adversely affected by any of these risks or by additional risks and uncertainties not currently known to us
or that we currently consider immaterial.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Use of Proceeds</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated in a prospectus
supplement, the net proceeds from the sale of the securities will be used for general corporate purposes, including working capital,
acquisitions, retirement of debt and other business opportunities. We will not receive any proceeds from any shares sold by the
selling shareholders.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Ratio of
Earnings to Fixed Charges</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth our consolidated
ratio of earnings to fixed charges:</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: bottom">
    <TD STYLE="text-align: center; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">Nine
        Months<BR>
Ended</FONT></P>
        </TD>
    <TD COLSPAN="5" STYLE="padding-right: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">Years
        Ended</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; text-align: center; font-weight: bold; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">May
        25,<BR>
2018</FONT></P>
        </TD>
    <TD STYLE="width: 11%; padding-right: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">August
        25,<BR>
2017</FONT></P>
        </TD>
    <TD STYLE="width: 11%; padding-right: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">August
        26,<BR>
2016</FONT></P>
        </TD>
    <TD STYLE="width: 11%; padding-right: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">August
        28,<BR>
2015</FONT></P>
        </TD>
    <TD STYLE="width: 11%; padding-right: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">August
        29,<BR>
2014</FONT></P>
        </TD>
    <TD STYLE="width: 11%; padding-right: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 8pt">August
        30,<BR>
2013</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Ratio of earnings to fixed charges&#9;</TD>
    <TD STYLE="text-align: center">8.42x</TD>
    <TD STYLE="text-align: center">1.07x</TD>
    <TD STYLE="text-align: center">0.39x*</TD>
    <TD STYLE="text-align: center">&mdash;*</TD>
    <TD STYLE="text-align: center">0.63x*</TD>
    <TD STYLE="text-align: center">&mdash;*</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">____________________</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">*</TD><TD>For fiscal years 2016, 2015, 2014 and 2013, earnings
were inadequate to cover fixed charges.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0"></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-indent: 0.25in">In calculating the ratio of earnings to
fixed charges, earnings consist of net income (loss) from continuing operations before income tax expense and fixed charges. Fixed
charges consist of interest expense, including such portion of rental expense that was attributed to interest, and amortization
of capitalized interest. The portion of rent expense that was attributed to interest represents a reasonable approximation of the
interest factor. We have not included a ratio of earnings to combined fixed charges and preferred share dividends because we do
not have any preferred shares outstanding as of the date of this prospectus.</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: center"><FONT STYLE="text-transform: uppercase"><B>Selling
Shareholders</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-indent: 0.25in">The ordinary shares being offered by the
selling shareholders are those previously issued to the selling shareholders. We are registering the ordinary shares in order to
permit the selling shareholders to offer the shares for resale from time to time. Except for the ownership of the ordinary shares,
the selling shareholders have not had any material relationship with us within the past three years, unless otherwise indicated
in &ldquo;<FONT STYLE="background-color: white">Certain Relationships and Related Party Transactions&rdquo; in our </FONT>Definitive
Proxy Statement on Schedule 14A filed on December 15, 2017 and in the footnotes to the table below.</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-indent: 0.25in">The table below lists the selling shareholders
and other information regarding the beneficial ownership of the ordinary shares held by each of the selling shareholders. The second
column lists the number of ordinary shares beneficially owned by each selling shareholder, based on its ownership of ordinary shares
as of August 31, 2018.&nbsp;The third column lists the shares of ordinary shares being registered&nbsp;in this prospectus by the
selling shareholders.</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-indent: 0.25in">In accordance with the terms of shareholder
and registration rights agreements with the holders of the ordinary shares, this prospectus generally covers the resale of that
number of ordinary shares equal to the number of ordinary shares previously issued to the selling shareholders in each case as
of the trading day immediately preceding the date this registration statement was initially filed with the SEC. The fourth column
assumes the sale of all of the shares included in this prospectus. The selling shareholders may sell all, some or none of their
shares included in this prospectus. See &ldquo;Plan of Distribution.&rdquo;</P>

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


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid"><B>Name of Selling Shareholder</B></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center"><B>Ordinary Shares Beneficially Owned Prior to Offering</B></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt; padding-left: 4pt"><B>Maximum Number of Shares to be Sold Pursuant to this Prospectus</B></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt"><B>Number of Ordinary Shares Owned After Offering</B></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center"><B>Percentage of Ordinary Shares Owned After Offering</B></TD></TR>
<TR>
    <TD>Entities affiliated with Silver Lake Partners (1)</TD>
    <TD STYLE="text-align: center">6,171,171</TD>
    <TD STYLE="text-align: center">6,171,171</TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center">&mdash;</TD></TR>
<TR>
    <TD>Entities affiliated with Silver Lake Sumeru (2)</TD>
    <TD STYLE="text-align: center">3,085,584</TD>
    <TD STYLE="text-align: center">3,085,584</TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center">&mdash;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&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">(1) Consists of (i) 6,138,094 shares held of record by Silver
Lake Partners III Cayman (AIV III), L.P. (&ldquo;SLP III Cayman&rdquo;), the general partner of which is Silver Lake Technology
Associates III Cayman, L.P. (&ldquo;SLTA III Cayman&rdquo;), and (ii) 33,077 shares held of record by Silver Lake Technology Investors
III Cayman, L.P. (together with SLP III Cayman and SLTA III Cayman, the &ldquo;SLP III Cayman Entities&rdquo;), the general partner
of which is SLTA III Cayman. Silver Lake (Offshore) AIV GP III, Ltd. (&ldquo;SL III Offshore Ltd&rdquo;) is the general partner
of SLTA III Cayman. As such, SL III Offshore Ltd may be deemed to have beneficial ownership of the securities over which any of
the SLP III Cayman Entities has voting or dispositive power. SL III Offshore Ltd is controlled by a board of seven directors that
acts by majority approval and possesses sole voting and dispositive power with respect to the shares held by the SLP III Cayman
Entities. The individual members of such board are Messrs. Ken Hao, Michael Bingle, Greg Mondre, Egon Durban, Joe Osnoss and Andrew
Wagner, and Ms. Karen King. Excludes 193,132 shares held of record by Mr. Shah, our CEO, and his affiliated investment vehicles
that may be deemed to be beneficially owned by entities affiliated with Silver Lake Partners and Silver Lake Sumeru by virtue of
relationships and agreements among such persons. The address for each of the entities referenced above is c/o Silver Lake, 2775
Sand Hill Road, Suite 100, Menlo Park, CA 94025.</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">(2) Consists of (i) 3,048,465 shares held of record by Silver
Lake Sumeru Fund Cayman, L.P. (&ldquo;SLS Cayman&rdquo;), the general partner of which is Silver Lake Technology Associates Sumeru
Cayman, L.P. (&ldquo;SLTA Sumeru Cayman&rdquo;), the general partner of which is SLTA Sumeru (GP) Cayman, L.P. (&ldquo;SLTA Sumeru
GP Cayman&rdquo;), and (ii) 37,119 shares held of record by Silver Lake Technology Investors Sumeru Cayman, L.P. (together with
SLS Cayman, SLTA Sumeru Cayman and SLTA Sumeru GP Cayman, the &ldquo;SLS Cayman Entities&rdquo;), the general partner of which
is SLTA Sumeru Cayman. Silver Lake Sumeru (Offshore) AIV GP, Ltd. (&ldquo;SL Sumeru Offshore Ltd&rdquo;) is the general partner
of SLTA Sumeru GP Cayman. As such, SL Sumeru Offshore Ltd may be deemed to have beneficial ownership of the securities over which
any of the SLS Cayman Entities has voting or dispositive power. SL Sumeru Offshore Ltd. is controlled by a board of eight directors
that acts by majority approval and possesses sole voting and dispositive power with respect to the shares held by the SLS Cayman
Entities. The individual members of such board are: Messrs. Ajay Shah, Paul Mercadante, Kyle Ryland, John Brennan, Egon Durban
and Andrew Wagner and Mses. Hollie Moore-Haynes and Karen King. Excludes 193,132 shares held of record by Mr. Shah and his affiliated
investment vehicles that may be deemed to be beneficially owned by entities affiliated with Silver Lake Partners and Silver Lake
Sumeru by virtue of relationships and agreements among such persons. The address for each of the entities referenced above is c/o
Silver Lake, 2775 Sand Hill Road, Suite 100, Menlo Park, CA 94025.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of SHARE CAPITAL</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following summary of the terms of our
share capital is not meant to be complete and is qualified by reference to our amended and restated memorandum and articles of
association. Our amended and restated memorandum and articles of association are incorporated by reference as exhibits to the registration
statement of which this prospectus forms a part. See &ldquo;Where You Can Find More Information&rdquo; above.</P>

