<SEC-DOCUMENT>0001213900-18-014712.txt : 20181031
<SEC-HEADER>0001213900-18-014712.hdr.sgml : 20181031
<ACCEPTANCE-DATETIME>20181031101323
ACCESSION NUMBER:		0001213900-18-014712
CONFORMED SUBMISSION TYPE:	F-3/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20181031
DATE AS OF CHANGE:		20181031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lianluo Smart Ltd
		CENTRAL INDEX KEY:			0001474627
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-227817
		FILM NUMBER:		181148960

	BUSINESS ADDRESS:	
		STREET 1:		RM 2108, 21ST FL, NO. 20 SHIJINGSHAN RD
		STREET 2:		CHINA RAILWAY CONSTRUCTION BUILDING
		CITY:			SHIJINGSHAN DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100040
		BUSINESS PHONE:		(8610)8860-9850

	MAIL ADDRESS:	
		STREET 1:		RM 2108, 21ST FL, NO. 20 SHIJINGSHAN RD
		STREET 2:		CHINA RAILWAY CONSTRUCTION BUILDING
		CITY:			SHIJINGSHAN DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100040

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dehaier Medical Systems Ltd
		DATE OF NAME CHANGE:	20091015
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3/A
<SEQUENCE>1
<FILENAME>ff32018a1_lianluosmart.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM F-3
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>As
filed with the Securities and Exchange Commission on October 31, 2018</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
No.&nbsp;333-227817</B></FONT> </P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
DC 20549</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FIRST
PRE-EFFECTIVE AMENDMENT TO</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
F-3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDER
THE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
ACT OF 1933</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Lianluo
Smart Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
name of registrant as specified in its charter)</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 32%; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>British
    Virgin Islands</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0 0 1.5pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 32%; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N/A</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0 0 1.5pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
    Applicable</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
                                         or other jurisdiction&nbsp;of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <FONT STYLE="font-size: 10pt"><B>incorporation or organization)</B></FONT></FONT></P></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Translation
    of Registrant&rsquo;s</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt"><B>Name into English)&nbsp;</B></FONT></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S.
                                         Employer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
        No.)</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Room
                                         2108, 21st Floor</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>China
        Railway Construction Building</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.
        20 Shijingshan Road, 100040, Beijing, China</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
        +86 (10) 8860-9850</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address,
        including zip code, and telephone</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>number,
        including area code, of registrant&rsquo;s</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>principal
        executive offices)</B></FONT></P></TD>
    <TD STYLE="width: 2%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CT
                                         Corporation System</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>111
        Eighth Avenue</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
        York, New York 10011</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
        +1 (800) 624-0909</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Name,
        address including zip code, and</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>telephone
        number, including area code, of agent</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>for
        service)<I></I></B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>With
a copy to:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yang
Ge, Esq.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DLA
Piper LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20th
Floor, South Tower, Beijing Kerry Center</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.
1 Guanghua Road, </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chaoyang
District, Beijing, 100020</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
+86 (10) 8520-0616</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of commencement of proposed sale to the public:&nbsp;&nbsp;From time to time after the effective date of this registration
statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box:&nbsp;&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, check the following box.&nbsp;&nbsp;&#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering.&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. &#9744;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp;&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&dagger;
provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;
The term &ldquo;new or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April&nbsp;5, 2012.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CALCULATION
OF REGISTRATION FEE</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Title
of Each Class of Securities to be Registered</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Amount
    to be </FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif">Registered(1)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"> <FONT STYLE="font-family: Ties New Roman, Times, Serif">Proposed
                                         Maximum </FONT><BR>
                                         <FONT STYLE="font-family: Ties New Roman, Times, Serif">Offering</FONT> </P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Price</FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif">Per Unit</FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Proposed</B></FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Maximum</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate</B></FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Offering</B></FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Price(2)</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount
                                         of</B></FONT> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Registration</B></FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fee(3)</B></FONT> </P></TD><TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Common shares, par value $0.002731</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 9%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 9%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 9%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 9%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </TD><TD STYLE="width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Share Purchase Contracts and Share
    Purchase Units(4)</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">Warrants(5)</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">Rights(6)</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Units(7)</FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT> </TD><TD STYLE="padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: right; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> <FONT STYLE="font-family: Times New Roman, Times, Serif">30,000,000</FONT> </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD><TD STYLE="padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT> </TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3,636</FONT> </TD><TD STYLE="text-align: left; padding-bottom: 4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) </FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are being registered under this registration
    statement such indeterminate number of (i) common shares, (ii) share purchase contracts and share purchase units, (iii) warrants,
    (iv) rights and (v) units, which collectively shall have a proposed aggregate offering price not to exceed US$30,000,000,
    and may be offered from time to time in unspecified numbers of securities and at indeterminate prices. The registration statement
    also includes an indeterminate number of securities that may be issuable from time to time upon conversion or upon exercise
    of, or in exchange for, any such convertible or exchangeable securities registered hereunder or pursuant to the anti-dilution
    provisions of any such securities.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proposed maximum aggregate offering price per unit and the proposed maximum aggregate offering price are estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registration fee has been calculated pursuant to Rule 457(o) under the Securities Act on the basis of the maximum aggregate offering price of the securities offered.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share purchase contracts to purchase common
    shares or other securities registered hereunder. Share purchase contracts may be issued separately or as share purchase units.
