<SEC-DOCUMENT>0000950103-20-005240.txt : 20200313
<SEC-HEADER>0000950103-20-005240.hdr.sgml : 20200313
<ACCEPTANCE-DATETIME>20200313165012
ACCESSION NUMBER:		0000950103-20-005240
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200313
DATE AS OF CHANGE:		20200313
GROUP MEMBERS:		EQUIOM (GUERNSEY) LTD.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ribbon Communications Inc.
		CENTRAL INDEX KEY:			0001708055
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				821669692
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90164
		FILM NUMBER:		20713503

	BUSINESS ADDRESS:	
		STREET 1:		4 TECHNOLOGY PARK DRIVE
		CITY:			WESTFORD
		STATE:			MA
		ZIP:			01886
		BUSINESS PHONE:		978-614-8090

	MAIL ADDRESS:	
		STREET 1:		4 TECHNOLOGY PARK DRIVE
		CITY:			WESTFORD
		STATE:			MA
		ZIP:			01886

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sonus Networks, Inc.
		DATE OF NAME CHANGE:	20171027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Solstice Sapphire Investments, Inc.
		DATE OF NAME CHANGE:	20170531

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ECI Holding (Hungary) Kft.
		CENTRAL INDEX KEY:			0001805605
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			K5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		DOHANY UTCA 12
		CITY:			BUDAPEST
		STATE:			K5
		ZIP:			H-1704
		BUSINESS PHONE:		36 1 328 6800

	MAIL ADDRESS:	
		STREET 1:		DOHANY UTCA 12
		CITY:			BUDAPEST
		STATE:			K5
		ZIP:			H-1704
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>dp123869_sc13d.htm
<DESCRIPTION>FORM SC 13D
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="text-align: center; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>&#9;</B></FONT><B><FONT STYLE="font-size: 14pt">UNITED STATES<BR>
&#9;SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
&#9;<FONT STYLE="font-size: 10pt">Washington, D.C.&nbsp;&nbsp;20549</FONT></B></TD>
    </TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 14pt"><B>SCHEDULE 13D<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">Under the Securities Exchange Act of 1934</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 20pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>RIBBON COMMUNICATIONS INC.</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Issuer)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>COMMON STOCK, PAR VALUE $0.0001 PER SHARE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class of Securities)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>762544104</B></FONT></TD></TR>
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    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suzanne Hart, Marta Kiri, Attila Urbanovics
        </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dohany utca 12</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Budapest</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>H-1074 Hungary</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>+36 1 328 6828</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name, Address and Telephone Number of Person Authorized to<BR>
Receive Notices and Communications)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>March 3, 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event which Requires Filing of this Statement)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 24pt; padding-bottom: 12pt; padding-left: 24pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule
13D, and is filing this schedule because of &sect;&sect;240.13d-1(e), 240.13d-l(f) or 240.13d-l(g), check the following box.&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 24pt; padding-bottom: 12pt; padding-left: 24pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Note:&#9;</I>Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See &sect;240.13d-7 for other parties to whom copies are to be sent.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 24pt; padding-bottom: 12pt; padding-left: 24pt; text-align: justify"><FONT STYLE="font-size: 10pt">*The remainder of this cover page shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 24pt; padding-left: 24pt; text-align: justify"><FONT STYLE="font-size: 10pt">The information required on the remainder of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding: 2 4; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 762544104</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; width: 4%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding: 2 4; width: 96%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Names of Reporting Persons.<BR>
<B>Equiom (Guernsey) Ltd.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(a) </FONT>&#9744;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(b) </FONT>&#9744;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Source of Funds (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>OO</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Check if Disclosure of Legal Proceedings
        Is Required Pursuant to Items 2(d) or 2(e) </FONT>&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2 4; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2 4">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Guernsey</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="padding: 2 4; vertical-align: middle; width: 19%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</FONT></TD>
    <TD STYLE="text-align: center; width: 4%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="width: 77%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>0</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>25,796,395 shares of Common Stock<SUP>(1)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>0</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>25,796,395 shares of Common Stock<SUP>(1)</SUP></B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 4%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 96%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>25,796,395 shares of Common Stock<SUP>(1)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Check if the Aggregate Amount in Row
        (11) Excludes Certain Shares (See Instructions) </FONT>&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>17.9%<SUP>(2)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CO</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD>Represents 25,796,395 shares of Common Stock (as defined below) issued pursuant to the Merger Agreement (as defined below).