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

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

<P STYLE="font: bold 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">Our amended and restated memorandum and
articles of association authorize the issuance of up to 200,000,000 ordinary shares and 30,000,000 preferred shares. As of May
25, 2018, 22,307,512 ordinary shares were issued and outstanding and held of record by 110 shareholders. In addition, 2,425,664
ordinary shares were subject to options outstanding as of May 25, 2018, with a weighted-average exercise price of approximately
$27.20 per share, and 560,623 restricted stock units were outstanding as of May 25, 2018.</P>

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


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are incorporated as an exempted company
with limited liability under Cayman Islands law and our affairs are governed by the provisions of our amended and restated memorandum
and articles of association, as amended and restated from time to time, and by the provisions of the Companies Law. A Cayman Islands
company qualifies for exempted status if its operations will be conducted mainly outside of the Cayman Islands. Exempted companies
are exempted from complying with certain provisions of the Companies Law. An exempted company is not required to obtain prior approval
for registration or to hold an annual general meeting, and the annual return that must be filed with the Registrar of Companies
in the Cayman Islands is considerably more simple than for non-exempted Cayman Islands companies. Names of shareholders are not
required to be filed with the Registrar of Companies in the Cayman Islands. While there are currently no forms of direct taxation,
withholding or capital gains tax in the Cayman Islands, an exempted company is entitled to apply for a tax exemption certificate
from the Governor in Cabinet, which provides written confirmation that, among other things, should the laws of the Cayman Islands
change, the company will not be subject to taxes for the period during which the certificate is valid (usually 20 years). The following
is a summary of some of the more important terms of our share capital. For a complete description, you should refer to our amended
and restated memorandum and articles of association, which are filed as an exhibit to the registration statement filed on Form
S-3 in connection with this offering, and the applicable provisions of the Companies Law.</P>

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

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

<P STYLE="font: bold 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"><B><I>General</I></B></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-indent: 0.25in">All of our issued and outstanding ordinary
shares are fully paid and&nbsp;non-assessable.&nbsp;The ordinary shares are issued in registered form. Our ordinary shares are
not entitled to any sinking fund or&nbsp;pre-emptive&nbsp;or redemption rights. Our shareholders may freely hold and vote their
shares.</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-indent: 0.25in"><B><I>Dividends</I></B></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-indent: 0.25in">The holders of our ordinary shares are
entitled to such dividends as may be declared by our board of directors subject to the Companies Law. Dividends may be paid only
out of profits, which include net earnings and retained earnings undistributed in prior years, and out of share premium, a concept
analogous to&nbsp;paid-in&nbsp;surplus in the United States, subject to a statutory solvency test.</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-indent: 0.25in"><B><I>Voting Rights</I></B></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-indent: 0.25in">Each shareholder is entitled to one vote
for each ordinary share on all matters upon which the ordinary shares are entitled to vote, including the election of directors.
Voting at any shareholders&rsquo; meeting is by way of a poll.</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-indent: 0.25in">A quorum required for a general meeting
of shareholders consists of one or more holders of shares present in person or by proxy (or, if a corporation or other&nbsp;non-natural&nbsp;person,
by its duly authorized representative) together holding (or representing by proxy) not less than a majority of the total voting
power of all shares outstanding and entitled to vote. General meetings of our shareholders are held annually and may be convened
by our board of directors on its own initiative. Extraordinary meetings of our shareholders may be called at any time only by or
at the direction of the board of directors or the chairman of the board of directors; however, so long as Silver Lake (defined
to include investment funds affiliated with Silver Lake Partners and Silver Lake Sumeru) owns at least 40% of our outstanding ordinary
shares, extraordinary meetings of our shareholders will also be called by the board of directors at the request of either Silver
Lake Partners or Silver Lake Sumeru. Advance notice to shareholders of at least 14 calendar days is required for the convening
of any annual general meeting or other shareholders&rsquo; meetings.</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-indent: 0.25in">An ordinary resolution to be passed by
the shareholders requires a simple majority of votes cast in a general meeting, while a special resolution requires no less than
75% of the votes cast. Under the Companies Law, certain matters must be approved by special resolution of the shareholders, including
alteration of the memorandum or articles of association, reduction of share capital, change of name, or voluntary winding up the
company.</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-indent: 0.25in">If at any time, our issued share capital
is divided into separate classes of shares, the rights attaching to any class may be varied, modified or abrogated with the sanction
of a resolution passed by a majority of not less than&nbsp;two-thirds&nbsp;of the votes cast at a separate meeting of the holders
of the shares of that class at which a quorum is present. The quorum applicable to such separate meeting is at least one person
holding or representing by proxy at least&nbsp;one-third&nbsp;of the par value of the issued shares of the class.</P>