    Share purchase units may consist of a share purchase contract and warrants, other securities registered hereunder or debt
    obligations of third parties, including U.S. treasury securities, securing the holders&rsquo; obligations to purchase the
    securities under the share purchase contracts.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants may entitle the holder to purchase
    our common shares. Warrants may be issued independently or together with common shares, and the warrants may be attached to
    or separate from such securities.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights evidencing the right to purchase common
    shares.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each unit may consist of one or more of the
    other securities described in this prospectus in any combination.</FONT> </TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become
effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933 or until this registration statement shall become
effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></FONT></P>

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

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

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<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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
purpose of this First Pre-Effective Amendment is to amend the title of class of securities to be registered.</FONT> </P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is
not soliciting offers to buy these securities in any state where the offer or sale is not permitted.&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Subject
to completion, dated October 31, 2018</B></FONT> </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="img_01.jpg" ALT=""></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$30,000,000
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Common
Shares, Share Purchase Contracts, Share Purchase Units, Warrants, Rights and Units </B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus relates to the sale of any combination of common shares, warrants, rights, share purchase contracts, share purchase
units or units having an aggregate initial offering price of up to US $30,000,000.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may from time to time sell, transfer or otherwise dispose of any or all of the Shares in a number of different ways and at varying
prices. See &ldquo;Plan of Distribution&rdquo; beginning on page 8  of this prospectus for more information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common shares are listed on the NASDAQ Capital Market under the symbol &ldquo;LLIT&rdquo;.&nbsp;On October 19, 2018, the closing
price for our common shares on the NASDAQ Capital Market was $2.00 per common share.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may amend or supplement this prospectus from time to time by filing amendments or supplements as required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
aggregate market value of our outstanding common shares held by non-affiliates on October 19, 2018, as calculated in accordance
with General Instruction I.B.5. of Form F-3, was approximately $8.82 million. During the prior 12 calendar month period that ends
on, and includes, the date of this prospectus, we have not offered any securities pursuant to General Instruction I.B.5 of Form
F-3. Pursuant to General Instruction I.B.5, in no event will we sell securities pursuant to this prospectus with a value of more
than one-third of the aggregate market value of our common shares held by non-affiliates in any 12-month period, so long as the
aggregate market value of our common shares held by non-affiliates is less than $75,000,000.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in our securities being offered pursuant to this prospectus involves a high degree of risk. You should carefully read and consider
the &ldquo;Risk Factors&rdquo; beginning on page 4 of this prospectus and in applicable prospectus supplement before you make
your investment decision.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
    date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2018</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A NAME="toc"></A>Table
of Contents</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 91%"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUR COMPANY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION AND INDEBTEDNESS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET PRICE DATA</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION BY REFERENCE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_001"></A>ABOUT
THIS PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or SEC. You should read
both this prospectus and any additional information described under the heading &ldquo;Where You Can Find More Information.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">You
should rely only on the information contained in this prospectus, any amendment or supplement to this prospectus or any free writing
prospectus prepared by or on our behalf. We have not authorized any other person to provide you with different or additional information.
We do not take responsibility for, nor can we provide assurance as to the reliability of, any other information that others may
provide. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You
should assume that the information contained in this prospectus or any prospectus supplement, as well as information we have previously
filed with the SEC and incorporated by reference, is accurate as of the date on the front of those documents only. Our business,
financial condition, results of operations and prospects may have changed since those dates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
may sell a combination of the securities described in this prospectus through underwriters or dealers, through agents, directly
to purchasers or through a combination of these methods. The applicable prospectus supplement will contain the names of the underwriters,
dealers or agents, if any, together with the terms of offering and the compensation of those underwriters, dealers or agents.
Any underwriters, dealers or agents participating in the offering may be deemed &ldquo;underwriters&rdquo; within the meaning
of the Securities Act.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as otherwise indicated by the context, references in this prospectus to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the terms &ldquo;we,&rdquo; &ldquo;us,&rdquo;
    &ldquo;our company&rdquo; and &ldquo;our&rdquo; refer to (i) Lianluo Smart Limited, a British Virgin Islands company, (ii)
    Beijing Dehaier Medical Technology Company Limited, a PRC company, and (iii) Lianluo Connection Medical Wearable Device Technology
    (Beijing) Co., Ltd.&nbsp;&nbsp;For purposes of clarity, where the context requires us to differentiate between the entities
    generally referred to collectively as &ldquo;our company&rdquo;, and for purposes of this prospectus only: &ldquo;Lianluo&rdquo;
    refers to Lianluo Smart Limited, a British Virgin Islands business company with limited liability. &ldquo;BDL&rdquo; refers
    to Beijing Dehaier Medical Technology Company Limited, a wholly-owned PRC operating subsidiary of LCL. &ldquo;LCL&rdquo; refers
    to Lianluo Connection Medical Wearable Device Technology (Beijing) Co., Ltd., our wholly owned PRC operating subsidiary. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all references to &ldquo;RMB,&rdquo; &ldquo;Renminbi&rdquo;
    and &ldquo;&yen;&rdquo; are to the legal currency of China and all references to &ldquo;USD,&rdquo; &ldquo;U.S. dollars,&rdquo;
    &ldquo;dollars,&rdquo; and &ldquo;$&rdquo; are to the legal currency of the United States; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;China&rdquo; and &ldquo;PRC&rdquo; refer
    to the People&rsquo;s Republic of China, and for the purpose of this prospectus only, excluding Taiwan, Hong Kong and Macau.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

</DIV>


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<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_002"></A>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus and <FONT STYLE="background-color: white">the documents incorporated or deemed to be incorporated by reference herein
</FONT>contain or incorporate statements that are &ldquo;forward-looking statements&rdquo; within the meaning of Section&nbsp;27A
of the Securities Act and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;).
These statements relate to events that involve known and unknown risks, uncertainties and other factors which may cause our actual
results, performance or achievements to be materially different from any future results, performance or achievements expressed
or implied by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases
such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;aim,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;is/are
likely to&rdquo; or other similar expressions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition,
these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance.
Actual outcomes may differ materially from the information contained in the forward-looking statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
forward-looking statements made in this prospectus, any prospectus supplement and <FONT STYLE="background-color: white">the documents
incorporated or deemed to be incorporated by reference herein </FONT>relate only to events or information as of the date on which
the statements are made. Our actual results, performance, or achievement may differ from those expressed in, or implied by, these
forward-looking statements. Accordingly, we can give no assurances that any of the events anticipated by these forward-looking
statements will transpire or occur or, if any of the foregoing factors or other risks and uncertainties described elsewhere in
this prospectus, any prospectus supplement and any <FONT STYLE="background-color: white">documents incorporated or deemed to be
incorporated by reference herein</FONT> were to occur, what impact they would have on these forward-looking statements, including
our results of operations or financial condition. In view of these uncertainties, you are cautioned not to place undue reliance
on these forward-looking statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except
as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of
unanticipated events. You should refer to our periodic and current reports filed with the SEC for specific risks which could cause
actual results to be significantly different from those expressed or implied by these forward-looking statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">We
have identified some of the important factors that could cause future events to differ from our current expectations and they
are described in this prospectus and supplements to this prospectus under the caption &ldquo;Risk Factors&rdquo;, as well as in
our most recent Annual Report on Form&nbsp;20-F,&nbsp;and in other documents that we may file with the SEC, all of which you should
review carefully. Please consider our forward-looking statements in light of those risks as you read this prospectus and any prospectus
supplement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_003"></A>OUR
COMPANY</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
focus on three business sectors: medical wearable devices, smart devices and smart ecosystem platform.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
medical wearable sector focuses on wearable sleep respiratory devices. We develop and distribute medical devices, focusing primarily
on sleep respiratory solutions to Obstructive Sleep Apnea Syndrome (&ldquo;OSAS&rdquo;) since 2010. We provide users with medical
grade detection and monitoring, long-distance treatment and integration solution of professional rehabilitation. We have professional
and accurate collection and valuable big-data analytic technology, which can scientifically and accurately collect and count user
data, and provide chronic and high-risk patients with long-distance treatment and professional rehabilitation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