Of the 25,796,395 shares of Common Stock, 1,454,545 shares are held in escrow and are subject to forfeiture during a period of
up to five years following the Merger (as defined below) to satisfy certain potential liabilities under the Merger Agreement. The
transactions contemplated by the Merger Agreement were consummated on March 3, 2020, at which time the shares of Common Stock were
issued to the Reporting Persons.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD>For purposes of calculating beneficial ownership of the Reporting Persons, the total number of shares of Common Stock deemed
outstanding is 143,806,494, which amount includes (i) 111,306,494 shares of Common Stock reported as outstanding as of December
31, 2019 in Ribbon Communication Inc.&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with
the SEC on February 28, 2020 and (ii) 32,500,000 shares of Common Stock issued on March 3, 2020 pursuant to the consummation of
the Merger (as defined below).</TD></TR></TABLE>


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    <TD COLSPAN="2" STYLE="padding: 2 4; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>CUSIP No. 762544104</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; width: 4%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding: 2 4; width: 96%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Names of Reporting Persons.<BR>
<B>ECI Holding (Hungary) Kft.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the Appropriate Box if a Member of a Group (See Instructions)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(a) </FONT>&#9744;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(b) </FONT>&#9744;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SEC Use Only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Source of Funds (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>OO</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Check if Disclosure of Legal Proceedings
        Is Required Pursuant to Items 2(d) or 2(e) </FONT>&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2 4; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2 4">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Citizenship or Place of Organization</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Hungary</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="vertical-align: middle; padding: 2 4; width: 19%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</FONT></TD>
    <TD STYLE="text-align: center; padding: 2 4; width: 4%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD STYLE="padding: 2 4; width: 77%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>0</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Voting Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>25,796,395 shares of Common Stock<SUP>(1)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sole Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>0</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shared Dispositive Power</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>25,796,395 shares of Common Stock<SUP>(1)</SUP></B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 4%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 96%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>25,796,395 shares of Common Stock<SUP>(1)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Check if the Aggregate Amount in Row
        (11) Excludes Certain Shares (See Instructions) </FONT>&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Percent of Class Represented by Amount in Row (11)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>17.9%<SUP>(2)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD STYLE="padding: 2 4; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CO</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD>Represents 25,796,395 shares of Common Stock (as defined below) issued pursuant to the Merger Agreement (as defined below).
Of the 25,796,395 shares of Common Stock, 1,454,545 shares are held in escrow and are subject to forfeiture during a period of
up to five years following the Merger (as defined below) to satisfy certain potential liabilities under the Merger Agreement. The
transactions contemplated by the Merger Agreement were consummated on March 3, 2020, at which time the shares of Common Stock were
issued to the Reporting Persons.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD>For purposes of calculating beneficial ownership of the Reporting Persons, the total number of shares of Common Stock deemed
outstanding is 143,806,494, which amount includes (i) 111,306,494 shares of Common Stock reported as outstanding as of December
31, 2019 in Ribbon Communication Inc.&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with
the SEC on February 28, 2020 and (ii) 32,500,000 shares of Common Stock issued on March 3, 2020 pursuant to the consummation of
the Merger.</TD></TR></TABLE>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Item 1. Security and Issuer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in">This statement on Schedule 13D
(this &ldquo;<U>Statement</U>&rdquo;) relates to the issued and outstanding shares of common stock, par value $0.0001 (the &ldquo;<U>Common
Stock</U>&rdquo;), of Ribbon Communications Inc., a Delaware corporation (the &ldquo;<U>Issuer</U>&rdquo;). The principal executive
offices of the Issuer are located at 4 Technology Park Drive, Westford, Massachusetts 01886.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Item 2. Identity and Background</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><B>(a)</B></TD><TD><B>&ndash; (c), (f)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt; text-indent: 0in">This Statement is being filed by a
wholly-owned indirect subsidiary of Swarth Group Inc., ECI Holding (Hungary) Kft., a company organized under the laws of Hungary
(&ldquo;<U>Swarth</U>&rdquo;), and Equiom (Guernsey) Ltd., a company organized under the laws of Guernsey and the trustee of the
Angold Trust (&ldquo;<U>Equiom</U>&rdquo;). Equiom is filing this Statement in its capacity as trustee of the Angold Trust - the