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


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Liquidation</I></B></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-indent: 0.25in">On a return of capital on winding up or
otherwise (other than on conversion, redemption or purchase of shares), assets available for distribution among the holders of
ordinary shares shall be distributed among the holders of the ordinary shares in accordance with the Companies Law and our amended
and restated memorandum and articles of association. If our assets available for distribution are insufficient to repay all of
the&nbsp;paid-up&nbsp;capital, the assets will be distributed so that the losses are borne by our shareholders proportionately.</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-indent: 0.25in"><B><I>Inspection of Books and Records</I></B></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-indent: 0.25in">Holders of our ordinary shares will have
no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records.</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-indent: 0.25in"><B><I>Register of Members</I></B></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-indent: 0.25in">Under Cayman Islands law, we must keep
a register of members and include the following items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the names and addresses of the members, a statement of the shares held by each member and the amount paid or agreed to be considered
as paid on the shares of each member;</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on which the name of any person was entered on the register as a member; and</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the date on which any person ceased to be a member.</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; text-indent: 24.5pt"><FONT STYLE="background-color: white">Under
Cayman Islands law, the register of members is prima facie evidence of the matters set forth therein (<I>i.e.</I>, the register
will raise a presumption of fact on the matters referred to above unless rebutted), and a member registered in the register of
members shall be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register
of members. Upon the closing of our IPO, the register of members was updated to reflect the shares issued in connection with our
IPO. The shareholders recorded in the register of members were deemed to have legal title to the shares set against their names
upon the update to the register of members. If the name of any person is incorrectly entered in or omitted from our register of
members, or if there is any default or unnecessary delay in updating the register for any person that has ceased to be a member
of our company, such aggrieved person or member (or any member of our company or our company itself) may apply to the Cayman Islands
Grand Court for an order that the register be rectified, and the Court may either refuse such application or, if satisfied with
the justice of the case, order the register be rectified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Undesignated Preferred
Shares</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: 24.5pt"><FONT STYLE="background-color: white">Pursuant
to our amended and restated memorandum and articles of association, our board of directors has the authority, without further action
by the shareholders, to issue up to 30,000,000 preferred shares in one or more series and to designate the price, rights, preferences,
privileges and restrictions of such preferred shares without any further vote or action by our shareholders, any or all of which
may be greater than the rights of the ordinary shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Registration Rights
Agreement</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: 24.5pt"><FONT STYLE="background-color: white">See
&ldquo;Certain Relationships and Related Party Transactions&mdash;Registration Rights Agreement&rdquo; in our Definitive Proxy
Statement on Schedule 14A filed on December 15, 2017 for a description of the Registration Rights Agreement entered into with Silver
Lake, certain entities affiliated with Mr. Ajay Shah, certain entities affiliated with Mr. Mukesh Patel, the Warrant Holders named
therein and certain of our executive officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Sponsor Shareholder
Agreement</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: 24.5pt"><FONT STYLE="background-color: white">Pursuant
to our Sponsor Shareholder Agreement, we may not take certain actions specified in the Sponsor Shareholder Agreement without the
consent of Silver Lake. Please see &ldquo;Certain Relationships and Related Party Transactions&mdash;Sponsor Shareholder Agreement&rdquo;
in our Definitive Proxy Statement on Schedule 14A filed on December 15, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Anti-Takeover Provisions
of our Amended and Restated Memorandum and Articles of Association</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: 24.5pt"><FONT STYLE="background-color: white">Some
provisions of our amended and restated memorandum and articles of association may discourage, delay or prevent a change of control
of our company or management that shareholders might otherwise view as favorable and are intended to enhance the likelihood of
continuity and stability in the composition of our board of directors and to discourage certain types of transactions that may
involve an actual or threatened acquisition of our company. These provisions are intended to avoid costly takeover battles, reduce
our vulnerability to a hostile change in control or other unsolicited acquisition proposal and enhance the ability of our board
of directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these provisions may
have the effect of delaying, deterring or preventing a merger or acquisition of our company by means of a tender offer, a proxy
contest or other takeover attempt that a shareholder might consider in its best interest, including attempts that might result
in a premium over the prevailing market price for our ordinary shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Classified
Board of Directors</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Our
amended and restated memorandum and articles of association provide that our board of directors is classified into three classes
of directors with staggered three year terms<I>.&nbsp;</I>A third party may be discouraged from making a tender offer or otherwise
attempting to obtain control of us as it is more difficult and time consuming for shareholders to replace a majority of the directors
on a classified board of directors<I>.&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Breaches
of Fiduciary Duty</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">To
the maximum extent permitted under Cayman Islands law, our amended and restated memorandum and articles of association indemnifies
our directors against any personal liability of our directors for breaches of fiduciary duty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Removal
of Directors</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Our
amended and restated memorandum and articles of association provides that directors may be removed with or without cause upon the
affirmative vote of a majority of our outstanding ordinary shares, so long as Silver Lake collectively owns at least 40% of our
outstanding ordinary shares; however, at any time when Silver Lake collectively owns less than 40% of our outstanding ordinary
shares, directors may only be removed for cause, and only by the affirmative vote of holders of at least 75% of our outstanding
ordinary shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Vacancies</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">In
addition, our amended and restated memorandum and articles of association also provides that any newly created directorship on
the board of directors that results from an increase in the number of directors and any vacancies on our board of directors will
be filled by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director
or by the affirmative vote of a majority of our outstanding ordinary shares, so long as Silver Lake collectively owns at least
40% of our outstanding ordinary shares; however, at any time when Silver Lake collectively owns less than 40% of our outstanding
ordinary shares, any newly created directorship on the board of directors that results from an increase in the number of directors
and any vacancy occurring in the board of directors may be filled only by a majority of the remaining directors, even if less than
a quorum, or by a sole remaining director (and not by the shareholders). Our amended and restated memorandum and articles of association
provides that the board of directors may increase the number of directors by the affirmative vote of a majority of the directors
or, at any time when Silver Lake collectively owns at least 40% of our outstanding ordinary shares, by the affirmative vote of
a majority of our outstanding ordinary shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Board
Quorum</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Our
amended and restated memorandum and articles of association provides that at any meeting of the board of directors, a majority
of the total number of directors then in office constitutes a quorum for all purposes; however, so long as there is at least one
Silver Lake director on the board, a quorum shall also require at least one Silver Lake director for all purposes. If any such
required Silver Lake director fails to appear at a meeting of the board of directors, and such meeting is adjourned with proper
notice and postponed with no change to the agenda, and such Silver Lake director again fails to appear at such postponed meeting,
a majority of the total number of directors then in office without such Silver Lake director constitutes a quorum for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Shareholder
Action by Written Consent</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Our
amended and restated memorandum and articles of association provide that any action required to be taken at any annual or extraordinary
meeting of the shareholders may be taken without a meeting, without prior notice and without a vote if, in the case of an ordinary
resolution, a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding ordinary
shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at
which all of our outstanding ordinary shares were present and voted, or in the case of a special resolution by all holders of ordinary