smart devices sector is specialized in operating easy-use smart devices for sports, social contact, entertainment, remote-control,
family health management, which can connect things and humans in an intelligent way. We continuously upgrade key algorithms based
on big data and develop smart devices based on the combination of hardware and software. This sector will cover several areas,
including smart home, smart traveling and smart entertainment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the smart ecosystem platform sector, we intend to build an ecosystem to facilitate interconnection among smart products and between
smart products and users. This ecosystem is designed to address anticipated future trends and user demands. It incorporates wearable
devices, home furnishings, mobile smart devices and other smart devices with cloud computing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are currently researching new products and evaluating business opportunities in our smart devices and smart ecosystem platform
sectors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
design, develop and market our own branded medical products and medical components. Since we do not operate any fully scaled manufacturing
facilities, we contract some of the medical components to outside manufacturers in China. Most of our branded products require
light assembly by us before distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 32pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
completed the corporate and business restructuring plan of scaling down and discontinued, as appropriate, our unprofitable medical
device business. We aim to concentrate our resources to develop medical wearable devices, smart devices and smart ecosystem platform,
as our major business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
principal executive office is located at Room 2108, 21st Floor, China Railway Construction Building, No. 20 Shijingshan Road,
100040, Beijing, China.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_004"></A>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Investing
in our securities involves risks. Before making an investment decision, you should carefully consider the risks described under
&ldquo;Risk Factors&rdquo; in the applicable prospectus supplement and in our most recent annual report on Form 20-F, together
with all of the other information appearing in this prospectus or incorporated by reference into this prospectus and any applicable
prospectus supplement, in light of your particular investment objectives and financial circumstances. In addition to those risk
factors, there may be additional risks and uncertainties of which management is not aware or focused on or that management deems
immaterial. Our business, financial condition or results of operations could be materially adversely affected by any of these
risks. The trading price of our securities could decline due to any of these risks, and you may lose all or part of your investment.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_005"></A>OFFER
STATISTICS AND EXPECTED TIMETABLE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
may from time to time sell any combination of the securities described in this prospectus in one or more offerings up to a total
dollar amount of US$30,000,000 pursuant to this prospectus. We will keep the registration statement of which this prospectus is
a part effective until such time as all of the securities covered by this prospectus have been disposed of pursuant to and in
accordance with this registration statement.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_006"></A>CAPITALIZATION
AND INDEBTEDNESS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
capitalization will be set forth in the applicable prospectus supplement or in a report on Form 6-K subsequently furnished to
the SEC and specifically incorporated by reference into this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_007"></A>MARKET
PRICE DATA</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common shares have been listed on the NASDAQ Capital Market since April 22, 2010, previously under the symbol &ldquo;DHRM,&rdquo;
and currently under the symbol &ldquo;LLIT.&rdquo;</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
table below shows, for the periods indicated, the high and low market prices for our shares.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Market&nbsp;Price&nbsp;Per&nbsp;Share</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">High</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Low</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yearly:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.8500</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2014</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.8900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.5200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.8800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.7900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2017</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.0500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Quarterly:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">First quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.7609</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.4899</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.6200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Third quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.7400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.3500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fourth quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2016</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">First quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.3350</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.5250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.8800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Third quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.5000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fourth quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.7900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2017</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">First quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.4200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.7000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.0515</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Third quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.5076</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.0500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fourth quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2018</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">First quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.6890</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.6500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.7166</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.6533</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Third quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.0000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.4000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Monthly:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2018</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">April</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.7166</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.6903</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">May</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.6533</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">June</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.4000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">July</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.0000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.5500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">August</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.9500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.4000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">September</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.8595</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.4300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_008"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
intend to use the net proceeds from the sale of the securities set forth in the applicable prospectus supplement.</FONT></P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A></P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
may issue warrants that entitle the holder to purchase common shares. We may issue warrants independently or together with common
shares, and the warrants may be attached to or separate from these securities.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </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: 18pt"></TD><TD STYLE="width: 18pt">&nbsp; </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                         will describe in the applicable prospectus supplement the terms of the series of warrants,
                                         including:</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         offering price and aggregate number of warrants offered;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         currency for which the warrants may be purchased, if not United States dollars;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                         applicable, the designation and terms of the securities with which the warrants are issued
                                         and the number of warrants issued with each such security or each principal amount of
                                         such security;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                         applicable, the date on and after which the warrants and the related securities will
                                         be separately transferable;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         number of common shares purchasable upon the exercise of one warrant and the price at
                                         which these shares may be purchased upon such exercise;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         effect of any merger, consolidation, sale or other disposition of our business on the
                                         warrant agreement and the warrants;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         terms of any rights to redeem or call the warrants;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         provisions for changes to or adjustments in the exercise price or number of securities
                                         issuable upon exercise of the warrants;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         dates on which the right to exercise the warrants will commence and expire;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         manner in which the warrant agreement and warrants may be modified;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">federal
                                         income tax consequences of holding or exercising the warrants;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         terms of the securities issuable upon exercise of the warrants; and</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         other specific terms, preferences, rights or limitations of or restrictions on the warrants.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Before
exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such
exercise, including the right to receive dividends, if any, or, payments upon our liquidation, dissolution or winding up or to
exercise voting rights, if any.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit will
be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit
will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may
provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before
a specified date or occurrence.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
applicable prospectus supplement may describe:</FONT> </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: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         designation and terms of the units and of the securities comprising the units, including
