<SEC-DOCUMENT>0001174947-25-000882.txt : 20250530
<SEC-HEADER>0001174947-25-000882.hdr.sgml : 20250530
<ACCEPTANCE-DATETIME>20250530095529
ACCESSION NUMBER:		0001174947-25-000882
CONFORMED SUBMISSION TYPE:	SD
PUBLIC DOCUMENT COUNT:		2
<RULE>
<RULE-NAME>13p-1
<ITEM>
<ITEM-NUMBER>1.01
<ITEM-PERIOD>20241231
</ITEM>
<ITEM>
<ITEM-NUMBER>1.02
<ITEM-PERIOD>20241231
</ITEM>
</RULE>
FILED AS OF DATE:		20250530
DATE AS OF CHANGE:		20250530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STURM RUGER & CO INC
		CENTRAL INDEX KEY:			0000095029
		STANDARD INDUSTRIAL CLASSIFICATION:	ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				060633559
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SD
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10435
		FILM NUMBER:		251007408

	BUSINESS ADDRESS:	
		STREET 1:		1 LACEY PLACE
		CITY:			SOUTHPORT
		STATE:			CT
		ZIP:			06490
		BUSINESS PHONE:		2032597843

	MAIL ADDRESS:	
		STREET 2:		1 LACEY PLACE
		CITY:			SOUTHPORT
		STATE:			CT
		ZIP:			06490
</SEC-HEADER>
<DOCUMENT>
<TYPE>SD
<SEQUENCE>1
<FILENAME>sd-34329_rgr.htm
<DESCRIPTION>SD
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STURM, RUGER &amp; COMPANY, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-right: 4pt; padding-left: 4pt; text-align: center"><B>DELAWARE</B></TD>
    <TD STYLE="width: 33%; padding-right: 4pt; padding-left: 4pt; text-align: center"><B>001-10435</B></TD>
    <TD STYLE="width: 32%; padding-right: 4pt; padding-left: 4pt; text-align: center"><B>06-0633559</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; padding-left: 4pt; text-align: center">(State or Other Jurisdiction of Incorporation)</TD>
    <TD STYLE="padding-right: 4pt; padding-left: 4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 4pt; padding-left: 4pt; text-align: center">(IRS Employer Identification Number)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: normal; text-align: center"><B>ONE LACEY PLACE, SOUTHPORT, CONNECTICUT</B></TD>
    <TD STYLE="width: 50%; font-weight: normal; text-align: center"><B>06890</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><B>Sarah F. Colbert</B></TD>
    <TD STYLE="width: 50%; text-align: center"><B>(203) 259-7843</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">(Name and telephone number, including area code, of the person to contact in connection with this report)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Check the appropriate box to indicate the rule pursuant to which
this form is being filed, and provide the period to which the information in this form applies:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9746;</TD><TD>Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, 2024.</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>Section 1 &ndash; Conflict Minerals Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"><B>Item 1.01 Conflict Minerals Disclosure and
Report</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A copy of Sturm, Ruger &amp; Company, Inc.&rsquo;s Conflict Minerals
Report for the January 1 to December 31, 2024 reporting period is filed as Exhibit 1.01 hereto and is publicly available at www.ruger.com/corporate.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Item 1.02 Exhibit</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s Conflict Minerals Report for the January 1 to December
31, 2024 reporting period is filed as Exhibit 1.01 to this Form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 2 &ndash; Resource Extraction Issuer Disclosure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.01 Resource Extraction Issuer Disclosure and Report</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 3 &ndash; Exhibits</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 3.01 Exhibits</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following exhibit is filed as part of this report:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Exhibit 1.01 &ndash; <A HREF="ex1-01.htm">Conflict Minerals Report as required by Items 1.01 and 1.02 on this Form</A>.</P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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>&nbsp;</TD>
    <TD COLSPAN="3">STURM, RUGER &amp; COMPANY, INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/S/ THOMAS A. DINEEN</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Thomas A. Dineen</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal Financial Officer,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal Accounting Officer,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sr. Vice President, Treasurer and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: May 30, 2025</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.65pt 0 0; text-align: right">Exhibit 1.01</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4.65pt 0 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41.9pt 0 0; text-align: center"><B>Conflict Minerals Report of Sturm, Ruger
&amp; Company, Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">This is the Conflict Minerals Report of Sturm, Ruger &amp; Company,
Inc. (&ldquo;Ruger&rdquo;) for the 2024 calendar year (&ldquo;Reporting Period&rdquo;) in accordance with Rule 13p-1 (&ldquo;Rule 13p-1&rdquo;)
under the Securities Exchange Act of 1934. Rule 13p-1 and Form SD require the disclosure of certain information if a company manufactures
or contracts to manufacture products in which certain &ldquo;Conflict Minerals&rdquo; (as defined below) may be present and necessary
to the functionality or production of such products. &ldquo;Conflict Minerals&rdquo; are defined as cassiterite, wolframite, columbite-tantalite,
gold, and their derivatives, which are tin, tungsten, and tantalum (&ldquo;3TG&rdquo;) mined in the Democratic Republic of the Congo and
in the adjoining countries (&ldquo;Covered Countries&rdquo;). This report has been prepared by management of Ruger, and includes the activities
of all divisions, which we are required to consolidate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">Ruger is one of the nation&rsquo;s leading manufacturers of rugged,
reliable firearms for the commercial sporting market. As a full-line manufacturer of American-made firearms, Ruger offers consumers almost