shares having the right to vote, unless our amended and restated memorandum and articles of association provides otherwise, so
long as Silver Lake collectively owns at least 40% of our outstanding ordinary shares. Our amended and restated memorandum and
articles of association will preclude shareholder action by written consent at any time when Silver Lake collectively owns less
than 40% of our outstanding ordinary shares, provided that shareholders may always act by a unanimous written resolution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Extraordinary
Shareholder Meetings</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Our
amended and restated memorandum and articles of association limits the ability of shareholders to requisition and convene general
meetings of shareholders and provides that extraordinary meetings of our shareholders may be called at any time only by or at the
direction of the board of directors or the chairman of the board of directors; however, so long as Silver Lake collectively owns
at least 40% of our outstanding ordinary shares, extraordinary meetings of our shareholders may also be called by the board of
directors at the request of either Silver Lake Partners or Silver Lake Sumeru.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Supermajority
Provisions</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Cayman
Islands law and our amended and restated memorandum and articles of association provide that the affirmative vote of at least 75%
of our outstanding ordinary shares attending and voting at a general meeting or a unanimous written resolution is required to amend
our amended and restated memorandum and articles of association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">The
combination of the foregoing provisions will make it more difficult for our existing shareholders to replace our board of directors
as well as for another party to obtain control of us by replacing our board of directors. Because our board of directors has the
power to retain and discharge our officers, these provisions could also make it more difficult for existing shareholders or another
party to effect a change in management. However, under Cayman Islands law, our directors may only exercise the rights and powers
granted to them under our amended and restated memorandum and articles of association for a proper purpose and for what they believe
in good faith to be in the best interests of our company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Comparison of Cayman
Islands Corporate Law</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: 24.5pt"><FONT STYLE="background-color: white">Cayman
Islands companies are governed by the Companies Law. The Companies Law is modeled on English Law but does not follow recent English
Law statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below
is a summary of the material differences between the provisions of the Companies Law applicable to us and the laws applicable to
companies incorporated in the United States and their shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Mergers
and Similar Arrangements</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">In
certain circumstances the Companies Law allows for mergers or consolidations between two or more Cayman Islands companies, or between
one or more Cayman Islands companies and one or more companies incorporated in another jurisdiction (provided that is permitted
or not prohibited by the laws of that other jurisdiction).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Where
the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan
of merger or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized
by either (i) a special resolution of the shareholders of each company; or (ii) such other authorization, if any, as may be specified
in such constituent company&rsquo;s articles of </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">association. A shareholder
may have the right to vote on a merger or consolidation regardless of whether the shares that he holds otherwise give him voting
rights. No shareholder resolution is required for a merger between a parent company (<I>i.e.</I>, a company that owns at least
90% of the issued shares of each class in a subsidiary company) and its subsidiary company if a copy of the plan of merger is given
to every member of such subsidiary company unless a member agrees otherwise. The consent of each holder of a fixed or floating
security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar
of Companies is satisfied that the requirements of the Companies Law (which includes certain other formalities) have been complied
with, the Registrar of Companies will register the plan of merger or consolidation.</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: 24.5pt"><FONT STYLE="background-color: white">Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company,
the director of the Cayman Islands company is required to make a declaration to the effect that, having made due enquiry, he is
of the opinion that the requirements set out below have been met:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(i) that the merger or consolidation
is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which
the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will
be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution
adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator or other
similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property
or any part thereof; (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction
whereby the rights of creditors of the foreign company are and continue to be suspended or restricted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Where the surviving
company is the Cayman Islands company, the director of the Cayman Islands company is further required to make a declaration to
the effect that, having made due enquiry, he is of the opinion that the requirements set out below have been met: (i) that the
foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to
defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the
foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or
waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company;
and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (iii)
that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist
under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public
interest to permit the merger or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Where the above
procedures are adopted, the Companies Law provides for a right of dissenting shareholders to be paid a payment of the fair value
of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure
is as follows: (i) the shareholder must give his written objection to the merger or consolidation to the constituent company before
the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his shares if
the merger or consolidation is authorized by the vote; (ii) within 20 days following the date on which the merger or consolidation
is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection;
(iii) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent company
a written notice of his intention to dissent including, among other details, a demand for payment of the fair value of his shares;
(iv) within seven days following the date of the expiration of the period set out in paragraph (ii) above or seven days following
the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company
or the consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price that the
company determines is the fair value and if the company and the shareholder agree the price within 30 days following the date on
which the offer was made, the company must pay the shareholder such amount; (v) if the company and the shareholder fail to agree
a price within such&nbsp;30-day&nbsp;period, within 20 days following the date on which such&nbsp;30-day&nbsp;period expires, the
company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and
such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to
the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to
determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount
determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate
fully in all proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not available
in certain</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">circumstances, for example, to dissenters
holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer
quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed
on a national securities exchange or shares of the surviving or consolidated company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Moreover, Cayman
Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances,
schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies,
commonly referred to in the Cayman Islands as a &ldquo;scheme of arrangement&rdquo; which may be tantamount to a merger. In the
event that a merger was sought pursuant to a scheme of arrangement (the procedure of which are more rigorous and take longer to
complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must
be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who
must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are
present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings
and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder
would have the right to express to the court the view that the transaction should not be approved, the court can be expected to
approve the arrangement if it satisfies itself that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote have been complied with;</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%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the shareholders have been fairly represented at the meeting in question;</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%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the arrangement is such as a businessman would reasonably approve; and</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%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Law or that would amount to a &ldquo;fraud on the minority.&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">If a scheme of
arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal
rights, which would otherwise ordinarily be available to dissenting shareholders of United States corporations, providing rights
to receive payment in cash for the judicially determined value of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Squeeze-out&nbsp;Provisions</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">When