indirect controlling shareholder of Swarth (<U>Equiom</U> and Swarth are, together, the &ldquo;<U>Reporting Persons</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt; text-indent: 0in">The principal business of the Swarth
group is investing in technology companies and real estate. The principal business address and principal office address of Swarth
is Dohany utca 12, Budapest, H-1074 Hungary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt; text-indent: 0in">The principal business of Equiom is
providing global financial services. The principal business address and principal office address of Equiom is PO Box 175, Frances
House, Sir William Place, St. Peter Port, Guernsey, GY1 4HQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt; text-indent: 0in">The name, present principal occupation
or employment and name, principal business and address of any corporation or other organization in which such employment is conducted
and the citizenship of each director and executive officer of the Reporting Persons is set forth on Schedule A hereto and are incorporated
herein by reference.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><B>(d)</B></TD><TD><B>&ndash; (e)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt; text-indent: 0in">During the last five years, neither
of the Reporting Persons nor, to the knowledge of the Reporting Persons, any of the persons set forth on Schedule A hereto have
been: (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Item 3. Source and Amount of Funds or
Other Consideration</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
Reporting Persons acquired the securities reported herein as consideration for a certain number of ordinary shares and preferred
shares of ECI Telecom Group Ltd. that, pursuant to the terms and conditions of the Merger Agreement (as defined below), were converted
into the right to receive, among other things, 25,796,395 shares of Common Stock. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
information set forth in Item 4 of this Statement is incorporated into this Item 3 by reference.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Item 4. Purpose of Transaction</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">On
March 3, 2020, pursuant to the Agreement and Plan of Merger, dated as of November 14, 2019 (the &ldquo;<U>Merger Agreement</U>&rdquo;),
by and among the Issuer, Ribbon Communications Israel Ltd., a company incorporated under the laws of the State of Israel and an
indirect wholly owned subsidiary of the Issuer (&ldquo;<U>Direct Parent</U>&rdquo;), Eclipse Communications Ltd., a company incorporated
under the laws of the State of Israel and a direct wholly owned subsidiary of Direct Parent (&ldquo;<U>Merger Sub</U>&rdquo;),
ECI Telecom Group Ltd., a company incorporated under the laws of the State of Israel (&ldquo;<U>ECI</U>&rdquo;), and Swarth, ECI
merged with Merger Sub, with ECI as the surviving entity (the &ldquo;<U>Merger</U>&rdquo;). Simultaneous with the consummation
of the Merger, JPMC Heritage Parent and Heritage III (the </FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;of 9</P></DIV>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: -0.35pt"><FONT STYLE="font-style: normal; font-weight: normal">&ldquo;<U>JPM
Stockholders</U>&rdquo;), Swarth and the Issuer entered into a First Amended and Restated Registration Rights Agreement (the &ldquo;<U>Registration
Rights Agreement</U>&rdquo;) and a Stockholders Agreement (the &ldquo;<U>Stockholders Agreement</U>&rdquo;), the material terms
of which are described below. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"><FONT STYLE="font-weight: normal">Registration
Rights Agreement </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">Under
the Registration Rights Agreement, Swarth and certain other holders of Common Stock were granted certain registration rights beginning
on the 180th day following the closing of the Merger, including (i) the right to request that the Issuer file an automatic shelf
registration statement and effect unlimited underwritten offerings pursuant to such shelf registration statement; (ii) unlimited
demand registrations; and (iii) unlimited piggyback registration rights that allow holders of registrable shares to require that
shares of Common Stock owned by such holders be included in certain registration statements filed by the Issuer, in each case subject
to the transfer restrictions contained in the Stockholders Agreement. In connection with these registration rights, the Issuer
has agreed to effect certain procedural actions, including taking certain actions to properly effect any registration statement
or offering and to keep the participating stockholders of the Issuer reasonably informed with adequate opportunity to comment and
review, as well as customary indemnification and contribution agreements. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"><FONT STYLE="font-weight: normal">Stockholders
Agreement </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
Stockholders Agreement sets forth, among other things, certain rights and obligations of the parties with respect to: the corporate
governance of the Issuer, including director designation rights and the composition of committees of the Issuer&rsquo;s Board of
Directors (the &ldquo;<U>Board</U>&rdquo;); consent rights; restrictions on transfer, acquisitions and dispositions of securities
of the Issuer; registration rights; and other matters set forth therein. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"><FONT STYLE="font-weight: normal"><U>Director
Designation </U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
Stockholders Agreement provides that the Board of the Issuer will be comprised of nine directors except (A) if otherwise approved
by the Board, including a majority of the Independent Directors (as defined in the Stockholders Agreement), in connection with
(x) an acquisition of another business by the Issuer or (y) an equity investment in the Issuer or (B) as may otherwise be approved