                                         whether and under what circumstances those securities may be held or transferred separately;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         provisions for the issuance, payment, settlement, transfer or exchange of the units or
                                         of the securities comprising the units; and</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                         the units will be issued in fully registered or global form.&nbsp;</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
applicable prospectus supplement will describe the terms of any units. The preceding description and any description of units
in the applicable prospectus supplement does not purport to be complete and is subject to and is qualified in its entirety by
reference to the unit agreement and, if applicable, collateral arrangements and depository arrangements relating to such units.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description
of Share Purchase Contracts and Share Purchase Units</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
may issue share purchase contracts, including contracts obligating holders to purchase from us, and obligating us to sell to the
holders, a specified number of common shares or other securities registered hereunder at a future date or dates, which we refer
to in this prospectus as &ldquo;share purchase contracts.&rdquo; The price per share of the securities and the number of shares
of the securities may be fixed at the time the share purchase contracts are issued or may be determined by reference to a specific
formula set forth in the share purchase contracts.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
share purchase contracts may be issued separately or as part of units consisting of a share purchase contract and warrants, other
securities registered hereunder or debt obligations of third parties, including U.S. treasury securities, securing the holders&rsquo;
obligations to purchase the securities under the share purchase contracts, which we refer to herein as &ldquo;share purchase units.&rdquo;
The share purchase contracts may require holders to secure their obligations under the share purchase contracts in a specified
manner. The share purchase contracts also may require us to make periodic payments to the holders of the share purchase units
or vice versa, and those payments may be unsecured or refunded on some basis.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
share purchase contracts, and, if applicable, collateral or depositary arrangements, relating to the share purchase contracts
or share purchase units, will be filed with the SEC in connection with the offering of share purchase contracts or share purchase
units. The prospectus supplement relating to a particular issue of share purchase contracts or share purchase units will describe
the terms of those share purchase contracts or share purchase units, including the following:</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </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: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">if
                                         applicable, a discussion of material tax considerations; and</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                         other information we think is important about the share purchase contracts or the share
                                         purchase units.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
may issue rights to purchase common shares that we may offer to our security holders. The rights may or may not be transferable
by the persons purchasing or receiving the rights. In connection with any rights offering, we may enter into a standby underwriting
or other arrangement with one or more underwriters or other persons pursuant to which such underwriters or other persons would
purchase any offered securities remaining unsubscribed for after such rights offering. Each series of rights will be issued under
a separate rights agent agreement to be entered into between us and a bank or trust company, as rights agent, that we will name
in the applicable prospectus supplement. The rights agent will act solely as our agent in connection with the rights and will
not assume any obligation or relationship of agency or trust for or with any holders of rights certificates or beneficial owners
of rights.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
prospectus supplement relating to any rights that we offer will include specific terms relating to the offering, including, among
other matters:</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </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: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD><P STYLE="margin-top: 0; margin-bottom: 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         date of determining the security holders entitled to the rights distribution;</FONT> </P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         aggregate number of rights issued and the aggregate number of common shares purchasable
                                         upon exercise of the rights;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         exercise price;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         conditions to completion of the rights offering;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         date on which the right to exercise the rights will commence and the date on which the
                                         rights will expire; and</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD><TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">applicable
                                         tax considerations.</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Each
right would entitle the holder of the rights to purchase for cash the principal amount of common shares at the exercise price
set forth in the applicable prospectus supplement. Rights may be exercised at any time up to the close of business on the expiration
date for the rights provided in the applicable prospectus supplement. After the close of business on the expiration date, all
unexercised rights will become void.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">If
less than all of the rights issued in any rights offering are exercised, we may offer any unsubscribed securities directly to
persons other than our security holders, to or through agents, underwriters or dealers or through a combination of such methods,
including pursuant to standby arrangements, as described in the applicable prospectus supplement.</FONT> </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_009"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may sell or distribute the securities included in this prospectus through underwriters, through agents, to dealers, or directly
to purchasers, at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated
prices.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may sell some or all of the securities included in this prospectus through:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a block trade in which a broker-dealer may resell
    a portion of the block, as principal, in order to facilitate the transaction; </FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases by a broker-dealer, as principal,
    and resale by the broker-dealer for its account;&nbsp;or </FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary brokerage transactions and transactions
    in which a broker solicits purchasers. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may enter into hedging transactions with respect to our securities. For example, we&nbsp;may:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter into transactions involving short sales
    of our ordinary shares by broker-dealers; </FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell our ordinary shares short themselves and
    deliver the shares to close out short positions; </FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter into option or other types of transactions
    that require us to deliver ordinary shares to a broker-dealer, who will then resell or transfer the ordinary shares under
    this prospectus;&nbsp;or </FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loan or pledge our ordinary shares to a broker-dealer,
    who may sell the loaned shares or, in the event of default, sell the pledged&nbsp;shares. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties
in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives,
the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short
sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales
or to close out any related open borrowings of securities, and may use securities received from us in settlement of those derivatives
to close out any related open borrowings of securities. The third party in such sale transactions will be an underwriter and,
if not identified in this prospectus, will be identified in the applicable prospectus supplement (or&nbsp;a post-effective amendment).
In addition, we may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell
the securities short using this prospectus. Such financial institution or other third party may transfer its economic short position
to investors in our securities or in connection with a concurrent offering of other securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
broker-dealers or other persons that participate with us in the distribution of the securities may be deemed to be underwriters
and any commissions received or profit realized by them on the resale of the shares may be deemed to be underwriting discounts
and commissions under the Securities&nbsp;Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
the time that any particular offering of securities is made, to the extent required by the Securities Act, a prospectus supplement
will be distributed, setting forth the terms of the offering, including the aggregate number of securities being offered, the
purchase price of the securities, the initial offering price of the securities, the names of any underwriters, dealers or agents,
any discounts, commissions and other items constituting compensation from us and any discounts, commissions or concessions allowed
or reallowed or paid to&nbsp;dealers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underwriters
or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales deemed
to be an at-the-market offering as defined in Rule&nbsp;415 promulgated under the Securities Act, which includes sales made directly
on or through the NASDAQ Capital Market, the existing trading market for our ordinary shares, or sales made to or through a market
maker other than on an&nbsp;exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
underwriter may also engage in stabilizing transactions, syndicate covering transactions and penalty bids in accordance with Rule
104 under the Exchange Act. Stabilizing transactions involve bids to purchase the underlying security in the open market for the
purpose of pegging, fixing or maintaining the price of the securities. Syndicate covering transactions involve purchases of the
securities in the open market after the distribution has been completed in order to cover syndicate short positions.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Penalty
bids permit the underwriters to reclaim a selling concession from a syndicate member when the securities originally sold by the
syndicate member are purchased in a syndicate covering transaction to cover syndicate short positions. Stabilizing transactions,
syndicate covering transactions and penalty bids may cause the price of the securities to be higher than it would be in the absence
of the transactions. The underwriters may, if they commence these transactions, discontinue them at any time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Agents,
underwriters, and dealers may be entitled, under agreements entered into with us, to indemnification by us, against certain liabilities,
including liabilities under the Securities Act. Our agents, underwriters, and dealers, or their affiliates, may be customers of,
engage in transactions with or perform services for us or our affiliates, in the ordinary course of business for which they may