a takeover offer is made and accepted by holders of 90% of the shares to whom the offer is made within four months, the offeror
may, within a&nbsp;two-month&nbsp;period, require the holders of the remaining shares to transfer such shares on the terms of the
offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed unless there is evidence
of fraud, bad faith, collusion or inequitable treatment of the shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Further,
transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means
to these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements,
of an operating business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Shareholders&rsquo;
Suits</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Our
Cayman Islands counsel is not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions
have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions.
In most cases, we will be the proper plaintiff in any claim based&nbsp;on a breach of duty owed to us, and a claim against (for
example) our officers or directors usually may not be brought by a shareholder. However, based on English authorities, which would
in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle
apply in circumstances in which:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">a company is acting, or proposing to act, illegally or beyond the scope of its authority;</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>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or</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>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">those who control the company are perpetrating a &ldquo;fraud on the minority.&rdquo;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">A shareholder
may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to
be infringed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt"><FONT STYLE="background-color: white"><B><I>Enforcement
of Civil Liabilities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">The
Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors.
Additionally, Cayman Islands companies may not have standing to sue before the federal courts of the United States. Although there
is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands
will recognize a foreign judgment as the basis for a claim at common law in the Cayman Islands, provided such judgment:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">is given by a competent foreign court;</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>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;</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>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">is final;</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>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">is not in respect of taxes, a fine or a penalty; and</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>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">was not obtained in a manner and is not of a kind the enforcement of which is contrary to the public policy of the Cayman Islands.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Limitations on Liability
and Indemnification Matters</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: 24.5pt"><FONT STYLE="background-color: white">As
we are a Cayman Islands exempted company, the laws of the Cayman Islands will be relevant to the provisions relating to indemnification
of our directors and officers. Although the Companies Law does not specifically restrict a Cayman Islands exempted company&rsquo;s
ability to indemnify its directors or officers, it does not expressly provide for such indemnification either. Certain Commonwealth
case law (which is likely to be persuasive in the Cayman Islands), however, indicates that the indemnification is generally permissible,
unless there had been actual fraud, willful default or reckless disregard on the part of the director or officer in question.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Our amended and
restated memorandum and articles of association provide that each of our directors, agents or officers shall be indemnified out
of our assets against any liability incurred by them as a result of any act or failure to act in carrying out their functions other
than such liability, if any, that they may incur by their own actual fraud, willful neglect or default. No such director, agent
or officer shall be liable to us for any loss or damage in carrying out their functions unless that liability arises through the
actual fraud, willful neglect or default of such director, agent or officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">We have also entered
into indemnification agreements with our directors, executive officers and certain other employees under which we have agreed to
indemnify each such person and hold them harmless against expenses, judgments, fines and amounts payable under settlement agreements
in connection with any threatened, pending or completed action, suit or proceeding to which they have been made a party or in which
they became involved by reason of the fact that they are or were our director or officer. Except with respect to expenses to be
reimbursed by us in the event that the indemnified person has been successful on the merits or otherwise in defense of the action,
suit or proceeding, our obligations under the indemnification agreements are subject to certain customary restrictions and exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">In addition, we
maintain standard policies of insurance under which coverage is provided to our directors and officers against loss rising from
claims made by reason of breach of duty or other wrongful act, and to us with respect to payments which may be made by us to such
directors and officers pursuant to the above indemnification provision or otherwise as a matter of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Listing</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: 24.5pt"><FONT STYLE="background-color: white">Our
ordinary shares are listed on The NASDAQ Global Select Market under the symbol &ldquo;SGH.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Transfer Agent and
Registrar</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: 24.5pt"><FONT STYLE="background-color: white">The
transfer agent and registrar for our ordinary shares is Computershare Trust Company, N.A. The transfer agent&rsquo;s address is
250 Royall Street, Canton, Massachusetts 02021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Debt Securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any debt securities we may issue will constitute
either senior or subordinated debt of SMART Global Holdings, Inc. Any debt securities that are sold may be exchangeable for and/or
convertible into ordinary shares or any of the other securities that may be sold under this prospectus. Any debt securities will
be issued under an indenture between us and a trustee we will designate, or one or more separate indentures between us and a designated
trustee. We will include in a prospectus supplement the specific terms of each series of senior or subordinated debt securities
being offered, including the terms, if any, on which a series of senior or subordinated debt securities may be convertible into
or exchangeable for other securities. In addition, the material terms of any indenture, which will govern the rights of the holders
of our senior or subordinated debt securities, will be set forth in the applicable prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Warrants</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue warrants to purchase our debt
or equity securities or securities of third parties or other rights, including rights to receive payment in cash or securities
based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination of
the foregoing. Warrants may be issued independently or together with any other securities and may be attached to, or separate from,
such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a
warrant agent. The terms of any warrants to be issued and a description of the material provisions of the applicable warrant agreement
will be set forth in the applicable prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Purchase Contracts</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue purchase contracts for the
purchase or sale of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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>debt or equity securities issued by us or securities of third parties, a basket of such securities, an index or indices of
such securities or any combination of the above as specified in the applicable prospectus supplement&#894;</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>currencies&#894; 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>commodities.</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; text-indent: 0.25in">Each purchase contract will entitle the
holder thereof to purchase or sell, and obligate us to sell or purchase, on specified dates, such securities, currencies or commodities
at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may,
however, satisfy our obligations, if any, with respect to any purchase contract by delivering the cash value of such purchase contract
or the cash value of the property otherwise deliverable or, in the case of purchase contracts on underlying currencies, by delivering
the underlying currencies, as set forth in the applicable prospectus supplement. The applicable prospectus supplement will also
specify the methods by which the holders may purchase or sell such securities, currencies or commodities and any acceleration,
cancellation or termination provisions or other provisions relating to the settlement of a purchase contract.</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-indent: 0.25in">Any purchase contracts we may issue may
require us to make periodic payments to the holders thereof or vice versa, which payments may be deferred to the extent set forth
in the applicable prospectus supplement, and those payments may be unsecured or prefunded on some basis. The purchase contracts
may require the holders thereof to secure their obligations in a specified manner to be described in the applicable prospectus
supplement. Alternatively, purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts
are issued. Our obligation to settle such pre-paid purchase contracts on the relevant settlement date may constitute indebtedness.
Accordingly, pre-paid purchase contracts will be issued under an indenture.</P>