by the Board of Directors, including a majority of the Independent Directors and the written consent of Swarth and the JPM Stockholders,
until the second anniversary of the closing of the Merger. Following the second anniversary of the closing of the Merger, the Board
may approve a different number of directors. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">For
so long as Swarth beneficially owns (i) at least 88% of the shares of Common Stock, beneficially owned in the aggregate on the
date of the Stockholders Agreement, Swarth will have the right to nominate three Board members, of which at least two must be Independent
Directors; (ii) less than 88% and at least 58% of the shares of Common Stock beneficially owned in the aggregate on the date of
the Stockholders Agreement, the number of directors that Swarth will have the right to nominate will be reduced to two Board members,
of which at least one must be an Independent Director; (iii) less than 58% and at least 29% of the shares of Common Stock beneficially
owned in the aggregate on the date of the Stockholders Agreement, the number of directors that Swarth will have the right to nominate
will be reduced to one Board member, who needs not qualify as an Independent Director; and (iv) less than 29% of the shares of
Common Stock beneficially owned in the aggregate on the date of the Stockholders Agreement, Swarth will have no right to nominate
any members of the Board. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">Until
the first anniversary of the date of the Stockholders Agreement, no member of the Board appointed by either Swarth or the JPM Stockholders
will be removed from the Board, regardless of any sell down of Common Stock by the nominating stockholder. In the event any Board
member nominated by Swarth or the JPM Stockholders, as applicable, resigns or is unable to serve, such party will be entitled to
designate a successor, subject to the conditions set forth in the Stockholders Agreement.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">For
as long as Swarth has the right to designate at least two directors to the Board, (i) the nominating and corporate governance committee
shall be comprised of three Independent Directors, at least one of whom shall be a designee of Swarth, (ii) a designee of Swarth
shall be the chairman of the audit committee and (iii) only in the case that the JPM Stockholders do not have the right to designate
at least two directors to the Board, a designee of Swarth shall be the chairman of each of the nominating and corporate governance
committee and the compensation committee.</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;of 9</P></DIV>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"><FONT STYLE="font-weight: normal">&nbsp;<U>Swarth
Irrevocable Proxy</U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">All
of Swarth's governance rights, including its right to designate members of the Board, are subject to receipt of approval by the
Committee on Foreign Investment in the United States (&ldquo;<U>CFIUS</U>&rdquo;). Until CFIUS approval is obtained, Swarth has
granted an irrevocable proxy to the Issuer to vote the shares of Common Stock held by Swarth that represent more than 9.99% of
the consolidated voting power of all issued and outstanding Common Stock pro rata in accordance with how the other holders of Common
Stock vote their shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"><FONT STYLE="font-weight: normal"><U>Voting</U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">So
long as a stockholder has director nomination rights under the Stockholders Agreement, with respect to any proposal or resolution
relating to the election of directors to the Board, both Swarth and the JPM Stockholders will take all necessary actions within
its control to vote its shares affirmatively in favor of such director nominees.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"><FONT STYLE="font-weight: normal"><U>Standstill
Provisions </U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
Stockholders Agreement contains certain standstill provisions restricting Swarth and the JPM Stockholders from acquiring (or seeking
or making any proposal or offer with respect to acquiring) additional shares of Common Stock or any security convertible into Common
Stock or any assets, indebtedness or businesses of Common Stock or any of its subsidiaries. Certain customary exclusions apply,
and acquisition of shares of Common Stock by a stockholder will be permitted so long as such acquisition would not result in such
stockholder and its affiliates beneficially owning a number of Common Stock that is greater than 120% of the number of voting shares
of Common Stock held by Swarth or the JPM Stockholders, as applicable, at the closing of the Merger. The standstill restrictions
apply from the date of the Stockholders Agreement until the earlier of (i)&nbsp;the entry by the Issuer into a definitive agreement
constituting a change of control transaction as discussed in further detail below and (ii) such date as Swarth or the JPM Stockholders,
as applicable, no longer has a right to designate any members of the Board. Without the approval of a majority of the disinterested
directors serving on the Board, neither Swarth nor the JPM Stockholders may enter into or affirmatively support any transaction
resulting in a change of control of the Issuer in which any such stockholder receives per share consideration as a holder of Common
Stock in excess of that to be received by other holders of Common Stock. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"><FONT STYLE="font-weight: normal"><U>Restrictions
on Transfers and Acquisitions </U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">Without
the approval of a majority of the disinterested directors serving on the Board, for 180 days following the closing of the Merger
(the &ldquo;<U>Initial Lock-Up Period</U>&rdquo;) (i) no JPM Stockholder nor Swarth may transfer any shares of Common Stock that
it beneficially owns (except to a permitted transferee that agrees to hold shares subject to the terms of the Stockholders Agreement).