800 variations of more than 40 product lines. For more than 75 years, Ruger has been a model of corporate and community responsibility.
Our motto, &ldquo;Arms Makers for Responsible Citizens,&rdquo; echoes the importance of these principles as we work hard to deliver quality
and innovative firearms. Ruger has been in business since 1949 and was incorporated in its present form under the laws of the State of
Delaware in 1969. Ruger&rsquo;s principal executive office is located in Southport, CT, and its principal manufacturing facilities are
located in Mayodan, NC, Newport, NH, and Prescott, AZ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">The process outlined in this Conflict Minerals Report describes
Ruger&rsquo;s efforts to comply with the mandates of Rule 13p-1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0"><B>RCOI/Due Diligence Process</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">Ruger&rsquo;s good-faith Reasonable Country of Origin Inquiry
(&ldquo;RCOI&rdquo;) relating to 3TG contained within its products is part of a continuous effort and involves ongoing dialogue between
the Company and its suppliers. The RCOI is intended to determine whether any 3TG used in Ruger products originates in the Covered Countries
and/or comes from recycled or scrap sources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">Because Ruger does not directly source any 3TG and is many levels
removed from the mining, smelting, and refining processes, we have very limited influence over these far-removed suppliers. As a result,
Ruger relies upon its direct suppliers to obtain information regarding the origin of any 3TG that is contained within Ruger&rsquo;s products,
including where possible, the smelters of the 3TG. Similarly, many of Ruger&rsquo;s suppliers depend on their suppliers for this information.
Ruger&rsquo;s report is limited by the information regarding the source of 3TG provided by its suppliers, and is dependent upon the willingness
of its suppliers to cooperate and assist in this process. Ruger does not purchase raw ore or unrefined 3TG, makes no purchases in the
Covered Countries, and sources materials and parts almost exclusively within the United States.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">Over the past decade, Ruger has worked to identify suppliers that
potentially provide materials and components that contain 3TG. As part of our continuous improvement effort, we review and further refine
this list on an ongoing basis. In 2024, as in prior years, we continued to update both our supplier list and our RCOI due diligence process,
and have worked to improve our outreach process to achieve greater compliance. In 2024, Ruger reached out to each identified supplier
and: (i) described the reporting obligations imposed by Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act;
and (ii) requested information regarding the presence and sourcing of 3TG used in the materials and components supplied to the Company
during the Reporting Period. In instances where suppliers reported no 3TG present in the materials and components supplied, no further
action was taken with that particular supplier, but our documentation was updated to reflect this information. In instances where suppliers
reported the presence of 3TG in materials and components supplied to Ruger, additional information, including whether such 3TG is intentionally
added to the material and/or obtained from scrap or recycled sources, and where applicable, the source of the material and identity of
the smelter(s), was requested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">Ruger engaged further with suppliers, as needed, to ensure that
the request was understood and complied with. Ruger then compared the smelters and refiners identified in the supply chain survey against
the list of smelter facilities which have been identified as Conflict Free by programs such as the EICC/GeSI Conflict Free Smelter program
for 3TG. To the extent that additional information was required, Ruger followed up with various suppliers and sought additional detail.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">After conducting a good faith inquiry as described above, we have
determined that only a small portion of Ruger&rsquo;s sourced material contains any 3TG. Of those suppliers that provide products containing
3TG, the vast majority have reported that the 3TG is either not intentionally added to the material or comes from scrap or recycled sources.
Of the remaining population of suppliers, most have completed their due diligence and reported that materials supplied to Ruger do not
contain 3TG sourced in the Covered Countries. A small percentage of suppliers either did not respond to our outreach efforts or have been
unable to obtain 100% compliance from their supply chain, and therefore cannot definitively identify the source of 3TG contained in the
materials provided to the Company. One supplier ceased operations during the year and we therefore did not receive a response from them.
For suppliers who have not obtained complete responses from their supply chain, the information provided does not indicate that any of
the material these vendors supply to Ruger is derived from 3TG which originates in the Covered Countries.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">Based upon the information received from its supply chain, Ruger
has no reason to believe that any of the materials contained within its products contains 3TG which originates in Covered Countries. Ruger
makes this determination based upon information provided by its suppliers, which has been evaluated and subjected to the above-described
due diligence process.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10pt 0 0">This Report has not been subject to an independent private sector
audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.2pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3.2pt 0 0"><I>The Company may, from time to time, make forward-looking statements
and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying
risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of
the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after
the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.</I></P>

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