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


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Units</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As specified in the applicable prospectus
supplement, we may issue units consisting of one or more purchase contracts, warrants, debt securities, preferred shares, ordinary
shares or any combination of such securities.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Forms of
Securities</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each debt security, warrant and unit will
be represented either by a certificate issued in definitive form to a particular investor or by one or more global securities representing
the entire issuance of securities. Certificated securities will be issued in definitive form and global securities will be issued
in registered form. Definitive securities name you or your nominee as the owner of the security, and in order to transfer or exchange
these securities or to receive payments other than interest or other interim payments, you or your nominee must physically deliver
the securities to the trustee, registrar, paying agent or other agent, as applicable. Global securities name a depositary or its
nominee as the owner of the debt securities, warrants or units represented by these global securities. The depositary maintains
a computerized system that will reflect each investor&rsquo;s beneficial ownership of the securities through an account maintained
by the investor with its broker/dealer, bank, trust company or other representative, as we explain more fully below.</P>

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

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

<P STYLE="font: bold 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"><I>Registered Global Securities</I>. We
may issue the registered debt securities, warrants and units in the form of one or more fully registered global securities that
will be deposited with a depositary or its nominee identified in the applicable prospectus supplement and registered in the name
of that depositary or nominee. In those cases, one or more registered global securities will be issued in a denomination or aggregate
denominations equal to the portion of the aggregate principal or face amount of the securities to be represented by registered
global securities. Unless and until it is exchanged in whole for securities in definitive registered form, a registered global
security may not be transferred except as a whole by and among the depositary for the registered global security, the nominees
of the depositary or any successors of the depositary or those nominees.</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-indent: 0.25in">If not described below, any specific terms
of the depositary arrangement with respect to any securities to be represented by a registered global security will be described
in the prospectus supplement relating to those securities. We anticipate that the following provisions will apply to all depositary
arrangements.</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-indent: 0.25in">Ownership of beneficial interests in a
registered global security will be limited to persons, called participants, that have accounts with the depositary or persons that
may hold interests through participants. Upon the issuance of a registered global security, the depositary will credit, on its
book-entry registration and transfer system, the participants&rsquo; accounts with the respective principal or face amounts of
the securities beneficially owned by the participants. Any dealers, underwriters or agents participating in the distribution of
the securities will designate the accounts to be credited. Ownership of beneficial interests in a registered global security will
be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with
respect to interests of participants, and on the records of participants, with respect to interests of persons holding through
participants. The laws of some states may require that some purchasers of securities take physical delivery of these securities
in definitive form. These laws may impair your ability to own, transfer or pledge beneficial interests in registered global securities.</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-indent: 0.25in">So long as the depositary, or its nominee,
is the registered owner of a registered global security, that depositary or its nominee, as the case may be, will be considered
the sole owner or holder of the securities represented by the registered global security for all purposes under the applicable
indenture, warrant agreement, guaranteed trust preferred security or unit agreement. Except as described below, owners of beneficial
interests in a registered global security will not be entitled to have the securities represented by the registered global security
registered in their names, will not receive or be entitled to receive physical delivery of the securities in definitive form and
will not be considered the owners or holders of the securities under the applicable indenture, warrant agreement, guaranteed trust
preferred security or unit agreement. Accordingly, each person owning a beneficial interest in a registered global security must
rely on the procedures of the depositary for that registered global security and, if that person is not a participant, on the procedures
of the participant through which the person owns its interest, to exercise any rights of a holder under the applicable indenture,
warrant agreement, guaranteed trust preferred security or unit agreement. We understand that under existing industry practices,
if we request any action of holders or if an owner of a beneficial interest in a registered global security desires to give or
take any action that a holder is entitled to</P>