Thereafter, until three years following the closing of the Merger, neither Swarth nor the JPM Stockholders may transfer any shares
of Common Stock that it beneficially owns if such transfer involves more than 15% of the outstanding shares of Common Stock or
if the transferee would own 15% or more of the outstanding shares of Common Stock following such transfer, other than to a permitted
transferee that agrees to be subject to the Stockholders Agreement or pursuant to a regulatory requirement and (ii) neither Swarth
nor the JPM Stockholders may transfer voting shares of Common Stock representing more than 50% of the shares of Common Stock that
such stockholder in the aggregate beneficially owns as of the closing of the Merger other than (A) pursuant to a marketed underwritten
public offering, (B) to a permitted transferee that agrees to hold shares subject to the terms of the Stockholders Agreement or
(C) pursuant to a regulatory requirement. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">Without
approval of a majority of the disinterested directors serving on the Board, for 180 days following the Initial Lock-Up Period,
no JPM Stockholder nor Swarth may transfer voting shares of Common Stock representing more than 50% of the shares of Common Stock
that such stockholder in the aggregate beneficially owned in the aggregate on the date of the Stockholders Agreement other than
(A) pursuant to a Marketed Underwritten Public Offering (as defined in the Registration Rights Agreement), (B) to a permitted transferee
that agrees to hold shares subject to the terms of the Stockholders Agreement or (C) pursuant to a regulatory requirement.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
Stockholders Agreement will terminate by mutual consent of the Issuer, a majority in interest of Swarth and the JPM Stockholders
(including the approval by a majority of Independent Directors) or with respect to </FONT></P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"><FONT STYLE="font-style: normal; font-weight: normal">either
Swarth or the JPM Stockholders, on the date that such stockholder ceases to beneficially own 2% or more of the issued and outstanding
Common Stock.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
foregoing descriptions of the Registration Rights Agreement and Stockholders Agreement do not purport to be complete and are qualified
in their entirety by reference to the full text of such agreements filed as exhibits to this Statement and incorporated herein
by reference. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
Reporting Persons do not have any present plan or proposal which would relate to or result in any of the matters set forth in this
Item 4 except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions
discussed herein. The Reporting Persons acquired the securities described herein for investment purposes and they intend to review
their investment in the Issuer on a continuing basis. Subject to the terms of the Stockholders Agreement and depending on various
factors, including, without limitation, the Issuer&rsquo;s financial position and investment strategy, the price levels of the
Common Stock, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the
future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation,
engaging in communications with management and the board of directors of the Issuer, engaging in discussions with shareholders
of the Issuer or other third parties about the Issuer or certain of its businesses, making recommendations or proposals to the
Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential
business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer&rsquo;s
financial and/or operational performance, purchasing additional shares of Common Stock, selling some or all of its shares of Common
Stock, transferring some or all of its shares of Common Stock to a Permitted Transferee (as defined in the Stockholders Agreement),
pledging some or all of its shares of Common Stock for collateral purposes, or changing its intention with respect to any and all
matters referred to in this Item 4.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Item 5. Interest in Securities of the
Issuer</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><B>(a)</B></TD><TD><B>&ndash; (b) </B></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt"><FONT STYLE="font-style: normal; font-weight: normal">The
following sets forth, as of the date of this Statement, the aggregate number of shares of Common Stock and percentage of Common
Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Common Stock as to which each Reporting
Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to
direct the disposition, or shared power to dispose or to direct the disposition of, as of the date hereof. For purposes of calculating
beneficial ownership of the Reporting Persons, the total number of shares of Common Stock deemed outstanding is 143,806,494, which
amount includes (i) 111,306,494 shares of Common Stock reported as outstanding as of December 31, 2019 in the Issuer&rsquo;s Annual
Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 28, 2020 and (ii) 32,500,000 shares
of Common Stock issued on March 3, 2020 pursuant to the consummation of the Merger. </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid"><B>Reporting Person</B></P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount</B><BR>
<B>beneficially</B><BR>
<B>owned</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Percent</B><BR>
<B>of class</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sole<BR>
power to<BR>
vote or to<BR>
direct the<BR>
vote</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Shared<BR>
power to<BR>
vote or to<BR>
direct the<BR>
vote</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sole power<BR>
to dispose<BR>
or to<BR>
direct the<BR>
disposition</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Shared</B><BR>
<B>power to</B><BR>
<B>dispose or</B><BR>
<B>to direct</B><BR>
<B>the</B><BR>
<B>disposition</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; width: 35%; padding-right: 3pt; padding-left: 10pt; font-size: 10pt; text-indent: -10pt">Equiom (Guernsey) Ltd.</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">25,796,395</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">17.9%</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt"> </TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">0</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">25,796,395</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 3%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">0</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">25,796,395</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 10pt; font-size: 10pt; text-indent: -10pt">ECI Holding (Hungary) Kft.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">25,796,395</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">17.9%</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt"></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">0</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">25,796,395</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">0</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">25,796,395</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt"><FONT STYLE="font-style: normal; font-weight: normal">Swarth