receive customary compensation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_010"></A>EXPENSES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
estimate the fees and expenses to be incurred by us in connection with the sale of the securities in this offering, other than
underwriting discounts and commissions, to be as follows:</FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left"> SEC registration fee </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 3,636 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Legal fees and expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 31,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Accounting fees and expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 16,200 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Miscellaneous expenses </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 2,530 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt"> Total </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 53,866 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
amounts are estimated except the SEC registration fee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_011"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise indicated in the applicable prospectus supplement, the validity of the securities registered and certain legal matters
as to British Virgin Islands law in connection with this offering will be passed upon for us by Ogier, British Virgin Islands
counsel to our Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additional
legal matters may be passed on for us, or any underwriters, dealers or agents, by counsel that we will name in the applicable
prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_012"></A>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
2015, 2016 and 2017 consolidated financial statements of our Company appearing in our annual report on Form 20-F for the year
ended December 31, 2017 have been audited by Centurion ZD CPA Limited, independent registered public accounting firm, as set forth
in the reports thereon included therein and incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Such
consolidated financial statements are incorporated herein by reference in reliance upon such reports given on the authority of
such firms as experts in accounting and auditing.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps; background-color: white"><B><A NAME="a_013"></A>ENFORCEABILITY
OF CIVIL LIABILITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are incorporated under the laws of the British Virgin Islands with limited liability. We are incorporated in the British Virgin
Islands because of certain benefits associated with being a British Virgin Islands corporation, such as political and economic
stability, an effective judicial system, a favorable tax system, the absence of exchange control or currency restrictions and
the availability of professional and support services. However, the British Virgin Islands has a less developed body of securities
laws as compared to the United States and provides protections for investors to a significantly lesser extent. In addition, British
Virgin Islands companies may not have standing to sue before the federal courts of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Substantially
all of our assets are located outside the United States. In addition, all of our directors and officers are nationals and/or residents
of countries other than the United States, and all or a substantial portion of such persons&rsquo; assets are located outside
the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us
or such persons or to enforce against him or against us, judgments obtained in United States courts, including judgments predicated
upon the civil liability provisions of the securities laws of the United States or any state thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have appointed CT Corporation System as our agent to receive service of process with respect to any action brought against us
in the United States District Court for the Southern District of New York under the federal securities laws of the United States
or of any State of the United States or any action brought against us in the Supreme Court of the State of New York in the County
of New York under the securities laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have been advised by Ogier, our counsel as to British Virgin Islands law, that although there is no statutory enforcement in the
British Virgin Islands of judgments obtained in State or U.S. federal courts in The City of New York and County of New York, the
courts of the British Virgin Islands will recognize such a foreign judgment and treat it as a cause of action in itself which
may be sued upon as a debt at common law so that no retrial of the issues would be necessary if fresh proceedings are brought
in the British Virgin Islands to enforce that judgment, provided however that such judgment: (i) is not in respect of penalties,
fines, taxes or similar fiscal or revenue obligations of the Issuer; (ii) is final and for a liquidated sum; (iii) was not obtained
in a fraudulent manner; (iv) is not of a kind the enforcement of which is contrary to the public policy in the British Virgin
Islands; (v) is not contrary to the principles of natural justice; and (vi) provided that the State or U.S. federal courts in
The City of New York and County of New York had jurisdiction in the matter and the Issuer either submitted to such jurisdiction
or was resident or carrying on business within such jurisdiction and was duly served with process. Non-money judgments from a
foreign court are not directly enforceable in the British Virgin Islands. However, it is possible for a non-money judgment from
a foreign court to be indirectly enforced by means of a claimant bringing an identical action in the courts of the British Virgin
Islands in respect of which a non-money judgment has been made by a foreign court. In appropriate circumstances, the courts of
the British Virgin Islands may give effect to issues and causes of action determined by the foreign court, such that those matters
need not be retried.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_014"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
have filed with the SEC a registration statement on Form&nbsp;F-3,&nbsp;of which this prospectus is part, with respect to the
securities we may offer from time to time. This prospectus and any accompanying prospectus supplement do not contain all the information
contained in the registration statement, including its exhibits and schedules. You should refer to the registration statement,
including the exhibits and schedules, for further information about us and the Common we may offer. Statements we make in this
prospectus and any accompanying prospectus supplement about certain contracts or other documents are not necessarily complete.
When we make such statements, we refer you to the copies of the contracts or documents that are filed as exhibits to the registration
statement, because those statements are qualified in all respects by reference to those exhibits. The registration statement,
including exhibits and schedules, is on file at the offices of the SEC and may be inspected without charge.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are subject to the periodic reporting and other informational requirements of the Securities Exchange Act of 1934, as amended,
or the Exchange Act. Under the Exchange Act, we are required to file annual and special reports and other information with the
SEC. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of
proxy statements and our officers, directors and principal shareholders are exempt from the reporting and&nbsp;short-swing&nbsp;profit
recovery provisions contained in Section&nbsp;16 of the Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Information
filed with the SEC by us can be inspected and copied at the Public Reference Room maintained by the SEC at 100F Street, N.E.,
Washington, D.C. 20549. You may also obtain copies of this information by mail from the Public Reference Section of the SEC at
prescribed rates. Further information on the operation of the SEC&rsquo;s Public Reference Room in Washington, D.C. can be obtained
by calling the SEC&nbsp;at&nbsp;1-800-SEC-0330.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
SEC also maintains a website that contains reports, proxy and information statements and other information about issuers, such
as us, who file electronically with the SEC. The address of that website is&nbsp;<U>http://www.sec.gov</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
website address is&nbsp;<U>www.lianluosmart.com</U>.&nbsp;<B>The information on our website, however, is not, and should not be
deemed to be, a part of this prospectus.</B></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B><A NAME="a_015"></A>INCORPORATION
BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
SEC allows us to &ldquo;incorporate by reference&rdquo; into this prospectus the information we file with them. The information
we incorporate by reference into this prospectus is an important part of this prospectus. Any statement in a document we have
filed with the SEC prior to the date of this prospectus and which is incorporated by reference into this prospectus will be considered
to be modified or superseded to the extent a statement contained in this prospectus or any other subsequently filed document that
is incorporated by reference into this prospectus modifies or supersedes that statement. The modified or superseded statement
will not be considered to be a part of this prospectus, except as modified or superseded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
incorporate by reference into this prospectus the information contained in the following documents that we have filed with the
SEC pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), which is considered to be a
part of this prospectus:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
        Annual Report on Form 20-F for the year ended December 31, 2017, filed on April 25, 2018;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
        Current Reports on Form 6-K filed with the SEC on July 9, 2018, August 8, 2018, August 10, 2018, August 24, 2018, and
        August 27, 2018; and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
        description of the common shares, $0.002731 par value per share, and other securities contained in the Registrant&rsquo;s
        registration statement on Form F-3 filed with the Commission on December 19, 2014 (File Number 333-201163) and declared
        effective by the Commission on February 5, 2015, and any amendment or report filed with the Commission for purposes of
        updating such description.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
        description of the common shares, $0.002731 par value per share, and other securities contained in the Registrant&rsquo;s
        registration statement on Form S-3 filed with the Commission on December 1, 2011 (File Number 333-178268) and declared
        effective by the Commission on December 21, 2011, and any amendment or report filed with the Commission for purposes of
        updating such description.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
        description of the common shares, $0.002731 par value per share, contained in the Registrant&rsquo;s registration statement
        on Form S-1 filed with the Commission on November 12, 2009 (File Number 333-163041) and declared effective by the Commission
        on March 26, 2010, and any amendment or report filed with the Commission for purposes of updating such description.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with respect to each offering of securities
    under this prospectus, all subsequent reports on Form 20-F and any report on Form 6-K that indicates it is being incorporated
    by reference, in each case, that we file or furnish with the SEC on or after the date on which the registration statement
    is first filed with the SEC and until the termination or completion of that offering under this prospectus.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
statements in and portions of this prospectus update and replace information in the above listed documents incorporated by reference.