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


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">give or take under the applicable indenture,
warrant agreement, guaranteed trust preferred security or unit agreement, the depositary for the registered global security would
authorize the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize
beneficial owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners
holding through them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Principal, premium, if any, and interest
payments on debt securities, and any payments to holders with respect to warrants, guaranteed trust preferred securities or units,
represented by a registered global security registered in the name of a depositary or its nominee, will be made to the depositary
or its nominee, as the case may be, as the registered owner of the registered global security. None of SMART Global Holdings, the
trustees, the warrant agents, the unit agents or any other agent of SMART Global Holdings, agent of the trustees or agent of the
warrant agents or unit agents will have any responsibility or liability for any aspect of the records relating to payments made
on account of beneficial ownership interests in the registered global security or for maintaining, supervising or reviewing any
records relating to those beneficial ownership interests.</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-indent: 0.25in">We expect that the depositary for any of
the securities represented by a registered global security, upon receipt of any payment of principal, premium, interest or other
distribution of underlying securities or other property to holders on that registered global security, will immediately credit
participants&rsquo; accounts in amounts proportionate to their respective beneficial interests in that registered global security
as shown on the records of the depositary. We also expect that payments by participants to owners of beneficial interests in a
registered global security held through participants will be governed by standing customer instructions and customary practices,
as is now the case with the securities held for the accounts of customers in bearer form or registered in &ldquo;street name,&rdquo;
and will be the responsibility of those participants.</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-indent: 0.25in">If the depositary for any of these securities
represented by a registered global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing
agency registered under the Exchange Act of 1934, as amended, and a successor depositary registered as a clearing agency under
the Exchange Act of 1934, as amended, is not appointed by us within 120 days, we will issue securities in definitive form in exchange
for the registered global security that had been held by the depositary. Any securities issued in definitive form in exchange for
a registered global security will be registered in the name or names that the depositary gives to the relevant trustee, warrant
agent, unit agent or other relevant agent of ours or theirs. It is expected that the depositary&rsquo;s instructions will be based
upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered
global security that had been held by the depositary.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Plan of
Distribution</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">SMART Global Holdings and/or the selling
shareholders, including their pledgees, donees, transferees, distributees, beneficiaries or other successors in interest, if applicable,
may sell the securities in one or more of the following ways (or in any combination) from time to time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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>to or through underwriters or dealers&#894;</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 short or long transactions&#894;</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 one or more block transactions;</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 ordinary brokerage transactions or transactions in which a broker solicits purchases;</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 a pledge of the securities for any loan or obligation, including pledges to brokers or dealers who may from time to time
effect distributions of the securities, and, in the case of any collateral call or default on such loan or obligation, pledges
or sales of the securities by such pledges or secured parties;</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>through one or more exchanges or over the counter market transactions;</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>through distribution by a selling shareholder or its successor in interest to its members, general or limited partners or shareholders
(or their respective members, general or limited partners or shareholders);</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>through the writing of options, whether the options are listed on an options exchange or otherwise;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>through distributions to creditors and equityholders or the selling shareholders;</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>directly to a limited number of purchasers or to a single purchaser&#894;</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>through agents&#894; and/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>through a combination of any of these methods of sale.</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; text-indent: 0.25in">To the extent necessary, the prospectus
supplement will state the terms of the offering of the securities, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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>the name or names of any selling shareholders;</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>the name or names of any underwriters, dealers or agents&#894;</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>the purchase price of such securities and the proceeds to be received by SMART Global Holdings, if any&#894;</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>any underwriting discounts or agency fees and other items constituting underwriters&rsquo; or agents&rsquo; compensation&#894;</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>details regarding over-allotment options under which underwriters may purchase additional securities from us, if any&#894;</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>any public offering price&#894;</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>any discounts or concessions allowed or reallowed or paid to dealers&#894; and</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>any securities exchanges on which the securities may be listed.</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; text-indent: 0.25in">Any public offering price and any discounts
or concessions allowed or reallowed or paid to dealers may be changed from time to time.</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-indent: 0.25in">If SMART Global Holdings and/or the selling
shareholders, if applicable, use underwriters or broker-dealers in the sale, the securities will be acquired by the underwriters
or broker-dealers, as applicable, for their own account and may be resold from time to time in one or more transactions, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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>negotiated transactions&#894;</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>at a fixed public offering price or prices, which may be changed&#894;</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>&ldquo;at the market offerings,&rdquo; within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker
or into an existing trading market, on an exchange or otherwise&#894;</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>at prices related to prevailing market prices&#894; 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>at negotiated prices.</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; text-indent: 0.25in">Unless otherwise stated in a prospectus
supplement, the obligations of the underwriters to purchase any securities will be conditioned on customary closing conditions
and the underwriters will be obligated to purchase all of such series of securities, if any are purchased.</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-indent: 0.25in">SMART Global Holdings and/or the selling
shareholders, if applicable, may sell the securities through agents from time to time. The prospectus supplement will name any
agent involved in the offer or sale of the securities and any commissions we pay to them. Generally, any agent will be acting on
a best-efforts basis for the period of its appointment.</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-indent: 0.25in">SMART Global Holdings and/or the selling
shareholders, if applicable, may authorize underwriters, dealers or agents to solicit offers by certain purchasers to purchase
the securities from SMART Global Holdings at the public offering price set forth in the prospectus supplement pursuant to delayed
delivery contracts providing for payment</P>