is the record holder of 25,796,395 shares of Common Stock. Swarth is indirectly controlled by the Angold Trust, which is exclusively
managed by its trustee, Equiom. As a result, Equiom may be deemed to have or share beneficial ownership of the Common Stock directly
held by Swarth.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt"><FONT STYLE="font-style: normal; font-weight: normal">Except
as set forth above, neither the Reporting Persons nor, to the knowledge of the Reporting Persons, any of the persons named in Schedule
A hereto beneficially owns any shares of Common Stock.</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;of 9</P></DIV>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 27pt"><FONT STYLE="font-style: normal; font-weight: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><B>(c)</B></TD><TD>Except as set forth in this Item 4, neither the Reporting Persons nor, to the knowledge of the Reporting Persons, any of the
persons set forth on Schedule A hereto has effected any transaction in the shares of Common Stock during the past 60 days.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><B>(d)</B></TD><TD>Except as set forth in this Statement, neither the Reporting Persons nor, to the knowledge of the Reporting Persons, any of
the persons set forth on Schedule A hereto has the right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the securities of the Issuer reported herein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><B>(e)</B></TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Item 6. Contracts, Arrangements, Understandings
or Relationships With Respect to Securities of the Issuer</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
information set forth in Items 3 and 4 of this Statement is incorporated into this Item 6 by reference.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9pt; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">Other
than as described in Items 3 and 4 of this Statement, to the knowledge of the Reporting Persons, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons named in Item 2 or between such persons and any other person
with respect to any securities of the Issuer, including, but not limited to, any contracts, arrangements, understandings or relationships
concerning the transfer of voting of such securities, finder&rsquo;s fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies, including any securities
pledged or otherwise subject to a contingency the occurrence of which would give another person voting power or investment power
over such securities.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt; text-indent: 17.65pt">Item 7. Material
to be Filed as Exhibits</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">Joint Filing Agreement, dated March 13, 2020, by and between Equiom (Guernsey) Ltd. and ECI Holding (Hungary) Kft.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">2</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">First Amended and Restated Registration Rights Agreement, dated as of March 3, 2020, by and among Ribbon Communications Inc., JPMC Heritage Parent LLC, Heritage PE (OEP) III, L.P. and ECI Holding (Hungary) Kft (filed as Exhibit 10.2 to the Issuer&rsquo;s Current Report on Form 8-K filed on March 3, 2020 and incorporated herein by reference).</TD></TR>
<TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center">3</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">First Amended and Restated Stockholders Agreement, dated as of March 3, 2020, by and among Ribbon Communications Inc., JPMC Heritage Parent LLC, Heritage PE (OEP) III, L.P. and ECI Holding (Hungary) Kft (filed as Exhibit 10.1 to the Issuer&rsquo;s Current Report on Form 8-K filed on March 3, 2020 and incorporated herein by reference).</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;of 9</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">After reasonable inquiry and to the
best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Date: March 13, 2020</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt"><B>EQUIOM (GUERNSEY) LTD</B></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 3pt; padding-left: 3pt">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 27%; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; border-bottom: black 0.75pt solid">/s/ Marcel Cariou</P></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 3pt; padding-left: 3pt">
</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">Name:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">Marcel Cariou</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">Title:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">By:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; border-bottom: black 0.75pt solid">/s/ Nicholas Moss</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">Name:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">Nicholas Moss</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">Title:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt"><B>ECI HOLDING (HUNGARY) KFT.</B></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">By:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">/s/ Suzanne Hart</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">Name:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">Suzanne Hart</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">Title:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">Managing Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">By:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">/s/ M&aacute;rta Kiri</TD>
    <TD STYLE="text-align: center; vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">Name:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">M&aacute;rta Kiri</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">Title:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">Managing Director</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">SCHEDULE A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center">DIRECTORS AND EXECUTIVE OFFICERS OF
THE REPORTING PERSONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in">The following table sets forth certain
information with respect to the directors and officers of Equiom (Guernsey) Ltd. and ECI Holding (Hungary) Kft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B><U>Equiom (Guernsey)