Likewise, statements in or portions of a future document incorporated by reference in this prospectus may update and replace statements
in and portions of this prospectus or the above listed documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished
to, but not filed with, the SEC. Copies of all documents incorporated by reference in this prospectus, other than exhibits to
those documents unless such exhibits are specially incorporated by reference in this prospectus, will be provided at no cost to
each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person
made to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lianluo
Smart Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Room
2108, 21st Floor,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">China
Railway Construction Building,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">No.
20 Shijingshan Road, 100040, Beijing, China</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">+86
(10) 5166-0080</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:
Investor Relations</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PART
II</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Item&nbsp;8.
Indemnification of Directors and Officers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">British
Virgin Islands law does not limit the extent to which a company&rsquo;s articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the British Virgin Islands courts to be contrary
to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Under the
memorandum and articles of association of the Registrant, the Registrant may indemnify its directors, officers and liquidators
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred
in connection with civil, criminal, administrative or investigative proceedings to which they are party or are threatened to be
made a party by reason of their acting as our director, officer or liquidator. To be entitled to indemnification, these persons
must have acted honestly and in good faith with a view to the best interest of the Registrant and, in the case of criminal proceedings,
they must have had no reasonable cause to believe their conduct was unlawful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons
controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.8pt; text-indent: -46.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.8pt; text-indent: -46.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM
9.&nbsp;EXHIBITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.8pt; text-indent: -46.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
exhibits to this Pre-Effective Amendment are listed in the exhibit index, which appears elsewhere herein and is incorporated herein
by reference.</FONT> </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To file, during any period in which offers or
    sales are being made, a post-effective amendment to this registration statement:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any prospectus required by Section&nbsp;10(a)(3)
    of the Securities Act of 1933;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
    offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
    range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
    changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in
    the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To include any material information with respect
    to the plan of distribution not previously disclosed in the registration statement or any material change to such information
    in the registration statement.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Provided,
however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information otherwise required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by
the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining any liability
    under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
    to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona
    fide offering thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To file a post-effective amendment to the Registration
    Statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout
    a continuous offering.&nbsp;&nbsp;Financial statements and information otherwise required by Section 10(a)(3) of the Act need
    not be furnished, provided that the registrant includes in the Prospectus, by means of a post-effective amendment, financial
    statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information
    in the Prospectus is at least as current as the date of those financial statements.&nbsp;&nbsp;Notwithstanding the foregoing,
    a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3)
    of the Act or Item 8.A. of Form 20-F if such financial statements and information are contained in periodic reports filed
    with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act
    of 1934 that are incorporated by reference in this registration statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining liability
    under the Securities Act of 1933 to any purchaser:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus filed by the registrant pursuant
    to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed
    part of and included in the registration statement; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus required to be filed pursuant
    to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering
    made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of
    the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the
    date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in
    the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that
    is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
    to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that
    time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
    statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
    by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser
    with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
    statement or prospectus that was part of the registration statement or made in any such document immediately prior to such
    effective date.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining liability
    of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, in a primary
    offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting
    method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any
    of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer
    or sell such securities to such purchaser:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any preliminary prospectus or prospectus of
    the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any free writing prospectus relating to the
    offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The portion of any other free writing prospectus
    relating to the offering containing material information about the undersigned registrant or its securities provided by or
    on behalf of the undersigned registrant; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any other communication
    that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes
    that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual
    report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
    of an employee benefit plan&rsquo;s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is
    incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
    thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar as indemnification for liabilities arising
    under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant
    to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification
    is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for
    indemnification against such liabilities (other than a payment by the registrant of expenses incurred or paid by a director,
    officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by
    such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
    in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
    the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will
    be governed by the final adjudication of such issue.</FONT></TD></TR>
</TABLE>
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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>SIGNATURES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form F-3 and has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the People&rsquo;s Republic of China, on October 31, 2018.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIANLUO SMART LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Ping Chen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ping Chen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Yingmei Yang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yingmei Yang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Accounting and Financial Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, the following persons in the capacities and on the dates indicated have signed
this Registration Statement on Form F-3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE</B></FONT> </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 47%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TITLE</B></FONT> </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 18%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATE</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Zhitao He</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Director</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 31, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhitao He</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Ping Chen</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 31, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ping Chen</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Yingmei Yang</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Chief Financial Officer</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 31, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yingmei Yang</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Accounting and Financial Officer)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Richard Zhiqiang Chang</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 31, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Zhiqiang Chang</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Bin Pan</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 31, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bin Pan</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Xiaogang Tong</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 31, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiaogang Tong</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURE
OF AUTHORIZED UNITED STATES REPRESENTATIVE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, as amended, the Registrant&rsquo;s duly authorized representative has signed
this registration statement on Form F-3 in on October 31, 2018.</FONT> </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Brian Mueller</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian Mueller</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Secretary, CT Corporation System</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Representative</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </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="width: 9%; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt"><B>Number</B></FONT></FONT> </TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1.5pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="width: 90%; border-bottom: Black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;5.1</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ff32018a1ex5-1_lianluo.htm"><FONT STYLE="font-size: 10pt">Opinion
    of Ogier, British Virgin Islands Counsel (filed herewith)</FONT></A></FONT> </TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;23.1</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ff32018a1ex23-1_lianluo.htm"><FONT STYLE="font-size: 10pt">Consent
    of Centurion ZD CPA, Independent Registered Public Accounting Firm (filed herewith)</FONT></A></FONT> </TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;23.2</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ff32018a1ex5-1_lianluo.htm"><FONT STYLE="font-size: 10pt">Consent
    of Ogier. (filed herewith and included in Exhibit&nbsp;5.1)</FONT></A></FONT> </TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;24.1*</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1474627/000121390018013877/ff32018_lianluosmart.htm#p_001"><FONT STYLE="font-size: 10pt">Power
    of Attorney.</FONT></A></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif">*
Previously filed</FONT> </P>

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



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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">II-5</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ff32018a1ex5-1_lianluo.htm
<DESCRIPTION>OPINION OF OGIER, BRITISH VIRGIN ISLANDS COUNSEL
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit
5.1</B></FONT></P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="ex5-1_001.jpg" ALT="" STYLE="width: 152px; height: 64px">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lianluo
    Smart Limited</B></FONT></TD>
    <TD STYLE="width: 40%; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D
    +852 3656 6054</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E
    nathan.powell@ogier.com</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference:
    NMP/CQL/174768.00002</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">31 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
October 2018</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lianluo
Smart Limited (the Company)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as British Virgin Islands counsel to the Company in connection with the Company&rsquo;s first pre-effective amendment
to registration statement on Form F-3 (the <B>Registration Statement</B>), as filed with the United States Securities and Exchange
Commission (the <B>Commission</B>) under the United States Securities Act 1933, as amended (the <B>Act</B>) on or about 29 October
2018. The Registration Statement relates to the sale (the <B>Sale</B>) of any combination of common shares (the <B>Sale Shares</B>),
warrants, rights, share purchase contracts, share purchase units or units having an aggregate initial offering price of up
to US$30,000,000 (the <B>Sale Securities</B>).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents.