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


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">and delivery on a specified date in the future.
The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will
set forth any commissions we pay for solicitation of these contracts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Underwriters and agents may be entitled
under agreements entered into with SMART Global Holdings and/or the selling shareholders, if applicable, to indemnification by
SMART Global Holdings and/or the selling shareholders, if applicable, against certain civil liabilities, including liabilities
under the Securities Act, or to contribution with respect to payments which the underwriters or agents may be required to make.
Underwriters and agents may be customers of, engage in transactions with, or perform services for SMART Global Holdings and its
affiliates in the ordinary course of business.</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-indent: 0.25in">A selling shareholder may also resell all
or a portion of its securities in open market transactions in reliance upon Rule 144 under the Securities Act, provided it meets
the criteria and conforms to the requirements of Rule 144 and all applicable laws and regulations.</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-indent: 0.25in">A selling shareholder that is an entity
may elect to make a pro rata in-kind distribution of shares of our common stock to its members, partners or stockholders pursuant
to the registration statement of which this prospectus forms a part by delivering a prospectus. To the extent that such members,
partners or stockholders are not affiliates of such selling shareholder, such members, partners or stockholders would thereby receive
freely tradeable shares of our common stock pursuant to the distribution through a registration statement.</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-indent: 0.25in">The selling shareholders may enter into
sale, forward sale and derivative transactions with third parties, or may sell securities not covered by this prospectus to third
parties in privately negotiated transactions. In connection with those sale, forward sale or derivative transactions, the third
parties may sell securities covered by this prospectus, including in short sale transactions and by issuing securities that are
not covered by this prospectus but are exchangeable for or represent beneficial interests in our ordinary shares. The third parties
also may use shares of the ordinary shares received under those sale, forward sale or derivative arrangements or shares of the
ordinary shares pledged by the selling shareholder or borrowed from the selling shareholders or others to settle such third-party
sales or to close out any related open borrowings of our ordinary shares. The third parties may deliver this prospectus in connection
with any such transactions. Any third party in such sale transactions will be an underwriter and will be identified in a supplement
or a post-effective amendment to the registration statement of which this prospectus is a part, as may be required.</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-indent: 0.25in">In addition, the selling shareholders may
engage in hedging transactions with broker-dealers in connection with distributions of the securities or otherwise. In those transactions,
broker-dealers may engage in short sales of securities in the course of hedging the positions they assume with selling shareholders.
The selling shareholders may also sell securities short and redeliver securities to close out such short positions. The selling
shareholders may also enter into option or other transactions with broker-dealers which require the delivery of securities to the
broker-dealer. The broker-dealer may then resell or otherwise transfer such securities pursuant to this prospectus. The selling
shareholders also may loan or pledge the securities, and the borrower or pledgee may sell or otherwise transfer the securities
so loaned or pledged pursuant to this prospectus. Such borrower or pledgee also may transfer those securities to investors in our
securities or the selling shareholders&rsquo; securities or in connection with the offering of other securities not covered by
this prospectus.</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-indent: 0.25in">Each series of securities other than the
ordinary shares, which is listed on The NASDAQ Global Select Market, and any series of debt securities outstanding on the date
hereof, will be a new issue of securities and will have no established trading market. Any underwriters to whom securities are
sold for public offering and sale may make a market in the securities, but such underwriters will not be obligated to do so and
may discontinue any market making at any time without notice. The securities, other than the ordinary shares, may or may not be
listed on a national securities exchange.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The validity of
the securities in respect of which this prospectus is being delivered and certain other matters of Cayman Island law will be passed
upon for us by Maples and Calder, Cayman Islands or such other counsel as may be named in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The consolidated
financial statements incorporated by reference in this prospectus from the Company&rsquo;s Annual Report on Form 10-K have been
audited by Deloitte &amp; Touche LLP, an independent registered public accounting firm, as stated in their report which is incorporated
herein by reference. Such consolidated financial statements have been so incorporated in reliance upon the report of such firm
given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The consolidated
financial statements of Penguin Computing, Inc. as of December 31, 2017 and for the year then ended incorporated by reference in
this prospectus from the Company&rsquo;s Current Report on Form 8-K/A filed on August 24, 2018 have been audited by Shea Labagh
Dobberstein, Certified Public Accountants, Inc., independent auditors, as stated in their report which is incorporated herein by
reference. Such consolidated financial statements have been so incorporated in reliance upon the report of such firm given upon
their authority as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="g475421g57q93" STYLE="height: 72px; width: 266px"></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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<!-- Field: Page; Sequence: 20; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! @$ 8 !@  #_[0R 4&AO=&]S:&]P(#,N,  X0DE- ^T
M     !  8     $  0!@     0 !.$))300-       $    'CA"24T$&0
M    !    !XX0DE- _,       D           $ .$))300*       !   X
M0DE-)Q        H  0         ".$))30/U      !( "]F9@ ! &QF9@ &
M       ! "]F9@ ! *&9F@ &       ! #(    ! %H    &       ! #4
M   ! "T    &       !.$))30/X      !P  #_____________________
M________ ^@     _____________________________P/H     /______
M______________________\#Z     #_____________________________
M ^@  #A"24T$"       $     $   )    "0      X0DE-!!X       0
M    .$))300:      !M    !@              2    0D    & &< -0 W
M '$ .0 S     0                         !              $)
M2                                              X0DE-!!$
M  $! #A"24T$%       !     (X0DE-! P     ">,    !    <    !X
M  %0   G8   "<< &  !_]C_X  02D9)1@ ! @$ 2 !(  #_[@ .061O8F4
M9(     !_]L A  ," @("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,# P,
M#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P, 0T+"PT.#1 .#A 4#@X.
M%!0.#@X.%!$,# P,#!$1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,
M# P,# S_P  1"  > ' # 2(  A$! Q$!_]T !  '_\0!/P   04! 0$! 0$
M         P ! @0%!@<("0H+ 0 !!0$! 0$! 0         !  (#! 4&!P@)
M"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$
M @(! @0$ P0%!@<'!@4U 0 "$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H # ,!  (1
M Q$ /P#U"RU^_P!*H V1)<Z=K1_*CZ7]1<KG]9LRK" ;&U,)##7=FT.< ?:^
MUM'2OIN_=;9L758TFH6&2;3O,_ROHM_L,VL7+9W3LW$O+#9:YCB75FH=4O\
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M0DE-!"$      %4    ! 0    \ 00!D &\ 8@!E "  4 !H &\ = !O ',
M: !O '     3 $$ 9 !O &( 90 @ %  : !O '0 ;P!S &@ ;P!P "  -@ N
M #     ! #A"24T$!@      !P (  $  0$ _^X #D%D;V)E &1      ?_;
M (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$! 0$! @(! @(# P,# P,#
M P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#_\
M$0@ 2 $) P$1  (1 0,1 ?_=  0 (O_$ .(   $$ @,! 0            H
M!P@)!@L"! 4# 0$  00# 0$               8'" D! @,%!!    8! P("
M! <(#0@+     0(#! 4&!P 1"!()(1,Q%!4*02*4U18865'4E5:6UA?7,B.3
MM39V5W>7MSA8&8%2DC/3)%1X89'!TD.#=%5U.1H1  (! @4!! 0'!PX+" ,
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MF\OKME4C&=LY=LJ95CB%<ACID4;BB]L)R"HFJG%=(RBI98-M(%DA63<;#J&
M9+4$'H5(]:Z'0D-5( :%3/7P$NK3[C<M',T>W0>A4Y7NB"#57!JMJ>H!6CSG
MJK+!0SUR]RZ>P-.P-.XRNN?M=X)J5D[2V3U7JU:D#SD_"+(&1I\<FI6[73"U
MZMLETG3@S0GG%=K>0<03! OF.YP[:[HMKG4-Y1\6R[F6:L222R+D1P:RM22.
M7Q)""JYC3*,PZYC1E^;;_:-S::=LBXY<CVI)"5F>.%&$DD="(EK')%X<0(9B
MHKG(4] O6G;ZOO&3[>VR_@;('ZZ-/_[U;S^R_#\^#^J8CA[J[!^UM>?'/_6L
M+ZOO&3[>VR_@;('ZZ-'O5O/[+\/SX/ZI@]U=@_:VO/CG_K6%]7WC)]O;9?P-
MD#]=&CWJWG]E^'Y\']4P>ZNP?M;7GQS_ -:POJ^\9/M[;+^!L@?KHT>]6\_L
MOP_/@_JF#W5V#]K:\^.?^M87U?>,GV]ME_ V0/UT:/>K>?V7X?GP?U3![J[!
M^UM>?'/_ %K%CO:^Q7ANE\AYF6H/<]E^8TTIC2P,U<6/X^TM48]@K-5M1:W
MI,Y#M303Q:J*;< !L4X@['8X!N!FBYIUO<.H[4MH-5X8CV_;B\0BY5HR68))
M2+U((SZP);Y5/5[,/5P5HFV-.W;>SZ-SG/N6Z-DX-L_BT1<\=9O7FD%5("_)
MKZ_;WD":BQB6N(+=S#+]CP3P4Y'Y)J$@ZB+3'4A"O0$PP65;2$-)WVQ0E";S
M,:Z0.FLTDH?Z3"Y;JE,!DEDBF#Q#3F<.:!:;FY,VCH]_$LED]R7=&%5=88WF
M*,#T*MX>5@>T$C#6\V;CO=I\5[UUS3IFCOX[3)&ZDAD>=T@5U(H0R&3,I]!
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MB1FW(<BQ_6*<T>LO,+X)KO4M_$Q0'/EZVS#N#D?3KV^0?DK2HWO)2?D@Q?\
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MKE51=RY=OW:#9RNX<+'$ZBABF.8QA$=Q]+ACS<[3A6.&VV=?"!0 !GA4 #H
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M(H-/KC:X6>X5Z%JKQ9L@UL;Z4:IPKA5XFJJU*C) H9HH#A-$PD,!NDVW@.L
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M+UP];9LV9-F[-FW0:-&B"39JU;))H-FS9!,J2#=N@D4B2*"*1 *0A0 I2@
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-V0$!              $!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