Ltd.</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Present Principal Occupation</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Business Address</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Citizenship</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">Marcel Cariou</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Director of Equiom (Guernsey) Ltd.</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PO Box 175, Frances House, Sir William Place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">St. Peter Port, Guernsey</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">GY1 4HQ</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">British</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-indent: -10pt">Dustyn Molver</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-indent: -10pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Director of Equiom (Guernsey) Ltd.</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PO Box 175, Frances House, Sir William Place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">St. Peter Port, Guernsey</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">GY1 4HQ</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">South Africa</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt; padding-right: 0pt; padding-left: 0pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-indent: -10pt">Nicholas Moss</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-indent: -10pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Director of Equiom (Guernsey) Ltd.</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PO Box 175, Frances House, Sir William Place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">St. Peter Port, Guernsey</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">GY1 4HQ</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">British</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">Oliver Norman</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Director of Equiom (Guernsey) Ltd.</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PO Box 175, Frances House, Sir William Place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">St. Peter Port, Guernsey</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">GY1 4HQ</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">British</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-indent: -10pt">Caroline Prow</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 10pt; text-indent: -10pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Director of Equiom (Guernsey) Ltd.</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PO Box 175, Frances House, Sir William Place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">St. Peter Port, Guernsey</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">GY1 4HQ</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">British</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B><U>ECI Holding (Hungary)
Kft.</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Present Principal Occupation</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Business Address</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt"><FONT STYLE="font-size: 8pt"><B>Citizenship</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">Suzanne Hart</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Managing Director of ECI Holding (Hungary) Kft.</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11 Bulls Row, Northrepps,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Cromer, Norfolk,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">NR27 0LF</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">United Kingdom</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">British</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">M&aacute;rta Kiri</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Managing Director of ECI Holding (Hungary) Kft.</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1074 Budapest,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dohany u. 12.,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hungary</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Hungary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 10pt; text-indent: -10pt">Attila Urbanovics</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Managing Director of ECI Holding (Hungary) Kft.</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1074 Budapest,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dohany u. 12.,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hungary</P></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">Hungary</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp123869_ex01.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;Exhibit 1</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>JOINT FILING AGREEMENT</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-indent: 0.5in">In accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a statement on Schedule
13D (including amendments thereto) with respect to the common stock, par value $0.0001 per share, of Ribbon Communications Inc.
and further agree that this Joint Filing Agreement shall be included as an exhibit to such joint filings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The undersigned further agree that each party
hereto is responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the completeness and accuracy
of the information concerning such party contained therein; provided, however, that no party is responsible for the completeness
or accuracy of the information concerning any other party making the filing, unless such party knows or has reason to believe that
such information is inaccurate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt">This Joint Filing Agreement may be executed
in any number of counterparts, each of which shall be deemed an original.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.3pt">IN WITNESS WHEREOF, the parties have executed
this Joint Filing Agreement on March 13, 2020.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-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: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EQUIOM (GUERNSEY) LTD.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 27%; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marcel Cariou</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcel Cariou</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Nicholas Moss</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas Moss</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ECI HOLDING (HUNGARY) KFT.</B></FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Suzanne Hart</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suzanne Hart</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ M&aacute;rta Kiri</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">M&aacute;rta Kiri</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="margin: 0"></P>

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