A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do
not affect the construction of this opinion.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Documents
                                         examined</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the <B>Documents</B>):</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         constitutional documents and public records of the Company obtained from the Registry
                                         of Corporate Affairs in the British Virgin Islands (the <B>Registrar</B>) on 21 September
                                         2018 (the <B>Company Registry Records</B>), including:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.8in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         copy of the certificate of incorporation of the Company dated 10 November 2016 and the
                                         certificate of change on name of the Company dated 9 November 2016; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.45in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.8in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         copy of the memorandum and articles of association of the Company as adopted by director&rsquo;s
                                         resolutions dated 16 June 2017 and filed on 26 June 2017 (the <B>Memorandum and Articles</B>).</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">British
Virgin Islands, Cayman Islands,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guernsey,
Jersey and Luxembourg</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Floor
                                         11 Central Tower</FONT></P>
                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">28
                                         Queen&rsquo;s Road Central</FONT></P>
                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Central</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
        Kong</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T
        +852 3656 6000</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F
        +852 3656 6001</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ogier.com</U></B></FONT></P></TD>
    <TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Partners
                                         </B></FONT></P>
                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas
                                         Plowman</FONT></P>
                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nathan
                                         Powell</FONT></P>
                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ray
                                         Ng</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kate
        Hodson</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
        Nelson</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
        Oakes</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oliver
        Payne</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
        Bergstrom</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcus
        Leese</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
<B>2</B> of <B>6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: justify; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         public information revealed from a search of the electronic records of the Civil Division
                                         and the Commercial Division of the Registry of the High Court and of the Court of Appeal
                                         (Virgin Islands) Register, each from 1 January 2000, as maintained on the Judicial Enforcement
                                         Management System (the <B>High Court Database</B>) by the Registry of the High Court
                                         of the Virgin Islands on 21 September 2018 (the <B>Court Records</B>).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company Registry Records and the Court Records each as updated by update searches on 11 October 2018 (the Company Registry Records
and the Court Records together, and as updated, the Public Records).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         registered agent&rsquo;s certificate dated 8 October 2018 (the <B>Registered Agent&rsquo;s
                                         Certificate</B>) issued by the Registrar in respect of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         copy of the register of directors of the Company annexed to the Registered Agent&rsquo;s
                                         Certificate (the <B>ROD</B>);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         copy of the register of members of the Company annexed to the Registered Agent&rsquo;s
                                         Certificate (the <B>ROM, </B>and together with the ROD, the <B>Registers</B>);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         copy of the unanimous written resolutions of the directors of the Company dated 29 October
                                         2018 approving the Company&rsquo;s filing of the Registration Statement and issuance
                                         of the Sale Securities (the <B>Board Resolutions</B>); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Registration Statement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumptions</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent
investigation or verification in respect of those assumptions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-indent: -0.45in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         original documents examined by us are authentic and complete;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         copy documents examined by us (whether in facsimile, electronic or other form) conform
                                         to the originals and those originals are authentic and complete;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         signatures, seals, dates, stamps and markings (whether on original or copy documents)
                                         are genuine;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                         of the Registered Agent&rsquo;s Certificate and the Registers is accurate and complete
                                         as at the date of this opinion;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         copies of the Registration Statement are true and correct copies and the Registration
                                         Statement conform in every material respect to the latest drafts of the same produced
                                         to us and, where the Registration Statement has been provided to us in successive drafts
                                         marked-up to indicate changes to such documents, all such changes have been so indicated;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Board Resolution remains in full force and effect and each of the directors of the Company has acted in good faith with a view
to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her
in approving the Sale and no director has a financial interest in or other relationship to a party of the transactions contemplated
by the Documents which has not been properly disclosed in the Board Resolutions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.8in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
<B>3</B> of <B>6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">neither
                                         the directors and shareholders of the Company have taken any steps to appoint a liquidator
                                         of the Company and no receiver has been appointed over any of the Company&rsquo;s property
                                         or assets;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         maximum number of the common shares which the Company is proposing to issue pursuant
                                         to the Sale (for the avoidance of doubt, including the common shares to be issued pursuant
                                         to the warrants, rights, share purchase contracts, share purchase units or units) is
                                         31,393,414 shares and the consideration payable for each such common share shall be no
                                         less than the par value of US$0.002731 each;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Company has not entered into and will not from the date of this opinion enter into any
                                         contractual commitments to issue, allot or reserve any new shares for any purposes other
                                         than the shares required to be issued pursuant to the Sale; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
                                         is no provision of the law of any jurisdiction, other than the British Virgin Islands,
                                         which would have any implication in relation to the opinions expressed herein.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Opinions</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in
paragraph 4 below, we are of the opinion that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
status</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company is a company duly incorporated with limited liability under the BVI Business
                                         Companies Act, 2004 (the <B>BCA</B>) on 4 January 2018, and is validly existing and in
                                         good standing under the laws of the British Virgin Islands. It is a separate legal entity
                                         and subject to suit in its own name and has the capacity to sue in its own name.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share
capital</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         solely on the Memorandum and Articles, the Company is authorised to issue a maximum of
                                         50,000,000 common shares divided into (i) 37,888,889 Class A Common Shares of a nominal
                                         or par value of US$0.002731 each and (ii) 12,111,111 Class B Common Shares of a nominal
                                         or par value of US$0.002731 each .</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         solely on the ROM, a total of 6,495,475 Class A Common Shares are currently in issue
                                         as at the date thereof. Accordingly, subject to paragraph 2(h) and 2(i) of this opinion,
                                         the Company has sufficient number of Class A Common Shares within its authorized share
                                         capital to ensure it is able to fulfil its obligation to issue the Sale Securities.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Valid
Issuance of Sale Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sale Shares, when issued and sold in accordance with the Registration Statement and duly
                                         passed resolutions and once consideration of not less than the par value is paid per
                                         share, will be duly authorized, validly issued, fully paid and non-assessable (meaning
                                         that no further sums will be payable with respect them). Once the register of members
                                         has been updated to reflect the issuance, the shareholders recorded in the register of
                                         members will be deemed to have legal title to the shares set against their respective
                                         name.</FONT></TD></TR></TABLE>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
<B>4</B> of <B>6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
litigation revealed</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         solely on our review of the Court Records (as defined in Part B of Schedule 1), no litigation
                                         was pending against the Company in the High Court of the British Virgin Islands.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
                                         solely on our review of the Public Records (as defined in Part B of Schedule 1), no currently
                                         valid order or resolution for the winding-up of the Company and no current notice of
                                         appointment of a receiver in the British Virgin Islands over the Company, or any of its
                                         assets, appears on the records maintained by the Registry of Corporate Affairs in the
                                         British Virgin Islands or the High Court of the British Virgin Islands (in each case
                                         to the extent those records are revealed by the Public Records) in respect of the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitations
                                         and Qualifications</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         offer no opinion:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
                                         to any laws other than the laws of the British Virgin Islands, and we have not, for the
                                         purposes of this opinion, made any investigation of the laws of any other jurisdiction,
                                         and we express no opinion as to the meaning, validity, or effect of references in the
                                         Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction
                                         other than the British Virgin Islands; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except
                                         to the extent that this opinion expressly provides otherwise, as to the commercial terms
                                         of, or the validity, enforceability or effect of the Registration Statement, the accuracy
                                         of representations, the fulfilment of warranties or conditions, the occurrence of events
                                         of default or terminating events or the existence of any conflicts or inconsistencies
                                         among the Registration Statement and any other agreements into which the Company may
                                         have entered or any other documents.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
                                         the BCA an annual fee must be paid in respect of the Company to the Registry of Corporate
                                         Affairs in the British Virgin Islands. Failure to pay the annual fees by the relevant
                                         due date will render the Company liable to a penalty fee in addition to the amount of
                                         the outstanding fees. If the license fee remains unpaid from the due date, the Company
                                         will be liable to be struck off the Register of Companies.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
                                         the BCA the register of directors must be filed by the Company at the Registry of Corporate
                                         Affairs. Failure to make this filing will render the Company liable to a penalty fee
                                         and if the filing is not made within the requisite time period, the Company will be liable
                                         to be struck off the Register of Companies.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         the purposes of this opinion &ldquo;in good standing&rdquo; means only that as of the
                                         date of this opinion the Company is up-to-date with the payment of its annual fee to
                                         the Registry of Corporate Affairs under the BCA and in relation to its filing of its
                                         register of directors with the Registry of Corporate Affairs. We have made no enquiries
                                         into the Company&rsquo;s good standing with respect to any filings or payment of fees,
                                         or both, that it may be required to make under the laws of the British Virgin Islands
                                         other than the BCA. We have made no enquiries into whether the copy of the register of
                                         directors filed at the Registry of Directors matches the details set out on the Registered
                                         Agent&rsquo;s Certificate.</FONT></TD>
</TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
<B>5</B> of <B>6</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Public Records and our searches thereof may not reveal the following:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         the case of the Company Registry Records, details of matters which have not been lodged
                                         for registration or have been lodged for registration but not actually registered at
                                         the time of our search;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         the case of the Court Records, details of proceedings which have been filed but not actually
                                         entered in the High Court Database at the time of our search;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         an application for the appointment of a liquidator or a receiver has been presented to
                                         the High Court of the British Virgin Islands or whether a liquidator or a receiver has
                                         been appointed out of court, or whether any out of court dissolution, reconstruction
                                         or reorganisation of the Company has been commenced; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         originating process (including an application to appoint a liquidator) in respect of
                                         the Company in circumstances where the High Court of the British Virgin Islands has prior
                                         to the issuance of such process ordered that such process upon issuance be anonymised
                                         (whether on a temporary basis or otherwise),</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
                                         the following points should also be noted:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Court Records reflect the information accessible remotely on the High Court Database,
                                         we have not conducted a separate search of the underlying Civil Cause Book (the Civil
                                         Cause Book) or the Commercial Cause Book (the Commercial Cause Book) at the Registry
                                         of the High Court of the British Virgin Islands. Although the High Court Database should
                                         reflect the content of the Civil Cause Book and the Commercial Cause Book, neither the
                                         High Court Database nor the Civil Cause Book or Commercial Cause Book is updated every
                                         day, and for that reason neither facility can be relied upon to reveal whether or not
                                         a particular entity is a party to litigation in the British Virgin Islands;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         High Court Database is not updated if third parties or noticed parties are added to or
                                         removed from the proceedings after their commencement; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">while
                                         it is a requirement under Section 118 of the Insolvency Act 2003 that notice of the appointment
                                         of a receiver be registered with the Registry of Corporate Affairs, however, it should
                                         be noted that failure to file a notice of appointment of a receiver does not invalidate
                                         the receivership but gives rise to penalties on the part of the receiver.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
                                         law of this opinion</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         opinion is:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">governed
                                         by, and shall be construed in accordance with, the laws of the British Virgin Islands;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95in; text-align: left; text-indent: -0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limited
                                         to the matters expressly stated in it; and</FONT></TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
<B>6</B> of <B>6</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">confined
                                         to, and given on the basis of, the laws and practice in the British Virgin Islands at
                                         the date of this opinion.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
                                         otherwise indicated, a reference to any specific British Virgin Islands legislation is
                                         a reference to that legislation as amended to the date of this opinion.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reliance</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under
the headings &ldquo;Enforceability of Civil Liabilities&rdquo; and &ldquo;Legal Matters&rdquo; of the Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion may be used only in connection with the offer and sale of the Sale Securities while the Registration Statement is effective.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yours faithfully</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Ogier</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Ogier</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ff32018a1ex23-1_lianluo.htm
<DESCRIPTION>CONSENT OF CENTURION ZD CPA, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 10%"><IMG SRC="ex23-1_01.jpg" ALT=""></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#20013;&#27491;&#36948;&#26371;&#35336;&#24107;&#20107;&#21209;&#25152;&#26377;&#38480;&#20844;&#21496;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Centurion ZD CPA Limited</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certified Public Accountants (Practising)&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: left; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unit 1304, 13/F, Two Harbourfront, 22 Tak Fung Street, Hunghom,
        Hong Kong.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#39321;&#28207; &#32005;&#30945; &#24503;&#35920;&#34903;22&#34399;
        &#28023;&#28657;&#24291;&#22580;&#20108;&#26399; 13&#27155;1304&#23460;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel &#38651;&#35441;: (852) 2126 2388 &nbsp;&nbsp;&nbsp;Fax
        &#20659;&#30495;: (852) 2122 9078</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email &#38651;&#37109;: info@czdcpa.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We consent to the reference to our firm
under the caption &ldquo;Experts&rdquo; in this Registration Statement (Form F-3) and related Prospectus of Lianluo Smart Limited
for the registration of its common shares and to the incorporation by reference therein of our report dated April 25, 2018, with
respect to the consolidated financial statements of Lianluo Smart Limited included in its Annual Report (Form 20-F) for the year
ended December 31, 2017, filed with the Securities and Exchange Commission.</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">/s/ Centurion ZD CPA Limited</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">Centurion ZD CPA Limited</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">October 31, 2018</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">&nbsp;</P>

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



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

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